EXHIBIT 12
EQUITABLE OF IOWA COMPANIES AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table reflects the company's computation of the ratio of
earnings to fixed charges for the last five years:
For the Year ended December 31,
---------------------------------------------
1995 1994 1993 1992 1991
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(Dollars in thousands)
Consolidated pretax income
from continuing operations
before equity income,
extraordinary items and
cumulative effect of
accounting change $128,506 $151,244 $134,995 $83,743 $43,128
Share of pretax losses of
unconsolidated majority-
owned affiliate -- -- -- -- --
Share of pretax earnings
of 50% owned affiliates 23 60 (368) (268) (392)
Distributed earnings of less
than 50% owned affiliates 3,689 137 321 464 128
Interest 13,809 8,071 11,177 11,099 10,012
Amortization of debt issuance
expenses 1 1 8 8 8
Interest portion of rental
expense 896 966 771 949 924
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Earnings $146,924 $160,479 $146,904 $95,995 $53,808
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Interest $13,809 $8,071 $11,177 $11,099 $10,012
Amortization of debt issuance
expenses 1 1 8 8 8
Interest portion of rental
expense 896 966 771 949 924
---------------------------------------------
Fixed Charges $14,706 $9,038 $11,956 $12,056 $10,944
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Ratio of Earnings to
Fixed Charges 9.99 17.76 12.29 7.96 4.92
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<FN>
No preferred stock dividends were paid during the periods presented.
Accordingly, the ratio of earnings to combined fixed charges and preferred
stock dividends is the same as the ratio of earnings to fixed charges.
The company guarantees debt of an unaffiliated party. Fixed charges of:
1995 - $2,310,000; 1994 - $2,327,000; 1993 - $2,359,000; 1992 - $2,389,000;
and 1991 - $2,416,000, have been excluded from the computation of the ratio
of earnings to fixed charges because the company does not believe it probable
that it will be required to satisfy this guarantee.