EX-12 2 xlgroup-09302014xex_12.htm EXHIBIT xlgroup-09.30.2014-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

 
Nine Months Ended September 30,
(U.S. dollars in thousands, except ratios)
2014
 
2013
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
15,058

 
$
734,072

Fixed charges
181,759

 
196,812

Distributed income of equity investees
151,739

 
126,352

Subtotal
$
348,556

 
$
1,057,236

Less: Non-controlling interests
3,216

 
(300
)
Preference share dividends
73,808

 
74,244

Total earnings (loss)
$
271,532

 
$
983,292

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
96,147

 
$
78,599

Accretion of deposit liabilities
3,730

 
36,231

Rental expense at 30% (1)
8,074

 
7,738

Total fixed charges
$
107,951

 
$
122,568

Preference share dividends
73,808

 
74,244

Total fixed charges and preference dividends
$
181,759

 
$
196,812

 
 
 
 
Ratio of earnings to fixed charges
2.5

 
8.0

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
1.5

 
5.0

 
 
 
 
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.