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Content analysis
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H.S. sophomore Avg
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Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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Consolidated pretax income from continuing operations |
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before minority interest, equity in earnings of affiliates, |
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accounting changes and extraordinary items |
| $ | 729.8 |
| $ | 305.2 |
| $ | 258.4 |
| $ | 373.9 |
| $ | 119.4 |
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Distributed income of equity investees |
| 85.6 |
| — |
| — |
| 3.7 |
| — |
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Interest expense on debt |
| 50.1 |
| 44.5 |
| 49.1 |
| 48.6 |
| 71.8 |
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Interest portion of rental expense |
| 16.4 |
| 16.4 |
| 15.5 |
| 14.3 |
| 15.3 |
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Earnings |
| $ | 881.9 |
| $ | 366.1 |
| $ | 323.0 |
| $ | 440.5 |
| $ | 206.5 |
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Interest expense on debt |
| 50.1 |
| 44.5 |
| 49.1 |
| 48.6 |
| 71.8 |
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Interest portion of rental expense |
| 16.4 |
| 16.4 |
| 15.5 |
| 14.3 |
| 15.3 |
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Fixed charges |
| 66.5 |
| 60.9 |
| 64.6 |
| 62.9 |
| 87.1 |
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Ratio of earnings to fixed charges |
| 13.3 |
| 6.0 |
| 5.0 |
| 7.0 |
| 2.4 |
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