<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>20
<FILENAME>c66203ex12.txt
<DESCRIPTION>COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>
Exhibit 12
THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Computation of Ratios
(In millions, except ratios)
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
EARNINGS:
Income from continuing operations
before income taxes $1,401 $951 $100 $1,356 $1,331
Add: fixed charges 174 175 153 150 139
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Income, as adjusted $1,575 $1,126 $253 $1,506 $1,470
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FIXED CHARGES AND PREFERRED DIVIDENDS:
Interest expense and amortization $116 $99 $75 $87 $87
Dividends on preferred capital securities 31 36 38 33 13
Rental expense (1) 27 40 40 30 39
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Total fixed charges 174 175 153 150 139
Preferred stock dividend requirements 15 16 13 20 38
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Total fixed charges and preferred
stock dividend requirements 189 191 166 170 177
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Ratio of earnings to fixed charges 9.03 6.43 1.65 10.06 10.59
====== ====== ====== ====== ======
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements 8.32 5.88 1.52 8.88 8.31
====== ====== ====== ====== ======
</TABLE>
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(1) Interest portion deemed implicit in total rent expense.
</TEXT>
</DOCUMENT>