Catastrophe and asbestos charges caused a 41 percent decline in 2005 fourth-quarter profits for St. Paul Travelers, the company said today.
Fourth-quarter net income was $179 million, down from $303 million in the comparable year-ago period.
Special charges included $860 million pretax to develop an asbestos and environment reserve and $435 million related to catastrophe losses from last year's storms.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
