XL (XLGLF) 10-Q 2015 Q3 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

	Nine Months Ended September 30,
(U.S. dollars in thousands, except ratios)	2015		2014
Earnings:
Pre-tax income (loss) from continuing operations	$	995,578	$	15,059
Fixed charges	262,096		181,759
Distributed income of equity investees	647,079		151,739
Subtotal	$	1,904,753	$	348,557
Less: Non-controlling interests	4,482		3,216
Preference share dividends	95,676		73,808
Total earnings (loss)	$	1,804,595	$	271,533
Fixed charges:
Interest costs	$	121,317	$	96,147
Accretion of deposit liabilities	31,717		3,730
Rental expense at 30% (1)	13,386		8,074
Total fixed charges	$	166,420	$	107,951
Preference share dividends	95,676		73,808
Total fixed charges and preference dividends	$	262,096	$	181,759
Ratio of earnings to fixed charges	10.8		2.5
Ratio of earnings to combined fixed charges and preference dividends	6.9		1.5
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.