EXHIBIT 12.1
THE CHUBB CORPORATION
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
3 Months Ended | ||||||||||||||||||||||||
Years Ended December 31, | March 31, | |||||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | 2007 | |||||||||||||||||||
(in millions except for ratio amounts) | ||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 168 | $ | 934 | $ | 2,068 | $ | 2,447 | $ | 3,525 | $ | 1,001 | ||||||||||||
Less: | ||||||||||||||||||||||||
Income (loss) from equity investees | (6 | ) | 93 | 207 | 186 | 266 | 105 | |||||||||||||||||
Add: | ||||||||||||||||||||||||
Interest expensed | 84 | 130 | 139 | 135 | 134 | 32 | ||||||||||||||||||
Capitalized interest amortized or expensed | 14 | 9 | 14 | 15 | 32 | — | ||||||||||||||||||
Portion of rents representative of the interest factor | 37 | 35 | 35 | 34 | 32 | 8 | ||||||||||||||||||
Distributions from equity investees | 13 | 17 | 101 | 138 | 72 | 40 | ||||||||||||||||||
Income as adjusted | $ | 322 | $ | 1,032 | $ | 2,150 | $ | 2,583 | $ | 3,529 | $ | 976 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 84 | $ | 130 | $ | 139 | $ | 135 | $ | 134 | $ | 32 | ||||||||||||
Capitalized interest | 3 | — | — | — | — | — | ||||||||||||||||||
Portion of rents representative of the interest factor | 37 | 35 | 35 | 34 | 32 | 8 | ||||||||||||||||||
Fixed charges | $ | 124 | $ | 165 | $ | 174 | $ | 169 | $ | 166 | $ | 40 | ||||||||||||
Ratio of consolidated earnings to fixed charges | 2.59 | 6.25 | 12.36 | 15.28 | 21.26 | 24.40 | ||||||||||||||||||