Travelers 2012 Annual Report Download - page 293
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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) 2012 2011 2010 2009 2008
Income before income taxes ...................... $3,166 $1,352 $4,306 $4,711 $3,716
Interest ..................................... 378 386 388 382 370
Portion of rentals deemed to be interest .............. 64 63 68 70 80
Income available for fixed charges .................. $3,608 $1,801 $4,762 $5,163 $4,166
Fixed charges:
Interest .................................... $ 378 $ 386 $ 388 $ 382 $ 370
Portion of rentals deemed to be interest ............ 64 63 68 70 80
Total fixed charges ............................. 442 449 456 452 450
Preferred stock dividend requirements ............... —1445
Total fixed charges and preferred stock dividend
requirements ................................ $ 442 $ 450 $ 460 $ 456 $ 455
Ratio of earnings to fixed charges .................. 8.17 4.01 10.44 11.43 9.26
Ratio of earnings to combined fixed charges and preferred
stock dividend requirements ..................... 8.17 4.00 10.35 11.31 9.15
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.