EX-12 3 c64328_ex12.htm

 

Exhibit 12

 

XL GROUP PLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yr End
31-Dec
2010

 

Yr End
31-Dec
2009

 

Yr End
31-Dec
2008

 

Yr End
31-Dec
2007

 

Yr End
31-Dec
2006

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax (loss) income from continuing operations

 

 

633,644

 

 

55,847

 

 

(595,293

)

 

1,267,580

 

 

1,626,722

 

Fixed charges

 

 

297,393

 

 

308,325

 

 

443,401

 

 

702,826

 

 

603,332

 

Distributed income of equity investees - see below

 

 

172,454

 

 

243,176

 

 

335,411

 

 

93,465

 

 

84,203

 

 

 

 

 

 

 

 

Subtotal

 

 

1,103,491

 

 

607,348

 

 

183,519

 

 

2,063,871

 

 

2,314,257

 

Less: Minority interest

 

 

4

 

 

(104

)

 

—

 

 

23,928

 

 

25,016

 

Preference share dividend

 

 

74,521

 

 

80,200

 

 

78,645

 

 

69,514

 

 

40,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (Loss)

 

 

1,028,966

 

 

527,252

 

 

104,874

 

 

1,970,429

 

 

2,248,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs

 

 

159,229

 

 

180,353

 

 

205,212

 

 

200,831

 

 

202,222

 

Accretion of deposit liabilities

 

 

54,414

 

 

36,151

 

 

146,588

 

 

421,074

 

 

350,053

 

Rental expense at 30% (1)

 

 

9,229

 

 

11,621

 

 

12,956

 

 

11,407

 

 

10,735

 

 

 

 

 

 

 

 

Total fixed charges

 

 

222,872

 

 

228,125

 

 

364,756

 

 

633,312

 

 

563,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference share dividends

 

 

74,521

 

 

80,200

 

 

78,645

 

 

69,514

 

 

40,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and pref dividends

 

 

297,393

 

 

308,325

 

 

443,401

 

 

702,826

 

 

603,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

4.6

 

 

2.3

 

 

0.3

 

 

3.1

 

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges & preference dividends

 

 

3.5

 

 

1.7

 

 

0.2

 

 

2.8

 

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency - fixed charges only

 

 

N/A

 

 

N/A

 

 

259,882

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency - fixed charges and preference dividends (2)

 

 

N/A

 

 

N/A

 

 

338,527

 

 

N/A

 

 

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 and preference dividends by $338.5 million.