EX-12 22 c60508_ex12.htm

Exhibit 12

 

XL CAPITAL

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS

000s of U.S. Dollars

 

Re-presented

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yr End
31-Dec
2009

 

Yr End
31-Dec
2008

 

Yr End
31-Dec
2007

 

Yr End
31-Dec
2006

 

Yr End
31-Dec
2005

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

 

55,847

 

 

(595,293

)

 

1,267,580

 

 

1,626,722

 

 

(1,416,752

)

Fixed charges

 

 

308,325

 

 

443,401

 

 

702,826

 

 

603,332

 

 

457,533

 

Distributed income of equity investees

 

 

243,176

 

 

335,411

 

 

93,465

 

 

84,203

 

 

41,669

 

 

 

 

 

 

 

 

Subtotal

 

 

607,348

 

 

183,519

 

 

2,063,871

 

 

2,314,257

 

 

(917,550

)

Less: Minority interest

 

 

(104

)

 

—

 

 

23,928

 

 

25,016

 

 

8,210

 

Preference share dividend

 

 

80,200

 

 

78,645

 

 

69,514

 

 

40,322

 

 

40,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (Loss)

 

 

527,252

 

 

104,874

 

 

1,970,429

 

 

2,248,919

 

 

(966,082

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs

 

 

180,353

 

 

205,212

 

 

200,831

 

 

202,222

 

 

176,106

 

Accretion of deposit liabilities

 

 

36,151

 

 

146,588

 

 

421,074

 

 

350,053

 

 

227,743

 

Rental expense at 30% (1)

 

 

11,621

 

 

12,956

 

 

11,407

 

 

10,735

 

 

13,362

 

 

 

 

 

 

 

 

Total Fixed charges

 

 

228,125

 

 

364,756

 

 

633,312

 

 

563,010

 

 

417,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference share dividends

 

 

80,200

 

 

78,645

 

 

69,514

 

 

40,322

 

 

40,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and pref dividends

 

 

308,325

 

 

443,401

 

 

702,826

 

 

603,332

 

 

457,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.3

 

 

0.3

 

 

3.1

 

 

4.0

 

 

(2.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges & Preference Dividends

 

 

1.7

 

 

0.2

 

 

2.8

 

 

3.7

 

 

(2.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency - fixed charges only

 

 

N/A

 

 

259,882

 

 

N/A

 

 

N/A

 

 

1,383,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency - fixed charges and preference dividends (2)

 

 

N/A

 

 

338,527

 

 

N/A

 

 

N/A

 

 

1,423,615

 

 

 

 

 

 

 

 

 

 

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 $551.6 million.

 

(3)

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