US-based insurer St Paul has posted a $181m (£113m) profit for the first quarter of 2003.
The profit represented a 36% increase on the $133m (£88m) figure for the same period in 2002.
First-quarter 2003 operating earnings were $206m (£128m), up 21.9% from the comparable period of 2002.
Net written premiums from its commercial lines business increased 7.2% to $535m (£334m). The US insurer achieved a combined ratio of 90.3%, up from 99.4% for the same period in 2002.
Jay Fishman, chairman and chief executive officer said: "Our first-quarter earnings clearly demonstrate the strength of our operations.
"Solid execution, strong pricing, improving retentions, targeted new business, continued expense discipline, and exceptional performance at Nuveen Investments all contributed to the quarter's results."
