EX-12 5 xlgroup-06302016xex_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

 
Six Months Ended
(U.S. dollars in thousands, except ratios)
2016
 
2015
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
113,948

 
$
951,930

Fixed charges
179,394

 
146,936

Distributed income of equity investees
104,865

 
564,923

Subtotal
$
398,207

 
$
1,663,789

Less: Non-controlling interests
5,436

 
3,874

Preference share dividends
60,751

 
38,395

Total earnings (loss)
$
332,020

 
$
1,621,520

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
85,346

 
$
80,519

Accretion of deposit liabilities
22,695

 
20,586

Rental expense at 30% (1)
10,602

 
7,436

Total fixed charges
$
118,643

 
$
108,541

Preference share dividends
60,751

 
38,395

Total fixed charges and preference dividends
$
179,394

 
$
146,936

 
 
 
 
Ratio of earnings to fixed charges
2.8

 
14.9

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
1.9

 
11.0

 
 
 
 
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.