Travelers 2009 Annual Report Download - page 289
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Exhibit 12.1
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(for the year ended December 31, in millions, except ratios) 2009 2008 2007 2006 2005
Income from continuing operations before income taxes
and minority interest.......................... $4,711 $3,716 $6,216 $5,725 $2,671
Interest ..................................... 382 370 346 324 286
Portion of rentals deemed to be interest . . . . . . . . . . . . . . 70 80 79 78 72
Income available for fixed charges .................. $5,163 $4,166 $6,641 $6,127 $3,029
Fixed charges:
Interest.................................... $ 382 $ 370 $ 346 $ 324 $ 286
Portion of rentals deemed to be interest . . . . . . . . . . . . 70 80 79 78 72
Total fixed charges ............................. 452 450 425 402 358
Preferred stock dividend requirements . . . . . . . . . . . . . . . 45689
Total fixed charges and preferred stock dividend
requirements ................................ $ 456 $ 455 $ 431 $ 410 $ 367
Ratio of earnings to fixed charges .................. 11.43 9.26 15.64 15.24 8.46
Ratio of earnings to combined fixed charges and preferred
stock dividend requirements ..................... 11.31 9.15 15.41 14.96 8.25
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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