Exhibit 12.1
GE FINANCIAL ASSURANCE HOLDINGS, INC., AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Years Ended December 31,
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2001 2000 1999 1998 1997
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Net earnings $ 1,300 $ 1,243 $ 1,059 $ 866 $ 723
Provision for income taxes 650 597 430 456 383
Minority interest 5 6 4 -- --
Cumulative effect of accounting change 15 -- (25) -- --
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Earnings before income taxes, minority
interest and cumulative effect of accounting
change 1,970 1,846 1,468 1,322 1,106
Fixed charges:
Interest 146 143 95 95 23
Interest portion of net rentals 30 34 23 17 11
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Total fixed charges 176 177 118 112 34
Less capitalized interest, net of amortization 1 -- -- -- --
------------ ------------ ----------- ------------ ------------
Earnings, before income taxes, minority
interest and cumulative effect of accounting $ 2,145 $ 2,023 $ 1,586 $ 1,434 $ 1,140
change plus fixed charges
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Ratio of earnings to fixed charges 12.2 11.4 13.5 12.8 33.5
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For purposes of computing the ratios, fixed charges consist of interest on all
indebtedness and one-third of rentals, which management believes is a reasonable
approximation of the interest factor of such rentals.