Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
Years Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 919.2 | $ | 763.6 | $ | 806.2 | $ | 540.6 | $ | 239.0 | ||||||||||
Less: | ||||||||||||||||||||
Undistributed income of investees accounted for under the equity method | 3.3 | 3.1 | -- | -- | -- | |||||||||||||||
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Adjusted earnings before fixed charges | 915.9 | 760.5 | 806.2 | 540.6 | 239.0 | |||||||||||||||
Add fixed charges: | ||||||||||||||||||||
Interest expense | 117.5 | 115.0 | 98.9 | 78.2 | 104.9 | |||||||||||||||
Interest credited on reinsurance contracts | 379.9 | 316.4 | 310.0 | 323.7 | 233.2 | |||||||||||||||
One-third of rentals | 6.5 | 6.3 | 5.7 | 4.7 | 4.1 | |||||||||||||||
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Total fixed charges | 503.9 | 437.7 | 414.6 | 406.6 | 342.2 | |||||||||||||||
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Total earnings plus fixed charges | $ | 1,419.8 | $ | 1,198.2 | $ | 1,220.8 | $ | 947.2 | $ | 581.2 | ||||||||||
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Ratio of earnings to fixed charges | 2.8 | 2.7 | 2.9 | 2.3 | 1.7 | |||||||||||||||
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Total fixed charges | $ | 503.9 | $ | 437.7 | $ | 414.6 | $ | 406.6 | $ | 342.2 | ||||||||||
Less interest credited on reinsurance contracts | (379.9) | (316.4) | (310.0) | (323.7) | (233.2) | |||||||||||||||
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Total fixed charges excluding interest credited(1) | $ | 124.0 | $ | 121.3 | $ | 104.6 | $ | 82.9 | $ | 109.0 | ||||||||||
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) | $ | 1,039.9 | $ | 881.8 | $ | 910.8 | $ | 623.5 | $ | 348.0 | ||||||||||
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Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) | 8.4 | 7.3 | 8.7 | 7.5 | 3.2 | |||||||||||||||
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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. |