Exhibit 99(f)
Consolidated Balance Sheets
THE ST. PAUL COMPANIES
| | December 31 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | ||||||||
| | (In Millions) | |||||||||
| ASSETS | ||||||||||
| Investments: | ||||||||||
| Fixed maturities | $ | 15,911 | $ | 14,730 | ||||||
| Equities | 1,410 | 1,466 | ||||||||
| Real estate and mortgage loans | 972 | 1,025 | ||||||||
| Venture capital | 859 | 1,064 | ||||||||
| Securities on loan | 775 | 1,207 | ||||||||
| Short-term investments | 2,153 | 2,331 | ||||||||
| Other investments | 98 | 229 | ||||||||
| Total investments | 22,178 | 22,052 | ||||||||
| Cash | 151 | 52 | ||||||||
| Reinsurance recoverables: | ||||||||||
| Unpaid losses | 6,848 | 4,651 | ||||||||
| Paid losses | 351 | 324 | ||||||||
| Ceded unearned premiums | 667 | 814 | ||||||||
| Receivables: | ||||||||||
| Underwriting premiums | 3,123 | 2,937 | ||||||||
| Interest and dividends | 260 | 277 | ||||||||
| Other | 247 | 181 | ||||||||
| Deferred policy acquisition costs | 628 | 576 | ||||||||
| Deferred income taxes | 1,248 | 930 | ||||||||
| Office properties and equipment | 486 | 492 | ||||||||
| Goodwill and intangible assets | 690 | 510 | ||||||||
| Other assets | 1,444 | 1,706 | ||||||||
| Total Assets | $ | 38,321 | $ | 35,502 | ||||||
| LIABILITIES | ||||||||||
| Insurance reserves: | ||||||||||
| Losses and loss adjustment expenses | $ | 22,101 | $ | 18,196 | ||||||
| Unearned premiums | 3,957 | 3,648 | ||||||||
| Total insurance reserves | 26,058 | 21,844 | ||||||||
| Debt | 2,130 | 1,647 | ||||||||
| Payables: | ||||||||||
| Reinsurance premiums | 943 | 1,060 | ||||||||
| Income taxes | — | 170 | ||||||||
| Accrued expenses and other | 1,036 | 1,031 | ||||||||
| Securities lending collateral | 790 | 1,231 | ||||||||
| Other liabilities | 1,357 | 955 | ||||||||
| Total Liabilities | 32,314 | 27,938 | ||||||||
| Company-obligated mandatorily redeemable preferred securities of trusts holding solely subordinated debentures of the company | 893 | 337 | ||||||||
| SHAREHOLDERS' EQUITY | ||||||||||
| Preferred: | ||||||||||
| SOP convertible preferred stock | 111 | 117 | ||||||||
| Guaranteed obligation—SOP | (53 | ) | (68 | ) | ||||||
| Total Preferred Shareholders' Equity | 58 | 49 | ||||||||
| Common: | ||||||||||
| Common stock | 2,192 | 2,238 | ||||||||
| Retained earnings | 2,500 | 4,243 | ||||||||
| Accumulated other comprehensive income, net of taxes: | ||||||||||
| Unrealized appreciation on investments | 442 | 765 | ||||||||
| Unrealized loss on foreign currency translation | (76 | ) | (68 | ) | ||||||
| Unrealized loss on derivatives | (2 | ) | — | |||||||
| Total accumulated other comprehensive income | 364 | 697 | ||||||||
| Total Common Shareholders' Equity | 5,056 | 7,178 | ||||||||
| Total Shareholders' Equity | 5,114 | 7,227 | ||||||||
| Total Liabilities, Redeemable Preferred Securities and Shareholders' Equity | $ | 38,321 | $ | 35,502 | ||||||
See notes to consolidated financial statements.
