Exhibit 12.1
Reinsurance Group of America, Incorporated
Ratio of Earnings to Fixed Charges
Updated through June 30, 2008
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 271.6 | $ | 369.2 | $ | 356.3 | $ | 451.4 | $ | 474.9 | $ | 227.7 | ||||||||||||
Minority interest in earnings (losses) of consolidated subsidiaries included in income from continuing operations before income taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 36.8 | $ | 38.4 | $ | 41.4 | $ | 88.5 | $ | 128.9 | $ | 59.1 | ||||||||||||
Interest credited on reinsurance contracts | 179.7 | 198.9 | 208.4 | 244.8 | 246.1 | 136.9 | ||||||||||||||||||
One-third of rentals | 2.5 | 2.6 | 2.3 | 2.4 | 3.6 | 2.1 | ||||||||||||||||||
Total fixed charges | $ | 219.0 | $ | 239.9 | $ | 252.1 | $ | 335.7 | $ | 378.6 | $ | 198.1 | ||||||||||||
Less interest capitalized, net of amortization | — | — | — | — | — | — | ||||||||||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges | $ | 490.6 | $ | 609.1 | $ | 608.4 | $ | 787.1 | $ | 853.5 | $ | 425.8 | ||||||||||||
Ratio of earnings to fixed charges | 2.2 | 2.5 | 2.4 | 2.3 | 2.3 | 2.1 | ||||||||||||||||||
Total fixed charges | $ | 219.0 | $ | 239.9 | $ | 252.1 | $ | 335.7 | $ | 378.6 | $ | 198.1 | ||||||||||||
Less Interest credited on reinsurance contracts | (179.7 | ) | (198.9 | ) | (208.4 | ) | (244.8 | ) | (246.1 | ) | (136.9 | ) | ||||||||||||
Total fixed charges excluding interest credited (1) | $ | 39.3 | $ | 41.0 | $ | 43.7 | $ | 90.9 | $ | 132.5 | $ | 61.2 | ||||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges excluding interest credited under reinsurance contracts (1) | $ | 310.9 | $ | 410.2 | $ | 400.0 | $ | 542.3 | $ | 607.4 | $ | 288.9 | ||||||||||||
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts (1) | 7.9 | 10.0 | 9.2 | 6.0 | 4.6 | 4.7 | ||||||||||||||||||
(1) | This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to our products. |