Chubb (CHB) 8-K Financial Statements and Exhibits

EXHIBIT 12.1

THE CHUBB CORPORATION
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