EXHIBIT 12.1
LOEWS CORPORATION
Statement of Computation of Ratio of Earnings to Fixed Charges
(Dollar Amount in Millions)
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| Pretax income (loss) from continuing operations |
$ | 1,846.5 | $ | 1,828.8 | $ | (1,357.1 | ) | $ | 1,666.1 | $ | (764.5 | ) | ||||||||
| Add (deduct): |
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| Undistributed loss (income) of associated companies |
32.2 | 23.0 | (6.9 | ) | (5.3 | ) | (45.6 | ) | ||||||||||||
| Capitalized interest |
(1.2 | ) | (0.3 | ) | (2.2 | ) | (2.9 | ) | (5.7 | ) | ||||||||||
| Amortization of capitalized interest |
1.2 | 1.4 | 1.5 | 4.7 | 1.5 | |||||||||||||||
| Earnings before fixed charges |
1,878.7 | 1,852.9 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | |||||||||||||
| Fixed charges: |
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| Interest expense |
364.2 | 324.1 | 308.4 | 309.6 | 332.0 | |||||||||||||||
| Capitalized interest |
1.2 | 0.3 | 2.2 | 2.9 | 5.7 | |||||||||||||||
| Interest element of operating lease rental |
32.0 | 31.0 | 31.0 | 39.0 | 42.0 | |||||||||||||||
| Interest credited to policyholders |
47.0 | 64.0 | 194.0 | 229.0 | 259.0 | |||||||||||||||
| Total fixed charges |
444.4 | 419.4 | 535.6 | 580.5 | 638.7 | |||||||||||||||
| Total earnings and fixed charges |
$ | 2,323.1 | $ | 2,272.3 | $ | (829.1 | ) | $ | 2,243.1 | $ | (175.6 | ) | ||||||||
| Ratio of earnings to fixed charges |
5.2 | 5.4 | (1.5 | ) | 3.9 | (0.3 | ) | |||||||||||||
| (A) | (A) | |||||||||||||||||||
| Earnings before fixed charges |
1,878.7 | 1,852.9 | (1,364.7 | ) | 1,662.6 | (814.3 | ) | |||||||||||||
| Fixed charges, excluding interest credited to policyholders |
397.4 | 355.4 | 341.6 | 351.5 | 379.7 | |||||||||||||||
| Total earnings and fixed charges, excluding interest credited to policyholders |
$ | 2,276.1 | $ | 2,208.3 | $ | (1,023.1 | ) | $ | 2,014.1 | $ | (434.6 | ) | ||||||||
| Ratio of earnings to fixed charges, excluding interest credited to policyholders |
5.7 | 6.2 | (3.0 | ) | 5.7 | (1.1 | ) | |||||||||||||
| (A) | We incurred a loss for the years ended December 31, 2003 and 2001, and income from continuing operations was insufficient to cover fixed charges by $1,364.7 million and $814.3 million, respectively for such years. |