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EXHIBIT 12.1
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS
(IN MILLIONS, EXCEPT RATIOS)
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SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED --------------------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income from continuing operations
before income taxes and
cumulative effect of accounting
change (2)..................... $ 839 $ 1,017 $ 120 $ 1,433 $ 1,323 $ 1,020
Add: fixed charges............... 86 175 154 150 139 137
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Income as adjusted............... $ 925 $ 1,192 $ 274 $ 1,583 $ 1,462 $ 1,157
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FIXED CHARGES AND PREFERRED
DIVIDENDS:
Fixed charges:
Interest costs................... $ 55 $ 99 $ 75 $ 86 $ 87 $ 91
Dividend on redeemable preferred
securities..................... 18 36 38 33 13 7
Rental expense(1)................ 13 40 41 31 39 39
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Total fixed charges.............. $ 86 175 154 150 139 137
Preferred stock dividend
requirements................... 8 17 13 20 38 47
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Total fixed charges and preferred
stock dividend requirements.... $ 94 $ 192 $ 167 $ 170 $ 177 $ 184
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Ratio of earnings to fixed
charges........................ 10.68 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.... 9.82 6.22 1.64 9.33 8.25 6.30
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(1) Interest portion deemed implicit in total rent expense. Amounts for 1999 and
1998 include $11 million for each year of net present value of rents
representative of interest included in facilities exit costs.
(2) "Income from continuing operations before income taxes" has been restated to
exclude income from discontinued operations, due to our sale of our standard
personal insurance business, and our non-standard auto business.
