Exhibit 12.1

Loews Corporation

Calculation of Ratio of Earnings to Fixed Charges

(Dollar amounts in millions)

	Years Ended December 31,
	2011			2010			2009			2008			2007
Pretax income from continuing operations before noncontrolling interests	$	2,232		$	2,902		$	1,730		$	587		$	3,194
Add (deduct):
Undistributed loss (income) from equity investees		74			(184	)		(220	)		451			(107	)
Capitalized interest		(30	)		(22	)		(29	)		(115	)		(55	)
Amortization of capitalized interest		8			8			8			2			1
Earnings before fixed charges		2,284			2,704			1,489			925			3,033
Fixed charges:
Interest expensed		522			517			448			345			318
Capitalized interest		30			22			29			115			55
Other interest related factors		38			38			40			38			35
Total fixed charges		590			577			517			498			408
Total earnings and fixed charges	$	2,874		$	3,281		$	2,006		$	1,423		$	3,441
Ratio of earnings to fixed charges		4.9x			5.7x			3.9x			2.9x			8.4x