EX-12.1 3 c62390exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
                                         
    Years Ended December 31,  
    2010     2009     2008     2007     2006  
Income from continuing operations before income taxes
  $ 863.8     $ 592.3     $ 280.4     $ 474.9     $ 451.4  
Minority interest in earnings (losses) of consolidated subsidiaries included in income from continuing operations before income taxes
  $     $     $     $     $  
Fixed charges:
                                       
Interest expensed and capitalized
    98.9       78.2       104.9       128.9       88.5  
Interest credited on reinsurance contracts
    310.0       323.7       233.2       246.1       244.8  
One-third of rentals
    5.7       4.7       4.1       3.6       2.4  
 
                             
Total fixed charges
  $ 414.6     $ 406.6     $ 342.2     $ 378.6     $ 335.7  
Less interest capitalized, net of amortization
                             
 
                             
Income from continuing operations before income taxes and minority interest plus fixed charges
  $ 1,278.4     $ 998.9     $ 622.6     $ 853.5     $ 787.1  
 
                             
 
                                       
Ratio of earnings to fixed charges
    3.1       2.5       1.8       2.3       2.3  
 
                             
 
                                       
Total fixed charges
  $ 414.6     $ 406.6     $ 342.2     $ 378.6     $ 335.7  
Less interest credited on reinsurance contracts
    (310.0 )     (323.7 )     (233.2 )     (246.1 )     (244.8 )
 
                             
Total fixed charges excluding interest credited(1)
  $ 104.6     $ 82.9     $ 109.0     $ 132.5     $ 90.9  
 
                                       
Income from continuing operations before income taxes and minority interest plus fixed charges excluding interest credited under reinsurance contracts(1)
  $ 968.4     $ 675.2     $ 389.4     $ 607.4     $ 542.3  
 
                             
 
                                       
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1)
    9.3       8.1       3.6       4.6       6.0  
 
                             
 
(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.