Exhibit 12.1
Ratio of Earnings to Fixed Charges |
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| Years Ended December 31, | Three Months Ended March 31, 2017 | |||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||
Income before income taxes | $ | 919.2 | $ | 635.3 | $ | 1,008.5 | $ | 744.8 | $ | 1,043.9 | $ | 207.8 | ||||||||||||
Less: | ||||||||||||||||||||||||
Undistributed income of investees accounted for under the equity method | 3.3 | 4.3 | 3.0 | 7.0 | 1.6 | 1.3 | ||||||||||||||||||
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Adjusted earnings before fixed charges | $ | 915.9 | $ | 631.0 | $ | 1,005.5 | $ | 737.8 | $ | 1,042.3 | $ | 206.5 | ||||||||||||
Add fixed charges: | ||||||||||||||||||||||||
Interest expense | 117.5 | 134.8 | 108.1 | 165.5 | 163.5 | 49.2 | ||||||||||||||||||
Interest credited on reinsurance contracts | 379.9 | 476.5 | 451.0 | 337.0 | 364.7 | 107.7 | ||||||||||||||||||
One-third of rentals | 6.5 | 6.2 | 6.4 | 4.0 | 4.6 | 1.3 | ||||||||||||||||||
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Total fixed charges | $ | 503.9 | $ | 617.5 | $ | 565.5 | $ | 506.5 | $ | 532.8 | $ | 158.2 | ||||||||||||
Total earnings plus fixed charges | $ | 1,419.8 | $ | 1,248.5 | $ | 1,571.0 | $ | 1,244.3 | $ | 1,575.1 | $ | 364.7 | ||||||||||||
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Ratio of earnings to fixed charges | 2.8 | 2.0 | 2.8 | 2.5 | 3.0 | 2.3 | ||||||||||||||||||
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Total fixed charges | $ | 503.9 | $ | 617.5 | $ | 565.5 | $ | 506.5 | $ | 532.8 | $ | 158.2 | ||||||||||||
Less interest credited on reinsurance contracts | 379.9 | 476.5 | 451.0 | 337.0 | 364.7 | 107.7 | ||||||||||||||||||
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Total fixed charges excluding interest credited(1) | $ | 124.0 | $ | 141.0 | $ | 114.5 | $ | 169.5 | $ | 168.1 | $ | 50.5 | ||||||||||||
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) | $ | 1,039.9 | $ | 772.0 | $ | 1,120.0 | $ | 907.3 | $ | 1,210.4 | $ | 257.0 | ||||||||||||
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Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) | 8.4 | 5.5 | 9.8 | 5.4 | 7.2 | 5.1 | ||||||||||||||||||
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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. |
