- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
- S-3ASR Automatic shelf registration
- 4.19 Exhibit 4.19
- 4.20 Exhibit 4.20
- 4.21 Exhibit 4.21
- 4.22 Exhibit 4.22
- 4.23 Exhibit 4.23
- 4.24 Exhibit 4.24
- 4.30 Exhibit 4.30
- 4.31 Exhibit 4.31
- 4.32 Exhibit 4.32
- 4.33 Exhibit 4.33
- 4.34 Exhibit 4.34
- 4.35 Exhibit 4.35
- 4.36 Exhibit 4.36
- 4.37 Exhibit 4.37
- 4.38 Exhibit 4.38
- 4.39 Exhibit 4.39
- 4.40 Exhibit 4.40
- 4.41 Exhibit 4.41
- 4.42 Exhibit 4.42
- 4.43 Exhibit 4.43
- 4.44 Exhibit 4.44
- 4.45 Exhibit 4.45
- 4.46 Exhibit 4.46
- 4.47 Exhibit 4.47
- 4.48 Exhibit 4.48
- 4.49 Exhibit 4.49
- 4.50 Exhibit 4.50
- 4.51 Exhibit 4.51
- 4.52 Exhibit 4.52
- 4.53 Exhibit 4.53
- 4.54 Exhibit 4.54
- 4.55 Exhibit 4.55
- 4.56 Exhibit 4.56
- 4.57 Exhibit 4.57
- 4.60 Exhibit 4.60
- 4.61 Exhibit 4.61
- 5.1 Exhibit 5.1
- 5.2 Exhibit 5.2
- 5.3 Exhibit 5.3
- 12.1 Exhibit 12.1
- 23.4 Exhibit 23.4
- 25.1 Exhibit 25.1
- 25.2 Exhibit 25.2
- 25.3 Exhibit 25.3
- 25.4 Exhibit 25.4
- 25.5 Exhibit 25.5
- 25.6 Exhibit 25.6
- 25.7 Exhibit 25.7
- 25.8 Exhibit 25.8
- 25.9 Exhibit 25.9
- 25.10 Exhibit 25.10
- 25.11 Exhibit 25.11
- 25.12 Exhibit 25.12
- 25.13 Exhibit 25.13
- 25.14 Exhibit 25.14
- 25.15 Exhibit 25.15
- 25.16 Exhibit 25.16
- 25.17 Exhibit 25.17
- 25.18 Exhibit 25.18
- 25.19 Exhibit 25.19
- 25.20 Exhibit 25.20
- 25.21 Exhibit 25.21
- 25.22 Exhibit 25.22
- 25.23 Exhibit 25.23
- 25.24 Exhibit 25.24
- 25.25 Exhibit 25.25
- 25.26 Exhibit 25.26
- 25.27 Exhibit 25.27
- 25.28 Exhibit 25.28
- 25.29 Exhibit 25.29
- 25.30 Exhibit 25.30
- 25.31 Exhibit 25.31
- 25.32 Exhibit 25.32
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
For purposes of computing the following ratios, earnings consist of net income before income tax expense plus fixed charges to the extent that these charges are included in the determination of earnings and exclude undistributed earnings (losses) of equity investments. Fixed charges consist of interest costs plus one-third of minimum rental payments under operating leases (estimated by management to be the interest factor of such rentals).
For the twelve months ended | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
Earnings - excluding undistributed equity investments | $ | 52,140 | $ | 800,780 | $ | 737,366 | $ | (60,793 | ) | $ | 486,023 | |||||
Add: | ||||||||||||||||
Income taxes | 9,705 | 81,748 | 95,305 | 22,924 | 7,560 | |||||||||||
Fixed charges: | ||||||||||||||||
Interest expense, net of applicable taxes | 38,756 | 48,243 | 54,957 | 27,339 | 35,214 | |||||||||||
Interest credited to life policyholders (1) | 8,983 | 8,073 | 11,956 | 13,284 | 13,860 | |||||||||||
Interest credited to retrocessionnaires on funds held on reinsurance treaties | 284 | 1,435 | 915 | 1,288 | 1,325 | |||||||||||
One third of rental payments | 8,051 | 7,593 | 7,417 | 7,575 | 6,865 | |||||||||||
Earnings before income taxes and fixed charges | $ | 117,919 | $ | 947,872 | $ | 907,916 | $ | 11,617 | $ | 550,848 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense, net of applicable taxes | 38,756 | 48,243 | 54,957 | 27,339 | 35,214 | |||||||||||
Interest credited to life policyholders (1) | 8,983 | 8,073 | 11,956 | 13,284 | 13,860 | |||||||||||
Interest credited to retrocessionnaires on funds held on reinsurance treaties | 284 | 1,435 | 915 | 1,288 | 1,325 | |||||||||||
One third of rental payments | 8,051 | 7,593 | 7,417 | 7,575 | 6,865 | |||||||||||
Total fixed charges | 56,074 | 65,344 | 75,245 | 49,486 | 57,265 | |||||||||||
Preference share dividends (2) | 34,525 | 34,525 | 34,525 | 34,525 | 21,485 | |||||||||||
Total fixed charges | $ | 90,599 | $ | 99,869 | $ | 109,770 | $ | 84,011 | $ | 78,750 | ||||||
Ratio of earnings to fixed charges | 2.10 | 14.51 | 12.07 | 0.23 | 9.62 | |||||||||||
Deficiency of earnings to fixed charges (3) | $ | 37,869.0 | ||||||||||||||
Ratio of earnings to combined fixed charges and preference share dividends | 1.30 | 9.49 | 8.27 | 0.14 | 6.99 | |||||||||||
Deficiency of earnings to combined fixed charges and preference share dividends (3) | $ | 72,394.0 | ||||||||||||||
(1) | Represents interest credited to policyholders on certain life reinsurance treaties for which PartnerRe earns compensating interest income. |
(2) | Dividends have not been tax effected because they are presumed to be paid out of a Bermuda entity whose tax rate is zero. |
(3) | Represents additional earnings that would be necessary to result in a one-to-one ratio. Expressed in millions of U.S. dollars. |