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Exhibit 12.01
Travelers Property Casualty Corp. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(In millions of dollars, except for ratio)
Year ended December 31,
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2000 1999 1998 1997 1996
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Income before federal income taxes and
cumulative effect of changes in
accounting principles $2,027 $1,915 $1,837 $1,752 $487
Interest 134 152 161 163 118
Portion of rentals deemed to be interest 44 47 49 55 45
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Income available for fixed charges $2,205 $2,114 $2,047 $1,970 $650
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Fixed charges:
Interest $ 134 $ 152 $ 161 $ 163 $118
Portion of rentals deemed to be interest 44 47 49 55 45
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Total fixed charges $ 178 $ 199 $ 210 $ 218 $163
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Ratio of earnings to fixed charges 12.39x 10.62x 9.75x 9.04x 3.99x
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The ratio of earnings to fixed charges is computed by dividing income before
federal income taxes and cumulative effect of changes in accounting principles
and 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.