Genworth Financial (GNW) 10-Q2014 Q1 Quarterly report

Filed: 30 Apr 14, 12:00am

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Exhibit 12

Genworth Financial, Inc.

Statement of Ratio of Income to Fixed Charges

(Dollar amounts in millions)


	Three months ended March 31, 2014		Years ended December 31,
	Three months ended March 31, 2014		2013		2012		2011			2010			2009
Income (loss) from continuing operations before income taxes and accounting changes	$	306	$	1,050	$	606	$	130		$	(143	)	$	(925	)
Less: income attributable to noncontrolling interests before income taxes		48		210		270		190			199			87

Income (loss) from continuing operations before income taxes and accounting changes and excluding income attributable to noncontrolling interests	$	258	$	840	$	336	$	(60	)	$	(342	)	$	(1,012	)

Fixed charges included in income (loss) from continuing operations:
Interest expense	$	124	$	482	$	467	$	496		$	454		$	393
Interest portion of rental expense		3		13		14		15			14			13

Subtotal		127		495		481		511			468			406
Interest credited to investment contractholders		183		738		775		794			841			984

Total fixed charges from continuing operations	$	310	$	1,233	$	1,256	$	1,305		$	1,309		$	1,390

Income from continuing operations available for fixed charges (including interest credited to investment contractholders)	$	568	$	2,073	$	1,592	$	1,245		$	967		$	378

Ratio of income from continuing operations available for fixed charges to fixed charges from continuing operations (including interest credited to investment contractholders)		1.83		1.68		1.27		0.95			0.74			0.27

Income from continuing operations available for fixed charges (excluding interest credited to investment contractholders)	$	385	$	1,335	$	817	$	451		$	126		$	(606	)

Ratio of income from continuing operations available for fixed charges to fixed charges from continuing operations (excluding interest credited to investment contractholders)		3.03		2.70		1.70		0.88			0.27			(1.49	)

For the years ended December 31, 2011, 2010, and 2009, our deficiency in income from continuing operations necessary to cover fixed charges was $60 million, $342 million and $1,012 million, respectively.

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