EX-12.1 2 y37838exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES EX-12.1
 

EXHIBIT 12.1
THE CHUBB CORPORATION
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
                                             
    Years Ended December 31
     
    2007   2006   2005   2004   2003
                     
    (in millions except for ratio amounts)
Income from continuing operations before provision for income taxes
   $ 3,937     $ 3,525     $ 2,447     $ 2,068     $ 934  
Less:
                                        
 
Income from equity investees
     390       266       186       207       93  
Add:
                                        
 
Interest expensed
     206       134       135       139       130  
 
Capitalized interest amortized or expensed
     12       32       15       14       9  
 
Portion of rents representative of the interest factor
     31       32       34       35       35  
 
Distributions from equity investees
     151       72       138       101       17  
                                         
   
Income as adjusted
   $ 3,947     $ 3,529     $ 2,583     $ 2,150     $ 1,032  
                                         
Fixed charges:
                                        
 
Interest expensed
   $ 206     $ 134     $ 135     $ 139     $ 130  
 
Portion of rents representative of the interest factor
     31       32       34       35       35  
                                         
   
Fixed charges
   $ 237     $ 166     $ 169     $ 174     $ 165  
                                         
Ratio of consolidated earnings to fixed charges
     16.65       21.26       15.28       12.36       6.25