EX-12.1 4 c59753a3ex12-1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS)
(Dollar amounts in millions) Year Ended December 31, Three Months Ended March 31, ------------------------------------------------------------------------- ------------------ 1996 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- ---- Income from continuing operations before income taxes and minority interest $91.2 $113.4 $138.1 $93.1 175.3 35.7 Fixed charges: Interest expensed and capitalized 6.2 7.8 8.8 11.0 17.6 4.9 One-third of rentals 0.9 1.0 0.9 1.4 2.0 .5 -------------- ------------- -------------- ------------- ------------ -------- Total fixed charges 7.1 8.8 9.7 12.4 19.6 5.4 Interest credited under reinsurance contracts 54.7 92.3 153.2 153.1 104.8 27.4 -------------- ------------- -------------- ------------- ------------ -------- Total fixed charges including interest credited under reinsurance contracts 61.8 101.1 162.9 165.5 124.4 32.8 Less interest capitalized, net of amortization -- -- -- -- -- -- Income from continuing operations before income taxes and minority interest plus $98.3 $122.2 $147.8 105.5 194.9 41.1 fixed charges ============== ============= ============== ============= ============ ======== Income from continuing operations before income taxes and minority interest plus fixed charges including interest credited under reinsurance contracts 153.0 214.5 301.0 258.6 299.7 68.5 ============== ============= ============== ============= ============ ======== Ratio of earnings to fixed charges 13.8 13.9 15.2 8.5(1) 9.9 7.6 ============== ============= ============== ============= ============ ======== Ratio of earnings to fixed charges including interest credited under reinsurance contracts 2.5 2.1 1.8 1.6(1) 2.4 2.1 ============== ============= ============== ============= ============ ========
(1) Coverage ratio in 1999 is lower than other annual periods presented due to the inclusion of $75.3 of net realized investment losses primarily associated with the recapture of one block of business by General American Life Insurance Company.