Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
| Nine Months Ended September 30, | Years ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: income before income taxes | $ | 361,926 | $ | 644,659 | $ | 830,472 | $ | 734,467 | $ | 550,528 | $ | 61,538 | ||||||||||||
Add: fixed charges | 43,692 | 58,702 | 80,809 | 67,944 | 67,898 | 66,185 | ||||||||||||||||||
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Earnings for computation | $ | 405,618 | $ | 703,361 | $ | 917,462 | $ | 802,411 | $ | 618,426 | $ | 127,723 | ||||||||||||
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Assumed interest component of rent expense(1) | $ | 6,219 | $ | 8,793 | $ | 8,327 | $ | 8,866 | $ | 8,849 | $ | 7,163 | ||||||||||||
Interest expense | 37,473 | 49,909 | 72,482 | 59,078 | 59,049 | 59,022 | ||||||||||||||||||
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Total fixed charges | $ | 43,692 | $ | 58,702 | $ | 80,809 | $ | 67,944 | $ | 67,898 | $ | 66,185 | ||||||||||||
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Ratio of earnings to fixed charges | 9.3 | 12.0 | 11.4 | 11.8 | 9.1 | 1.9 | ||||||||||||||||||
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Preferred share dividends(2) | $ | 29,906 | $ | 40,069 | $ | 40,088 | $ | 40,474 | $ | 38,228 | $ | 36,875 | ||||||||||||
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Total fixed charges and preferred share dividends | $ | 73,598 | $ | 98,771 | $ | 120,897 | $ | 108,414 | $ | 106,126 | $ | 103,060 | ||||||||||||
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Ratio of earnings to fixed charges and preferred share dividends | 5.5 | 7.1 | 7.6 | 7.4 | 5.8 | 1.2 | ||||||||||||||||||
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| (1) | 33.3% represents a reasonable approximation of the interest factor. |
| (2) | Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity. |
