Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ amounts in millions)
Nine Months Ended September 30, 2003 and 2002
2003 2002
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Income (loss) before income taxes and minority interest $(55.7) $ (132.5)
Less: Equity in earnings (losses) of affiliates 0.8 8.5
Equity in earnings (losses) of venture capital partnership investments 34.8 (56.9)
Add: Distributed earnings of affiliates 1.2 2.9
Distributed earnings of venture capital partnership investments 21.2 10.2
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Income (loss) before income taxes, minority interest and equity
in undistributed earnings of affiliates and venture capital
partnership investments $(68.9) $(71.0)
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Fixed Charges:
Interest expense $ 29.5 $ 23.1
Stock purchase contract adjustment payments 5.9 0.0
Rental expense 1.9 2.1
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Total fixed charges $ 37.3 $ 25.2
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Income (loss) before income taxes, minority interest, equity in
undistributed earnings of affiliates and venture capital
partnership investments and fixed charges $(31.6) $(45.8)
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Ratio of earnings to fixed charges - -
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Additional earnings required to achieve 1:1 ratio coverage $ 68.9 $ 71.0
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SUPPLEMENTAL RATIO - ratio of earnings to fixed charges
inclusive of interest credited on policyholder contract balances:
Income (loss) before income taxes, minority interest and equity
in undistributed earnings of affiliates and venture capital
partnership investments $(68.9) $(71.0)
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Fixed Charges:
Total fixed charges, as above $ 37.3 $ 25.2
Interest credited on policyholder contract balances 156.2 130.9
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Total fixed charges, inclusive of interest credited on policyholder contract
balances $193.5 $156.1
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Adjusted income before income taxes, minority interest and equity in
undistributed earnings of affiliates and venture capital partnership
investments plus fixed charges, inclusive of interest credited on policyholder
contract balances $124.6 $ 85.1
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Ratio of earnings to fixed charges including interest
credited on policyholder contract balances 0.6 0.5
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Additional earnings required to achieve 1:1 ratio coverage $ 68.9 $ 71.0
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