The St. Paul Companies has reported a better than expected fourth quarter profit.
The US giant said that restructuring its businesses and slashing expenses had enabled it to post a profit in the fourth quarter, compared with a loss a year earlier.
The St. Paul posted a profit of $244.2m (£149m) in the fourth quarter of 2002, compared with a loss of $736m (£450m) in the final quarter of 2001.
Losses due to catastrophic events totalled $7.5m (£4.5m) in the fourth quarter, compared with $85m (£51m) a year earlier.
Chairman and chief executive Jay Fishman said: "Our results demonstrate the progress we're making in repositioning the company to a more competitive enterprise.
"We exited or reoriented certain businesses, clarified our strategic focus, significantly reduced expenses ... and delivered stronger results."
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