XL CAPITAL EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
000S OF U.S. DOLLARS
YR END YR END YR END YR END YR END YR END
31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec
2004 2003 2002 2001 2000 1999
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EARNINGS:
Pre-tax income from continuing operations 988,161 323,169 392,903 (833,916) 376,734 390,252
Fixed charges and pref divs 308,808 252,413 186,987 117,994 69,427 53,609
Distributed income of equity investees 57,129 124,888 23,335 3,662 4,987 1,266
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Subtotal 1,354,098 700,470 603,225 (712,260) 451,148 445,127
Less: Minority interest 8,387 9,264 13,371 2,113 1,093 220
Preference share dividends 40,321 40,321 9,620 -- -- --
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TOTAL EARNINGS 1,305,390 650,885 580,234 (714,373) 450,055 444,907
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FIXED CHARGES:
Interest costs 129,203 94,337 102,200 65,350 32,147 37,378
Accretion of deposit liabilities 129,872 105,070 65,886 47,922 31,261 12,394
Rental expense at 30% (1) 9,412 12,685 9,281 4,722 6,019 3,837
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TOTAL FIXED CHARGES 268,487 212,092 177,367 117,994 69,427 53,609
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Preference share dividends - XL Capital 40,321 40,321 9,620 -- -- --
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TOTAL PREFERED DIVIDENDS 40,321 40,321 9,620 -- -- --
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TOTAL FIXED CHARGES AND PREFERENCE DIVIDENDS 308,808 252,413 186,987 117,994 69,427 53,609
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Ratio of Earnings to Fixed Charges 4.9 3.1 3.3 (6.1) 6.5 8.3
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS 4.2 2.6 3.1 (6.1) 6.5 8.3
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DEFICIENCY N/A N/A N/A (832,367) N/A N/A
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(1) 30% represents a reasonable approximation of the interest factor
(2) For the year ended December 31, 2001, earnings were insufficient to
cover fixed charges by $832.4 million.