NU Online News Service, May 3, 1:30 p.m. EDT–The St. Paul Travelers Companies quarterly profit fell 64 percent as the insurer took account of a hefty tax charge from selling its stake in asset management firm Nuveen Investments, but operating income from continuing operations rose 49 percent.
The Minnesota.-based company==the second-largest business insurer in the country behind American International Group==said its 2005 first quarter income was $212 million, down from $587 million one year ago.
The carrier said net income was affected by the previously announced $687 million tax charge for its selling of its equity stake in Nuveen Investments Inc., which was partially offset by the carrier's share of Nuveen's quarterly income. The St. Paul Travelers had earlier announced in March it would sell its Nuveen stake to bolster its capital position.
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