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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)	2012		2011		2010		2009		2008
Income before income taxes	$	3,166	$	1,352	$	4,306	$	4,711	$	3,716
Interest		378		386		388		382		370
Portion of rentals deemed to be interest		64		63		68		70		80
Income available for fixed charges	$	3,608	$	1,801	$	4,762	$	5,163	$	4,166
Fixed charges:
Interest	$	378	$	386	$	388	$	382	$	370
Portion of rentals deemed to be interest		64		63		68		70		80
Total fixed charges		442		449		456		452		450
Preferred stock dividend requirements		—		1		4		4		5
Total fixed charges and preferred stock dividend requirements	$	442	$	450	$	460	$	456	$	455
Ratio of earnings to fixed charges		8.17		4.01		10.44		11.43		9.26
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		8.17		4.00		10.35		11.31		9.15

        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