swung to a second-quarter profit and beat analysts' estimates, but revenue fell, in part because of lower invested asset levels.
Net income was $214 million, or 89 cents a share, reversing last year's loss of $223 million, or $1.09 a share. Operating earnings totaled $172 million, or 71 cents a share, compared with an operating loss of $194 million, or 95 cents a share, a year ago. Analysts were expecting 75 cents a share.
Last year's net income and operating earnings included a $380 million after-tax loss, or $1.79 a share, related to an asbestos settlement.
The St. Paul, Minn.-based company said total earned premiums for the quarter fell to $1.7 billion from $1.96 billion in 2002. Total revenue was $2.17 billion vs. $2.34 billion last year. St. Paul's insurance segments' had net earned premiums of $1.59 billion.
Net investment income was $274 million in the quarter, compared with $286 million in the second quarter of 2002. The company cited a decline in invested asset levels and lower investment yields.
Shares of St. Paul were down 2.7% at $34.59 in
New York Stock Exchange