EX-12.1 2 l11077exv12w1.txt STATEMENT RE: COMPUTATIONS OF RATIOS Exhibit 12.1 CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES STATEMENT REGARDING CALCULATION OF RATIO OF CONSOLIDATED EARNINGS TO CONSOLIDATED FIXED CHARGES (Dollars in millions)
Nine months ended September 30, Years ended December 31, ------------------- -------------------------------------------------------- 2004 2004 2003 2003 2002 2001 2000 1999 -------- -------- -------- -------- ------ ------ ------ ------- Pro forma Pro forma NET EARNINGS Net income $ 392 $ 392 $ 374 $ 374 $ 238 $ 193 $ 118 $ 255 Income tax expense 136 136 106 106 41 28 (9) 67 Fixed charges 28 44 35 55 37 40 38 34 -------- -------- -------- -------- ------ ------ ------ ------- Net earnings available for fixed charges $ 556 $ 572 $ 515 $ 535 $ 316 $ 261 $ 147 $ 356 ======== ======== ======== ======== ====== ====== ====== ======= Realized investment gains and losses included $ 36 $ 36 $ (27) $ (27) $ (62) $ (17) $ (2) $ - in earnings available for fixed charges FIXED CHARGES Interest on indebtedness (including amortization $ 27 $ 43 $ 34 $ 54 $ 35 $ 39 $ 37 $ 33 of debt discount and expense) Rentals representing interest 1 1 1 1 2 1 1 1 -------- -------- -------- -------- ------ ------ ------ ------- Total fixed charges $ 28 $ 44 $ 35 $ 55 $ 37 $ 40 $ 38 $ 34 ======== ======== ======== ======== ====== ====== ====== ======= Ratio of earnings to fixed charges 19.56x 12.99x 14.58x 9.64x 8.69x 6.52x 3.84x 10.40x Ratio of earnings, excluding investment gains and 14.76x 9.88x 15.34x 10.12x 10.40x 6.92x 3.88x 10.41x losses, to fixed charges