1
EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERENCE DIVIDENDS)
(Dollar amounts in millions)
Year Ended December 31, Three Months Ended
March 31,
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1996 1997 1998 1999 2000 2001
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Income from continuing
operations before income taxes
and minority interest $91.2 $113.4 $138.1 $93.1 175.3 35.7
Fixed charges:
Interest expensed and capitalized 6.2 7.8 8.8 11.0 17.6 4.9
One-third of rentals 0.9 1.0 0.9 1.4 2.0 .5
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Total fixed charges 7.1 8.8 9.7 12.4 19.6 5.4
Interest credited under
reinsurance contracts 54.7 92.3 153.2 153.1 104.8 27.4
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Total fixed charges including
interest credited under
reinsurance contracts 61.8 101.1 162.9 165.5 124.4 32.8
Less interest capitalized, net
of amortization -- -- -- -- -- --
Income from continuing
operations before income taxes
and minority interest plus $98.3 $122.2 $147.8 105.5 194.9 41.1
fixed charges
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Income from continuing operations
before income taxes and minority
interest plus fixed charges
including interest credited
under reinsurance contracts 153.0 214.5 301.0 258.6 299.7 68.5
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Ratio of earnings to fixed
charges 13.8 13.9 15.2 8.5(1) 9.9 7.6
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Ratio of earnings to fixed
charges including interest
credited under reinsurance
contracts 2.5 2.1 1.8 1.6(1) 2.4 2.1
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(1) Coverage ratio in 1999 is lower than other annual periods presented due to
the inclusion of $75.3 of net realized investment losses primarily associated
with the recapture of one block of business by General American Life Insurance
Company.