Loews (L) 8-K Other Events

Exhibit 12.1

Loews Corporation

Calculation of Ratio of Earnings to Fixed Charges

(Dollar amounts in millions)

	Years Ended December 31,
	2015			2014			2013			2012			2011
Pretax income from continuing operations before noncontrolling interests	$	244		$	1,810		$	2,277		$	2,022		$	2,327
Add (deduct):
Loss (income) from equity investees		(158	)		(318	)		(527	)		(300	)		(117	)
Distributions from equity investees		340			382			147			197			191
Capitalized interest		(21	)		(76	)		(91	)		(55	)		(30	)
Amortization of capitalized interest		13			10			9			10			8
Earnings before fixed charges		418			1,808			1,815			1,874			2,379
Fixed charges:
Interest expensed		520			513			442			440			522
Capitalized interest		21			76			91			55			30
Other interest related factors		30			39			37			38			38
Total fixed charges		571			628			570			533			590
Total earnings and fixed charges	$	989		$	2,436		$	2,385		$	2,407		$	2,969
Ratio of earnings to fixed charges		1.7	x		3.9	x		4.2	x		4.5	x		5.0	x