EX-12.1 2 a11-14064_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) 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

(727

)

$

881

 

$

242

 

$

1,738

 

Interest

 

97

 

97

 

193

 

195

 

Portion of rentals deemed to be interest

 

16

 

16

 

32

 

33

 

 

 

 

 

 

 

 

 

 

 

Income (loss) available for fixed charges

 

$

(614

)

$

994

 

$

467

 

$

1,966

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

Interest

 

$

97

 

$

97

 

$

193

 

$

195

 

Portion of rentals deemed to be interest

 

16

 

16

 

32

 

33

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

113

 

113

 

225

 

228

 

Preferred stock dividend requirements

 

—

 

1

 

1

 

2

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividend requirements

 

$

113

 

$

114

 

$

226

 

$

230

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

N/A

 

8.78

 

2.08

 

8.61

 

 

 

 

 

 

 

 

 

 

 

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

 

N/A

 

8.70

 

2.06

 

8.53

 

 

(1) The loss for the three months ended June 30, 2011 was inadequate to cover “fixed charges” and “combined fixed charges and preferred stock dividends” by $727 million.

 

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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