EX-12 6 xlgroup-06302015xex_12.htm EXHIBIT 12 xlgroup-06.30.2015-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

 
Six Months Ended June 30,
(U.S. dollars in thousands, except ratios)
2015
 
2014
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
951,930

 
$
(80,444
)
Fixed charges
146,936

 
100,571

Distributed income of equity investees
564,923

 
112,490

Subtotal
$
1,663,789

 
$
132,617

Less: Non-controlling interests
3,874

 
1,129

Preference share dividends
38,395

 
38,312

Total earnings (loss)
$
1,621,520

 
$
93,176

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
80,519

 
$
64,444

Accretion of deposit liabilities
20,586

 
(7,418
)
Rental expense at 30% (1)
7,436

 
5,233

Total fixed charges
$
108,541

 
$
62,259

Preference share dividends
38,395

 
38,312

Total fixed charges and preference dividends
$
146,936

 
$
100,571

 
 
 
 
Ratio of earnings to fixed charges
14.9

 
1.5

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
11.0

 
0.9

 
 
 
 
Deficiency - fixed charges only
 N/A

 
N/A

 
 
 
 
Deficiency - fixed charges and preference dividends
 N/A

 
$
7,395.0

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