XL (XLGLF) 10-Q 2018 Q2 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

	Six Months Ended
(U.S. dollars in thousands, except ratios)	2018			2017
Earnings:
Pre-tax income (loss) from continuing operations	$	433,285		$	440,598
Fixed charges and preference dividends	144,374			178,353
Distributed income of equity investees	111,898			88,305
Subtotal	$	689,557		$	707,256
Less: Non-controlling interests	(6,552		)	5,459
Less: Preference share dividends	32,941			63,970
Total earnings (loss)	$	663,168		$	637,827
Fixed charges:
Interest costs	$	89,415		$	83,672
Accretion of deposit liabilities	12,816			21,057
Rental expense at 30% (1)	9,202			9,654
Total fixed charges	$	111,433		$	114,383
Preference share dividends	32,941			63,970
Total fixed charges and preference dividends	$	144,374		$	178,353
Ratio of earnings to fixed charges	6.0			5.6
Ratio of earnings to combined fixed charges and preference dividends	4.6			3.6
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.