Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
Three Months Ended Six Months Ended
June 30 June 30
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2000 1999 2000 1999
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(In millions, except ratios)
EARNINGS:
Income from continuing operations
before income taxes and cumulative
effect of accounting change $301 $287 $839 $549
Add: fixed charges 47 41 86 79
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Income, as adjusted $348 $328 $925 $628
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FIXED CHARGES AND PREFERRED DIVIDENDS:
Interest expense and amortization $30 $25 $55 $47
Dividends on preferred
capital securities 10 9 18 19
Rental expense (1) 7 7 13 13
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Total fixed charges 47 41 86 79
Preferred stock dividend requirements 4 4 8 8
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Total fixed charges and preferred
stock dividend requirements $51 $45 $94 $87
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Ratio of earnings to fixed charges 7.40 7.93 10.68 7.97
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Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements 6.85 7.22 9.82 7.22
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(1) Interest portion deemed implicit in total rent expense.