EXHIBIT 12
| STATEMENT RE: COMPUTATION OF RATIO OF |
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| ($ amounts in millions) |
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| Years Ended 2006, 2005, 2004, 2003 and 2002 |
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 | ||||||
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| Income (loss) from continuing operations before income taxes, | $ | 143.8 |
| $ | 144.1 |
| $ | 151.5 |
| $ | (8.2) |
| $ | (191.7) | |
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| Less: Equity in earnings (losses) of venture capital partnership investments |
| 1.1 |
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| 14.8 |
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| 19.3 |
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| 36.2 |
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| (59.3) | |
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| Add: Distributed earnings of affiliates |
| — |
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| 1.5 |
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| 1.2 |
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| 4.6 | |
| Distributed earnings of venture capital partnership investments |
| 6.7 |
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| 68.0 |
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| 50.4 |
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| 31.8 |
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| 14.2 | |
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| Income (loss) from continuing operations before income taxes, | $ | 149.4 |
| $ | 197.3 |
| $ | 184.1 |
| $ | (11.4) |
| $ | (113.6) | |
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| Fixed Charges: |
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| Interest expense on indebtedness(2) | $ | 49.2 |
| $ | 46.6 |
| $ | 40.8 |
| $ | 39.6 |
| $ | 31.4 | |
| Stock purchase contract adjustment payments |
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| 7.4 |
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| 8.2 |
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| 8.2 |
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| 1.0 | |
| Rental expense |
| 4.2 |
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| 2.3 |
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| 3.5 |
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| 3.8 |
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| 4.0 | |
| Fixed charges, exclusive of interest credited on policyholder | $ | 53.4 |
| $ | 56.3 |
| $ | 52.5 |
| $ | 51.6 |
| $ | 36.4 | |
| Interest credited on policyholder contract balances |
| 171.8 |
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| 191.2 |
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| 201.6 |
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| 207.9 |
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| 181.4 | |
| Total fixed charges, inclusive of interest credited on policyholder | $ | 225.2 |
| $ | 247.5 |
| $ | 254.1 |
| $ | 259.5 |
| $ | 217.8 | |
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| Income (loss) from continuing operations before income taxes, | $ | 374.6 |
| $ | 444.8 |
| $ | 438.2 |
| $ | 248.1 |
| $ | 104.2 | |
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| Ratio of earnings to fixed charges |
| 1.7 |
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| 1.8 |
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| 1.7 |
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| Additional earnings required to achieve 1:1 ratio coverage | $ | — |
| $ | — |
| $ | — |
| $ | 11.4 |
| $ | 113.6 | |
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| SUPPLEMENTAL RATIO — ratio of earnings to fixed charges |
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| Income (loss) from continuing operations before income taxes, | $ | 149.4 |
| $ | 197.3 |
| $ | 184.1 |
| $ | (11.4) |
| $ | (113.6) | |
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| Fixed Charges: |
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| Total fixed charges, as above | $ | 53.4 |
| $ | 56.3 |
| $ | 52.5 |
| $ | 51.6 |
| $ | 36.4 | |
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| Income (loss) from continuing operations before income taxes, | $ | 202.8 |
| $ | 253.6 |
| $ | 236.6 |
| $ | 40.2 |
| $ | (77.2) | |
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| Ratio of earnings to fixed charges |
| 3.8 |
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| 4.5 |
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| 4.5 |
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| Additional earnings required to achieve 1:1 ratio coverage | $ | — |
| $ | — |
| $ | — |
| $ | 11.4 |
| $ | 113.6 | |
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(1) Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for the years ended 2006 | ||||||||||||||||
through 2002 were $0.0 million, $6.7 million, $14.3 million, $12.0 million and $11.9 million, respectively. | ||||||||||||||||
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(2) Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and the interest expense is | ||||||||||||||||
solely funded by assets pledged as collateral consolidated on our balance sheet. | ||||||||||||||||
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