Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
(In thousands, except ratios)
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1995 1994 1995 1994
----- ----- ----- -----
EARNINGS:
Income before income taxes $178,105 165,201 469,505 406,398
Add: fixed charges 21,073 16,782 57,809 49,652
------- ------- ------- -------
Income, as adjusted $199,178 181,983 527,314 456,050
======= ======= ======= =======
FIXED CHARGES:
Interest costs $15,703 10,640 41,060 30,852
Rental expense (1) 5,370 6,142 16,749 18,800
------ ------ ------ ------
Total fixed charges $21,073 16,782 57,809 49,652
====== ====== ====== ======
FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS:
Fixed charges $21,073 16,782 57,809 49,652
PSOP preferred stock dividends 4,523 4,578 13,615 13,772
Dividends on monthly income
preferred securities 3,105 - 4,658 -
------ ------ ------ ------
Total fixed charges and
preferred stock dividends $28,701 21,360 76,082 63,424
====== ====== ====== ======
Ratio of earnings to fixed charges 9.45 10.84 9.12 9.18
====== ====== ====== ======
Ratio of earnings to combined fixed
charges and preferred stock
dividends 6.94 8.52 6.93 7.19
====== ====== ====== ======
(1) Interest portion deemed implicit in total rent expense.