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Exhibit 99(e)

Consolidated Statements of Operations

THE ST. PAUL COMPANIES

			Year Ended December 31
			2001			2000			1999
			(In Millions, Except Per Share Data)
REVENUES
Premiums earned			$	7,296		$	5,592		$	5,103
Net investment income				1,217			1,262			1,259
Asset management				359			356			340
Realized investment gains (losses)				(94	)		632			286
Other				165			130			161
		Total revenues		8,943			7,972			7,149
EXPENSES
Insurance losses and loss adjustment expenses				7,479			3,913			3,720
Policy acquisition expenses				1,589			1,396			1,321
Operating and administrative expenses				1,306			1,262			1,157
		Total expenses		10,374			6,571			6,198
		Income (loss) from continuing operations before income taxes		(1,431	)		1,401			951
Income tax expense (benefit)				(422	)		431			219
		Income (loss) from continuing operations before cumulative effect of accounting change		(1,009	)		970			732
Cumulative effect of accounting change, net of taxes				—			—			(27	)
		Income (loss) from continuing operations		(1,009	)		970			705
Discontinued operations:
	Operating income, net of taxes			19			43			35
	Gain (loss) on disposal, net of taxes			(98	)		(20	)		94
		Gain (loss) from discontinued operations		(79	)		23			129
		Net Income (Loss)	$	(1,088	)	$	993		$	834
BASIC EARNINGS (LOSS) PER COMMON SHARE
Income (loss) from continuing operations before cumulative effect			$	(4.84	)	$	4.39		$	3.16
Cumulative effect of accounting change, net of taxes				—			—			(0.12	)
Gain (loss) from discontinued operations, net of taxes				(0.38	)		0.11			0.57
		Net Income (Loss)	$	(5.22	)	$	4.50		$	3.61
DILUTED EARNINGS (LOSS) PER COMMON SHARE
Income (loss) from continuing operations before cumulative effect			$	(4.84	)	$	4.14		$	3.00
Cumulative effect of accounting change, net of taxes				—			—			(0.11	)
Gain (loss) from discontinued operations, net of taxes				(0.38	)		0.10			0.52
		Net Income (Loss)	$	(5.22	)	$	4.24		$	3.41

See notes to consolidated financial statements.

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Consolidated Statements of Operations THE ST. PAUL COMPANIES