Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months  Ended		Year Ended December 31,
	June 30, 2012		2011		2010		2009		2008		2007
			(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	44,795	$	132,914	$	65,266	$	86,164	$	77,053	$	38,144
Interest credited to account balances and amortization of deferred sales inducements	324,506		847,538		793,091		387,882		235,836		571,917
Interest expense on notes payable	14,067		31,633		22,125		14,853		19,773		20,916
Interest expense on subordinated debentures	7,149		13,977		14,906		15,819		19,445		22,520
Interest expense on amounts due under repurchase agreements and other interest expense	—		30		—		534		8,207		15,926
Interest portion of rental expense	340		665		648		570		459		468
Consolidated earnings	$	390,857	$	1,026,757	$	896,036	$	505,822	$	360,773	$	669,891
Interest credited to account balances and amortization of deferred sales inducements	324,506		847,538		793,091		387,882		235,836		571,917
Interest expense on notes payable	14,067		31,633		22,125		14,853		19,773		20,916
Interest expense on subordinated debentures	7,149		13,977		14,906		15,819		19,445		22,520
Interest expense on amounts due under repurchase agreements and other interest expense	—		30		—		534		8,207		15,926
Interest portion of rental expense	340		665		648		570		459		468
Combined fixed charges	$	346,062	$	893,843	$	830,770	$	419,658	$	283,720	$	631,747
Ratio of consolidated earnings to fixed charges	1.1		1.1		1.1		1.2		1.3		1.1
Ratio of consolidated earnings to fixed charges, excluding interest credited to account balances and amortization of deferred sales inducements	3.1		3.9		2.7		3.7		2.6		1.6