EX-12 2 xlgroup-06302018xex_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

 
Six Months Ended
(U.S. dollars in thousands, except ratios)
2018
 
2017
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
433,285

 
$
440,598

Fixed charges and preference dividends
144,374

 
178,353

Distributed income of equity investees
111,898

 
88,305

Subtotal
$
689,557

 
$
707,256

Less: Non-controlling interests
(6,552
)
 
5,459

Less: Preference share dividends
32,941

 
63,970

Total earnings (loss)
$
663,168

 
$
637,827

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
89,415

 
$
83,672

Accretion of deposit liabilities
12,816

 
21,057

Rental expense at 30% (1)
9,202

 
9,654

Total fixed charges
$
111,433

 
$
114,383

Preference share dividends
32,941

 
63,970

Total fixed charges and preference dividends
$
144,374

 
$
178,353

 
 
 
 
Ratio of earnings to fixed charges
6.0

 
5.6

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
4.6

 
3.6

 
 
 
 
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.