EX-12.1 3 a08-19427_1ex12d1.htm EX-12.1

Exhibit 12.1

 

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

(in millions, except ratios)

 

2008

 

2007

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

1,287

 

$

1,641

 

$

2,601

 

$

3,101

 

Interest

 

91

 

85

 

181

 

161

 

Portion of rentals deemed to be interest

 

19

 

20

 

39

 

40

 

Income available for fixed charges

 

$

1,397

 

$

1,746

 

$

2,821

 

$

3,302

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

Interest

 

$

91

 

$

85

 

$

181

 

$

161

 

Portion of rentals deemed to be interest

 

19

 

20

 

39

 

40

 

Total fixed charges

 

110

 

105

 

220

 

201

 

Preferred stock dividend requirements

 

1

 

2

 

3

 

4

 

Total fixed charges and preferred stock dividend requirements

 

$

111

 

$

107

 

$

223

 

$

205

 

Ratio of earnings to fixed charges

 

12.70

 

16.65

 

12.81

 

16.41

 

Ratio of earnings to combined fixed charges and preferred stock dividend requirements

 

12.54

 

16.39

 

12.65

 

16.14

 

 

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.