THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(for the year ended December 31, in millions, except ratios)		2008		2007		2006		2005		2004

Income from continuing operations before income taxes and minority interest		$	3,716	$	6,216	$	5,725	$	2,671	$	946
Interest			370		346		324		286		236
Portion of rentals deemed to be interest			80		79		78		72		68

Income available for fixed charges		$	4,166	$	6,641	$	6,127	$	3,029	$	1,250

Fixed charges:
	Interest	$	370	$	346	$	324	$	286	$	236
	Portion of rentals deemed to be interest		80		79		78		72		68

Total fixed charges			450		425		402		358		304
Preferred stock dividend requirements			5		6		8		9		8

Total fixed charges and preferred stock dividend requirements		$	455	$	431	$	410	$	367	$	312

Ratio of earnings to fixed charges			9.26		15.64		15.24		8.46		4.11

Ratio of earnings to combined fixed charges and preferred stock dividend requirements			9.15		15.41		14.96		8.25		4.01

Data for the years 2005 through 2008 reflect results of the Company for the years ended December 31, 2008, 2007, 2006 and 2005. Data for the year ended December 31, 2004 reflects information for TPC for the period January 1, 2004 through March 31, 2004, and for the Company for the nine-month period from the merger date of April 1, 2004 through December 31, 2004.

The ratio of earnings to fixed charges is computed by dividing income available for fixed charges by the fixed charges. For purposes of this ratio, fixed charges consist of that portion of rentals deemed representative of the appropriate interest factor.