EX-12.1 16 c31485_ex12-1.txt
XL CAPITAL EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE ORDINARY SHARE DIVIDENDS 000s OF U.S. DOLLARS QTR END YR END YR END YR END YR END YR END 31-MAR 31-DEC 31-DEC 31-DEC 31-DEC 31-DEC 2004 2003 2002 2001 2000 1999 ------- ------- ------- -------- ------- ------- EARNINGS: Pre-tax income from continuing operations 433,465 323,169 392,903 (833,916) 376,734 390,252 Fixed charges and pref divs. 53,733 252,413 186,987 117,994 69,427 53,609 Distributed income of equity investees 9,456 124,888 23,335 3,662 4,987 1,266 ------- ------- ------- -------- ------- ------- Subtotal 496,654 700,470 603,225 (712,260) 451,148 445,127 Less: Minority interest 4,660 9,264 13,371 2,113 1,093 220 Preference share dividends 10,080 40,321 9,620 -- -- -- ------- ------- ------- -------- ------- ------- TOTAL EARNINGS 481,914 650,885 580,234 (714,373) 450,055 444,907 ======= ======= ======= ======== ======= ======= FIXED CHARGES: Interest costs 21,439 94,337 102,200 65,350 32,147 37,378 Accretion of deposit liabilities 18,665 105,070 65,886 47,922 31,261 12,394 Rental expense at 30% (1) 3,549 12,685 9,281 4,722 6,019 3,837 ------- ------- ------- -------- ------- ------- TOTAL FIXED CHARGES 43,653 212,092 177,367 117,994 69,427 53,609 ------- ------- ------- -------- ------- ------- Preference share dividends - XL Capital 10,080 40,321 9,620 -- -- -- ------- ------- ------- -------- ------- ------- TOTAL PREFERED DIVIDENDS 10,080 40,321 9,620 -- -- -- ------- ------- ------- -------- ------- ------- TOTAL FIXED CHARGES AND PREFERENCE DIVIDENDS 53,733 252,413 186,987 117,994 69,427 53,609 ======= ======= ======= ======== ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 11.0 3.1 3.3 (6.1) 6.5 8.3 ------- ------- ------- -------- ------- ------- RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS 9.0 2.6 3.1 (6.1) 6.5 8.3 ------- ------- ------- -------- ------- ------- DEFICIENCY N/A 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.