Exhibit 12.1
Ratio of Earnings to Fixed Charges
Updated through September 30, 2009
(dollars in millions)
Updated through September 30, 2009
(dollars in millions)
Nine Months Ended | ||||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | September 30, 2009 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 369.2 | $ | 356.3 | $ | 451.4 | $ | 474.9 | $ | 280.4 | $ | 432.2 | ||||||||||||
Minority interest in earnings (losses) of consolidated subsidiaries included in income from continuing operations before income taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 38.4 | $ | 41.4 | $ | 88.5 | $ | 128.9 | $ | 104.9 | $ | 53.4 | ||||||||||||
Interest credited on reinsurance contracts | 198.9 | 208.4 | 244.8 | 246.1 | 233.2 | 195.0 | ||||||||||||||||||
One-third of rentals | 2.6 | 2.3 | 2.4 | 3.6 | 4.1 | 3.5 | ||||||||||||||||||
Total fixed charges | $ | 239.9 | $ | 252.1 | $ | 335.7 | $ | 378.6 | $ | 342.2 | $ | 251.9 | ||||||||||||
Less interest capitalized, net of amortization | — | — | — | — | — | — | ||||||||||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges | $ | 609.1 | $ | 608.4 | $ | 787.1 | $ | 853.5 | $ | 622.6 | $ | 684.1 | ||||||||||||
Ratio of earnings to fixed charges | 2.5 | 2.4 | 2.3 | 2.3 | 1.8 | 2.7 | ||||||||||||||||||
Total fixed charges | $ | 239.9 | $ | 252.1 | $ | 335.7 | $ | 378.6 | $ | 342.2 | $ | 251.9 | ||||||||||||
Less Interest credited on reinsurance contracts | (198.9 | ) | (208.4 | ) | (244.8 | ) | (246.1 | ) | (233.2 | ) | (195.0 | ) | ||||||||||||
Total fixed charges excluding interest credited (1) | $ | 41.0 | $ | 43.7 | $ | 90.9 | $ | 132.5 | $ | 109.0 | $ | 56.9 | ||||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges excluding interest credited under reinsurance contracts (1) | $ | 410.2 | $ | 400.0 | $ | 542.3 | $ | 607.4 | $ | 389.4 | $ | 489.1 | ||||||||||||
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts (1) | 10.0 | 9.2 | 6.0 | 4.6 | 3.6 | 8.6 | ||||||||||||||||||
(1) | This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to our products. |