EX-12.1 3 d493525dex121.htm EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(dollars in millions)

|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |
Income from continuing operations before income taxes |  | $ | 919.2 |  |  | $ | 763.6 |  |  | $ | 806.2 |  |  | $ | 540.6 |  |  | $ | 239.0 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income of investees accounted for under the equity method |  |  | 3.3 |  |  |  | 3.1 |  |  |  | -- |  |  |  | -- |  |  |  | -- |
Adjusted earnings before fixed charges |  |  | 915.9 |  |  |  | 760.5 |  |  |  | 806.2 |  |  |  | 540.6 |  |  |  | 239.0 |
Add fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 117.5 |  |  |  | 115.0 |  |  |  | 98.9 |  |  |  | 78.2 |  |  |  | 104.9 |
Interest credited on reinsurance contracts |  |  | 379.9 |  |  |  | 316.4 |  |  |  | 310.0 |  |  |  | 323.7 |  |  |  | 233.2 |
One-third of rentals |  |  | 6.5 |  |  |  | 6.3 |  |  |  | 5.7 |  |  |  | 4.7 |  |  |  | 4.1 |
Total fixed charges |  |  | 503.9 |  |  |  | 437.7 |  |  |  | 414.6 |  |  |  | 406.6 |  |  |  | 342.2 |
Total earnings plus fixed charges |  | $ | 1,419.8 |  |  | $ | 1,198.2 |  |  | $ | 1,220.8 |  |  | $ | 947.2 |  |  | $ | 581.2 |
Ratio of earnings to fixed charges |  |  | 2.8 |  |  |  | 2.7 |  |  |  | 2.9 |  |  |  | 2.3 |  |  |  | 1.7 |
Total fixed charges |  | $ | 503.9 |  |  | $ | 437.7 |  |  | $ | 414.6 |  |  | $ | 406.6 |  |  | $ | 342.2 |
Less interest credited on reinsurance contracts |  |  | (379.9) |  |  |  | (316.4) |  |  |  | (310.0) |  |  |  | (323.7) |  |  |  | (233.2) |
Total fixed charges excluding interest credited(1) |  | $ | 124.0 |  |  | $ | 121.3 |  |  | $ | 104.6 |  |  | $ | 82.9 |  |  | $ | 109.0 |
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) |  | $ | 1,039.9 |  |  | $ | 881.8 |  |  | $ | 910.8 |  |  | $ | 623.5 |  |  | $ | 348.0 |
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) |  |  | 8.4 |  |  |  | 7.3 |  |  |  | 8.7 |  |  |  | 7.5 |  |  |  | 3.2 |

(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.