Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | |||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| Consolidated income before income taxes and minority interests | $ | 65,266 | $ | 86,164 | $ | 77,053 | $ | 38,144 | $ | 116,029 | |||||||||
| Interest sensitive and index product benefits and amortization of deferred sales inducements | 793,091 | 387,882 | 235,836 | 571,917 | 429,062 | ||||||||||||||
| Interest expense on notes payable | 22,125 | 14,853 | 19,773 | 20,916 | 21,278 | ||||||||||||||
| Interest expense on subordinated debentures | 14,906 | 15,819 | 19,445 | 22,520 | 21,354 | ||||||||||||||
| Interest expense on amounts due under repurchase agreements and other interest expense | — | 534 | 8,207 | 15,926 | 32,931 | ||||||||||||||
| Interest portion of rental expense | 648 | 570 | 459 | 468 | 431 | ||||||||||||||
| Consolidated earnings | $ | 896,036 | $ | 505,822 | $ | 360,773 | $ | 669,891 | $ | 621,085 | |||||||||
| Interest sensitive and index product benefits and amortization of deferred sales inducements | $ | 793,091 | $ | 387,882 | $ | 235,836 | $ | 571,917 | $ | 429,062 | |||||||||
| Interest expense on notes payable | 22,125 | 14,853 | 19,773 | 20,916 | 21,278 | ||||||||||||||
| Interest expense on subordinated debentures | 14,906 | 15,819 | 19,445 | 22,520 | 21,354 | ||||||||||||||
| Interest expense on amounts due under repurchase agreements and other interest expense | — | 534 | 8,207 | 15,926 | 32,931 | ||||||||||||||
| Interest portion of rental expense | 648 | 570 | 459 | 468 | 431 | ||||||||||||||
| Combined fixed charges | $ | 830,770 | $ | 419,658 | $ | 283,720 | $ | 631,747 | $ | 505,056 | |||||||||
| Ratio of consolidated earnings to fixed charges | 1.1 | 1.2 | 1.3 | 1.1 | 1.2 | ||||||||||||||
| Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements | 2.7 | 3.7 | 2.6 | 1.6 | 2.5 | ||||||||||||||