Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, 2004 (1) | Year Ended December 31 | ||||||||||||||||||||
2003 (1) | 2002 | 2001 | 2000 | 1999 (1) | |||||||||||||||||
(in millions, except ratios) | |||||||||||||||||||||
Earnings | |||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Tax and Cumulative Effect of Accounting Principle Change | $ | (402.3 | ) | $ | (435.2 | ) | $ | 593.2 | $ | 753.8 | $ | 821.2 | $ | (159.0 | ) | ||||||
Fixed Charges | 179.3 | 221.1 | 202.3 | 218.1 | 228.1 | 213.3 | |||||||||||||||
Adjusted Earnings | $ | (223.0 | ) | $ | (214.1 | ) | $ | 795.5 | $ | 971.9 | $ | 1,049.3 | $ | 54.3 | |||||||
Fixed Charges | |||||||||||||||||||||
Interest and Debt Expense | $ | 154.1 | $ | 187.2 | $ | 162.4 | $ | 169.6 | $ | 181.8 | $ | 137.8 | |||||||||
Interest Credited to Policyholders | 10.5 | 16.7 | 23.8 | 30.4 | 32.3 | 59.3 | |||||||||||||||
Amortization of Deferred Debt Costs | 5.3 | 5.4 | 3.3 | 7.1 | 2.4 | 2.4 | |||||||||||||||
Portion of Rents Deemed Representative of Interest | 9.4 | 11.8 | 12.8 | 11.0 | 11.6 | 13.8 | |||||||||||||||
Total Fixed Charges | $ | 179.3 | $ | 221.1 | $ | 202.3 | $ | 218.1 | $ | 228.1 | $ | 213.3 | |||||||||
Ratio of Earnings to Fixed Charges | N.M. | N.M. | 3.9 | 4.5 | 4.6 | 0.3 |
N.M. = not a meaningful percentage
(1) | Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $402.3 million for the nine months ended September 30, 2004, $435.2 million for 2003, and $159.0 million for 1999. |