Exhibit 99(g)
Consolidated Statements of Shareholders' Equity
THE ST. PAUL COMPANIES
| | Year Ended December 31 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | 1999 | |||||||||
| | (In Millions) | |||||||||||
| PREFERRED SHAREHOLDERS' EQUITY | ||||||||||||
| SOP convertible preferred stock: | ||||||||||||
| Beginning of year | $ | 117 | $ | 129 | $ | 134 | ||||||
| Redemptions during the year | (6 | ) | (12 | ) | (5 | ) | ||||||
| End of year | 111 | 117 | 129 | |||||||||
| Guaranteed obligation—SOP: | ||||||||||||
| Beginning of year | (68 | ) | (105 | ) | (119 | ) | ||||||
| Principal payments | 15 | 37 | 14 | |||||||||
| End of year | (53 | ) | (68 | ) | (105 | ) | ||||||
| Total Preferred Shareholders' Equity | 58 | 49 | 24 | |||||||||
COMMON SHAREHOLDERS' EQUITY | ||||||||||||
| Common stock: | ||||||||||||
| Beginning of year | 2,238 | 2,079 | 2,128 | |||||||||
| Stock issued: | ||||||||||||
| Stock incentive plans | 67 | 95 | 37 | |||||||||
| Preferred shares redeemed | 13 | 23 | 9 | |||||||||
| Conversion of company-obligated preferred securities | — | 207 | — | |||||||||
| Reacquired common shares | (135 | ) | (170 | ) | (102 | ) | ||||||
| Other | 9 | 4 | 7 | |||||||||
| End of year | 2,192 | 2,238 | 2,079 | |||||||||
| Retained earnings: | ||||||||||||
| Beginning of year | 4,243 | 3,827 | 3,480 | |||||||||
| Net income (loss) | (1,088 | ) | 993 | 834 | ||||||||
| Dividends declared on common stock | (235 | ) | (232 | ) | (235 | ) | ||||||
| Dividends declared on preferred stock, net of taxes | (9 | ) | (8 | ) | (8 | ) | ||||||
| Reacquired common shares | (454 | ) | (366 | ) | (254 | ) | ||||||
| Other changes | 43 | 29 | 10 | |||||||||
| End of year | 2,500 | 4,243 | 3,827 | |||||||||
| Unrealized appreciation on investments, net of taxes: | ||||||||||||
| Beginning of year | 765 | 568 | 1,027 | |||||||||
| Change for the year | (323 | ) | 197 | (459 | ) | |||||||
| End of year | 442 | 765 | 568 | |||||||||
| Unrealized loss on foreign currency translation, net of taxes: | ||||||||||||
| Beginning of year | (68 | ) | (26 | ) | (14 | ) | ||||||
| Currency translation adjustments | (8 | ) | (42 | ) | (12 | ) | ||||||
| End of year | (76 | ) | (68 | ) | (26 | ) | ||||||
| Unrealized loss on derivatives, net of taxes: | ||||||||||||
| Beginning of year | — | — | — | |||||||||
| Change during the period | (2 | ) | — | — | ||||||||
| End of year | (2 | ) | — | — | ||||||||
| Total Common Shareholders' Equity | 5,056 | 7,178 | 6,448 | |||||||||
| Total Shareholders' Equity | $ | 5,114 | $ | 7,227 | $ | 6,472 | ||||||
See notes to consolidated financial statements.
