Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
Three Months Ended
March 31
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1999 1998
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(In millions, except ratios)
EARNINGS:
Income before income taxes and
cumulative effect of accounting change $258 $250
Add: fixed charges 37 39
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Income, as adjusted $295 $289
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FIXED CHARGES AND PREFERRED DIVIDENDS:
Interest expense and amortization $22 $22
Dividends on redeemable preferred securities 9 9
Rental expense (1) 6 8
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Total fixed charges $37 $39
Preferred stock dividend requirements 4 4
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Total fixed charges and preferred
stock dividend requirements $41 $43
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Ratio of earnings to fixed charges 7.90 7.47
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Ratio of earnings to combined fixed
charges and preferred stock
dividend requirements 7.11 6.72
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(1) Portion of rent deemed representative of interest.