XL (XLGLF) 10-Q 2017 Q3 Quarterly report

Exhibit 12

XL GROUP LTD

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

	Nine Months Ended
(U.S. dollars in thousands, except ratios)	2017			2016
Earnings:
Pre-tax income (loss) from continuing operations	$	(755,948	)	$	235,808
Fixed charges	217,813			293,087
Distributed income of equity investees	121,463			74,133
Subtotal	$	(416,672	)	$	603,028
Less: Non-controlling interests	(25,953		)	5,916
Less: Preference share dividends	65,185			118,347
Total earnings (loss)	$	(455,904	)	$	478,765
Fixed charges:
Interest costs	$	123,181		$	128,371
Accretion of deposit liabilities	15,467			29,115
Rental expense at 30% (1)	13,980			17,254
Total fixed charges	$	152,628		$	174,740
Preference share dividends	65,185			118,347
Total fixed charges and preference dividends	$	217,813		$	293,087
Ratio of earnings to fixed charges	N/A			2.7
Ratio of earnings to combined fixed charges and preference dividends	N/A			1.6
Deficiency - fixed charges only	$	608,532		N/A
Deficiency - fixed charges and preference dividends	$	673,717		N/A

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