Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
Years Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 834.4 | $ | 863.8 | $ | 592.3 | $ | 280.4 | $ | 474.9 | ||||||||||
Less: | ||||||||||||||||||||
Undistributed income of investees accounted for under the equity method | 3.1 | -- | -- | -- | -- | |||||||||||||||
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Adjusted earnings before fixed charges | 831.3 | 863.8 | 592.3 | 280.4 | 474.9 | |||||||||||||||
Add fixed charges: | ||||||||||||||||||||
Interest expense | 115.0 | 98.9 | 78.2 | 104.9 | 128.9 | |||||||||||||||
Interest credited on reinsurance contracts | 316.4 | 310.0 | 323.7 | 233.2 | 246.1 | |||||||||||||||
One-third of rentals | 6.3 | 5.7 | 4.7 | 4.1 | 3.6 | |||||||||||||||
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Total fixed charges | 437.7 | 414.6 | 406.6 | 342.2 | 378.6 | |||||||||||||||
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Total earnings plus fixed charges | $ | 1,269.0 | $ | 1,278.4 | $ | 998.9 | $ | 622.6 | $ | 853.5 | ||||||||||
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Ratio of earnings to fixed charges | 2.9 | 3.1 | 2.5 | 1.8 | 2.3 | |||||||||||||||
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Total fixed charges | $ | 437.7 | $ | 414.6 | $ | 406.6 | $ | 342.2 | $ | 378.6 | ||||||||||
Less interest credited on reinsurance contracts | (316.4 | ) | (310.0 | ) | (323.7 | ) | (233.2 | ) | (246.1 | ) | ||||||||||
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Total fixed charges excluding interest credited(1) | $ | 121.3 | $ | 104.6 | $ | 82.9 | $ | 109.0 | $ | 132.5 | ||||||||||
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) | $ | 952.6 | $ | 968.4 | $ | 675.2 | $ | 389.4 | $ | 607.4 | ||||||||||
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Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) | 7.9 | 9.3 | 8.1 | 3.6 | 4.6 | |||||||||||||||
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(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 |