Exhibit 99.g

Consolidated Statements of Shareholders’ Equity

The St Paul Companies

Years ended December 31	2002			2001			2000
(In millions)
Preferred Shareholders’ Equity
SOP convertible preferred stock:
Beginning of year	$	111		$	117		$	129
Redemptions during the year	(6		)	(6		)	(12		)
End of year	105			111			117
Guaranteed obligation – SOP:
Beginning of year	(53		)	(68		)	(105		)
Principal payments	13			15			37
End of year	(40		)	(53		)	(68		)
Total Preferred Shareholders’ Equity	65			58			49
Common Shareholders’ Equity
Common stock
Beginning of year	2,192			2,238			2,079
Stock issued:
Net proceeds from stock offering	413			—			—
Stock incentive plans	32			67			95
Present value of equity unit forward purchase contracts	(46		)	—			—
Preferred shares redeemed	13			13			23
Conversion of company-obligated preferred securities	—			—			207
Reacquired common shares	—			(135		)	(170		)
Other	2			9			4
End of year	2,606			2,192			2,238
Retained earnings:
Beginning of year	2,500			4,243			3,827
Net income (loss)	218			(1,088		)	993
Dividends declared on common stock	(252		)	(235		)	(232		)
Dividends declared on preferred stock, net of taxes	(9		)	(9		)	(8		)
Reacquired common shares	—			(454		)	(366		)
Deferred compensation - restricted stock	(5		)	—			—
Tax benefit on employee stock options, and other changes	28			51			40
Premium on preferred shares redeemed	(7		)	(8		)	(11		)
End of year	2,473			2,500			4,243
Unrealized appreciation on investments, net of taxes:
Beginning of year	442			765			568
Change for the year	229			(323		)	197
End of year	671			442			765
Unrealized loss on foreign currency translation, net of taxes:
Beginning of year	(76		)	(68		)	(26		)
Currency translation adjustments	8			(8		)	(42		)
End of year	(68		)	(76		)	(68		)
Unrealized loss on derivatives, net of taxes:
Beginning of year	(2		)	—			—
Change during the period	1			(2		)	—
End of year	(1		)	(2		)	—
Total Common Shareholders’ Equity	5,681			5,056			7,178
Total Shareholders’ Equity	$	5,746		$	5,114		$	7,227

See notes to consolidated financial statements.