EX-12 5 c46113_ex-12.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 12

XL CAPITAL                              
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS                    
(U.S. dollars in thousands)                              
                     
Re-presented
Re-presented
           
 
   
Yr End
Yr End
Yr End
Yr End
Yr End
   
31 -Dec
31 -Dec
31 -Dec
31 -Dec
31 -Dec
   
2006
2005
2004
2003
2002
 
Earnings:                              
         Pre-tax income (loss) from continuing operations
$
1,626,722  
$
(1,416,752 )
$
994,978  
$
324,576  
$
394,370  
         Fixed charges   603,332     457,533     341,967     286,935     209,343  
         Distributed income of equity investees   84,203     41,669     152,701     124,888     23,335  
         Subtotal   2,314,257     (917,550 )   1,489,646     736,399     627,048  
         Less: Minority interest   25,016     8,210     8,387     9,264     13,371  
                  Preference share dividend
  40,322     40,322     40,321     40,321     9,620  
 
         Total Earnings (Loss)
$
2,248,919  
$
(966,082 )
$
1,440,938  
$
686,814  
$
604,057  
 
Fixed Charges:                              
         Interest costs
$
202,222  
$
176,106  
$
143,647  
$
110,179  
$
113,060  
         Accretion of deposit liabilities   350,053     227,743     148,587     123,750     77,382  
         Rental expense at 30% (1)   10,735     13,362     9,412     12,685     9,281  
 
 
 
 
 
         Total Fixed charges
$
563,010  
$
417,211  
$
301,646  
$
246,614  
$
199,723  
 
         Preference share dividends   40,322     40,322     40,321     40,321     9,620  
 
         Total fixed charges and pref dividends
$
603,332  
$
457,533  
$
341,967  
$
286,935  
$
209,343  
 
Ratio of Earnings to Fixed Charges   4.0     (2.3 )   4.8     2.8     3.0  
 
Ratio of Earnings to Fixed Charges & Preference                              
Dividends   3.7     (2.1 )   4.2     2.4     2.9  
 
Deficiency - fixed charges only   N/A  
$
1,383,293     N/A     N/A     N/A  
 
Deficiency - fixed charges and preference dividends (2)   N/A  
$
1,423,615     N/A     N/A     N/A  
 
Notes                              

 

 

(1)

30% represents a reasonable approximation of the interest factor.

(2)

For the year ended December 31, 2005, earnings were insufficient to cover fixed charges by $1,423.6 million.