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EXHIBIT 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
(In millions, except ratios)
Twelve Months Ended
December 31,
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1999 1998 1997 1996 1995
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EARNINGS:
Income from continuing
operations before
income taxes and
cumulative effect of
accounting change $1,017 $ 120 $1,433 $1,323 $1,020
Add: fixed charges 175 154 150 139 137
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Income as adjusted $1,192 $ 274 $1,583 $1,462 $1,157
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FIXED CHARGES AND
PREFERRED DIVIDENDS:
Fixed charges:
Interest expense
and amortization $ 99 $ 75 $ 86 $ 87 $ 91
Dividend on redeemable
preferred securities 36 38 33 13 7
Rental expense (1) 40 41 31 39 39
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Total fixed charges 175 154 150 139 137
Preferred stock
dividend requirements 17 13 20 38 47
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Total fixed charges and
preferred stock
dividend requirements $192 $167 $170 $177 $184
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Ratio of earnings to
fixed charges 6.80 1.78 10.56 10.51 8.42
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Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements 6.22 1.64 9.33 8.25 6.30
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(1) Interest portion deemed implicit in total rent expense.
Amount for 1999 includes an $11 million provision
representative of interest included in charge for future
lease buy-outs recorded as a result of The St. Paul's cost
reduction program. Amount for 1998 includes an $11 million
provision representative of interest included in charge for
future lease buy-outs recorded as a result of The St. Paul's
merger with USF&G Corporation.
