Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
Three Months Ended Nine Months Ended
September 30 September 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 $331 $172 $1,170 $721
Add: fixed charges 46 56 133 135
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Income, as adjusted $377 $228 $1,303 $856
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FIXED CHARGES AND PREFERRED DIVIDENDS:
Interest expense and amortization $32 $29 $88 $75
Dividends on preferred
capital securities 8 9 26 28
Rental expense (1) 6 18 19 32
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Total fixed charges 46 56 133 135
Preferred stock
dividend requirements 4 4 11 12
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Total fixed charges and preferred
stock dividend requirements $50 $60 $144 $147
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Ratio of earnings to fixed charges 8.13 4.07 9.79 6.35
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Ratio of earnings to combined
fixed charges and preferred stock
dividend requirements 7.53 3.80 9.03 5.82
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(1) Interest portion deemed implicit in total rent expense.