EX-12.1 24 xlex12.txt STATE. REGARDING COMP. OF EARNINGS
XL CAPITAL COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 000s of U.S. Dollars Six Months Six Months Ended Ended Yr End Yr End 30-Jun 30-Jun 31-Dec 31-Dec 2001 2000 2000 1999 --------------- --------------- --------------- --------------- Earnings: Pre-tax income from continuing operations 300,844 313,414 376,734 390,252 Fixed charges 26,269 19,025 38,166 41,215 Distributed income of equity investees 1,509 2,751 4,987 1,266 --------------- --------------- --------------- --------------- Subtotal 328,622 335,190 419,887 432,733 Less: Minority interest 517 727 1,093 220 --------------- --------------- --------------- --------------- Total Earnings 328,105 334,463 418,794 432,513 =============== =============== =============== =============== Fixed Charges: Interest costs 23,312 15,897 32,147 37,378 Rental expense at 30% (1) 2,957 3,128 6,019 3,837 --------------- --------------- --------------- --------------- Total fixed charges 26,269 19,025 38,166 41,215 =============== =============== =============== =============== Earnings to Fixed Charges 12.5 17.6 11.0 10.5 --------------- --------------- --------------- --------------- (1) 30% represents a reasonable approximation of the interest factor Yr End Yr End Yr End 31-Dec 31-Dec 31-Dec 1998 1997 1996 --------------- --------------- --------------- Earnings: Pre-tax income from continuing operations 636,670 776,550 478,510 Fixed charges 36,898 33,250 26,017 Distributed income of equity investees 25,319 30,564 14,755 --------------- --------------- --------------- Subtotal 698,887 840,364 519,282 Less: Minority interest 749 308 - --------------- --------------- --------------- Total Earnings 698,138 840,056 519,282 =============== =============== =============== Fixed Charges: Interest costs 33,444 29,622 22,322 Rental expense at 30% (1) 3,454 3,628 3,695 --------------- --------------- --------------- Total fixed charges 36,898 33,250 26,017 =============== =============== =============== Earnings to Fixed Charges 18.9 25.3 20.0 --------------- --------------- --------------- (1) 30% represents a reasonable approximation of the interest factor