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Exhibit 99(g)

Consolidated Statements of Shareholders' Equity

THE ST. PAUL COMPANIES

			Year Ended December 31
			2001			2000			1999
			(In Millions)
PREFERRED SHAREHOLDERS' EQUITY
SOP convertible preferred stock:
	Beginning of year		$	117		$	129		$	134
	Redemptions during the year			(6	)		(12	)		(5	)
		End of year		111			117			129
Guaranteed obligation—SOP:
	Beginning of year			(68	)		(105	)		(119	)
	Principal payments			15			37			14
		End of year		(53	)		(68	)		(105	)
		Total Preferred Shareholders' Equity		58			49			24
COMMON SHAREHOLDERS' EQUITY
Common stock:
	Beginning of year			2,238			2,079			2,128
	Stock issued:
		Stock incentive plans		67			95			37
		Preferred shares redeemed		13			23			9
		Conversion of company-obligated preferred securities		—			207			—
	Reacquired common shares			(135	)		(170	)		(102	)
	Other			9			4			7
		End of year		2,192			2,238			2,079
Retained earnings:
	Beginning of year			4,243			3,827			3,480
	Net income (loss)			(1,088	)		993			834
	Dividends declared on common stock			(235	)		(232	)		(235	)
	Dividends declared on preferred stock, net of taxes			(9	)		(8	)		(8	)
	Reacquired common shares			(454	)		(366	)		(254	)
	Other changes			43			29			10
		End of year		2,500			4,243			3,827
Unrealized appreciation on investments, net of taxes:
	Beginning of year			765			568			1,027
	Change for the year			(323	)		197			(459	)
		End of year		442			765			568
Unrealized loss on foreign currency translation, net of taxes:
	Beginning of year			(68	)		(26	)		(14	)
	Currency translation adjustments			(8	)		(42	)		(12	)
		End of year		(76	)		(68	)		(26	)
Unrealized loss on derivatives, net of taxes:
	Beginning of year			—			—			—
	Change during the period			(2	)		—			—
		End of year		(2	)		—			—
		Total Common Shareholders' Equity		5,056			7,178			6,448
		Total Shareholders' Equity	$	5,114		$	7,227		$	6,472

See notes to consolidated financial statements.

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Consolidated Statements of Shareholders' Equity THE ST. PAUL COMPANIES