EX-12 3 xlgroup-6302013xex_12.htm EXHIBIT xlgroup-6.30.2013-EX_12


Exhibit 12
XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
Six Months Ended June 30,
(U.S. dollars in thousands, except ratios)
2013
 
2012
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
592,173

 
$
429,940

Fixed charges
121,302

 
141,923

Distributed income of equity investees
86,606

 
54,609

Subtotal
$
800,081

 
$
626,472

Less: Non-controlling interests
82

 
(12
)
Preference share dividends
38,840

 
40,024

Total earnings (loss)
$
761,159

 
$
586,460

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
52,257

 
$
53,454

Accretion of deposit liabilities
24,647

 
43,203

Rental expense at 30% (1)
5,558

 
5,242

Total fixed charges
$
82,462

 
$
101,899

Preference share dividends
38,840

 
40,024

Total fixed charges and preference dividends
$
121,302

 
$
141,923

 
 
 
 
Ratio of earnings to fixed charges
9.2

 
5.8

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
6.3

 
4.1

 
 
 
 
Deficiency - fixed charges only
N/A

 
N/A

 
 
 
 
Deficiency - fixed charges and preference dividends
N/A

 
N/A

_______________
(1)
30% represents a reasonable approximation of the interest factor.