EX-99 3 ex12-1.txt EXHBIT 12.1 Exhibit 12.1 Ratio of Earnings to Fixed Charges ----------------------------------
2003 2002 2001 2000 1999 $'000 $'000 $'000 $'000 $'000 Net income before taxes, minority interest, discontinued operations and cumulative effect of change in accounting principle 37,745 31,341 17,304 15,922 8,833 Interest expense 7,501 1,414 1,405 - - ------------------------------------------------------------------------ 45,246 32,755 18,709 15,922 8,833 Interest credited to interest sensitive contract liabilities 89,180 48,140 17,578 17,390 5,549 ------------------------------------------------------------------------ Adjusted net income 134,426 80,895 36,287 33,312 14,382 ======================================================================== Fixed Charges Interest expense 7,501 1,414 1,405 - - Interest credited to interest sensitive contract liabilities 89,180 48,140 17,578 17,390 5,549 ------------------------------------------------------------------------ Total fixed charges 96,681 49,554 18,983 17,390 5,549 ======================================================================== Ratio of earnings to fixed charges (1) 1.4 1.6 1.9 1.9 2.6 Ratio of earnings to fixed charges excluding interest credited on interest sensitive contract liabilities (2) 6.0 23.2 13.3N/A N/A
(1) For purposes of determining this ratio, earnings consists of net income before income taxes, minority interest, discontinued operations and cumulative effect of changes in accounting principle. Fixed charges consist of interest and debt expense on long term debt and borrowings and interest on interest sensitive contract liabilities. (2) This ratio is calculated in the same way as the ratio of earnings to fixed charges, except that fixed charges do not include interest on interest sensitive contract liabilities. This ratio is not required but is provided as additional information. It provides additional information on the coverage of fixed charges that are not related to our products and is commonly used by individuals who analyze our financial statements. Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends -------------------------------------------------------------------------
2003 2002 2001 2000 1999 $'000 $'000 $'000 $'000 $'000 Net income before taxes, minority interest, discontinued operations and cumulative effect of change in accounting principle 37,745 31,341 17,304 15,922 8,833 Interest expense 7,557 1,414 1,405 - - ------------------------------------------------------------------------ 45,302 32,755 18,709 15,922 8,833 Interest credited to interest sensitive contract liabilities 89,180 48,140 17,578 17,390 5,549 ------------------------------------------------------------------------ Adjusted net income 134,482 80,895 36,287 33,312 14,382 ======================================================================== Fixed Charges Interest expense 7,557 1,414 1,405 - - Interest credited to interest sensitive contract liabilities 89,180 48,140 17,578 17,390 5,549 ------------------------------------------------------------------------ Total fixed charges 96,737 49,554 18,983 17,390 5,549 ======================================================================== Ratio of earnings to fixed charges (1) 1.4 1.6 1.9 1.9 2.6 Ratio of earnings to fixed charges excluding interest credited on interest sensitive contract liabilities (2) 6.0 23.2 13.3N/A N/A
(1) For purposes of determining this ratio, earnings consists of net income before income taxes, minority interest, discontinued operations and cumulative effect of changes in accounting principle. Combined fixed charges consist of interest and debt expense on long term debt, borrowings and interest on interest sensitive contract liabilities and dividends on preferred shares. (2) This ratio is calculated in the same way as the ratio of earnings to combined fixed charges, except that fixed charges do not include interest on interest sensitive contract liabilities. This ratio is not required but is provided as additional information. It provides additional information on the coverage of fixed charges that are not related to our products and is commonly used by individuals who analyze our financial statements.