EX-12 8 c31036_ex12-1.htm Earnings to fixed r

Exhibit 12

XL CAPITAL

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
000s of U.S. Dollars

  Yr End   Yr End   Yr End   Yr End   Yr End  
  31-Dec   31-Dec   31-Dec   31-Dec   31-Dec  
  2003   2002   2001   2000   1999  
 
 
 
 
 
 
 
 
Earnings:
 
   Pre-tax income from continuing operations
323,169
392,903
(833,916
)
376,734
390,252
  
   Fixed charges and pref divs.
252,413
186,987
117,994
76,612
53,609
  
   Distributed income of equity investees
124,888
23,335
3,662
4,987
1,266
  
 
 
   Subtotal
700,470
603,225
(712,260
)
458,333
445,127
  
   Less: Minority interest
9,264
13,371
2,113
1,093
220
  
   Preference share dividends
40,321
9,620
-
-
-
  
 
 
 
 
   Total Earnings
650,885
580,234
(714,373
)
457,240
444,907
  
 
 
 
 
Fixed Charges:
 
   Interest costs
94,337
102,200
65,350
32,147
37,378
  
   Accretion of deposit liabilities
105,070
65,886
47,922
38,446
12,394
  
   Rental expense at 30% (1)
12,685
9,281
4,722
6,019
3,837
  
 
 
   Total Fixed charges
212,092
177,367
117,994
76,612
53,609
  
 
 
   Preference share dividends - XL Capital
40,321
9,620
-
-
-
  
 
 
   Total Prefered dividends
40,321
9,620
-
-
-
  
 
 
 
 
   Total fixed charges and preference
 
   dividends
252,413
186,987
117,994
76,612
53,609
  
 
 
 
 
 
 
   Ratio of Earnings to Fixed Charges
3.1
3.3
(6.1
)
6.5
8.3
  
 
 
 
 
   Ratio of Earnings to Combined Fixed
 
   Charges and Preference Dividends
2.6
3.1
(6.1
)
6.0
8.3
  
 
 
 
 
Deficiency
N/A
N/A
(832,367
)
N/A
N/A
  
 
 

(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.
(3) The ratios in 1999 and 2000 reflect certain reclassifications of interest expense related to the accretion of deposit liabilities that were implemented retroactively effective March 31, 2002.