Exhibit 12.1
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
|
| | | | | | | |
| | Six months | | |
| | ended | | Year ended |
| | June 30,
2014 | | December 31,
2013 |
| Pretax income (loss) from operations: | | | |
| Net income (loss) | $ | (149.9 | ) | | $ | 478.0 |
|
| Add income tax expense (benefit) | 94.7 |
| | (173.2 | ) |
| Pretax income (loss) from operations | (55.2 | ) | | 304.8 |
|
| Add fixed charges: | | | |
| Interest expense on corporate debt | 22.2 |
| | 51.3 |
|
| Interest expense on investment borrowings and borrowings related to variable interest entities | 26.7 |
| | 54.0 |
|
| Interest added to policyholder account balances | 54.0 |
| | 232.5 |
|
| Portion of rental (a) | 6.8 |
| | 13.3 |
|
| Fixed charges | 109.7 |
| | 351.1 |
|
| Adjusted earnings | $ | 54.5 |
| | $ | 655.9 |
|
| Ratio of earnings to fixed charges | (b) | | 1.87X |
|
____________________
| |
| (a) | Interest portion of rental is estimated to be 33 percent. |
| |
| (b) | For such ratio, earnings were $55.2 million less than fixed charges. |
