EX-12.1 3 a04-9084_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three and Six Months Ended June 30, 2004 and 2003

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

(in millions, except ratios)

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and minority interest

 

$

(485

)

$

601

 

$

322

 

$

1,008

 

Interest

 

66

 

40

 

102

 

92

 

Portion of rentals deemed to be interest

 

15

 

11

 

24

 

20

 

Income (loss) available for fixed charges

 

$

(404

)

$

652

 

$

448

 

$

1,120

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

Interest

 

$

66

 

$

40

 

$

102

 

$

92

 

Portion of rentals deemed to be interest

 

15

 

11

 

24

 

20

 

Total fixed charges

 

81

 

51

 

126

 

112

 

Preferred stock dividend requirements

 

3

 

—

 

3

 

—

 

Total fixed charges and preferred stock dividend requirements

 

$

84

 

$

51

 

$

129

 

$

112

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

—

 

12.78

 

3.47

 

10.00

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred dividend requirements (1)

 

—

 

12.78

 

3.56

 

10.00

 

 

The data included in this exhibit for the three and six months ended June 30, 2004 reflects information for TPC for both periods, and information for SPC since the merger date of April 1, 2004.  Data for the three and six months ended June 30, 2003 reflect information for TPC only.

 

The ratio of earnings to fixed charges is computed by dividing income before federal income taxes and minority interest and 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.

 

(1)         The second-quarter 2004 loss was inadequate to cover “fixed charges” by $485 million and “combined fixed charges and preferred stock dividends” by $488 million.

 

 

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