EX-12 5 xlgroup-09302016xex_12.htm EXHIBIT 12 Exhibit


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

 
Nine Months Ended
(U.S. dollars in thousands, except ratios)
2016
 
2015
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
235,808

 
$
995,578

Fixed charges
293,087

 
262,096

Distributed income of equity investees
74,133

 
647,079

Subtotal
$
603,028

 
$
1,904,753

Less: Non-controlling interests
5,916

 
4,482

Preference share dividends
118,347

 
95,676

Total earnings (loss)
$
478,765

 
$
1,804,595

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
128,371

 
$
121,317

Accretion of deposit liabilities
29,115

 
31,717

Rental expense at 30% (1)
17,254

 
13,386

Total fixed charges
$
174,740

 
$
166,420

Preference share dividends
118,347

 
95,676

Total fixed charges and preference dividends
$
293,087

 
$
262,096

 
 
 
 
Ratio of earnings to fixed charges
2.7

 
10.8

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
1.6

 
6.9

 
 
 
 
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.