EX-12 4 ex12.txt RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1(a) AXA FINANCIAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN MILLIONS, EXCEPT EARNINGS RATIOS)
THREE MONTHS YEARS ENDED DECEMBER 31, ENDED MARCH 31, ---------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------------- ---- ---- ---- ---- ---- Pre-tax earnings from continuing operations.......................... $ 656.6 $2,075.9 $1,604.0 $1,103.0 $ 515.8 $ 645.2 Excess of equity in earnings of Investees over distributed income... (67.3) 8.7 14.1 2.0 15.7 44.4 Equity in losses of 50% or less owned investees........................... 17.4 54.8 41.2 24.8 17.6 20.9 Minority interest in losses of consolidated real estate joint ventures............................ 0.0 0.0 0.0 0.0 (1.0) (4.2) -------- -------- -------- -------- -------- -------- Pre-tax earnings before fixed charges............................. 606.7 2,139.4 1,659.3 1,129.8 548.1 706.3 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest expense...................... 1,621.9 5,024.3 4,702.2 4,235.4 3,092.0 2,905.7 Subsidiary's preferred dividends...... 5.3 21.2 21.3 12.1 18.7 19.9 Rent expense amounts representative of the interest factor................. 71.2 88.2 71.9 63.3 61.8 55.7 -------- -------- -------- -------- -------- -------- Total fixed charges................... 1,698.4 5,133.7 4,795.4 4,310.8 3,172.5 2,981.3 -------- -------- -------- -------- -------- -------- Total Earnings and Fixed Charges...... $2,305.1 $7,273.1 $6,454.7 $5,440.6 $3,720.6 $3,687.6 ======== ======== ======== ======= ======== ======== Ratio of Earnings to Fixed Charges.... 1.357 1.417 1.346 1.262 1.173 1.237 ======== ======== ======== ======== ======== ========