XL (XLGLF) 10-Q 2015 Q1 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

	Three Months Ended March 31,
(U.S. dollars in thousands, except ratios)	2015		2014
Earnings:
Pre-tax income (loss) from continuing operations	$	39,892	$	246,209
Fixed charges	89,747		81,164
Distributed income of equity investees	24,570		98,006
Subtotal	$	154,209	$	425,379
Less: Non-controlling interests	1,957		346
Preference share dividends	35,433		35,413
Total earnings (loss)	$	116,819	$	389,620
Fixed charges:
Interest costs	$	41,481	$	32,160
Accretion of deposit liabilities	9,957		10,781
Rental expense at 30% (1)	2,876		2,810
Total fixed charges	$	54,314	$	45,751
Preference share dividends	35,433		35,413
Total fixed charges and preference dividends	$	89,747	$	81,164
Ratio of earnings to fixed charges	2.2		8.5
Ratio of earnings to combined fixed charges and preference dividends	1.3		4.8
Deficiency - fixed charges only	N/A		N/A
Deficiency - fixed charges and preference dividends	N/A		N/A

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