Exhibit 12.1
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended |
| Nine Months Ended |
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(in millions, except ratios) |
| 2011 |
| 2010 |
| 2011 |
| 2010 |
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Income before income taxes |
| $ | 332 |
| $ | 1,371 |
| $ | 574 |
| $ | 3,109 |
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Interest |
| 97 |
| 95 |
| 290 |
| 290 |
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Portion of rentals deemed to be interest |
| 16 |
| 18 |
| 48 |
| 51 |
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Income available for fixed charges |
| $ | 445 |
| $ | 1,484 |
| $ | 912 |
| $ | 3,450 |
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Fixed charges: |
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Interest |
| $ | 97 |
| $ | 95 |
| $ | 290 |
| $ | 290 |
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Portion of rentals deemed to be interest |
| 16 |
| 18 |
| 48 |
| 51 |
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Total fixed charges |
| 113 |
| 113 |
| 338 |
| 341 |
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Preferred stock dividend requirements |
| — |
| 1 |
| 1 |
| 3 |
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Total fixed charges and preferred stock dividend requirements |
| $ | 113 |
| $ | 114 |
| $ | 339 |
| $ | 344 |
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Ratio of earnings to fixed charges |
| 3.96 |
| 13.17 |
| 2.70 |
| 10.12 |
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Ratio of earnings to combined fixed charges and preferred stock dividend requirements |
| 3.96 |
| 13.06 |
| 2.69 |
| 10.03 |
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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.