Exhibit 12.1
XL GROUP PLC
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES AND
PREFERENCE SHARE DIVIDENDS
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(U.S. Dollars, in thousands) | |||||||||||||||||||
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| YTD |
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| Yr End |
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| Yr End |
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Earnings: |
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Pre-tax (loss) income from continuing operations |
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| 158,345 |
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| 55,847 |
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| (595,293 | ) |
| 1,267,580 |
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| 1,626,722 |
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| (1,416,752 | ) |
Fixed charges |
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| 83,850 |
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| 308,325 |
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| 443,401 |
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| 702,826 |
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| 603,332 |
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| 457,533 |
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Distributed income of equity investees - see below |
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| 63,733 |
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| 243,176 |
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| 335,411 |
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| 93,465 |
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| 84,203 |
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| 41,669 |
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Subtotal |
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| 305,928 |
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| 607,348 |
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| 183,519 |
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| 2,063,871 |
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| 2,314,257 |
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| (917,550 | ) |
Less: Minority interest |
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| (1 | ) |
| (104 | ) |
| — |
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| 23,928 |
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| 25,016 |
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| 8,210 |
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Preference share dividend |
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| 32,500 |
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| 80,200 |
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| 78,645 |
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| 69,514 |
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| 40,322 |
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| 40,322 |
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Total (Loss) Earnings |
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| 273,429 |
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| 527,252 |
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| 104,874 |
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| 1,970,429 |
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| 2,248,919 |
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| (966,082 | ) |
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Fixed Charges: |
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Interest costs |
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| 43,557 |
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| 180,353 |
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| 205,212 |
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| 200,831 |
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| 202,222 |
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| 176,106 |
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Accretion of deposit liabilities |
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| 5,513 |
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| 36,151 |
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| 146,588 |
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| 421,074 |
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| 350,053 |
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| 227,743 |
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Rental expense at 30% |
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| 2,280 |
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| 11,621 |
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| 12,956 |
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| 11,407 |
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| 10,735 |
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| 13,362 |
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Total Fixed charges |
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| 51,350 |
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| 228,125 |
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| 364,756 |
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| 633,312 |
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| 563,010 |
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| 417,211 |
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Preference share dividends |
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| 32,500 |
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| 80,200 |
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| 78,645 |
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| 69,514 |
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| 40,322 |
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| 40,322 |
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Total Fixed Charges and Preference Dividends |
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| 83,850 |
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| 308,325 |
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| 443,401 |
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| 702,826 |
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| 603,332 |
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| 457,533 |
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Ratio of Earnings to Fixed Charges |
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| 5.3 |
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| 2.3 |
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| 0.3 |
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| 3.1 |
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| 4.0 |
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| (2.3 | ) |
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Ratio of Earnings to Fixed Charges & Preference Dividends |
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| 3.3 |
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| 1.7 |
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| 0.2 |
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| 2.8 |
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| 3.7 |
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| (2.1 | ) |
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Deficiency - fixed charges only |
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| N/A |
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| N/A |
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| 259,882 |
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| N/A |
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| N/A |
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| 1,383,293 |
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Deficiency - fixed charges and preference dividends (1) |
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| N/A |
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| N/A |
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| 338,527 |
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| N/A |
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| N/A |
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| 1,423,615 |
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(1) | For the year ended December 31, 2005 earnings were insufficient to cover fixed charges by $1,423.6 million. |