The Travelers Companies, Inc. (TRV) 10-Q 2016 Q2 Quarterly report

Exhibit 12.1

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except ratios)	2016		2015		2016		2015
Income before income taxes	$	887	$	1,076	$	1,804	$	2,224
Interest	93		92		184		184
Portion of rentals deemed to be interest	16		16		33		32
Income available for fixed charges	$	996	$	1,184	$	2,021	$	2,440
Fixed charges:
Interest	$	93	$	92	$	184	$	184
Portion of rentals deemed to be interest	16		16		33		32
Total fixed charges	$	109	$	108	$	217	$	216
Ratio of earnings to fixed charges	9.13		10.99		9.33		11.29

The ratio of earnings to fixed charges is computed by dividing income available for fixed charges by the total fixed charges. For purposes of this ratio, fixed charges consist of interest and that portion of rentals deemed representative of the appropriate interest factor.

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