Exhibit 99.f
Consolidated Balance Sheets
The St. Paul Companies
December 31 |
| 2002 |
| 2001 |
| ||
(In millions) |
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|
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Assets |
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Investments: |
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Fixed income |
| $ | 17,188 |
| $ | 15,911 |
|
Real estate and mortgage loans |
| 874 |
| 972 |
| ||
Venture capital |
| 581 |
| 859 |
| ||
Equities |
| 394 |
| 1,410 |
| ||
Securities on loan |
| 806 |
| 775 |
| ||
Other investments |
| 738 |
| 98 |
| ||
Short-term investments |
| 2,152 |
| 2,153 |
| ||
Total investments |
| 22,733 |
| 22,178 |
| ||
Cash |
| 315 |
| 151 |
| ||
Reinsurance recoverables: |
|
|
|
|
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Unpaid losses |
| 7,777 |
| 6,848 |
| ||
Paid losses |
| 522 |
| 351 |
| ||
Ceded unearned premiums |
| 806 |
| 667 |
| ||
Receivables: |
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|
|
|
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Underwriting premiums |
| 2,658 |
| 3,123 |
| ||
Interest and dividends |
| 247 |
| 260 |
| ||
Other |
| 170 |
| 247 |
| ||
Deferred policy acquisition costs |
| 554 |
| 628 |
| ||
Deferred income taxes |
| 1,267 |
| 1,248 |
| ||
Office properties and equipment |
| 459 |
| 486 |
| ||
Goodwill and intangible assets |
| 1,013 |
| 690 |
| ||
Other assets |
| 1,399 |
| 1,444 |
| ||
Total Assets |
| $ | 39,920 |
| $ | 38,321 |
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Liabilities |
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Insurance reserves: |
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Losses and loss adjustment expenses |
| $ | 22,626 |
| $ | 22,101 |
|
Unearned premiums |
| 3,816 |
| 3,957 |
| ||
Total insurance reserves |
| 26,442 |
| 26,058 |
| ||
Debt |
| 2,713 |
| 2,130 |
| ||
Payables: |
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|
|
|
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Reinsurance premiums |
| 957 |
| 943 |
| ||
Accrued expenses and other |
| 963 |
| 1,036 |
| ||
Securities lending collateral |
| 822 |
| 790 |
| ||
Other liabilities |
| 1,388 |
| 1,357 |
| ||
Total Liabilities |
| 33,285 |
| 32,314 |
| ||
Company-obligated mandatorily redeemable preferred securities of trusts holding solely subordinated debentures of the company |
| 889 |
| 893 |
| ||
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Shareholders’ Equity |
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Preferred: |
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SOP convertible preferred stock |
| 105 |
| 111 |
| ||
Guaranteed obligation-SOP |
| (40 | ) | (53 | ) | ||
Total Preferred Shareholders’ Equity |
| 65 |
| 58 |
| ||
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|
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Common: |
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|
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Common stock |
| 2,606 |
| 2,192 |
| ||
Retained earnings |
| 2,473 |
| 2,500 |
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Accumulated other comprehensive income, net of taxes: |
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|
|
|
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Unrealized appreciation on investments |
| 671 |
| 442 |
| ||
Unrealized loss on foreign currency translation |
| (68 | ) | (76 | ) | ||
Unrealized loss on derivatives |
| (1 | ) | (2 | ) | ||
Total accumulated other comprehensive income |
| 602 |
| 364 |
| ||
Total Common Shareholders’ Equity |
| 5,681 |
| 5,056 |
| ||
Total Shareholders’ Equity |
| 5,746 |
| 5,114 |
| ||
Total Liabilities, Redeemable Preferred Securities of Trusts and Shareholders’ Equity |
| $ | 39,920 |
| $ | 38,321 |
|
See notes to consolidated financial statements.