Travelers 2010 Annual Report Download - page 283
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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) 2010 2009 2008 2007 2006
Income before income taxes ...................... $4,306 $4,711 $3,716 $6,216 $5,725
Interest ..................................... 388 382 370 346 324
Portion of rentals deemed to be interest .............. 68 70 80 79 78
Income available for fixed charges .................. $4,762 $5,163 $4,166 $6,641 $6,127
Fixed charges:
Interest .................................... $ 388 $ 382 $ 370 $ 346 $ 324
Portion of rentals deemed to be interest ............ 68 70 80 79 78
Total fixed charges ............................. 456 452 450 425 402
Preferred stock dividend requirements ............... 44568
Total fixed charges and preferred stock dividend
requirements ................................ $ 460 $ 456 $ 455 $ 431 $ 410
Ratio of earnings to fixed charges .................. 10.44 11.43 9.26 15.64 15.24
Ratio of earnings to combined fixed charges and preferred
stock dividend requirements ..................... 10.35 11.31 9.15 15.41 14.96
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.