<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>5
<FILENAME>ex12602.txt
<DESCRIPTION>EXHIBIT 12 - COMPUTATION OF RATIOS
<TEXT>
<PAGE>
EXHIBIT 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS
Three Months and Six Months Ended June 30, 2002 and 2001
(In millions, except ratios)
Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
(in millions) 2002 2001 2002 2001
----------- ----- ----- ----- -----
EARNINGS
Income (loss) from continuing
operations, before income taxes $ (364) $ 133 $ (168) $ 431
Add: fixed charges 53 42 103 86
----- ----- ----- -----
Income (loss), as adjusted $ (311) $ 175 $ (65) $ 517
===== ===== ===== =====
FIXED CHARGES AND PREFERRED
DIVIDENDS
Fixed charges:
Interest expense and amortization $ 29 $ 28 $ 55 $ 58
Distributions on redeemable
preferred securities 17 7 35 14
Rental expense (1) 7 7 13 14
----- ----- ----- -----
Total fixed charges 53 42 103 86
Preferred stock dividend requirements 3 3 7 7
----- ----- ----- -----
Total fixed charges and preferred
stock dividend requirements $ 56 $ 45 $ 110 $ 93
===== ===== ===== =====
Ratio of earnings to fixed
charges (2) - 4.22 - 6.03
===== ===== ===== =====
Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements (2) - 3.89 - 5.57
===== ===== ===== =====
(1) Interest portion deemed implicit in total rent expense.
(2) The second-quarter 2002 loss is inadequate to cover "fixed
charges" by $364 million and "combined fixed charges and
preferred stock dividends" by $367 million. The year-to-date
2002 loss is inadequate to cover "fixed charges" by $168
million and "combined fixed charges and preferred stock
dividends" by $175 million.
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</DOCUMENT>