Exhibit 12.1

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except ratios)	2011		2010		2011		2010
Income before income taxes	$	332	$	1,371	$	574	$	3,109
Interest	97		95		290		290
Portion of rentals deemed to be interest	16		18		48		51
Income available for fixed charges	$	445	$	1,484	$	912	$	3,450
Fixed charges:
Interest	$	97	$	95	$	290	$	290
Portion of rentals deemed to be interest	16		18		48		51
Total fixed charges	113		113		338		341
Preferred stock dividend requirements	—		1		1		3
Total fixed charges and preferred stock dividend requirements	$	113	$	114	$	339	$	344
Ratio of earnings to fixed charges	3.96		13.17		2.70		10.12
Ratio of earnings to combined fixed charges and preferred stock dividend requirements	3.96		13.06		2.69		10.03

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.