EX-12 7 l01683aexv12.txt EX-12 COMPUTATION OF EARNINGS . . . AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES EXHIBIT 12 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND FIXED CHARGES (DOLLARS IN THOUSANDS)
Three Months Ended March 31, Year Ended December 31, --------------------- ----------------------- 2003 2002 2002 2001 ---- ---- ---- ---- Excluding Interest on Annuities Pre-tax income (loss) $ 29,290 $ 39,049 $130,350 $(12,751) Minority interest in subsidiaries having fixed charges* 9,505 7,600 33,839 43,187 Less undistributed equity in (earnings) losses of investees (857) 4,205 13,830 25,462 Fixed charges: Interest expense 13,012 14,160 60,271 60,616 Debt discount (premium) and expense 389 203 879 1,072 One-third of rentals 4,120 4,225 16,483 16,900 -------- -------- -------- -------- EARNINGS $ 55,459 $ 69,442 $255,652 $134,486 ======== ======== ======== ======== Fixed charges: Interest expense $ 13,012 $ 14,160 $ 60,271 $ 60,616 Debt discount (premium) and expense 389 203 879 1,072 One-third of rentals 4,120 4,225 16,483 16,900 Pretax preferred dividend requirements of subsidiaries 7,163 6,936 28,184 32,296 Capitalized interest - - - - -------- -------- -------- -------- FIXED CHARGES $ 24,684 $ 25,524 $105,817 $110,884 ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.25 2.72 2.42 1.21 ======== ======== ======== ======== Including Interest on Annuities Earnings - Per Above $ 55,459 $ 69,442 $255,652 $134,486 Interest on Annuities 74,847 75,525 300,966 294,654 -------- -------- -------- -------- EARNINGS $130,306 $144,967 $556,618 $429,140 ======== ======== ======== ======== Fixed charges - Per Above $ 24,684 $ 25,524 $105,817 $110,884 Interest on Annuities 74,847 75,525 300,966 294,654 -------- -------- -------- -------- FIXED CHARGES $ 99,531 $101,049 $406,783 $405,538 ======== ======== ======== ======== Ratio of Earnings To Fixed Charges 1.31 1.43 1.37 1.06 ======== ======== ======== ======== Earning in Excess of Fixed Charges $ 30,775 $ 43,918 $149,835 $ 23,602 ======== ======== ======== ========
Year Ended December 31, -------------------------------- 2000 1999 1998 ---- ---- ---- Excluding Interest on Annuities Pre-tax income (loss) $(77,298) $223,307 $203,489 Minority interest in subsidiaries having fixed charges* 44,961 48,780 55,646 Less undistributed equity in (earnings) losses of investees 142,230 32,156 17,997 Fixed charges: Interest expense 67,638 64,544 58,925 Debt discount (premium) and expense 763 (129) (504) One-third of rentals 13,963 12,226 11,883 -------- -------- -------- EARNINGS $192,257 $380,884 $347,436 ======== ======== ======== Fixed charges: Interest expense $ 67,638 $ 64,544 $ 58,925 Debt discount (premium) and expense 763 (129) (504) One-third of rentals 13,963 12,226 11,883 Pretax preferred dividend requirements of subsidiaries 35,648 36,566 37,628 Capitalized interest - - - -------- -------- -------- FIXED CHARGES $118,012 $113,207 $107,932 ======== ======== ======== Ratio of Earnings to Fixed Charges 1.63 3.36 3.22 ======== ======== ======== Including Interest on Annuities Earnings - Per Above $192,257 $380,884 $347,436 Interest on Annuities 293,171 262,632 261,666 -------- -------- -------- EARNINGS $485,428 $643,516 $609,102 ======== ======== ======== Fixed charges - Per Above $118,012 $113,207 $107,932 Interest on Annuities 293,171 262,632 261,666 -------- -------- -------- FIXED CHARGES $411,183 $375,839 $369,598 ======== ======== ======== Ratio of Earnings To Fixed Charges 1.18 1.71 1.65 ======== ======== ======== Earning in Excess of Fixed Charges $ 74,245 $267,677 $239,504 ======== ======== ========
* Amounts include subsidiary preferred dividends and accrued distributions on trust preferred securities.