EX-12 3 a2131100zex-12.htm EXHIBIT 12
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Exhibit 12.1

Genworth Financial, Inc.
Computation Of Ratio Of Earnings To Fixed Charges
(Dollar amounts in millions)

			December 31,
			2003		2002		2001		2000		1999
Net earnings from continuing operations before income taxes and accounting changes			$	1,382	$	1,791	$	1,821	$	1,851	$	1,589
Fixed charges included in earnings from continuing operations:
	Interest expense			140		124		126		126		78
	Interest portion of rental expense			23		25		23		25		24
	Interest credited to contractholder			1,624		1,645		1,620		1,456		1,290

		Subtotal		1,787		1,794		1,769		1,607		1,392
Fixed charges included in earnings from discontinued operations:
	Interest expense			12		16		15		17		17
	Interest portion of rental expense			8		12		12		12		10
	Interest credited to contractholder			69		79		51		41		6

		Subtotal		88		107		78		70		32

Total fixed charges			$	1,875	$	1,901	$	1,847	$	1,677	$	1,424

Earnings available for fixed charges (including interest credited to contractholders)			$	3,257	$	3,692	$	3,668	$	3,528	$	3,013

Ratio of earnings to fixed charges (including interest credited to contractholders) (1)				1.74		1.94		1.99		2.10		2.12

(1): For purposes of determining this ratio, earnings consist of earnings from continuing operations before taxes and accounting changes plus fixed charges from continuing and discontinued operations. Fixed charges consist of (a) interest expense on short-term and long-term borrowings; (b) interest credited to policyholders on annuities and financial products; and (c) the portion of operating leases that are representative of the interest factor.