<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>6
<FILENAME>ex12901.txt
<DESCRIPTION>EXHIBIT 12
<TEXT>
<PAGE>
Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
2001 2000 2001 2000
------ ------ ------ ------
(In millions, except ratios)
EARNINGS:
Income (loss) from continuing
operations before income taxes $(877) $316 $(446) $1,137
Add: fixed charges 45 46 131 133
----- ----- ----- -----
Income (loss), as adjusted $(832) $362 $(315) $1,270
===== ===== ===== =====
FIXED CHARGES AND
PREFERRED DIVIDENDS:
Interest expense and amortization $30 $32 $88 $88
Dividends on preferred
capital securities 7 8 21 26
Rental expense (1) 8 6 22 19
----- ----- ----- -----
Total fixed charges 45 46 131 133
Preferred stock dividend
requirements 4 4 10 11
----- ----- ----- -----
Total fixed charges and preferred
stock dividend requirements $ 49 $50 $141 $144
===== ===== ===== =====
Ratio of earnings to
fixed charges (2) - 7.83 - 9.57
===== ===== ===== =====
Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements (2) - 7.25 - 8.83
===== ===== ===== =====
(1) Interest portion deemed implicit in total rent expense.
(2) The third quarter 2001 loss is inadequate to cover "fixed
charges" by $877 million and "combined fixed charges and
preferred stock dividends" by $881 million. The year to date 2001
loss is inadequate to cover "fixed charges" by $446 million and
"combined fixed charges and preferred stock dividends" by $456
million.
</TEXT>
</DOCUMENT>