EX-12 3 c72814_ex12.htm 3B2 EDGAR HTML -- c72814_ex12.htm

Exhibit 12

XL GROUP PLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 

 

 

 

 

 

 

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

  

2012

  

2011

 

 

Earnings:

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

 

$

 

650,102

  

 

 

$

 

(447,215

)

 

 

 

Fixed charges

 

 

  

261,721

  

 

 

  

287,793

  

 

 

Distributed income of equity investees

 

 

  

81,518

  

 

 

  

150,554

  

 

 

 

 

 

 

 

 

 

Subtotal

 

 

  

993,341

  

 

 

  

(8,868

)

 

 

 

Less: Non-controlling interests

 

 

  

167

  

 

 

  

(1,401

)

 

 

 

Preference share dividends

 

 

  

79,087

  

 

 

  

72,278

  

 

 

 

 

 

 

 

 

 

Total earnings (loss)

 

 

$

 

914,087

  

 

 

$

 

(79,745

)

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

Interest costs

 

 

$

 

105,926

  

 

 

$

 

154,292

  

 

 

Accretion of deposit liabilities

 

 

  

66,279

  

 

 

  

51,300

  

 

 

Rental expense at 30%(1)

 

 

  

10,429

  

 

 

  

9,923

  

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

  

182,634

  

 

 

  

215,515

  

 

 

Preference share dividends

 

 

  

79,087

  

 

 

  

72,278

  

 

 

 

 

 

 

 

 

 

Total fixed charges and preference dividends

 

 

$

 

261,721

  

 

 

$

 

287,793

  

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

  

5.0

  

 

 

  

(0.4

)

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference dividends

 

 

  

3.5

  

 

 

  

(0.3

)

 

 

 

 

 

 

 

 

 

 

Deficiency—fixed charges only

 

 

$

 

N/A

  

 

 

$

 

295,260

  

 

 

 

 

 

 

 

 

 

Deficiency—fixed charges and preference dividends

 

 

$

 

N/A

  

 

 

$

 

367,538

  

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

   30% represents a reasonable approximation of the interest factor.

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