Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended		Year Ended December 31,
	June 30, 2017		2016		2015		2014		2013		2012
Consolidated income before income taxes	$	121,744	$	130,247	$	337,314	$	196,064	$	389,332	$	85,989
Interest sensitive and index product benefits and amortization of deferred sales inducements	987,755		976,638		1,177,443		1,605,119		1,525,980		895,636
Interest expense on notes and loan payable	16,400		28,248		28,849		36,370		38,870		28,479
Interest expense on subordinated debentures	6,758		12,958		12,239		12,122		12,088		13,458
Interest expense on amounts due under repurchase agreements and other interest expense	254		30		2		18		139		—
Interest portion of rental expense	466		920		902		896		843		741
Consolidated earnings	$	1,133,377	$	1,149,041	$	1,556,749	$	1,850,589	$	1,967,252	$	1,024,303
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	987,755	$	976,638	$	1,177,443	$	1,605,119	$	1,525,980	$	895,636
Interest expense on notes and loan payable	16,400		28,248		28,849		36,370		38,870		28,479
Interest expense on subordinated debentures	6,758		12,958		12,239		12,122		12,088		13,458
Interest expense on amounts due under repurchase agreements and other interest expense	254		30		2		18		139		—
Interest portion of rental expense	466		920		902		896		843		741
Combined fixed charges	$	1,011,633	$	1,018,794	$	1,219,435	$	1,654,525	$	1,577,920	$	938,314
Ratio of consolidated earnings to fixed charges	1.1		1.1		1.3		1.1		1.2		1.1
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements	6.1		4.1		9.0		5.0		8.5		3.0