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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2001 2000 2001 2000
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(In millions, except ratios)
EARNINGS:
Income from continuing
operations before income taxes $133 $301 $431 $821
Add: fixed charges 42 46 86 86
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Income, as adjusted $175 $347 $517 $907
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FIXED CHARGES AND PREFERRED DIVIDENDS:
Interest expense and amortization $28 $29 $58 $55
Dividends on preferred
capital securities 7 10 14 18
Rental expense (1) 7 7 14 13
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Total fixed charges 42 46 86 86
Preferred stock dividend requirements 3 4 7 8
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Total fixed charges and preferred
stock dividend requirements $45 $50 $93 $94
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Ratio of earnings to fixed charges 4.22 7.52 6.03 10.51
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Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements 3.89 6.95 5.57 9.67
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(1) Interest portion deemed implicit in total rent expense.