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Exhibit 12.1

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

(for the year ended December 31, in millions, except ratios)	2011		2010		2009		2008		2007
Income before income taxes	$	1,352	$	4,306	$	4,711	$	3,716	$	6,216
Interest		386		388		382		370		346
Portion of rentals deemed to be interest		63		68		70		80		79
Income available for fixed charges	$	1,801	$	4,762	$	5,163	$	4,166	$	6,641
Fixed charges:
Interest	$	386	$	388	$	382	$	370	$	346
Portion of rentals deemed to be interest		63		68		70		80		79
Total fixed charges		449		456		452		450		425
Preferred stock dividend requirements		1		4		4		5		6
Total fixed charges and preferred stock dividend requirements	$	450	$	460	$	456	$	455	$	431
Ratio of earnings to fixed charges		4.01		10.44		11.43		9.26		15.64
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		4.00		10.35		11.31		9.15		15.41

        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.

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Exhibit 12.1

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