EXHIBIT 12.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)	2004		2003		2002		2001		2000
Earnings:
Income before income taxes	$	114,809	$	79,898	$	26,053	$	28,630	$	17,349
Add: fixed charges		56,837		56,858		52,234		48,649		42,645
Total earnings	$	171,646	$	136,756	$	78,287	$	77,279	$	59,994
Fixed charges:
Interest on policyholders’ accounts	$	56,386	$	56,459	$	51,735	$	48,213	$	42,410
Portion of rents representative of interest factor		451		399		499		436		235
Total fixed charges	$	56,837	$	56,858	$	52,234	$	48,649	$	42,645
Preferred stock dividend requirement	$	4,399	$	4,399	$	4,410		—		—
Combined fixed charges and preferred stock dividend requirements	$	61,236	$	61,257	$	56,644	$	48,649	$	42,645
Ratio of earnings to fixed charges		3.02		2.41		1.50		1.59		1.41
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		2.80		2.23		1.38

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