EX-12 8 xlgroup-12312015xex_12.htm EXHIBIT 12 Exhibit


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

 
Year Ended
(U.S. dollars in thousands, except ratios)
2015
 
2014
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
1,176,118

 
$
162,701

Fixed charges
324,134

 
221,761

Distributed income of equity investees
658,172

 
157,061

Subtotal
$
2,158,424

 
$
541,523

Less: Non-controlling interests
7,466

 
3,755

Preference share dividends
98,721

 
76,743

Total earnings (loss)
$
2,052,237

 
$
461,025

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
163,021

 
$
121,221

Accretion of deposit liabilities
42,194

 
12,885

Rental expense at 30% (1)
20,198

 
10,912

Total fixed charges
$
225,413

 
$
145,018

Preference share dividends
98,721

 
76,743

Total fixed charges and preference dividends
$
324,134

 
$
221,761

 
 
 
 
Ratio of earnings to fixed charges
9.1

 
3.2

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
6.3

 
2.1

 
 
 
 
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.