EXHIBIT 12.1

THE CHUBB CORPORATION

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES

	Three Months Ended March 31, 2013		Years Ended December 31,
			2012		2011		2010		2009			2008
	(in millions except for ratio amounts)
Income from continuing operations before provision for income taxes	$	916	$	1,996	$	2,199	$	2,988	$	2,962		$	2,407
Less:
Income (loss) from equity investees		61		68		240		340		(9	)		(14	)
Add:
Interest expensed		56		224		245		248		248			240
Capitalized interest amortized or expensed		2		2		—		2		2			8
Portion of rents representative of the interest factor		7		27		28		28		29			31
Distributions from equity investees		108		154		184		125		51			166
Income as adjusted	$	1,028	$	2,335	$	2,416	$	3,051	$	3,301		$	2,866
Fixed charges:
Interest expensed	$	56	$	224	$	245	$	248	$	248		$	240
Portion of rents representative of the interest factor		7		27		28		28		29			31
Fixed charges	$	63	$	251	$	273	$	276	$	277		$	271
Ratio of consolidated earnings to fixed charges		16.32		9.30		8.85		11.05		11.92			10.58