Exhibit 99

April 28, 1997 -    THE ST. PAUL COMPANIES' OPERATING EARNINGS
                    REACH NEW 1ST-QUARTER RECORD OF $130.2 MILLION

St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported
record first-quarter operating earnings of $130.2 million
for first-quarter 1997, or $1.43 per share, compared with
first-quarter 1996 operating earnings of $113.2 million, or
$1.23 per share.

     Net income of $124.5 million, or $1.37 per share, for
the first quarter, compared with $128.8 million, or $1.40
per share, for the first quarter of 1996.  Net income
included after-tax realized investment gains of $62.1
million, or $0.67 per share, for the first quarter of 1997,
compared with $31.2 million, or $0.34 per share, for the
first quarter of 1996.

     "I'm pleased with the strength of our first-quarter
operating earnings," said Douglas W. Leatherdale, chairman
and chief executive officer.

     "Despite highly competitive market conditions, our
focused and disciplined underwriting approach, the addition
of Northbrook to our operations and the absence of
catastrophes all contributed to solid performance for the
first quarter," Leatherdale said.

Consolidated Financial Position
- -------------------------------

     Consolidated assets of The St. Paul Companies as of
March 31, 1997, were $20.4 billion, compared with $20.7
billion as of Dec. 31, 1996.  Common shareholders' equity
was $3.9 billion at the end of the first quarter, compared
with $4.0 billion on Dec. 31, 1996.  Book value per common
share on March 31, 1997, was $46.51, compared with $47.93 on
Dec. 31, 1996.






                   THE ST. PAUL COMPANIES
             CONSOLIDATED FIRST-QUARTER RESULTS
                              
Three months ended March 31               1997            1996
- ---------------------------               ----            ----

Revenues                        $1,557,203,000   $1,329,891,000

Pretax Operating Earnings
Underwriting                      $148,059,000     $130,939,000
 Investment Banking-
   Asset Management                $22,704,000       21,567,000
Parent and Other                   (21,145,000)     (22,938,000)
                                 -------------    -------------
Total pretax operating earnings   $149,618,000     $129,568,000

Income Tax Expense                 $19,450,000      $16,401,000

Operating Earnings                $130,168,000     $113,167,000
 Per Common Share (Fully Diluted)        $1.43            $1.23

Realized Investment Gains,
  Net of Taxes                     $62,131,000      $31,244,000
 Per Common Share (Fully Diluted)        $0.67            $0.34

Discontinued Operations,
  Net of Taxes                    ($67,750,000)    ($15,590,000)
 Per Common Share (Fully Diluted)       ($0.73)          ($0.17)

Net Income                        $124,549,000     $128,821,000
 Per Common Share (Fully Diluted)        $1.37            $1.40


            FIRST-QUARTER UNDERWRITING OPERATIONS
                         HIGHLIGHTS
                              
Three months ended March 31               1997             1996
- ---------------------------               ----             ----

Written premiums                $1,029,220,000     $934,611,000

Net investment income             $218,269,000     $188,903,000

Combined ratio                           107.5            106.1


The St. Paul Companies, headquartered in St. Paul, Minn., is
a group of companies providing property-liability insurance
products and services worldwide.