Exhibit 99(e)
Consolidated Statements of Operations
THE ST. PAUL COMPANIES
| | Year Ended December 31 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | 1999 | |||||||||
| | (In Millions, Except Per Share Data) | |||||||||||
| REVENUES | ||||||||||||
| Premiums earned | $ | 7,296 | $ | 5,592 | $ | 5,103 | ||||||
| Net investment income | 1,217 | 1,262 | 1,259 | |||||||||
| Asset management | 359 | 356 | 340 | |||||||||
| Realized investment gains (losses) | (94 | ) | 632 | 286 | ||||||||
| Other | 165 | 130 | 161 | |||||||||
| Total revenues | 8,943 | 7,972 | 7,149 | |||||||||
| EXPENSES | ||||||||||||
| Insurance losses and loss adjustment expenses | 7,479 | 3,913 | 3,720 | |||||||||
| Policy acquisition expenses | 1,589 | 1,396 | 1,321 | |||||||||
| Operating and administrative expenses | 1,306 | 1,262 | 1,157 | |||||||||
| Total expenses | 10,374 | 6,571 | 6,198 | |||||||||
| Income (loss) from continuing operations before income taxes | (1,431 | ) | 1,401 | 951 | ||||||||
| Income tax expense (benefit) | (422 | ) | 431 | 219 | ||||||||
| Income (loss) from continuing operations before cumulative effect of accounting change | (1,009 | ) | 970 | 732 | ||||||||
| Cumulative effect of accounting change, net of taxes | — | — | (27 | ) | ||||||||
| Income (loss) from continuing operations | (1,009 | ) | 970 | 705 | ||||||||
| Discontinued operations: | ||||||||||||
| Operating income, net of taxes | 19 | 43 | 35 | |||||||||
| Gain (loss) on disposal, net of taxes | (98 | ) | (20 | ) | 94 | |||||||
| Gain (loss) from discontinued operations | (79 | ) | 23 | 129 | ||||||||
| Net Income (Loss) | $ | (1,088 | ) | $ | 993 | $ | 834 | |||||
| BASIC EARNINGS (LOSS) PER COMMON SHARE | ||||||||||||
| Income (loss) from continuing operations before cumulative effect | $ | (4.84 | ) | $ | 4.39 | $ | 3.16 | |||||
| Cumulative effect of accounting change, net of taxes | — | — | (0.12 | ) | ||||||||
| Gain (loss) from discontinued operations, net of taxes | (0.38 | ) | 0.11 | 0.57 | ||||||||
| Net Income (Loss) | $ | (5.22 | ) | $ | 4.50 | $ | 3.61 | |||||
| DILUTED EARNINGS (LOSS) PER COMMON SHARE | ||||||||||||
| Income (loss) from continuing operations before cumulative effect | $ | (4.84 | ) | $ | 4.14 | $ | 3.00 | |||||
| Cumulative effect of accounting change, net of taxes | — | — | (0.11 | ) | ||||||||
| Gain (loss) from discontinued operations, net of taxes | (0.38 | ) | 0.10 | 0.52 | ||||||||
| Net Income (Loss) | $ | (5.22 | ) | $ | 4.24 | $ | 3.41 | |||||
See notes to consolidated financial statements.
