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, ------------------------------------------- 1996 1995 1994 1993 1992 - --------------------------------------------------------------------------------------------------------------------------- Income from continuing operations before income taxes, minority interests and cumulative effect of accounting changes ..................................... $ 5,008 $ 3,320 $ 1,025 $ 3,034 $ 2,291 Elimination of undistributed equity earnings ................................ -- -- -- (116) (26) Pre-tax minority interest ................................................... -- -- -- (32) -- Other adjustments ........................................................... 1 -- -- 22 20 Add: Interest .................................................................. 8,927 9,378 7,626 6,821 5,617 Interest portion of rentals ............................................... 132 135 159 105 86 ------- ------- ------- ------- ------- Income available for fixed charges .......................................... $14,068 $12,833 $ 8,810 $ 9,834 $ 7,988 ======= ======= ======= ======= ======= Fixed charges: Interest .................................................................. $ 8,927 $ 9,378 $ 7,626 $ 6,821 $ 5,617 Interest portion of rentals ............................................... 132 135 159 105 86 ------- ------- ------- ------- ------- Fixed charges ............................................................... $ 9,059 $ 9,513 $ 7,785 $ 6,926 $ 5,703 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges .......................................... 1.55x 1.35x 1.13x 1.42x 1.40x ======= ======= ======= ======= =======