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EXHIBIT 11

THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES

Computation of Earnings Per Common Share
(In millions, except per share amounts)

			Twelve Months Ended December 31,
			2001			2000			1999
EARNINGS:
	Basic:
	Net income (loss), as reported		$	(1,088	)	$	993		$	834
	Preferred stock dividends, net of taxes			(9	)		(8	)		(8	)
	Premium on preferred shares redeemed			(8	)		(11	)		(4	)
		Net income (loss) available to common shareholders	$	(1,105	)	$	974		$	822
	Diluted:
	Net income (loss) available to common shareholders		$	(1,105	)	$	974		$	822
	Effect of dilutive securities:
		Convertible preferred stock		—			6			6
		Zero coupon convertible notes		—			3			3
		Convertible monthly income preferred securities		—			5			8
		Net income (loss) available to common shareholders	$	(1,105	)	$	988		$	839
COMMON SHARES
	Basic:
	Weighted average shares outstanding			212			217			228
	Diluted:
	Weighted average shares outstanding			212			217			228
	Effect of dilutive securities:
		Stock options		—			3			2
		Convertible preferred stock		—			7			7
		Zero coupon convertible notes		—			2			2
		Convertible monthly income preferred securities		—			4			7
		Weighted average, as adjusted		212			233			246
EARNINGS (LOSS) PER COMMON SHARE:
	Basic			(5.22	)		4.50			3.61
	Diluted			(5.22	)		4.24			3.41

        The assumed conversion of preferred stock and zero coupon notes are each anti-dilutive to our net loss per share for the year ended Dec. 31, 2001, and therefore are not included in our Earnings per Share calculation. The convertible monthly preferred securities were fully converted or redeemed during 2000.

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EXHIBIT 11

THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Computation of Earnings Per Common Share (In millions, except per share amounts)