EX-12.1 4 a2226072zex-12_1.htm EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

		Six Months Ended			Year Ended December 31,
		June 30, 2015			2014			2013			2012			2011			2010
					(Dollars in thousands)
Consolidated income before income taxes		$	135,638		$	196,064		$	389,332		$	85,989		$	132,914		$	65,266
Interest sensitive and index product benefits and amortization of deferred sales inducements		675,437			1,605,119			1,525,980			895,636			846,878			794,803
Interest expense on notes payable		14,693			36,370			38,870			28,479			31,633			22,125
Interest expense on subordinated debentures		6,063			12,122			12,088			13,458			13,977			14,906
Interest expense on amounts due under repurchase agreements and other interest expense		2			18			139			—			30			—
Interest portion of rental expense		410			847			797			697			665			648
Consolidated earnings		$	832,243		$	1,850,540		$	1,967,206		$	1,024,259		$	1,026,097		$	897,748
Interest sensitive and index product benefits and amortization of deferred sales inducements		$	675,437		$	1,605,119		$	1,525,980		$	895,636		$	846,878		$	794,803
Interest expense on notes payable		14,693			36,370			38,870			28,479			31,633			22,125
Interest expense on subordinated debentures		6,063			12,122			12,088			13,458			13,977			14,906
Interest expense on amounts due under repurchase agreements and other interest expense		2			18			139			—			30			—
Interest portion of rental expense		410			847			797			697			665			648
Combined fixed charges		$	696,605		$	1,654,476		$	1,577,874		$	938,270		$	893,183		$	832,482
Ratio of consolidated earnings to fixed charges		1.2			1.1			1.2			1.1			1.1			1.1
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements		7.4			5.0			8.5			3.0			3.9			2.7