EX-12.1 8 axs2015ex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings: income before income taxes
$
644,659

 
$
830,472

 
$
734,467

 
$
550,528

 
$
61,538

 
 
Add: fixed charges
58,702

 
80,809

 
67,944

 
67,898

 
66,185

 
 
Add: amounts attributable from noncontrolling interests
—

 
6,181

 
—

 
—

 
—

 
 
Earnings for computation
$
703,361

 
$
917,462

 
$
802,411

 
$
618,426

 
$
127,723

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumed interest component of rent expense(1)
$
8,793

 
$
8,327

 
$
8,866

 
$
8,849

 
$
7,163

 
 
Interest expense
49,909

 
72,482

 
59,078

 
59,049

 
59,022

 
 
Total fixed charges
$
58,702

 
$
80,809

 
$
67,944

 
$
67,898

 
$
66,185

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
12.0

 
11.4

 
11.8

 
9.1

 
1.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred share dividends(2)
$
40,069

 
$
40,088

 
$
40,474

 
$
38,228

 
$
36,875

 
 
Total fixed charges and preferred share dividends
$
98,771

 
$
120,897

 
$
108,414

 
$
106,126

 
$
103,060

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred
 
 
 
 
 
 
 
 
 
 
 
share dividends
7.1

 
7.6

 
7.4

 
5.8

 
1.2

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
33.3% represents a reasonable approximation of the interest factor.
(2)
Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity.