Travelers 2013 Annual Report Download - page 296
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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) 2013 2012 2011 2010 2009
Income before income taxes ...................... $4,945 $3,166 $1,352 $4,306 $4,711
Interest ..................................... 361 378 386 388 382
Portion of rentals deemed to be interest .............. 64 64 63 68 70
Income available for fixed charges .................. $5,370 $3,608 $1,801 $4,762 $5,163
Fixed charges:
Interest .................................... $ 361 $ 378 $ 386 $ 388 $ 382
Portion of rentals deemed to be interest ............ 64 64 63 68 70
Total fixed charges ............................. 425 442 449 456 452
Preferred stock dividend requirements ............... ——144
Total fixed charges and preferred stock dividend
requirements ................................ $ 425 $ 442 $ 450 $ 460 $ 456
Ratio of earnings to fixed charges .................. 12.63 8.17 4.01 10.44 11.43
Ratio of earnings to combined fixed charges and preferred
stock dividend requirements ..................... 12.63 8.17 4.00 10.35 11.31
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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