Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
(dollars in millions)
Years Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 863.8 | $ | 592.3 | $ | 280.4 | $ | 474.9 | $ | 451.4 | ||||||||||
Minority interest in earnings (losses) of consolidated subsidiaries included in income from continuing operations before income taxes | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized | 98.9 | 78.2 | 104.9 | 128.9 | 88.5 | |||||||||||||||
Interest credited on reinsurance contracts | 310.0 | 323.7 | 233.2 | 246.1 | 244.8 | |||||||||||||||
One-third of rentals | 5.7 | 4.7 | 4.1 | 3.6 | 2.4 | |||||||||||||||
Total fixed charges | $ | 414.6 | $ | 406.6 | $ | 342.2 | $ | 378.6 | $ | 335.7 | ||||||||||
Less interest capitalized, net of amortization | — | — | — | — | — | |||||||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges | $ | 1,278.4 | $ | 998.9 | $ | 622.6 | $ | 853.5 | $ | 787.1 | ||||||||||
Ratio of earnings to fixed charges | 3.1 | 2.5 | 1.8 | 2.3 | 2.3 | |||||||||||||||
Total fixed charges | $ | 414.6 | $ | 406.6 | $ | 342.2 | $ | 378.6 | $ | 335.7 | ||||||||||
Less interest credited on reinsurance contracts | (310.0 | ) | (323.7 | ) | (233.2 | ) | (246.1 | ) | (244.8 | ) | ||||||||||
Total fixed charges excluding interest credited(1) | $ | 104.6 | $ | 82.9 | $ | 109.0 | $ | 132.5 | $ | 90.9 | ||||||||||
Income from continuing operations before income taxes and minority interest plus fixed charges excluding interest credited under reinsurance contracts(1) | $ | 968.4 | $ | 675.2 | $ | 389.4 | $ | 607.4 | $ | 542.3 | ||||||||||
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) | 9.3 | 8.1 | 3.6 | 4.6 | 6.0 | |||||||||||||||
(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 its products. |