EXHIBIT 12.1
LOEWS CORPORATION
Statement of Computation of Ratio of Earnings to Fixed Charges
(Dollar Amount in Millions)
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Pretax income (loss) from continuing operations | $ | 1,846.5 | $ | 1,828.8 | $ | (1,357.1 | ) | $ | 1,666.1 | $ | (764.5 | ) | ||||||||
Add (deduct): | ||||||||||||||||||||
Undistributed loss (income) of associated companies | 32.2 | 23.0 | (6.9 | ) | (5.3 | ) | (45.6 | ) | ||||||||||||
Capitalized interest | (1.2 | ) | (0.3 | ) | (2.2 | ) | (2.9 | ) | (5.7 | ) | ||||||||||
Amortization of capitalized interest | 1.2 | 1.4 | 1.5 | 4.7 | 1.5 | |||||||||||||||
Earnings before fixed charges | 1,878.7 | 1,852.9 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | |||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 364.2 | 324.1 | 308.4 | 309.6 | 332.0 | |||||||||||||||
Capitalized interest | 1.2 | 0.3 | 2.2 | 2.9 | 5.7 | |||||||||||||||
Interest element of operating lease rental | 32.0 | 31.0 | 31.0 | 39.0 | 42.0 | |||||||||||||||
Interest credited to policyholders | 47.0 | 64.0 | 194.0 | 229.0 | 259.0 | |||||||||||||||
Total fixed charges | 444.4 | 419.4 | 535.6 | 580.5 | 638.7 | |||||||||||||||
Total earnings and fixed charges | $ | 2,323.1 | $ | 2,272.3 | $ | (829.1 | ) | $ | 2,243.1 | $ | (175.6 | ) | ||||||||
Ratio of earnings to fixed charges | 5.2 | 5.4 | (1.5 | ) | 3.9 | (0.3 | ) | |||||||||||||
(A) | (A) | |||||||||||||||||||
Earnings before fixed charges | 1,878.7 | 1,852.9 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | |||||||||||||
Fixed charges, excluding interest credited to policyholders | 397.4 | 355.4 | 341.6 | 351.5 | 379.7 | |||||||||||||||
Total earnings and fixed charges, excluding interest credited to policyholders | $ | 2,276.1 | $ | 2,208.3 | $ | (1,023.1 | ) | $ | 2,014.1 | $ | (434.6 | ) | ||||||||
Ratio of earnings to fixed charges, excluding interest credited to policyholders | 5.7 | 6.2 | (3.0 | ) | 5.7 | (1.1 | ) | |||||||||||||
(A) | We incurred a loss for the years ended December 31, 2003 and 2001, and income from continuing operations was insufficient to cover fixed charges by $1,364.7 million and $814.3 million, respectively for such years. |