Prudential Financial, Inc. 5.62 (PRS) 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

PRUDENTIAL FINANCIAL, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Six months ended June 30, 2007		Three months ended June 30, 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	$	2,790	$	1,243	$	4,716	$	4,488	$	3,338	$	1,948	$	30
Undistributed income (loss) of investees accounted for under the equity method		186		81		101		306		116		94		(37	)
Interest capitalized		—		—		—		—		—		—		8
Adjusted earnings		2,604		1,162		4,615		4,182		3,222		1,854		59
Add fixed charges:
Interest credited to policyholders’ account balances		1,568		725		2,917		2,699		2,359		1,857		1,869
Gross interest expense(1)		693		352		1,161		775		492		403		435
Interest component of rental expense		31		16		58		64		66		103		150
Total fixed charges		2,292		1,093		4,136		3,538		2,917		2,363		2,454
Total earnings plus fixed charges	$	4,896	$	2,255	$	8,751	$	7,720	$	6,139	$	4,217	$	2,513
Ratio of earnings to fixed charges		2.14		2.06		2.12		2.18		2.10		1.78		1.02

(1) Interest expense on short-term and long-term debt. 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.