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THE ST. PAUL COMPANIES ANNOUNCES 1991 YEAR-END RESULTS

 THE ST. PAUL COMPANIES ANNOUNCES 1991 YEAR-END RESULTS
 ST. PAUL, Minn., Jan. 27 /PRNewswire/ -- The St. Paul Companies


(NYSE: SPK) reported record operating earnings per share, bolstered by 1990 share repurchases, as well as record net income and revenues for 1991.
 The worldwide insurance organization reported 1991 operating earnings per share (fully diluted) of $8.47, up from 1990's per share earnings of $8.19.
 1991 operating earnings, which exclude realized investment gains, were $380.8 million, down slightly from 1990's operating earnings of $385.5 million.
 Net income per share for 1991 was $9.01, up from $8.31 for 1990; 1991 net income was $405.1 million, compared with $391.3 million for 1990.
 Net income for 1991 included after-tax realized investment gains of $24.3 million, compared with gains of $5.8 million in 1990.
 The St. Paul Companies' revenues for 1991 were $4.4 billion compared with $4.0 billion in 1990.
 "Good performance in our medical liability and specialty underwriting areas and at John Nuveen & Co., our asset management and investment banking company, helped us set these new records. Nuveen's 1991 pretax earnings were up more than 60 percent over 1990," said Douglas W. Leatherdale, chairman and chief executive officer. "However, the insurance marketplace in 1991 continued to be difficult, and that had a negative impact on our insurance brokerage and reinsurance operations.
 "Our 1991 operating income represents a 17 percent return on beginning equity. In addition, our common shareholders' equity reached a new high of $2.5 billion ($59.57 per share) at the end of 1991, up more than 15 percent from a year ago," Leatherdale said.
 Fourth-quarter operating earnings were $96.6 million, up from $92.9 million in the comparable 1990 period. Operating earnings per share were $2.14, compared with $2.08 per share in 1990's fourth quarter.
 Fourth-quarter net income per share was $2.43 in 1991, compared with $2.09 in the fourth quarter of 1990. Net income was $109.4 million, up from $93.4 million in 1990's fourth quarter. Net income for the 1991 fourth quarter included $12.8 million of after-tax realized investment gains, compared with gains of $428,000 for the same period of 1990.
 Revenues in the fourth quarter of 1991 exceeded $1.1 billion. 1990's fourth-quarter revenues were just under $1.1 billion.
 Headquartered in Saint Paul, Minn., The St. Paul Companies is a worldwide property-casualty insurance organization.
 THE ST. PAUL COMPANIES
 TWELVE MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS
 Twelve Months Ended
 12/31/91 12/31/90
 Written premiums $3,233,729,000 $3,052,032,000
 Underwriting loss ($163,782,000) ($120,730,000)
 Net investment income $640,856,000 $629,242,000
 Pretax operating earnings(a) $451,184,000 $457,161,000
 Combined ratio 104.6 103.2
 (a)excluding realized investment gains
 THE ST. PAUL COMPANIES
 FOURTH QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS
 Three Months Ended
 12/31/91 12/31/90
 Written premiums $816,659,000 $760,817,000
 Underwriting loss ($28,112,000) ($25,256,000)
 Net investment income $162,819,000 $162,071,000
 Pretax operating earnings(a) $124,415,000 $101,125,000
 Combined ratio 103.8 103.4
 (a)excluding realized investment gains INSURANCE BROKERAGE OPERATIONS:
 Insurance brokerage operations had pretax operating earnings of $9.4 million in 1991, a decline from pretax operating earnings of $21.3 million for 1990.
 For the fourth quarter of 1991, insurance brokerage operations had a pretax operating loss of $891,000 compared with pretax operating earnings of $1.2 million for the same 1990 period. INVESTMENT BANKING AND ASSET MANAGEMENT OPERATIONS:
 1991 pretax operating earnings for John Nuveen & Co. were $77.5 million, up from $47.4 million for 1990.
 Nuveen had fourth-quarter 1991 pretax operating earnings of $22.8 million. Pretax operating earnings for fourth-quarter 1990 were $16.6 million.
 At the end of 1991, Nuveen had $22 billion in assets under management, up more than 65 percent from a year ago. CONSOLIDATED FINANCIAL POSITION:
 Consolidated assets of The St. Paul Companies as of Dec. 31, 1991, were $13.0 billion, compared with $12.2 billion as of Dec. 31, 1990.
 Book value per common share was $59.57 on 42.5 million shares of common stock outstanding on Dec. 31, 1991. Comparable book value on Dec. 31, 1990, was $52.00 on 42.2 million shares.
 TWELVE MONTHS RESULTS
 ating Earnings $380,804,000 $385,458,000
 Per Common Share (Fully Diluted) $8.47 $8.19
 Net Income $405,062,000 $391,270,000
 Per Common Share (Fully Diluted) $9.01 $8.31
 FOURTH QUARTER RESULTS
 1991 1990
 Revenues $1,141,241,000 $1,073,932,000
 Operating Earnings $96,573,000 $ 92,929,000
 Per Common Share (Fully Diluted) $2.14 $2.08
 Net Income $109,432,000 $93,357,000
 Per Common Share (Fully Diluted) $2.43 $2.09
 -0- 01/27/92
 /CONTACT: Barbara Reynolds of The St. Paul Companies, 612-221-7399/
 (SPK) CO: The St. Paul Companies Inc. ST: Minnesota IN: SU: ERN


KH -- MN007 -- 3718 01/27/92 11:56 EST
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Date:Jan 27, 1992
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