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EXHIBIT 12(C)
ITT HARTFORD GROUP, INC. AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(Millions of Dollars)
SIX MONTHS
ENDED JUNE
30, YEARS ENDED DECEMBER 31,
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1995 1994 1994 1993 1992 1991 1990
---- ---- ---- ---- ----- ---- ----
Earnings:
Income (Loss) from continuing operations.................. $245 $292 $632 $537 $(274) $431 $328
Add (deduct):
Income taxes............................................ 76 107 214 140 (239) 81 (14)
Minority equity in net income........................... 2 4 6 10 12 16 20
Amortization of interest capitalized.................... -- -- -- 1 1 1 1
---- ---- ---- ---- ----- ---- ----
323 403 852 688 (500) 529 335
---- ---- ---- ---- ----- ---- ----
Fixed Charges:
Interest and other financial charges.................... 47 34 76 66 64 56 51
Interest factor attributable to rentals................. 18 18 35 36 42 40 42
---- ---- ---- ---- ----- ---- ----
65 52 111 102 106 96 93
---- ---- ---- ---- ----- ---- ----
Earnings, as adjusted, from continuing operations......... $388 $455 $963 $790 $(394) $625 $428
---- ---- ---- ---- ----- ---- ----
Fixed Charges:
Fixed charges above..................................... $ 65 $ 52 $111 $102 $ 106 $ 96 $ 93
Dividends on preferred stock of subsidiaries included in
minority equity....................................... 2 4 6 10 12 16 20
Interest capitalized.................................... -- -- -- -- 2 2 4
---- ---- ---- ---- ----- ---- ----
Total fixed charges..................................... $ 67 $ 56 $117 $112 $ 120 $114 $117
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Ratios:
Earnings, as adjusted, from continuing operations to
total fixed charges................................... 5.79 8.13 8.23 7.05 * 5.48 3.66
==== ==== ==== ==== ===== ==== ====
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Notes:
*Earnings are inadequate to cover total fixed charges by $514.
(a) The interest factor attributable to rentals was computed by calculating the
estimated present value of all long-term rental commitments and applying
the approximate weighted average interest rate inherent in the lease
obligations and adding thereto the interest element assumed in short-term
cancelable and contingent rentals excluded from the commitment data but
included in rental expense.
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