EX-12.1 4 a12-22115_1ex12d1.htm EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

		Six Months
		Ended			Year Ended December 31,
		June 30, 2012			2011			2010			2009			2008			2007
					(Dollars in thousands)
Consolidated income before income taxes and minority interests		$	44,795		$	132,914		$	65,266		$	86,164		$	77,053		$	38,144
Interest sensitive and index product benefits and amortization of deferred sales inducements		324,506			847,538			793,091			387,882			235,836			571,917
Interest expense on notes payable		14,067			31,633			22,125			14,853			19,773			20,916
Interest expense on subordinated debentures		7,149			13,977			14,906			15,819			19,445			22,520
Interest expense on amounts due under repurchase agreements and other interest expense		—			30			—			534			8,207			15,926
Interest portion of rental expense		340			665			648			570			459			468
Consolidated earnings		$	390,857		$	1,026,757		$	896,036		$	505,822		$	360,773		$	669,891
Interest sensitive and index product benefits and amortization of deferred sales inducements		324,506			$	847,538		$	793,091		$	387,882		$	235,836		$	571,917
Interest expense on notes payable		14,067			31,633			22,125			14,853			19,773			20,916
Interest expense on subordinated debentures		7,149			13,977			14,906			15,819			19,445			22,520
Interest expense on amounts due under repurchase agreements and other interest expense		—			30			—			534			8,207			15,926
Interest portion of rental expense		340			665			648			570			459			468
Combined fixed charges		$	346,062		$	893,843		$	830,770		$	419,658		$	283,720		$	631,747
Ratio of consolidated earnings to fixed charges		1.1			1.1			1.1			1.2			1.3			1.1
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements		3.1			3.9			2.7			3.7			2.6			1.6