EXHIBIT 12.1

LOEWS CORPORATION

Statement of Computation of Ratio of Earnings to Fixed Charges

(Dollar Amount in Millions)

	Year Ended December 31,
	2004		2003			2002			2001			2000
Pretax income (loss) from continuing operations	$	1,822.0	$	(1,378.4	)	$	1,640.7		$	(829.1	)	$	3,135.9
Add (deduct):
Adjustment for earnings of associated companies		48.6		(6.9	)		(5.3	)		(44.5	)		(21.5	)
Capitalized interest				(2.2	)		(2.9	)		(5.7	)		(16.2	)
Amortization of capitalized interest		1.4		1.5			4.7			1.5			0.5
Earnings before fixed charges		1,872.0		(1,386.0	)		1,637.2			(877.8	)		3,098.7
Fixed charges:
Interest expense		324.1		308.4			309.6			332.0			356.9
Capitalized interest				2.2			2.9			5.7			16.2
Interest element of operating lease rental		31.0		31.0			39.0			42.0			38.0
Interest credited to policyholders		64.0		194.0			229.0			259.0			279.0
Total fixed charges		419.1		535.6			580.5			638.7			690.1
Total earnings and fixed charges	$	2,291.1	$	(850.4	)	$	2,217.7		$	(239.1	)	$	3,788.8
Ratio of earnings to fixed charges		5.5		(1.6	)(A)		3.8			(0.4	)(A)		5.5
Earnings before fixed charges		1,872.0		(1,386.0	)		1,637.2			(877.8	)		3,098.7
Fixed charges, excluding interest credited to policyholders		355.1		341.6			351.5			379.7			411.1
Total earnings and fixed charges, excluding interest credited to policyholders	$	2,227.1	$	(1,044.4	)	$	1,988.7		$	(498.1	)	$	3,509.8
Ratio of earnings to fixed charges, excluding interest credited to policyholders		6.3		(3.1	)		5.7			(1.3	)		8.5

(A) We incurred a loss for the years ended December 31, 2003 and 2001, and income from continuing operations was insufficient to cover fixed charges by $1,386.0 million and $877.8 million, respectively for such years.