Exhibit 12.1
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended |
| Six Months Ended |
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(in millions, except ratios) |
| 2011 |
| 2010 |
| 2011 |
| 2010 |
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Income (loss) before income taxes |
| $ | (727 | ) | $ | 881 |
| $ | 242 |
| $ | 1,738 |
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Interest |
| 97 |
| 97 |
| 193 |
| 195 |
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Portion of rentals deemed to be interest |
| 16 |
| 16 |
| 32 |
| 33 |
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Income (loss) available for fixed charges |
| $ | (614 | ) | $ | 994 |
| $ | 467 |
| $ | 1,966 |
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Fixed charges: |
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Interest |
| $ | 97 |
| $ | 97 |
| $ | 193 |
| $ | 195 |
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Portion of rentals deemed to be interest |
| 16 |
| 16 |
| 32 |
| 33 |
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Total fixed charges |
| 113 |
| 113 |
| 225 |
| 228 |
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Preferred stock dividend requirements |
| — |
| 1 |
| 1 |
| 2 |
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Total fixed charges and preferred stock dividend requirements |
| $ | 113 |
| $ | 114 |
| $ | 226 |
| $ | 230 |
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Ratio of earnings to fixed charges (1) |
| N/A |
| 8.78 |
| 2.08 |
| 8.61 |
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Ratio of earnings to combined fixed charges and preferred stock dividend requirements (1) |
| N/A |
| 8.70 |
| 2.06 |
| 8.53 |
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(1) The loss for the three months ended June 30, 2011 was inadequate to cover “fixed charges” and “combined fixed charges and preferred stock dividends” by $727 million.
The ratio of earnings to fixed charges is computed by dividing income available for fixed charges by the fixed charges. For purposes of this ratio, fixed charges consist of that portion of rentals deemed representative of the appropriate interest factor.