Exhibit 99.g
Consolidated Statements of Shareholders’ Equity
The St Paul Companies
Years ended December 31 |
| 2002 |
| 2001 |
| 2000 |
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(In millions) |
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Preferred Shareholders’ Equity |
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SOP convertible preferred stock: |
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Beginning of year |
| $ | 111 |
| $ | 117 |
| $ | 129 |
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Redemptions during the year |
| (6 | ) | (6 | ) | (12 | ) | |||
End of year |
| 105 |
| 111 |
| 117 |
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Guaranteed obligation – SOP: |
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Beginning of year |
| (53 | ) | (68 | ) | (105 | ) | |||
Principal payments |
| 13 |
| 15 |
| 37 |
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End of year |
| (40 | ) | (53 | ) | (68 | ) | |||
Total Preferred Shareholders’ Equity |
| 65 |
| 58 |
| 49 |
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Common Shareholders’ Equity |
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Common stock |
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Beginning of year |
| 2,192 |
| 2,238 |
| 2,079 |
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Stock issued: |
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Net proceeds from stock offering |
| 413 |
| — |
| — |
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Stock incentive plans |
| 32 |
| 67 |
| 95 |
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Present value of equity unit forward purchase contracts |
| (46 | ) | — |
| — |
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Preferred shares redeemed |
| 13 |
| 13 |
| 23 |
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Conversion of company-obligated preferred securities |
| — |
| — |
| 207 |
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Reacquired common shares |
| — |
| (135 | ) | (170 | ) | |||
Other |
| 2 |
| 9 |
| 4 |
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End of year |
| 2,606 |
| 2,192 |
| 2,238 |
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Retained earnings: |
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Beginning of year |
| 2,500 |
| 4,243 |
| 3,827 |
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Net income (loss) |
| 218 |
| (1,088 | ) | 993 |
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Dividends declared on common stock |
| (252 | ) | (235 | ) | (232 | ) | |||
Dividends declared on preferred stock, net of taxes |
| (9 | ) | (9 | ) | (8 | ) | |||
Reacquired common shares |
| — |
| (454 | ) | (366 | ) | |||
Deferred compensation - restricted stock |
| (5 | ) | — |
| — |
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Tax benefit on employee stock options, and other changes |
| 28 |
| 51 |
| 40 |
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Premium on preferred shares redeemed |
| (7 | ) | (8 | ) | (11 | ) | |||
End of year |
| 2,473 |
| 2,500 |
| 4,243 |
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Unrealized appreciation on investments, net of taxes: |
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Beginning of year |
| 442 |
| 765 |
| 568 |
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Change for the year |
| 229 |
| (323 | ) | 197 |
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End of year |
| 671 |
| 442 |
| 765 |
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Unrealized loss on foreign currency translation, net of taxes: |
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Beginning of year |
| (76 | ) | (68 | ) | (26 | ) | |||
Currency translation adjustments |
| 8 |
| (8 | ) | (42 | ) | |||
End of year |
| (68 | ) | (76 | ) | (68 | ) | |||
Unrealized loss on derivatives, net of taxes: |
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Beginning of year |
| (2 | ) | — |
| — |
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Change during the period |
| 1 |
| (2 | ) | — |
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End of year |
| (1 | ) | (2 | ) | — |
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Total Common Shareholders’ Equity |
| 5,681 |
| 5,056 |
| 7,178 |
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Total Shareholders’ Equity |
| $ | 5,746 |
| $ | 5,114 |
| $ | 7,227 |
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See notes to consolidated financial statements.