EX-12 15 xlgroup-12312014xex_12.htm EXHIBIT 12 xlgroup-12.31.2014-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

 
Years Ended December 31,
(U.S. dollars in thousands, except ratios)
2014
 
2013
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
162,701

 
$
955,957

Fixed charges
221,761

 
243,575

Distributed income of equity investees
157,061

 
136,795

Subtotal
$
541,523

 
$
1,336,327

Less: Non-controlling interests
3,755

 
(500
)
Preference share dividends
76,743

 
77,231

Total earnings (loss)
$
461,025

 
$
1,259,596

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
121,221

 
$
107,486

Accretion of deposit liabilities
12,885

 
47,976

Rental expense at 30% (1)
10,912

 
10,882

Total fixed charges
$
145,018

 
$
166,344

Preference share dividends
76,743

 
77,231

Total fixed charges and preference dividends
$
221,761

 
$
243,575

 
 
 
 
Ratio of earnings to fixed charges
3.2

 
7.6

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
2.1

 
5.2

 
 
 
 
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.