EX-12 3 c56783_ex12.htm 3B2 EDGAR HTML -- c56783_ex12.htm

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

Exhibit 12

 

 

 

 

 

 

 

 

 

 

 

(U.S. dollars in thousands, except ratios)

  

Yr End
31-Dec
2008 (2)

  

Yr End
31-Dec
2007

  

Yr End
31-Dec
2006

  

Yr End
31-Dec
2005 (3)

  

Yr End
31-Dec
2004

Earnings:

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

  

$ 

  

(595,293

)

 

  

$ 

  

1,267,580

    

$ 

  

1,626,722

    

$ 

  

(1,416,752

)

 

  

$ 

  

994,978

  

Fixed charges

  

 

  

443,401

    

 

  

702,826

    

 

  

603,332

    

 

  

457,533

    

 

  

341,967

  

Distributed income of equity investees

  

 

  

335,411

    

 

  

93,465

    

 

  

84,203

    

 

  

41,669

    

 

  

152,701

  

 

 

 

 

 

 

 

 

 

 

 

Subtotal

  

$ 

  

183,519

    

$ 

  

2,063,871

    

$ 

  

2,314,257

    

$ 

  

(917,550

)

 

  

$ 

  

1,489,646

  

Less: Minority interest

  

 

  

—

    

 

  

23,928

    

 

  

25,016

    

 

  

8,210

    

 

  

8,387

  

Preference share dividend

  

 

  

78,645

    

 

  

69,514

    

 

  

40,322

    

 

  

40,322

    

 

  

40,321

  

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (Loss)

  

$ 

  

104,874

    

$ 

  

1,970,429

    

$ 

  

2,248,919

    

$ 

  

(966,082

)

 

  

$ 

  

1,440,938

  

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

Interest costs

  

$ 

  

205,212

    

$ 

  

200,831

    

$ 

  

202,222

    

$ 

  

176,106

    

$ 

  

143,647

  

Accretion of deposit liabilities

  

 

  

146,588

    

 

  

421,074

    

 

  

350,053

    

 

  

227,743

    

 

  

148,587

  

Rental expense at 30% (1)

  

 

  

12,956

    

 

  

11,407

    

 

  

10,735

    

 

  

13,362

    

 

  

9,412

  

 

 

 

 

 

 

 

 

 

 

 

Total Fixed charges

  

$ 

  

364,756

    

$ 

  

633,312

    

$ 

  

563,010

    

$ 

  

417,211

    

$ 

  

301,646

  

Preference share dividends

  

 

  

78,645

    

 

  

69,514

    

 

  

40,322

    

 

  

40,322

    

 

  

40,321

  

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and pref dividends

  

$ 

  

443,401

    

$ 

  

702,826

    

$ 

  

603,332

    

$ 

  

457,533

    

$ 

  

341,967

  

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

  

 

  

0.3

    

 

  

3.1

    

 

  

4.0

    

 

  

(2.3

)

 

  

 

  

4.8

  

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges & Preference Dividends

  

 

  

0.2

    

 

  

2.8

    

 

  

3.7

    

 

  

(2.1

)

 

  

 

  

4.2

  

 

 

 

 

 

 

 

 

 

 

 

Deficiency – fixed charges only

  

$ 

  

259,882

    

$ 

  

N/A

    

$ 

  

N/A

    

$ 

  

1,383,293

    

$ 

  

N/A

  

 

 

 

 

 

 

 

 

 

 

 

Deficiency – fixed charges and preference dividends (2)

  

$ 

  

338,527

    

$ 

  

N/A

    

$ 

  

N/A

    

$ 

  

1,423,615

    

$ 

  

N/A

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:

  

 

 

 

 

(1)

  

 

  

30% represents a reasonable approximation of the interest factor

 

(2)

  

 

  

For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $338.5 million.

 

(3)

  

 

  

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

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