EXHIBIT 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
(In millions, except ratios)
Twelve Months Ended December 31,
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2000 1999 1998 1997 1996
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EARNINGS:
Income from continuing
operations before income
taxes and cumulative effect
of accounting change $1,453 $1,017 $ 120 $1,433 $1,323
Add: fixed charges 175 175 154 150 139
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Income as adjusted $1,628 $1,192 $ 274 $1,583 $1,462
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FIXED CHARGES AND
PREFERRED DIVIDENDS:
Fixed charges:
Interest expense and
amortization $ 116 $ 99 $ 75 $ 86 $ 87
Dividends on redeemable
preferred securities 31 36 38 33 13
Rental expense (1) 28 40 41 31 39
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Total fixed charges 175 175 154 150 139
Preferred stock dividend
requirements 15 17 13 20 38
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Total fixed charges
and preferred stock
dividend requirements $ 190 $ 192 $ 167 $ 170 $ 177
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Ratio of earnings to
fixed charges 9.32 6.80 1.78 10.56 10.51
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Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements 8.59 6.22 1.64 9.33 8.25
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(1) Interest portion deemed implicit in total rent expense. Amount
for 1999 includes an $11 million provision representative of interest
included in charge for future lease buy-outs recorded as a result of
The St. Paul's cost reduction program. Amount for 1998 includes an $11
million provision representative of interest included in charge for
future lease buy-outs recorded as a result of The St. Paul's merger
with USF&G Corporation.