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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1999 1998 1999 1998
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(In millions, except ratios)
EARNINGS:
Income (loss) from continuing
operations before income taxes
and cumulative effect of
accounting change $290 $(288) $556 $(23)
Add: fixed charges 41 49 79 87
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Income (loss), as adjusted $331 $(239) $635 $64
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FIXED CHARGES:
Interest expense and amortization $25 $19 $47 $40
Dividends on redeemable
preferred securities 9 9 19 19
Rental expense (1) 7 21 13 28
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Total fixed charges 41 49 79 87
Preferred stock dividend
requirements 4 4 8 9
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Total fixed charges and preferred
stock dividend requirements $45 $53 $87 $96
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Ratio of earnings
to fixed charges (2) 8.01 - 8.06 -
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Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements (2) 7.28 - 7.29 -
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(1) Interest portion deemed implicit in total rent expense. Amounts
for both periods of 1998 include an $11 million provision representative
of interest included in charge for future lease buy-outs recorded
in the second quarter of 1998 as a result of The St. Paul's
merger with USF&G Corporation.
(2) The second quarter 1998 loss was inadequate to cover
"fixed charges" by $288 million and "combined fixed charges
and preferred stock dividends" by $292 million. The year-to-
date 1998 loss was inadequate to cover "fixed charges" by
$23 million and "combined fixed charges and preferred stock
dividends" by $32 million.