8-K

                 SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                       -----------------------

                              FORM 8-K

                           CURRENT REPORT


               Pursuant to Section 13 or 15(d) of the

                   Securities Exchange Act of 1934

                 -----------------------------------


                  Date of Report (Date of earliest
                   event reported): July 25, 2003



                    THE ST. PAUL COMPANIES, INC.
         --------------------------------------------------
        (Exact name of Registrant as specified in its charter)


         Minnesota            001-10898           41-0518860
    ------------------- ---------------------- -----------------
        (State of         (Commission File      (I.R.S. Employer
      Incorporation)          Number)          Identification No.)



        385 Washington St., St. Paul, MN              55102
        --------------------------------            ---------
    (Address of principal executive offices)       (Zip Code)


                           (651) 310-7911
                    -----------------------------
                   (Registrant's telephone number,
                        including area code)




                                 N/A
     ----------------------------------------------------------
        (Former name or former address, if changed since last
                               report)





Item 12.   Results of Operations and Financial Condition
           ---------------------------------------------

     The St. Paul Companies, Inc. on July 25, 2003 issued a
press release announcing the estimated impact of a surety
exposure on its consolidated financial results for the
quarter ended June 30, 2003.  A copy of the press release is
furnished as Exhibit 99.1 to this Form 8-K.


  Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.


                              THE ST. PAUL COMPANIES, INC.

                              By  Bruce A. Backberg
                                  -----------------
                                  Bruce A. Backberg
                                  Senior Vice President


Date: July 28, 2003




                        EXHIBIT INDEX
                     -------------------


Exhibit No.         Description
- -----------         -----------


   99.1  Press Release of The St. Paul Companies, Inc.
          dated July 25, 2003.

EX-99

                                                  Exhibit 99.1

Media Contact:
Patrick Hirigoyen
Telephone: 651.310.7598
E-mail: pat.hirigoyen@stpaul.com

Investor Contact:
Laura Gagnon
Telephone: 651.310.7696
E-mail: laura.gagnon@stpaul.com



July 25, 2003
FOR IMMEDIATE RELEASE

The St. Paul Companies estimates earnings impact
from previously announced surety claims


SAINT PAUL, Minn.  The St. Paul Companies (NYSE: SPC)
advised today that the second-quarter 2003 earnings impact
related to a surety claims exposure, with a total aggregate
face amount of $120 million as previously described in a
report on Form 8-K filed on April 30, 2003, will
be $86 million pretax and $56 million after tax, at a 35
percent tax rate, or $0.23 per fully diluted share.

"Our business remains solidly on track, and we have not
changed our profitability objective for 2003," said Jay
Fishman, chairman and chief executive officer.

The St. Paul expects to release second-quarter 2003 earnings
on Wednesday, July 30, before the market opens. The news
release and supplemental financial information will be
available shortly thereafter on The St. Paul's Web site at
www.stpaul.com.


The quarterly conference call, which will involve discussion
of second-quarter 2003 financial results and may include
forward-looking information, will be held Wednesday, July
30, at 9 a.m. ET, 8 a.m. CT.  The call will be available in
live audio on the investor section of The St. Paul's Web
site at 9 a.m. ET, 8 a.m. CT, and will remain available on
the web site for one week.


The St. Paul Companies is headquartered in Saint Paul,
Minn., USA, and provides commercial property-liability
insurance and asset management services.  For more
information about The St. Paul and its products and
services, visit the company's web site, www.st.paul.com.




Certain statements made by the company in this release may
constitute forward-looking statements. Actual results may
differ materially from those projected in the forward-
looking statements. These forward-looking statements involve
risks and uncertainties including, but not limited to, the
following: competitive considerations, including the ability
to implement price increases; the frequency and severity of
catastrophic events; our achievement of planned expense
savings; the timing and impact of our exiting of certain
types of business; changes in the demand for, pricing of, or
supply of reinsurance or insurance; increased competitive
pressure; the loss of significant customers; worse than
anticipated loss developments from business written in prior
years; losses due to foreign currency exchange rate
fluctuations; changes in our estimate of insurance industry
losses resulting from the September 11, 2001, terrorist
attack; the potential impact of the global war on terrorism
and Federal solutions to make available insurance coverage
for acts of terrorism; regulatory developments; general
economic conditions, including changing interest rates,
rates of inflation and the performance of the financial
markets; judicial decisions and rulings; changes in domestic
and foreign laws, regulations and taxes; effects of
acquisitions and divestitures; and various other factors. We
undertake no obligation to release publicly the results of
any future revisions we may make to forward-looking
statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.