Travelers 2004 Annual Report Download - page 234
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Exhibit 12.1
THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(for the year ended December 31, in millions, except ratios) 2004 2003 2002 2001 2000
Income (loss) before income taxes (benefit), minority interest and
cumulative effect of changes in accounting principles ......... $1,128 $2,229 $(260) $1,389 $1,864
Interest ................................................ 244 167 157 205 295
Portion of rentals deemed to be interest ....................... 71 38 46 44 44
Income available for fixed charges (1) ...................... $1,443 $2,434 $ (57) $1,638 $2,203
Fixed charges:
Interest .............................................. $ 244 $ 167 $ 157 $ 205 $ 295
Portion of rentals deemed to be interest ..................... 71 38 46 44 44
Total fixed charges ...................................... 315 205 203 249 339
Preferred stock dividend requirements ....................... 8————
Total fixed charges and preferred stock dividend
requirements ......................................... $ 323 $ 205 $ 203 $ 249 $ 339
Ratio of earnings to fixed charges (1) ....................... 4.58 11.89 N/A 6.58 6.48
Ratio of earnings to combined fixed charges and preferred
dividend requirements ................................. 4.47 11.89 N/A 6.58 6.48
The data included in this exhibit for the year ended December 31, 2004 reflects information for TPC for the
period January 1, 2004 through March 31, 2004, and information for the Company for the period April 1, 2004
through December 31, 2004. Data for the years 2000 through 2003 reflect information for TPC only.
The ratio of earnings to fixed charges is computed by dividing income before income taxes (benefit) 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) Income (loss) available for fixed charges in 2002 included a $1.39 billion charge for strengthening asbestos
reserves, net of the benefit from the Citigroup indemnification agreement. For the year ended December 31,
2002, the Company’s earnings were not sufficient to cover fixed charges by $260 million.