EXHIBIT 12.1 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31 | |||||||||||||||||
| 2004 |
2003 |
2002 |
2001 |
2000 | |||||||||||||
| (in millions of dollars, except ratios) | |||||||||||||||||
| Earnings |
|||||||||||||||||
| Income (Loss) from Continuing Operations Before Income Tax and Cumulative Effect of Accounting Principle Change |
$ | (259.5 | ) | $ | (435.2 | ) | $ | 593.2 | $ | 753.8 | $ | 821.2 | |||||
| Fixed Charges |
241.1 | 221.1 | 202.3 | 218.1 | 228.1 | ||||||||||||
| Adjusted Earnings |
$ | (18.4 | ) | $ | (214.1 | ) | $ | 795.5 | $ | 971.9 | $ | 1,049.3 | |||||
| Fixed Charges |
|||||||||||||||||
| Interest and Debt Expense |
$ | 207.1 | $ | 187.2 | $ | 162.4 | $ | 169.6 | $ | 181.8 | |||||||
| Interest Credited to Policyholders |
14.2 | 16.7 | 23.8 | 30.4 | 32.3 | ||||||||||||
| Amortization of Deferred Debt Costs |
7.3 | 5.4 | 3.3 | 7.1 | 2.4 | ||||||||||||
| Portion of Rents Deemed Representative of Interest |
12.5 | 11.8 | 12.8 | 11.0 | 11.6 | ||||||||||||
| Total Fixed Charges |
$ | 241.1 | $ | 221.1 | $ | 202.3 | $ | 218.1 | $ | 228.1 | |||||||
| Ratio of Earnings to Fixed Charges |
(a) | (a) | 3.9 | 4.5 | 4.6 | ||||||||||||
| (a) | Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $259.5 million and $435.2 million for the years ended December 31, 2004 and 2003, respectively. |