EX-12.1 10 c23420_ex12-1.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 XL CAPITAL LTD RATIO OF EARNINGS TO FIXED CHARGES FOR THE YEARS ENDED DECEMBER 31, 2001, 2000, 1999, 1998 AND 1997 (U.S. dollars in thousands)
2001 2000 1999 1998 1997 ---------------------------------------------------------------- Earnings: Pre-tax income from continuing operations ......................... $(833,916) $376,734 $390,252 $636,670 $776,550 Fixed charges .......................... 70,072 38,166 41,215 36,898 33,250 --------- -------- -------- -------- -------- Distributed income of equity investees.. 3,662 4,987 1,266 25,319 30,564 ---------------------------------------------------------------- Subtotal ............................... (760,182) 419,887 432,733 698,887 840,364 Less: Minority interest ................ 2,113 1,093 220 749 308 ---------------------------------------------------------------- Total earnings ............................ (762,295) 418,794 432,513 698,138 840,056 ---------------------------------------------------------------- FIXED CHARGES: Interest costs ......................... 65,350 32,147 37,378 33,444 29,622 Rental expense at 30% (1) .............. 4,722 6,019 3,837 3,454 3,628 ---------------------------------------------------------------- Total fixed charges ....................... 70,072 38,166 41,215 36,898 33,250 ---------------------------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES (2)..... -- 11.0 10.5 18.9 25.3 ================================================================
(1) 30% represents a reasonable approximation of the interest factor. (2) For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $832.4 million.