EX-12.1 14 y64226exv12w1.htm EX-12.1: COMPUTATION OF EARNINGS EX-12.1
 
EXHIBIT 12.1
 
THE CHUBB CORPORATION
 
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
 
                                         
    Years Ended December 31  
    2008     2007     2006     2005     2004  
    (in millions except for ratio amounts)  
 
Income from continuing operations before provision for income taxes
  $ 2,407     $ 3,937     $ 3,525     $ 2,447     $ 2,068  
Less:
                                       
Income (loss) from equity investees
    (14 )     390       266       186       207  
Add:
                                       
Interest expensed
    240       206       134       135       139  
Capitalized interest amortized or expensed
    8       12       32       15       14  
Portion of rents representative of the interest factor
    31       31       32       34       35  
Distributions from equity investees
    166       151       72       138       101  
                                         
Income as adjusted
  $ 2,866     $ 3,947     $ 3,529     $ 2,583     $ 2,150  
                                         
Fixed charges:
                                       
Interest expensed
  $ 240     $ 206     $ 134     $ 135     $ 139  
Portion of rents representative of the interest factor
    31       31       32       34       35  
                                         
Fixed charges
  $ 271     $ 237     $ 166     $ 169     $ 174  
                                         
Ratio of consolidated earnings to fixed charges
    10.58       16.65       21.26       15.28       12.36