EX-12.1 2 a201310-kex121.htm EXHIBIT
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)

|  |  | Years Ended December 31,
| 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Income before income taxes | $ | 635.3 |  |  | $ | 919.2 |  |  | $ | 763.6 |  |  | $ | 806.2 |  |  | $ | 540.6 |
Less: |  |  |  |  |  |  |  |  |
Undistributed income of investees accounted for under the |  |  |  |  |  |  |  |  |
| equity method | 4.3 |  |  | 3.3 |  |  | 3.1 |  |  | — |  |  | — |
Adjusted earnings before fixed charges | 631.0 |  |  | 915.9 |  |  | 760.5 |  |  | 806.2 |  |  | 540.6 |
Add fixed charges: |  |  |  |  |  |  |  |  |
Interest expense | 134.8 |  |  | 117.5 |  |  | 115.0 |  |  | 98.9 |  |  | 78.2 |
Interest credited on reinsurance contracts | 476.5 |  |  | 379.9 |  |  | 316.4 |  |  | 310.0 |  |  | 323.7 |
One-third of rentals | 6.2 |  |  | 6.5 |  |  | 6.3 |  |  | 5.7 |  |  | 4.7 |
| Total fixed charges | 617.5 |  |  | 503.9 |  |  | 437.7 |  |  | 414.6 |  |  | 406.6 |
| Total earnings plus fixed charges | $ | 1,248.5 |  |  | $ | 1,419.8 |  |  | $ | 1,198.2 |  |  | $ | 1,220.8 |  |  | $ | 947.2 |
Ratio of earnings to fixed charges | 2.0 |  |  | 2.8 |  |  | 2.7 |  |  | 2.9 |  |  | 2.3 |
Total fixed charges | $ | 617.5 |  |  | $ | 503.9 |  |  | $ | 437.7 |  |  | $ | 414.6 |  |  | $ | 406.6 |
Less interest credited on reinsurance contracts | 476.5 |  |  | 379.9 |  |  | 316.4 |  |  | 310.0 |  |  | 323.7 |
| Total fixed charges excluding interest credited(1) | $ | 141.0 |  |  | $ | 124.0 |  |  | $ | 121.3 |  |  | $ | 104.6 |  |  | $ | 82.9 |
Total earnings plus fixed charges excluding interest credited |  |  |  |  |  |  |  |  |
| under reinsurance contracts(1) | $ | 772.0 |  |  | $ | 1,039.9 |  |  | $ | 881.8 |  |  | $ | 910.8 |  |  | $ | 623.5 |
Ratio of earnings to fixed charges excluding interest credited |  |  |  |  |  |  |  |  |
| under reinsurance contracts(1) | 5.5 |  |  | 8.4 |  |  | 7.3 |  |  | 8.7 |  |  | 7.5 |

(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.