Exhibit 99.i

Consolidated Statements of Cash Flows

The St. Paul Companies

Years ended December 31	2002			2001			2000
(In millions)
Operating Activities
Net income (loss)	$	218		$	(1,088	)	$	993
Adjustments:
Loss (income) from discontinued operations	25			79			(23		)
Change in property-liability insurance reserves	33			4,399			(34		)
Change in reinsurance balances	(970		)	(2,109		)	(807		)
Change in deferred acquisition costs	81			(53		)	(45		)
Change in insurance premiums receivable	501			(198		)	(450		)
Change in accounts payable and accrued expenses	(6		)	(87		)	29
Change in income taxes payable/refundable	183			(212		)	(3		)
Realized investment losses (gains)	165			94			(632		)
Provision for federal deferred tax expense (benefit)	(141		)	(81		)	372
Depreciation, amortization and goodwill write-downs	97			180			105
Cumulative effect of accounting change	6			—			—
Other	(63		)	(40		)	(93		)
Net Cash Provided (Used) by Continuing Operations	129			884			(588		)
Net Cash Provided by Discontinued Operations	—			103			25
Net Cash Provided (Used) by Operating Activities	129			987			(563		)
Investing Activities
Sales (purchases) of short-term investments	43			(256		)	199
Purchases of other investments	(7,578		)	(7,033		)	(5,154		)
Proceeds from sales and maturities of other investments	7,199			6,281			6,290
Net proceeds from sale of subsidiaries	23			362			201
Change in open security transactions	(141		)	177			7
Venture capital distributions	78			52			57
Proceeds from repayment of note receivable	70			—			—
Purchase of office property and equipment	(65		)	(70		)	(88		)
Sales of office property and equipment	18			9			10
Acquisitions, net of cash acquired	(216		)	(208		)	(212		)
Other	20			(25		)	4
Net Cash Provided (Used) by Continuing Operations	(549		)	(711		)	1,314
Net Cash Used by Discontinued Operations	(5		)	(583		)	(632		)
Net Cash Provided (Used) by Investing Activities	(554		)	(1,294		)	682
Financing Activities
Dividends paid on common and preferred stock	(253		)	(245		)	(241		)
Proceeds from issuance of debt	941			650			498
Net proceeds from issuance of common shares	413			—			—
Proceeds from issuance of redeemable preferred securities	—			575			—
Repayment of debt	(405		)	(196		)	(363		)
Retirement of preferred securities	(4		)	(40		)	—
Repurchase of common shares	—			(589		)	(536		)
Subsidiary’s repurchase of common shares	(151		)	(172		)	(51		)
Stock options exercised and other	35			84			73
Net Cash Provided (Used) by Continuing Operations	576			67			(620		)
Net Cash Provided by Discontinued Operations	—			343			448
Net Cash Provided (Used) by Financing Activities	576			410			(172		)
Effect of exchange rate changes on cash	13			(4		)	—
Increase (Decrease) in Cash	164			99			(53		)
Cash at beginning of year		151			52			105
Cash at End of Year	$	315		$	151		$	52

See notes to consolidated financial statements.