Genworth Life & Annuity Insurance Inactive 10-Q2008 Q1 Quarterly report

Filed: 29 Apr 08, 12:00am

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New words: absence, agency, announced, ARB, bifurcation, category, characterized, clarify, considerably, consideration, convert, corroborate, corroborated, costly, counterparty, custodian, deconsolidation, disclose, disclosed, discount, duration, eligible, equal, exit, FAS, fewer, foreseeable, fourth, FSP, fully, government, guarantor, highest, identical, initial, input, instrument, intangible, judgment, labeled, lapse, lowest, maximize, minimize, mutual, necessitate, negative, noncontrolling, nonperformance, notional, observability, observable, orderly, outlined, party, payable, perception, produce, prospectively, pursue, quoted, reach, recurring, reliably, repaid, retail, secondary, settling, shown, standing, stronger, subsequent, sufficient, system, testing, treatment, trend, unforeseen, unobservable, vast, view, vintage, watch, weakening, work

Removed: accelerate, accrued, affirmative, Agent, AICPA, American, AML, bankruptcy, block, breach, broadly, Bureau, ceded, Certified, closed, coinsurance, Colony, consummation, continually, covenant, coverage, criteria, cure, decided, enabled, endorsement, enhancement, entitled, excluding, existing, FCL, feature, FHL, field, file, gain, guidance, Home, immaterial, indenture, individually, insolvency, Institute, insure, Insurer, local, longer, Mayflower, merged, method, modification, monthly, nonpayment, ownership, perfected, pledge, pooling, portion, predecessor, recognize, recoverable, redeem, redemption, Regulation, reinsured, relate, replacement, revenue, reviewing, rider, satisfied, scheduled, September, SOP, subordinated, surviving, technical, timely, trustee, United, unrecognized, witnessed

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Exhibit 12

Genworth Life and Annuity Insurance Company

Statement of Ratio of Income to Fixed Charges

(Dollar amounts in millions)


	Three months ended March 31, 2008		Years ended December 31,
	Three months ended March 31, 2008		2007		2006		2005		2004		2003
Income before income taxes and equity in net income (loss) of subsidiary	$	80.7	$	405.9	$	548.0	$	418.5	$	367.3	$	242.6

Fixed charges:
Interest expense⁽¹⁾		46.1		205.1		134.0		48.7		24.5		43.5
Interest portion of rental expense		0.1		3.5		2.9		2.6		2.5		2.7

Subtotal		46.2		208.6		136.9		51.3		27.0		46.2
Interest credited to investment contractholders		125.3		541.3		496.7		456.0		487.0		742.5

Total fixed charges		171.5		749.9		633.6		507.3		514.0		788.7

Income available for fixed charges (including interest credited to investment contractholders)	$	252.2	$	1,155.8	$	1,181.6	$	925.8	$	881.3	$	1,031.3

Income available for fixed charges (excluding interest credited to investment contractholders)	$	126.9	$	614.5	$	684.9	$	469.8	$	394.3	$	288.8

Ratio of income to fixed charges (including interest credited to investment contractholders)		1.47		1.54		1.87		1.82		1.71		1.31
Ratio of income to fixed charges (excluding interest credited to investment contractholders)		2.75		2.95		5.00		9.17		14.61		6.25

⁽¹⁾	Interest expense primarily relates to interest on our non-recourse funding obligations as further described in note 6 under “Item 1—Condensed Consolidated Financial Statements.”

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