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New words:
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Exhibit 12.1
Chubb Limited
Ratio of Earnings to Fixed Charges
Years Ended December 31 | |||||||||||||||||||
(in millions of U.S. dollars, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Net income | $ | 4,135 | $ | 2,834 | $ | 2,853 | $ | 3,758 | $ | 2,706 | |||||||||
Add: | |||||||||||||||||||
Provision for income taxes (1) | 815 | 462 | 634 | 480 | 270 | ||||||||||||||
Fixed charges | 675 | 342 | 322 | 318 | 287 | ||||||||||||||
Earnings for computation | $ | 5,625 | $ | 3,638 | $ | 3,809 | $ | 4,556 | $ | 3,263 | |||||||||
Fixed charges | |||||||||||||||||||
Interest expense (1) (2) | $ | 605 | $ | 300 | $ | 280 | $ | 275 | $ | 250 | |||||||||
Portion of rental expense deemed to be interest | 70 | 42 | 42 | 43 | 37 | ||||||||||||||
Total fixed charges | $ | 675 | $ | 342 | $ | 322 | $ | 318 | $ | 287 | |||||||||
Ratio of earnings to fixed charges | 8.3 | 10.6 | 11.8 | 14.4 | 11.4 |
(1) | Chubb Limited recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e., excluded from interest expense). |
(2) | 2016 includes a $48 million benefit related to amortization of the purchase accounting fair value adjustment to long-term debt assumed in connection with the Chubb Corp acquisition. |