XL (XLGLF) 10-Q 2014 Q2 Quarterly report

Exhibit 12

XL GROUP PLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

	Six Months Ended June 30,
(U.S. dollars in thousands, except ratios)	2014			2013
Earnings:
Pre-tax income (loss) from continuing operations	$	(80,445	)	$	592,174
Fixed charges	100,571			121,302
Distributed income of equity investees	112,490			86,606
Subtotal	$	132,616		$	800,082
Less: Non-controlling interests	1,129			82
Preference share dividends	38,312			38,840
Total earnings (loss)	$	93,175		$	761,160
Fixed charges:
Interest costs	$	64,444		$	52,257
Accretion of deposit liabilities	(7,418		)	24,647
Rental expense at 30% (1)	5,233			5,558
Total fixed charges	$	62,259		$	82,462
Preference share dividends	38,312			38,840
Total fixed charges and preference dividends	$	100,571		$	121,302
Ratio of earnings to fixed charges	1.5			9.2
Ratio of earnings to combined fixed charges and preference dividends	0.9			6.3
Deficiency - fixed charges only	N/A			N/A
Deficiency - fixed charges and preference dividends	$	7,396		N/A

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(1) 30% represents a reasonable approximation of the interest factor.