EX-12 3 xlgroup-03312014xex_12.htm EXHIBIT 12 xlgroup-03.31.2014-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

 
Three Months Ended March 31,
(U.S. dollars in thousands, except ratios)
2014
 
2013
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
246,209

 
$
366,792

Fixed charges
81,164

 
77,042

Distributed income of equity investees
98,006

 
11,716

Subtotal
$
425,379

 
$
455,550

Less: Non-controlling interests
346

 
82

Preference share dividends
35,413

 
35,660

Total earnings (loss)
$
389,620

 
$
419,808

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
32,160

 
$
26,136

Accretion of deposit liabilities
10,781

 
12,564

Rental expense at 30% (1)
2,810

 
2,682

Total fixed charges
$
45,751

 
$
41,382

Preference share dividends
35,413

 
35,660

Total fixed charges and preference dividends
$
81,164

 
$
77,042

 
 
 
 
Ratio of earnings to fixed charges
8.5

 
10.1

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
4.8

 
5.4

 
 
 
 
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.