Exhibit 99.e
Consolidated Statements of Operations
The St. Paul Companies
Years ended December 31 |
| 2002 |
| 2001 |
| 2000 |
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(In millions, except per share data) |
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Revenues |
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Premiums earned |
| $ | 7,390 |
| $ | 7,296 |
| $ | 5,592 |
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Net investment income |
| 1,169 |
| 1,217 |
| 1,262 |
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Asset management |
| 397 |
| 374 |
| 370 |
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Realized investment gains (losses) |
| (165 | ) | (94 | ) | 632 |
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Other |
| 127 |
| 126 |
| 90 |
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Total revenues |
| 8,918 |
| 8,919 |
| 7,946 |
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Expenses |
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Insurance losses and loss adjustment expenses |
| 5,995 |
| 7,479 |
| 3,913 |
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Policy acquisition expenses |
| 1,563 |
| 1,589 |
| 1,396 |
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Operating and administrative expenses |
| 1,184 |
| 1,282 |
| 1,236 |
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Total expenses |
| 8,742 |
| 10,350 |
| 6,545 |
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Income (loss) from continuing operations before income taxes |
| 176 |
| (1,431 | ) | 1,401 |
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Income tax expense (benefit) |
| (73 | ) | (422 | ) | 431 |
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Income (loss) from continuing operations before cumulative effect of accounting change |
| 249 |
| (1,009 | ) | 970 |
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Cumulative effect of accounting change, net of taxes |
| (6 | ) | — |
| — |
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Income (loss) from continuing operations |
| 243 |
| (1,009 | ) | 970 |
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Discontinued operations: |
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Operating income, net of taxes |
| — |
| 19 |
| 43 |
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Loss on disposal, net of taxes |
| (25 | ) | (98 | ) | (20 | ) | |||
Gain (loss) from discontinued operations |
| (25 | ) | (79 | ) | 23 |
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Net Income (Loss) |
| $ | 218 |
| $ | (1,088 | ) | $ | 993 |
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Basic Earnings (Loss) Per Common Share |
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Income (loss) from continuing operations before cumulative effect |
| $ | 1.09 |
| $ | (4.84 | ) | $ | 4.39 |
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Cumulative effect of accounting change, net of taxes |
| (0.03 | ) | — |
| — |
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Gain (loss) from discontinued operations, net of taxes |
| (0.12 | ) | (0.38 | ) | 0.11 |
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Net Income (Loss) |
| $ | 0.94 |
| $ | (5.22 | ) | $ | 4.50 |
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Diluted Earnings (Loss) Per Common Share |
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Income (loss) from continuing operations before cumulative effect |
| $ | 1.06 |
| $ | (4.84 | ) | $ | 4.14 |
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Cumulative effect of accounting change, net of taxes |
| (0.03 | ) | — |
| — |
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Gain (loss) from discontinued operations, net of taxes |
| (0.11 | ) | (0.38 | ) | 0.10 |
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Net Income (Loss) |
| $ | 0.92 |
| $ | (5.22 | ) | $ | 4.24 |
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See notes to consolidated financial statements.