Loews (L) 8-K Other Events

Exhibit 12.1

LOEWS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(DOLLAR AMOUNTS IN MILLIONS)

	QUARTER ENDED MARCH 31,						YEAR ENDED DECEMBER 31,
	2013			2012			2012			2011			2010			2009			2008
Pretax income from continuing operations	$	512		$	741		$	1,399		$	2,226		$	2,902		$	1,728		$	594
Add (deduct):
Undistributed loss (income) from equity investees		(108	)		(73	)		(103	)		74			(184	)		(220	)		451
Capitalized interest		(20	)		(10	)		(55	)		(30	)		(22	)		(29	)		(115	)
Amortization of capitalized interest		3			2			10			8			8			8			2
Earnings before fixed charges		387			660			1,251			2,278			2,704			1,487			932
Fixed charges (a)
Interest expense		108			111			440			522			517			448			345
Capitalized interest		20			10			55			30			22			29			115
Interest factor related to rent		9			11			38			38			38			40			40
Total fixed charges		137			132			533			590			577			517			500
																				��
Total earnings and fixed charges	$	524		$	792		$	1,784		$	2,868		$	3,281		$	2,004		$	1,432
Ratio of earnings to fixed charges		3.8			6.0			3.3			4.9			5.7			3.9			2.9

(a) For purposes of this ratio, fixed charges include (i) interest, whether expensed or capitalized, (ii) amortization of debt issuance costs and (iii) one-third of rent expense which is deemed representative of an interest factor.