EXHIBIT 12.1
TRAVELERS GROUP INC. AND SUBSIDIARIES
(IN MILLIONS OF DOLLARS, EXCEPT FOR RATIO)
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
NINE MONTHS ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31,
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1997 1996 1996 1995 1994 1993 1992
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Pre tax income from continuing operations $ 4,478 $ 3,585 $ 5,008 $ 3,320 $ 1,025 $ 3,034 $ 2,291
Undistributed earnings of equity investee (116) (26)
Pre tax minority interest (32)
Other 1 22 20
Fixed charges:
Interest 8,250 6,603 8,927 9,378 7,626 6,821 5,617
Interest portion of rentals 91 99 132 135 159 105 86
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Total fixed charges 8,341 6,702 9,059 9,513 7,785 6,926 5,703
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Earnings available for fixed charges $ 12,819 $ 10,287 $14,068 $12,833 $ 8,810 $ 9,834 $ 7,988
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Total preferred dividend requirement $105 $128 $161 $153 $145 $76 $78
Effective tax rate 35.7% 32.9% 33.5% 35.5% 27.1% 38.5% 41.7%
Total preferred dividend grossed up $163 $191 $242 $237 $199 $124 $134
Total fixed charges and preferred dividends $ 8,504 $ 6,893 $ 9,301 $ 9,750 $ 7,984 $ 7,050 $ 5,837
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Ratio of earnings to combined fixed charges and
preferred stock dividends 1.51 1.49 1.51 1.32 1.10 1.39 1.37
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