EXHIBIT 12.01 Travelers Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges ALL COMPANIES CONSOLIDATED (In millions of dollars) Year Ended December 31, ------------------------------------------------------------------------ 1995 1994 1993 1992 1991 - --------------------------------------------------------------------------------------------------------------------------- Income from continuing operations before income taxes, minority interests and cumulative effect of accounting changes . . . . . . . . . . . . . $2,521 $1,874 $1,523 $1,188 $ 791 Elimination of undistributed equity earnings . . . . . . . . . . . . . . . - - (116) (26) (5) Pre-tax minority interest . . . . . . . . . . . - - (32) - - Add: Interest . . . . . . . . . . . . . . . . . . 1,956 1,284 707 674 876 Interest portion of rentals . . . . . . . . . 104 134 61 38 46 ----- ----- ----- ----- ----- Income available for fixed charges . . . . . . $4,581 $3,292 $2,143 $1,874 $1,708 ===== ===== ===== ===== ===== Fixed charges: Interest . . . . . . . . . . . . . . . . . . $1,956 $1,284 $ 707 $ 674 $876 Interest portion of rentals . . . . . . . . . 104 134 61 38 46 ----- ----- ----- ----- ----- Fixed charges . . . . . . . . . . . . . . . . . $2,060 $1,418 $ 768 $ 712 $ 922 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges 2.22x 2.32x 2.79x 2.63x 1.85x ==== ==== ==== ==== ====