Consolidated statements of comprehensive income

Year ended December 31

1998

1997

1996

The St. Paul Companies  (In thousands)

Net Income

$   89,348

$     929,292

$     732,702

Other comprehensive income(loss), net of taxes:

Change in unrealized appreciation

181,579

166,430

(219,738)

Change in unrealized loss on foreign currency translation

8,856

(2,663)

20,467

Adjustment for minimum pension liability

-

-

100,312

Other comprehensive income (loss)

190,430

163,767

(98,959)

Comprehensive Income

$   279,783

$    1,093,059

$  633,743