EX-12 4 xlgroup-12312013xex_12.htm EXHIBIT 12 xlgroup-12.31.2013-EX_12


Exhibit 12
XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
Years Ended December 31,
(U.S. dollars in thousands, except ratios)
2013
 
2012
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
955,957

 
$
652,020

Fixed charges
243,575

 
261,721

Distributed income of equity investees
136,795

 
81,518

Subtotal
$
1,336,327

 
$
995,259

Less: Non-controlling interests
(500
)
 
167

Preference share dividends
77,231

 
79,088

Total earnings (loss)
$
1,259,596

 
$
916,004

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
107,486

 
$
105,925

Accretion of deposit liabilities
47,976

 
66,279

Rental expense at 30% (1)
10,882

 
10,429

Total fixed charges
$
166,344

 
$
182,633

Preference share dividends
77,231

 
79,088

Total fixed charges and preference dividends
$
243,575

 
$
261,721

 
 
 
 
Ratio of earnings to fixed charges
7.6

 
5.0

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
5.2

 
3.5

 
 
 
 
Deficiency - fixed charges only
N/A

 
N/A

 
 
 
 
Deficiency - fixed charges and preference dividends
N/A

 
N/A

_______________
(1)
30% represents a reasonable approximation of the interest factor.