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."

Topics