The Travelers Companies, Inc. (TRV) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

October 14, 2016

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except ratios)	2016		2015		2016		2015
Income before income taxes	$	947	$	1,307	$	2,751	$	3,531
Interest	89		94		273		278
Portion of rentals deemed to be interest	16		18		49		50
Income available for fixed charges	$	1,052	$	1,419	$	3,073	$	3,859
Fixed charges:
Interest	$	89	$	94	$	273	$	278
Portion of rentals deemed to be interest	16		18		49		50
Total fixed charges	$	105	$	112	$	322	$	328
Ratio of earnings to fixed charges	9.97		12.64		9.54		11.75

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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