The Travelers Companies, Inc. (TRV) 10-Q 2017 Q3 Quarterly report

Exhibit 12.1

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)	2017		2016		2017		2016
Income before income taxes	$	320	$	947	$	1,870	$	2,751
Interest	95		89		276		273
Portion of rentals deemed to be interest	16		16		46		49
Income available for fixed charges	$	431	$	1,052	$	2,192	$	3,073
Fixed charges:
Interest	$	95	$	89	$	276	$	273
Portion of rentals deemed to be interest	16		16		46		49
Total fixed charges	$	111	$	105	$	322	$	322
Ratio of earnings to fixed charges	3.89		9.97		6.81		9.54

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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