EX-12.1 3 a201410-kex121.htm EXHIBIT 12.1 2014 10-K Ex 12.1


Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)

 
 
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
1,008.5

 
$
635.3

 
$
919.2

 
$
763.6

 
$
806.2

Less:
 
 
 
 
 
 
 
 
 
Undistributed income of investees accounted for under the
 
 
 
 
 
 
 
 
 
 
equity method
3.0

 
4.3

 
3.3

 
3.1

 
—

Adjusted earnings before fixed charges
1,005.5

 
631.0

 
915.9

 
760.5

 
806.2

Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
108.1

 
134.8

 
117.5

 
115.0

 
98.9

Interest credited on reinsurance contracts
451.0

 
476.5

 
379.9

 
316.4

 
310.0

One-third of rentals
6.4

 
6.2

 
6.5

 
6.3

 
5.7

 
Total fixed charges
565.5

 
617.5

 
503.9

 
437.7

 
414.6

 
Total earnings plus fixed charges
$
1,571.0

 
$
1,248.5

 
$
1,419.8

 
$
1,198.2

 
$
1,220.8

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.8

 
2.0

 
2.8

 
2.7

 
2.9

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
565.5

 
$
617.5

 
$
503.9

 
$
437.7

 
$
414.6

Less interest credited on reinsurance contracts
451.0

 
476.5

 
379.9

 
316.4

 
310.0

 
Total fixed charges excluding interest credited(1)
$
114.5

 
$
141.0

 
$
124.0

 
$
121.3

 
$
104.6

Total earnings plus fixed charges excluding interest credited
 
 
 
 
 
 
 
 
 
 
under reinsurance contracts(1)
$
1,120.0

 
$
772.0

 
$
1,039.9

 
$
881.8

 
$
910.8

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges excluding interest credited
 
 
 
 
 
 
 
 
 
 
under reinsurance contracts(1)
9.8

 
5.5

 
8.4

 
7.3

 
8.7

 
 
 
 
 
 
 
 
 
 
 
 
(1) 
This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to its products.