EX-12.1 6 c39864_ex12-1.txt XL CAPITAL COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS 000S OF U.S. DOLLARS
----------------------------------------------------------------------------------- RE-PRESENTED RE-PRESENTED RE-PRESENTED RE-PRESENTED ----------------------------------------------------------------------------------- NINE MONTHS YR END YR END YR END YR END YR END 30-SEP 31-DEC 31-DEC 31-DEC 31-DEC 31-DEC 2005 2004 2003 2002 2001 2000 --------- --------- --------- --------- --------- --------- EARNINGS: Pre-tax (loss) income from continuing operations (545,041) 994,978 323,169 392,903 (833,916) 376,734 Fixed charges 316,031 341,967 286,935 209,343 130,020 82,609 Distributed income of equity investees 31,653 152,701 124,888 23,335 3,662 4,987 --------- --------- --------- --------- --------- --------- Subtotal (197,357) 1,489,646 734,992 625,581 (700,234) 464,330 Less: Minority interest 6,765 8,387 9,264 13,371 2,113 1,093 Preference share dividend 30,240 40,321 40,321 9,620 -- -- --------- --------- --------- --------- --------- --------- TOTAL (LOSS) EARNINGS (234,362) 1,440,938 685,407 602,590 (702,347) 463,237 ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest costs 123,847 143,647 110,179 113,060 48,013 41,029 Accretion of deposit liabilities 151,953 148,587 123,750 77,382 77,285 35,561 Rental expense at 30% (1) 9,991 9,412 12,685 9,281 4,722 6,019 --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES 285,791 301,646 246,614 199,723 130,020 82,609 Preference share dividends 30,240 40,321 40,321 9,620 -- -- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES AND PREF DIVIDENDS 316,031 341,967 286,935 209,343 130,020 82,609 ========= ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges (0.8) 4.8 2.8 3.0 (5.4) 5.6 --------- --------- --------- --------- --------- --------- Ratio of Earnings to Fixed Charges & Preference Dividends (0.7) 4.2 2.4 2.9 (5.4) 5.6 --------- --------- --------- --------- --------- --------- DEFICIENCY 550,393 N/A N/A N/A 832,367 N/A --------- --------- --------- --------- --------- ---------
Notes (1) 30% represents a reasonable approximation of the interest factor (2) For the nine months ended September 30, 2005 and year ended December 31, 2001, earnings were insufficient to cover fixed charges by $550.4 million and $832.4 million, respectively.