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EXHIBIT 12
THE CHUBB CORPORATION
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
Six Months
Year Ended December 31, Ended
------------------------------------------------------- June 30,
1993 1994 1995 1996 1997 1998
---- ---- ---- ---- ---- ----------
Income from continuing operations before provision
for income taxes ........................................ $233.7 $611.3 $837.0 $546.9 $ 974.1 $461.7
Add
Interest expensed ..................................... 62.5 77.1 82.2 76.7 63.7 10.2
Capitalized interest amortized or expensed ............ 1.7 1.7 9.9 80.8 8.8 8.2
Portion of rents representative of the
interest factor ..................................... 28.6 26.9 26.6 26.5 27.9 14.3
------ ------ ------ ------ -------- ------
Income as adjusted .............................. $326.5 $717.0 $955.7 $730.9 $1,074.5 $494.4
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Fixed charges:
Interest expensed............................... $ 62.5 $ 77.1 $ 82.2 $ 76.7 $ 63.7 $ 10.2
Capitalized interest............................ 28.1 19.4 16.4 12.8 8.7 -
Portion (one-third) of rents representative of
the interest factor.......................... 28.6 26.9 26.6 26.5 27.9 14.3
------ ------ ------ ------ -------- ------
Fixed charges .......................... $119.8 $123.4 $125.2 $116.0 $ 100.3 $ 24.5
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Ratio of consolidated earnings to fixed charges......... 2.73 5.81 7.63 6.30 10.71 20.18
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