EX-12.1 6 xl8k111402ex12.txt COMPUTATION OF RATIO OF EARNINGS
XL CAPITAL Exhibit 12.1 ------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS 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 2002 2001 2000 1999 1998 1997 ---------------- --------------- --------------- --------------- --------------- ----------- Earnings: Pre-tax income from continuing operations 213,662 (833,916) 376,734 390,252 636,670 776,550 Fixed charges and pref divs. 140,793 126,219 69,427 53,609 36,898 33,250 Distributed income of equity investees 11,843 3,662 4,987 1,266 25,319 30,564 ----------- --------------- --------------- --------------- --------------- --------------- Subtotal 366,298 (704,035) 451,148 445,127 698,887 840,364 Less: Minority interest 6,528 2,113 1,093 220 749 308 Preference share dividends 2,369 - - - - - ----------- --------------- --------------- --------------- --------------- --------------- Total Earnings 357,401 (706,148) 450,055 444,907 698,138 840,056 =========== =============== =============== =============== =============== =============== Fixed Charges: Interest costs 78,472 65,350 32,147 37,378 33,444 29,622 Accretion of deposit liabilities 55,104 56,147 31,261 12,394 - - Rental expense at 30% (1) 4,848 4,722 6,019 3,837 3,454 3,628 ----------- --------------- --------------- --------------- --------------- --------------- Total Fixed charges 138,424 126,219 69,427 53,609 36,898 33,250 ----------- --------------- --------------- --------------- --------------- --------------- Preference share dividends - XL Capital 2,369 - - - - - ----------- --------------- --------------- --------------- --------------- --------------- Total Prefered dividends 2,369 - - - - - ----------- --------------- --------------- --------------- --------------- --------------- Total fixed charges and preference dividends 140,793 126,219 69,427 53,609 36,898 33,250 =========== =============== =============== =============== =============== =============== Ratio of Earnings to Fixed Charges 2.6 (5.6) 6.5 8.3 18.9 25.3 ----------- --------------- --------------- --------------- --------------- --------------- Ratio of Earnings to Combined Fixed Charges and Preference Dividends 2.5 (5.6) 6.5 8.3 18.9 25.3 ----------- --------------- --------------- --------------- --------------- --------------- Deficiency N/A (832,367) N/A N/A N/A N/A ----------- --------------- --------------- --------------- --------------- ---------------
(1) 30% represents a reasonable approximation of the interest factor (2) For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $832.4 million.