Protective Life Insurance 10-K2015 FY Annual report

Filed: 18 Mar 16, 12:00am

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Exhibit 12

CONSOLIDATED EARNINGS RATIOS

The following table sets forth, for the years and periods ended, Protective Life Insurance Company’s (the “Company”) ratios of:

· Consolidated earnings to fixed charges.

· Consolidated earnings to fixed charges before interest credited on investment products.



	Successor Company	Predecessor Company
	February 1, 2015	January 1, 2015
	to	to	For The Year Ended December 31,
	December 31, 2015	January 31, 2015	2014	2013	2012	2011
Ratio of Consolidated Earnings to Fixed Charges⁽¹⁾	1.3	2.5	1.8	1.4	1.4	1.4
Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products⁽²⁾	3.3	13.9	7.0	4.7	5.8	6.1

(1)The Company calculates the ratio of “Consolidated Earnings to Fixed Charges” by dividing the sum of income from continuing operations before income tax (BT), interest expense (which includes an estimate of the interest component of operating lease expense) (I) and interest credited on investment products (IP) by the sum of interest expense (I) and interest credited on investment products (IP). The formula for this ratio is: (BT+I+IP)(I+IP). The Company continues to sell investment products that credit interest to the contract holder. Investment products include products such as guaranteed investment contracts, annuities, and variable universal life interest credited insurance policies. The inclusion of interest credited on investment products results in a negative impact on the ratio of earnings to fixed charges because the effect of increases in interest credited to contract holders more than offsets the effect of the increase in earnings.

(2)The Company calculates the ratio of “Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products” by dividing the sum of income from continuing operations before income tax (BT) and interest expense (I) by interest expense (I). The formula for this calculation, therefore, would be: (BT+I)/I.

Computation of Consolidated Earnings Ratios



	Successor Company		Predecessor Company
	February 1, 2015		January 1, 2015
	to		to		For The Year Ended December 31,
	December 31, 2015		January 31, 2015		2014		2013		2012		2011
	(Dollars In Thousands, Except Ratio Data)		(Dollars In Thousands, Except Ratio Data)
Computation of Ratio of Consolidated Earnings to Fixed Charges
Income from Continuing Operations before Income Tax	$	254,188	$	132,847	$	738,789	$	422,499	$	459,579	$	475,275
Add Interest Expense ⁽¹⁾	109,780		10,265		122,152		115,113		95,759		93,797
Add Interest Credited on Investment Products	682,836		79,088		824,418		875,180		962,678		993,574
Earnings before Interest, Interest Credited on Investment Products and Taxes	$	1,046,804	$	222,200	$	1,685,359	$	1,412,792	$	1,518,016	$	1,562,646
Earnings before Interest, Interest Credited on Investment Products and Taxes Divided by Interest expense and Interest Credited on Investment Products	1.3		2.5		1.8		1.4		1.4		1.4
Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products
Income from Continuing Operations before Income Tax	$	254,188	$	132,847	$	738,789	$	422,499	$	459,579	$	475,275
Add Interest Expense ⁽¹⁾	109,780		10,265		122,152		115,113		95,759		93,797
Earnings before Interest and Taxes	$	363,968	$	143,112	$	860,941	$	537,612	$	555,338	$	569,072
Earnings before Interest and Taxes Divided by Interest Expense	3.3		13.9		7.0		4.7		5.8		6.1

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