<PAGE>


                                                                   Exhibit 12.01



               Travelers Property Casualty Corp. and Subsidiaries
               Computation of Ratio of Earnings to Fixed Charges
                        (In millions, except for ratios)


<Table>
<Caption>

                                                                            Year ended December 31,
                                                      ----------------------------------------------------------------------


                                                      2002            2001            2000            1999            1998

                                                      ----            ----            ----            ----            ----
<S>                                               <C>             <C>              <C>            <C>             <C>
Income (loss) before federal income taxes
    (benefit), minority interest and cumulative
    effect of changes in accounting principles      $ (259.8)      $ 1,389.0       $ 1,863.6       $ 1,839.4       $ 1,813.8
Interest                                               156.8           204.9           295.5           238.4           185.1
Portion of rentals deemed to be interest                46.1            44.1            44.3            46.6            49.0
                                                    ---------      ---------       ---------       ---------       ---------
Income (loss) available for fixed charges           $  (56.9)(1)   $ 1,638.0       $ 2,203.4       $ 2,124.4       $ 2,047.9
                                                    =========      =========       =========       =========       =========
Fixed charges:
    Interest                                        $  156.8       $   204.9       $   295.5       $   238.4       $   185.1
    Portion of rentals deemed to be interest            46.1            44.1            44.3            46.6            49.0
                                                    --------       ---------       ---------       ---------       ---------
Total fixed charges                                 $  202.9       $   249.0       $   339.8       $   285.0       $   234.1
                                                    ========       =========       =========       =========       =========

Ratio of earnings to fixed charges                    N/A (2)          6.58x           6.48x           7.45x           8.75x
                                                    ---------      ---------       ---------       ---------       ---------
</Table>

(1) Income (loss) available for fixed charges includes a $1.394 billion charge
    for strengthening asbestos reserves, net of the benefit from the Citigroup
    indemnification agreement.

(2) For the year ended December 31, 2002, the Company's earnings were not
    sufficient to cover fixed charges by $259.8 million.

The ratio of earnings to fixed charges is computed by dividing income before
federal income taxes (benefit) and cumulative effect of changes in accounting
principles and 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.