EXHIBIT 12
THE ALLSTATE CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
($ in millions) For the Year Ended December 31,
Unaudited
2001 2000 1999 1998 1997 1996
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1. Income from continuing operations
before income taxes, equity in net
income of unconsolidated subsidiary,
dividends on redeemable preferred
securities of subsidiary trusts and
cumulative effect of change in
accounting principle $1,285 $3,047 $3,907 $4,745 $4,434 $2,669
2. Dividends from less than 50% owned - - - 1 2 2
subsidiary ------ ------- ------- ------- -------- -------
3. Income from continuing operations
before income taxes (1+2) $1,285 $3,047 $3,907 $4,746 $4,436 $2,671
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4. Interest on indebtedness $248 $229 $129 $118 $100 $95
5. Interest factor on annual rental 59 50 50 90 80 71
expense ------ ------- ------- ------- -------- -------
6. Total fixed charges (4+5) $307 $279 $179 $208 $180 $166
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7. Dividends on redeemable preferred 69 63 59 59 59 6
securities
8. Total fixed charges and dividends on
redeemable preferred securities (6+7) $376 $342 $238 $267 $239 $172
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9. Income from continuing operations
before income taxes and fixed $1,592 $3,326 $4,086 $4,954 $4,616 $2,837
charges (3+6) ====== ======= ======= ======= ======== =======
10. Ratio of earnings to fixed charges 4.2 X 9.7 X 17.2 X 18.6 X 19.3 X 16.5 X
(A) ====== ======= ======= ======= ======== =======
11. Interest credited to contractholder $1,733 $1,503 $1,362 $1,247 $1,209 $1,196
funds
12. Total fixed charges including
dividends on redeemable preferred
securities and interest credited to $2,109 $1,845 $1,600 $1,514 $1,448 $1,368
contractholder funds (8+11) ------ ------- ------- ------- -------- -------
13. Income from continuing operations
before income taxes and fixed
charges including interest credited
to contractholder funds (3+6+11) $3,325 $4,829 $5,448 $6,201 $5,825 $4,033
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14. Ratio of earnings to fixed charges,
including interest credited to
Contractholder Funds (13/12) 1.6 X 2.6 X 3.4 X 4.1 X 4.0 X 2.9 X
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(A) The Company has authority to issue up to 25,000,000 shares of preferred
stock, par value $1.00 per share; however, there are currently no shares
outstanding and the Company does not have a preferred stock dividend
obligation. Therefore, the Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends is equal to the Ratio of Earnings to Fixed
Charges and is not disclosed separately.