Prudential Financial, Inc. 5.62 (PRS) 10-Q 2007 Q1 Quarterly report

Exhibit 12.1

PRUDENTIAL FINANCIAL, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Three months ended March 31, 2007		Year Ended December 31,
			2006		2005		2004		2003		2002
					($ in millions)
Earnings:
Income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accounting change	$	1,549	$	4,725	$	4,502	$	3,357	$	1,965	$	89
Undistributed income (loss) of investees accounted for under the equity method		105		101		306		116		94		(37	)
Interest capitalized		—		—		—		—		—		8
Adjusted earnings		1,444		4,624		4,196		3,241		1,871		118
Add fixed charges:
Interest credited to policyholders’ account balances		843		2,917		2,699		2,359		1,857		1,869
Gross interest expense(1)		341		1,161		775		492		403		435
Interest component of rental expense		15		58		64		66		103		150
Total fixed charges		1,199		4,136		3,538		2,917		2,363		2,454
Total earnings plus fixed charges	$	2,643	$	8,760	$	7,734	$	6,158	$	4,234	$	2,572
Ratio of earnings to fixed charges		2.20		2.12		2.19		2.11		1.79		1.05

(1) Includes interest expense of securities businesses reported in “Net investment income” in the Consolidated Statements of Operations, capitalized interest and amortization of debt discounts and premiums.