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Exhibit 99(f)

Consolidated Balance Sheets

THE ST. PAUL COMPANIES

				December 31
				2001			2000
				(In Millions)
ASSETS
Investments:
	Fixed maturities			$	15,911		$	14,730
	Equities				1,410			1,466
	Real estate and mortgage loans				972			1,025
	Venture capital				859			1,064
	Securities on loan				775			1,207
	Short-term investments				2,153			2,331
	Other investments				98			229
			Total investments		22,178			22,052
Cash					151			52
Reinsurance recoverables:
	Unpaid losses				6,848			4,651
	Paid losses				351			324
Ceded unearned premiums					667			814
Receivables:
	Underwriting premiums				3,123			2,937
	Interest and dividends				260			277
	Other				247			181
Deferred policy acquisition costs					628			576
Deferred income taxes					1,248			930
Office properties and equipment					486			492
Goodwill and intangible assets					690			510
Other assets					1,444			1,706
			Total Assets	$	38,321		$	35,502
LIABILITIES
Insurance reserves:
	Losses and loss adjustment expenses			$	22,101		$	18,196
	Unearned premiums				3,957			3,648
			Total insurance reserves		26,058			21,844
Debt					2,130			1,647
Payables:
	Reinsurance premiums				943			1,060
	Income taxes				—			170
	Accrued expenses and other				1,036			1,031
Securities lending collateral					790			1,231
Other liabilities					1,357			955
			Total Liabilities		32,314			27,938
Company-obligated mandatorily redeemable preferred securities of trusts holding solely subordinated debentures of the company					893			337
SHAREHOLDERS' EQUITY
Preferred:
	SOP convertible preferred stock				111			117
	Guaranteed obligation—SOP				(53	)		(68	)
			Total Preferred Shareholders' Equity		58			49
Common:
	Common stock				2,192			2,238
	Retained earnings				2,500			4,243
	Accumulated other comprehensive income, net of taxes:
		Unrealized appreciation on investments			442			765
		Unrealized loss on foreign currency translation			(76	)		(68	)
		Unrealized loss on derivatives			(2	)		—
			Total accumulated other comprehensive income		364			697
			Total Common Shareholders' Equity		5,056			7,178
			Total Shareholders' Equity		5,114			7,227
			Total Liabilities, Redeemable Preferred Securities and Shareholders' Equity	$	38,321		$	35,502

See notes to consolidated financial statements.

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Consolidated Balance Sheets THE ST. PAUL COMPANIES