Travelers 2011 Annual Report Download - page 287
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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) 2011 2010 2009 2008 2007
Income before income taxes ...................... $1,352 $4,306 $4,711 $3,716 $6,216
Interest ..................................... 386 388 382 370 346
Portion of rentals deemed to be interest .............. 63 68 70 80 79
Income available for fixed charges .................. $1,801 $4,762 $5,163 $4,166 $6,641
Fixed charges:
Interest .................................... $ 386 $ 388 $ 382 $ 370 $ 346
Portion of rentals deemed to be interest ............ 63 68 70 80 79
Total fixed charges ............................. 449 456 452 450 425
Preferred stock dividend requirements ............... 14456
Total fixed charges and preferred stock dividend
requirements ................................ $ 450 $ 460 $ 456 $ 455 $ 431
Ratio of earnings to fixed charges .................. 4.01 10.44 11.43 9.26 15.64
Ratio of earnings to combined fixed charges and preferred
stock dividend requirements ..................... 4.00 10.35 11.31 9.15 15.41
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.