EX-12 9 a2167600zex-12.htm EX-12
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Exhibit 12


THE ALLSTATE CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

 
   
  For the Year ended December 31,
 
(in millions)

  2005
  2004
  2003
  2002
  2001
 
1.   Income from operations before income tax, dividends on preferred securities, and cumulative effect of change in accounting principle, after-tax   $ 2,088   $ 4,586   $ 3,571   $ 1,540   $ 1,285  
       
 
 
 
 
 
    Fixed Charges:                                
2.   Interest on indebtedness   $ 330   $ 308   $ 275   $ 278   $ 248  
3.   Interest factor of annual rental expense     37     41     43     43     57  
       
 
 
 
 
 
4.   Total fixed charges (2+3)   $ 367   $ 349   $ 318   $ 321   $ 305  
       
 
 
 
 
 
5.   Dividends on preferred securities of subsidiary trusts             8     15     69  
6.   Total fixed charges and dividends on redeemable preferred securities (4+5)   $ 367   $ 349   $ 326   $ 336   $ 374  
       
 
 
 
 
 
7.   Income from continuing operations before income taxes and fixed charges (1+4)   $ 2,455   $ 4,935   $ 3,889   $ 1,861   $ 1,590  
       
 
 
 
 
 
8.   Ratio of earnings to fixed charges, excluding interest credited to contractholder funds (A) (B) (7/6)     6.7 X   14.1 X   11.9 X   5.5 X   4.3 X
       
 
 
 
 
 
9.   Interest credited to contractholder funds   $ 2,403   $ 2,001   $ 1,846   $ 1,764   $ 1,733  
10.   Total fixed charges including dividends on redeemable preferred securities and interest credited to contractholder funds (6+9)   $ 2,770   $ 2,350   $ 2,172   $ 2,100   $ 2,107  
       
 
 
 
 
 
11.   Income from continuing operations before income taxes and fixed charges including interest credited to contractholder funds (1+4+9)   $ 4,858   $ 6,936   $ 5,735   $ 3,625   $ 3,323  
       
 
 
 
 
 
12.   Ratio of earnings to fixed charges (11/10)     1.8 X   3.0 X   2.6 X   1.7 X   1.6 X
       
 
 
 
 
 
(A)
The Company has authority to issue up to 25,000,000 shares of preferred stock, par value $1.00 per share; however, there are currently no shares outstanding and the Company does not have a preferred stock dividend obligation. Therefore, the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends is equal to the Ratio of Earnings to Fixed Charges and is not disclosed separately.

(B)
In this presentation, interest credited to contractholder funds is excluded to promote transparency and allows users of this exhibit to quantify the impact of interest credited to contractholder funds on the ratio of earnings to fixed charges.



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THE ALLSTATE CORPORATION COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO