EX-12 8 xllyonsex12.txt COMP. OF RATIO OF EARNINGS TO FIXED CHARGES XL CAPITAL Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 000s of U.S. Dollars Nine Months Ended Yr End Yr End Yr End Yr End Yr End 30-Sep 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 2001 2000 1999 1998 1997 1996 ----------- ------------- ------------- -------------- -------------- ------------ Earnings: Pre-tax income from continuing operations (614,743) 376,734 390,252 636,670 776,550 478,510 Fixed charges 46,132 38,166 41,215 36,898 33,250 26,017 Distributed income of equity investees 3,508 4,987 1,266 25,319 30,564 14,755 ---------- ------------- ------------- -------------- -------------- ------------ Subtotal (565,103) 419,887 432,733 698,887 840,364 519,282 Less: Minority interest 127 1,093 220 749 308 - ---------- ------------- ------------- -------------- -------------- ------------ Total Earnings (565,230) 418,794 432,513 698,138 840,056 519,282 ========== ============= ============= ============== ============== ============ Fixed Charges: Interest costs 42,238 32,147 37,378 33,444 29,622 22,322 Rental expense at 30% (1) 3,894 6,019 3,837 3,454 3,628 3,695 ---------- ------------- ------------- -------------- -------------- ------------ Total fixed charges 46,132 38,166 41,215 36,898 33,250 26,017 ========== ============= ============= ============== ============== ============ Earnings to Fixed Charges (12.3) 11.0 10.5 18.9 25.3 20.0 ---------- ------------- ------------- -------------- -------------- ------------
(1) 30% represents a reasonable approximation of the interest factor