EXHIBIT 12.1
LOEWS CORPORATION
Statement of Computation of Ratio of Earnings to Fixed Charges
(Dollar Amount in Millions)
| Three Months Ended March 31, |
Year Ended December 31, |
||||||||||||||||||||||||
| 2005 |
2004 |
2004 |
2003 |
2002 |
2001 |
2000 |
|||||||||||||||||||
| Pretax income (loss) from continuing operations |
551.9 | 80.4 | $ | 1,828.8 | $ | (1,357.1 | ) | $ | 1,666.1 | $ | (764.5 | ) | $ | 3,174.4 | |||||||||||
| Add (deduct): |
|||||||||||||||||||||||||
| Adjustment for earnings of associated companies |
(12.6 | ) | (10.9 | ) | 23.0 | (6.9 | ) | (5.3 | ) | (45.6 | ) | (22.5 | ) | ||||||||||||
| Capitalized interest |
(2.2 | ) | (2.9 | ) | (5.7 | ) | (16.2 | ) | |||||||||||||||||
| Amortization of capitalized interest |
0.3 | 0.3 | 1.4 | 1.5 | 4.7 | 1.5 | 0.5 | ||||||||||||||||||
| Earnings before fixed charges |
539.6 | 69.8 | 1,853.2 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | 3,136.2 | ||||||||||||||||
| Fixed charges: |
|||||||||||||||||||||||||
| Interest expense |
129.8 | 99.1 | 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 |
6.3 | 7.1 | 31.0 | 31.0 | 39.0 | 42.0 | 38.0 | ||||||||||||||||||
| Interest credited to policyholders |
10.2 | 16.0 | 64.0 | 194.0 | 229.0 | 259.0 | 279.0 | ||||||||||||||||||
| Total fixed charges |
146.3 | 122.2 | 419.1 | 535.6 | 580.5 | 638.7 | 690.1 | ||||||||||||||||||
| Total earnings and fixed charges |
685.9 | 192.0 | $ | 2,272.3 | $ | (829.1 | ) | $ | 2,243.1 | $ | (175.6 | ) | $ | 3,826.3 | |||||||||||
| Ratio of earnings to fixed charges |
4.7 | 1.6 | 5.4 | (1.5 | )(A) | 3.9 | (0.3 | )(A) | 5.5 | ||||||||||||||||
| Earnings before fixed charges |
539.6 | 69.8 | 1,853.2 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | 3,136.2 | ||||||||||||||||
| Fixed charges, excluding interest credited to policyholders |
136.1 | 106.2 | 355.1 | 341.6 | 351.5 | 379.7 | 411.1 | ||||||||||||||||||
| Total earnings and fixed charges, excluding interest credited to policyholders |
675.7 | 176.0 | $ | 2,208.3 | $ | (1,023.1 | ) | $ | 2,014.1 | $ | (434.6 | ) | $ | 3,547.3 | |||||||||||
| Ratio of earnings to fixed charges, excluding interest credited to policyholders |
5.0 | 1.7 | 6.2 | (3.0 | )(A) | 5.7 | (1.1 | )(A) | 8.6 | ||||||||||||||||
| (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 $1,364.7 million and $814.3 million, respectively in such years. |