EXHIBIT 12

THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES

Computation of Ratios

(In millions, except ratios)

	Twelve Months Ended December 31,
	2002		2001			2000		1999		1998
EARNINGS:
Income (loss) from continuing operations before income taxes and cumulative effect of accounting change	$	176	$	(1,431	)	$	1,401	$	951	$	100
Add: fixed charges	216		173			174		175		153
Income (loss) as adjusted	$	392	$	(1,258	)	$	1,575	$	1,126	$	253
FIXED CHARGES AND PREFERRED DIVIDENDS:
Fixed charges:
Interest expense and amortization	$	117	$	112		$	116	$	99	$	75
Distributions on redeemable preferred securities	70		33			31		36		38
Rental expense(1)	29		28			27		40		40
Total fixed charges	216		173			174		175		153
Preferred stock dividend requirements	13		14			15		16		13
Total fixed charges and preferred stock dividend requirements	$	229	$	187		$	189	$	191	$	166
Ratio of earnings to fixed charges(2)	1.82		—			9.03		6.43		1.65
Ratio of earnings to combined fixed charges and preferred stock dividend requirements(2)	1.71		—			8.32		5.88		1.52

(1) Interest portion deemed implicit in total rent expense.  Amount for 1999 includes an $11 million provision representative of interest included in charge for future lease buy-outs recorded as a result of The St. Paul’s cost reduction program.  Amount for 1998 includes an $11 million provision representative of interest included in charge for future lease buy-outs recorded as a result of The St. Paul’s merger with USF&G Corporation.

(2)The 2001 loss is inadequate to cover “fixed charges” by $1.43 billion and “combined fixed charges and preferred stock dividends” by $1.45 billion.