EXHIBIT 12.01 The Travelers Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges ALL COMPANIES CONSOLIDATED (In millions of dollars) Year ended December 31, ----------------------- 1994 1993 1992 1991 1990 ---- ---- ---- ---- ----- Income from continuing operations before income taxes, minority interests and cumulative effect of changes in accounting principle . . $2,149 $1,523 $1,188 $ 791 $ 602 Elimination of undistributed equity earnings . . . . . . . . . . - (116) (26) (5) (3) Pre-tax minority interest . . . . . . - (32) - - - Add: Interest . . . . . . . . . . . . . 1,284 707 674 876 1,027 Interest portion of rentals . . . . 134 61 38 46 43 ----- ----- ----- ----- ----- Income available for fixed charges . $3,567 $2,143 $1,874 $1,708 $1,669 ===== ===== ===== ===== ===== Fixed charges: Interest . . . . . . . . . . . . . $1,284 $ 707 $ 674 $876 $1,027 Interest portion of rentals . . . . 134 61 38 46 43 ----- ----- ----- ----- ----- Fixed charges . . . . . . . . . . . . $1,418 $ 768 $ 712 $ 922 $1,070 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges 2.52x 2.79x 2.63x 1.85x 1.56x ==== ==== ==== ==== ====