EXHIBIT 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS
Three Months and Nine Months Ended September 30, 2002 and 2001
(In millions, except ratios)
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
(in millions) 2002 2001 2002 2001
----------- ------ ------ ------ ------
EARNINGS
Income (loss) from
continuing operations,
before income taxes $ 95 $(877) $ (73) $(446)
Add: fixed charges 56 45 160 131
------ ------ ------ ------
Income (loss), as adjusted $ 151 $(832) $ 87 $(315)
====== ====== ====== ======
FIXED CHARGES AND PREFERRED DIVIDENDS
Fixed charges:
Interest expense and amortization $ 30 $ 30 $ 84 $ 88
Distributions on redeemable
preferred securities 17 7 53 21
Rental expense (1) 9 8 23 22
------ ------ ------ ------
Total fixed charges 56 45 160 131
Preferred stock dividend
requirements 4 4 10 10
------ ------ ------ ------
Total fixed charges
and preferred stock
dividend requirements $ 60 $ 49 $ 170 $ 141
====== ====== ====== ======
Ratio of earnings
to fixed charges (2) 2.68 - 0.54 -
====== ====== ====== ======
Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements (2) 2.53 - 0.51 -
====== ====== ====== ======
(1) Interest portion deemed implicit in total rent expense.
(2) The year-to-date 2002 loss was inadequate to cover "fixed
charges" by $73 million and "combined fixed charges and
preferred stock dividends" by $83 million. The third-quarter
2001 loss was inadequate to cover "fixed charges" by $877
million and "combined fixed charges and preferred stock
dividends" by $881 million. The year-to-date 2001 loss was
inadequate to cover "fixed charges" by $446 million and
"combined fixed charges and preferred stock dividends" by $456
million.