Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
Three Months Ended Nine Months Ended
September 30 September 30
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1999 1998 1999 1998
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(In millions, except ratios)
EARNINGS:
Income from continuing operations
before income taxes and cumulative
effect of accounting change $180 $91 $735 $68
Add: fixed charges 55 35 135 122
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Income as adjusted $235 $126 $870 $190
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FIXED CHARGES:
Interest expense and amortization $26 $19 $75 $60
Dividends on redeemable
preferred securities 9 9 28 28
Rental expense (1) 20 7 32 34
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Total fixed charges 55 35 135 122
Preferred stock
dividend requirements 4 4 12 13
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Total fixed charges and preferred
stock dividend requirements $59 $39 $147 $135
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Ratio of earnings to fixed charges 4.26 3.57 6.45 1.56
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Ratio of earnings to
combined fixed charges and preferred
stock dividend requirements 3.97 3.19 5.91 1.41
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(1)Interest portion deemed implicit in total rent expense. Amounts for
the three months and nine months ended Sept. 30, 1999 include an $11
million provision representative of interest included in charge for
future lease buy-outs recorded in the third quarter of 1999 as a result
of The St. Paul's cost reduction program. Amount for the nine months
ended Sept. 30, 1998 includes 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.