EX-12.1 7 a2234469zex-12_1.htm EX-12.1
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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)
  2017   2016   2015   2014   2013  

Income before income taxes

   $ 2,730   $ 4,053   $ 4,740   $ 5,089   $ 4,945  

Interest

     369     363     373     369     361  

Portion of rentals deemed to be interest

     62     65     66     71     64  
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Income available for fixed charges

   $ 3,161   $ 4,481   $ 5,179   $ 5,529   $ 5,370  
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Fixed charges:

                                

Interest

   $ 369   $ 363   $ 373   $ 369   $ 361  

Portion of rentals deemed to be interest

     62     65     66     71     64  
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Total fixed charges

   $ 431   $ 428   $ 439   $ 440   $ 425  
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Ratio of earnings to fixed charges

     7.33     10.48     11.78     12.57     12.63  
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        The ratio of earnings to fixed charges is computed by dividing income available for fixed charges by the total fixed charges. For purposes of this ratio, fixed charges consist of interest and that portion of rentals deemed representative of the appropriate interest factor.

287



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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES