Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
(dollars in millions)
| Years Ended December 31, | Three Months Ended March 31, 2014 | |||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||||
Income before income taxes | $ | 540.6 | $ | 806.2 | $ | 763.6 | $ | 919.2 | $ | 635.3 | $ | 199.4 | ||||||||||||
Less: | ||||||||||||||||||||||||
Undistributed income of investees accounted for under the equity method | -- | -- | 3.1 | 3.3 | 4.3 | 1.1 | ||||||||||||||||||
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Adjusted earnings before fixed charges | $ | 540.6 | $ | 806.2 | $ | 760.5 | $ | 915.9 | $ | 631.0 | $ | 198.3 | ||||||||||||
Add fixed charges: | ||||||||||||||||||||||||
Interest expense | 78.2 | 98.9 | 115.0 | 117.5 | 134.8 | 37.7 | ||||||||||||||||||
Interest credited on reinsurance contracts | 323.7 | 310.0 | 316.4 | 379.9 | 476.5 | 110.6 | ||||||||||||||||||
One-third of rentals | 4.7 | 5.7 | 6.3 | 6.5 | 6.2 | 1.6 | ||||||||||||||||||
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Total fixed charges | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 503.9 | $ | 617.5 | $ | 149.9 | ||||||||||||
Total earnings plus fixed charges | $ | 947.2 | $ | 1,220.8 | $ | 1,198.2 | $ | 1,419.8 | $ | 1,248.5 | $ | 348.2 | ||||||||||||
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Ratio of earnings to fixed charges | 2.3 | 2.9 | 2.7 | 2.8 | 2.0 | 2.3 | ||||||||||||||||||
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Total fixed charges | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 503.9 | $ | 617.5 | $ | 149.9 | ||||||||||||
Less interest credited on reinsurance contracts | 323.7 | 310.0 | 316.4 | 379.9 | 476.5 | 110.6 | ||||||||||||||||||
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Total fixed charges excluding interest credited(1) | $ | 82.9 | $ | 104.6 | $ | 121.3 | $ | 124.0 | $ | 141.0 | $ | 39.3 | ||||||||||||
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) | $ | 623.5 | $ | 910.8 | $ | 881.8 | $ | 1,039.9 | $ | 772.0 | $ | 237.6 | ||||||||||||
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Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) | 7.5 | 8.7 | 7.3 | 8.4 | 5.5 | 6.0 | ||||||||||||||||||
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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. |
