Exhibit 7
RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, | |||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | |||||||
(in million EUR, except ratios) | |||||||||||
IFRS | |||||||||||
Earnings: | |||||||||||
Income before taxes | 3,971 | 2,796 | 2,441 | ||||||||
Add: fixed charges | 3,395 | 3,279 | 2,640 | ||||||||
(A) | 7,366 | 6,075 | 5,081 | ||||||||
Fixed charges: | |||||||||||
Interest | 362 | 373 | 398 | ||||||||
Interest on fixed annuities, investment contracts and savings accounts | 3,033 | 2,906 | 2,242 | ||||||||
3,395 | 3,279 | 2,640 | |||||||||
Dividend on preferred shares | 85 | 80 | 79 | ||||||||
Coupons on perpetual capital securities | 204 | 192 | 129 | ||||||||
(B) | 3,684 | 3,551 | 2,848 | ||||||||
Ratio: (A)/(B) | 2.0 | 1.7 | 1.8 | ||||||||
Ratio excluding interest on fixed annuities, investment contracts and savings accounts: | 6.7 | 4.9 | 4.7 | ||||||||
US GAAP | |||||||||||
Earnings: | |||||||||||
Income from continuing operations before taxes | 2,340 | 2,744 | 2,360 | 2,286 | (841 | ) | |||||
Add: fixed charges | 3,599 | 3,471 | 2,769 | 3,231 | 3,619 | ||||||
(A) | 5,939 | 6,215 | 5,129 | 5,517 | 2,778 | ||||||
Fixed charges: | |||||||||||
Interest1 | 362 | 373 | 398 | 756 | 969 | ||||||
Coupons on perpetual capital securities1 | 204 | 192 | 129 | ||||||||
Interest on fixed annuities, investment contracts and savings accounts1 | 3,033 | 2,906 | 2,242 | 2,475 | 2,650 | ||||||
3,599 | 3,471 | 2,769 | 3,231 | 3,619 | |||||||
Dividend on preferred shares | 85 | 80 | 79 | 95 | 30 | ||||||
(B) | 3,684 | 3,551 | 2,848 | 3,326 | 3,649 | ||||||
Ratio: (A)/(B) | 1.6 | 1.8 | 1.8 | 1.7 | — | ||||||
Ratio excluding interest on fixed annuities, investment contracts and savings accounts | 4.5 | 5.1 | 4.8 | 3.6 | — | ||||||
Deficiency | (841 | ) |
1 | Interest in 2003 and prior years include coupons on perpetual capital securities and interest on savings accounts. |