EXHIBIT 12.2
UNITED COMPANIES FINANCIAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(dollars in thousands)

                                             Three Months
                                            Ended March 31,                      Year Ended December 31,
                                                 1997            1996        1995        1994       1993       1992   
                                            ---------------      -----------------------------------------------------
                                                                                                 

Income from continuing operations
  before income taxes                          $31,497         $133,857    $102,665    $74,994     $40,426    $16,800 

Add
  Portion of rents representative of
        the interest factor                        937            2,970       2,259      2,051       1,430      1,121 
  Interest on indebtedness                      12,230           38,626      25,559     13,362       9,881     10,897 
  Proportionate share of interest on
        indebtedness of 50%-owned
        investee                                    69              285         373        375         380        383 
  Less : intercompany interest                     (69)            (285)       (373)      (375)       (380)      (383)
                                            ---------------      -----------------------------------------------------
              Income as adjusted               $44,664         $175,453    $130,483    $90,407     $51,737    $28,818 


Fixed charges
  Preferred stock dividends                     $1,452           $5,806      $3,145                   $333
  Ratio of income from continuing
        operations before income taxes
        to income from continuing
        operations                                 156%             155%        158%                   152%
  Preferred stock dividends on a
        pretax basis                             2,269            9,017       4,973                    506
  Portion of rents representative of
        the interest factor                        937            2,970       2,259     $2,051       1,430     $1,121 
  Interest on indebtedness                      12,230           38,626      25,559     13,362       9,881     10,897 
  Interest capitalized                             128               40           0         40           0          0 
  Proportionate share of interest on
        indebtedness of 50%-owned
        investee                                    69              285         373        375         380        383 
  Less : intercompany interest                     (69)            (285)       (373)      (375)       (380)      (383)
                                             --------------      -----------------------------------------------------

              Fixed charges                    $15,564          $50,653     $32,791    $15,453     $11,817    $12,018 


Ratio of earnings to fixed charges                 2.9              3.5         4.0        5.9         4.4        2.4 
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