EX-12 3 c52321_ex12.htm earningstofixedratiodec2007.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
000s of U.S. Dollars

Re-presented

   
Yr End 
 
Yr End 
 
Yr End 
 
Yr End 
  Yr End 
    31-Dec   
31-Dec 
 
31-Dec 
 
31-Dec 
  31-Dec 
    2007   
2006 
 
2005 
 
2004 
  2003 
 
Earnings:                     
     Pre-tax income (loss) from continuing operations    1,267,580    1,626,722    (1,416,752)    994,978    324,576 
     Fixed charges    702,826    603,332    457,533    341,967    286,935 
     Distributed income of equity investees    93,465    84,203    41,669    152,701    124,888 
     Subtotal    2,063,871    2,314,257    (917,550)    1,489,646    736,399 
     Less: Minority interest    23,928    25,016    8,210    8,387    9,264 
Preference share dividend    69,514    40,322    40,322    40,321    40,321 
 
     Total Earnings (Loss)    1,970,429    2,248,919    (966,082)    1,440,938    686,814 
 
Fixed Charges:                     
     Interest costs    200,831    202,222    176,106    143,647    110,179 
     Accretion of deposit liabilities    421,074    350,053    227,743    148,587    123,750 
     Rental expense at 30% (1)    11,407    10,735    13,362    9,412    12,685 
     Total Fixed charges    633,312    563,010    417,211    301,646    246,614 
 
     Preference share dividends    69,514    40,322    40,322    40,321    40,321 
 
     Total fixed charges and pref dividends    702,826    603,332    457,533    341,967    286,935 
 
Ratio of Earnings to Fixed Charges    3.1    4.0    (2.3)    4.8    2.8 
 
Ratio of Earnings to Fixed Charges & Preference                     
Dividends    2.8    3.7    (2.1)    4.2    2.4 
 
Deficiency - fixed charges only    N/A    N/A    1,383,293    N/A    N/A 
 
Deficiency - fixed charges and preference dividends (2)    N/A    N/A    1,423,615    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.