Exhibit 99.f

Consolidated Balance Sheets

The St. Paul Companies

December 31	2002			2001
(In millions)
Assets
Investments:
Fixed income	$	17,188		$	15,911
Real estate and mortgage loans	874			972
Venture capital	581			859
Equities	394			1,410
Securities on loan	806			775
Other investments	738			98
Short-term investments	2,152			2,153
Total investments	22,733			22,178
Cash	315			151
Reinsurance recoverables:
Unpaid losses	7,777			6,848
Paid losses	522			351
Ceded unearned premiums	806			667
Receivables:
Underwriting premiums	2,658			3,123
Interest and dividends	247			260
Other	170			247
Deferred policy acquisition costs	554			628
Deferred income taxes	1,267			1,248
Office properties and equipment	459			486
Goodwill and intangible assets	1,013			690
Other assets	1,399			1,444
Total Assets	$	39,920		$	38,321
Liabilities
Insurance reserves:
Losses and loss adjustment expenses	$	22,626		$	22,101
Unearned premiums	3,816			3,957
Total insurance reserves	26,442			26,058
Debt	2,713			2,130
Payables:
Reinsurance premiums	957			943
Accrued expenses and other	963			1,036
Securities lending collateral	822			790
Other liabilities	1,388			1,357
Total Liabilities	33,285			32,314
Company-obligated mandatorily redeemable preferred securities of      trusts holding solely subordinated debentures of the company	889			893
Shareholders’ Equity
Preferred:
SOP convertible preferred stock	105			111
Guaranteed obligation-SOP	(40		)	(53		)
Total Preferred Shareholders’ Equity	65			58
Common:
Common stock	2,606			2,192
Retained earnings	2,473			2,500
Accumulated other comprehensive income, net of taxes:
Unrealized appreciation on investments	671			442
Unrealized loss on foreign currency translation	(68		)	(76		)
Unrealized loss on derivatives	(1		)	(2		)
Total accumulated other comprehensive income	602			364
Total Common Shareholders’ Equity	5,681			5,056
Total Shareholders’ Equity	5,746			5,114
Total Liabilities, Redeemable Preferred Securities of Trusts and Shareholders’ Equity	$	39,920		$	38,321

See notes to consolidated financial statements.