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EXHIBIT 12.01
EXHIBIT 12 -- STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
THREE MONTHS ENDED MARCH 31, YEAR ENDED DECEMBER 31,
--------------------------- --------- ----------------------- --------- ---------
2005 2004 2004 2003 2002 2001 2000
--------- --------- --------- --------- --------- --------- ---------
($ IN THOUSANDS)
Earnings
Pre-tax income from
continuing operations $ 63,185 $ 35,869 $ 228,294 $ 239,238 $ 89,157 $ 119,377 $ 115,737
Less: Minority interest -- -- -- -- -- -- 21,677
Less: Income (loss) from
equity investees 1,410 5,415 8,105 12,563 (3,993) 5,072 3,481
Add: Distributed income from
equity investees 47 127 564 1,521 2,591 7,730 4,449
--------- --------- --------- --------- --------- --------- ---------
61,822 30,581 220,753 228,196 95,741 122,035 95,028
Fixed charges 92,673 153,101 556,985 570,646 492,093 371,667 344,363
--------- --------- --------- --------- --------- --------- ---------
Total Earnings $ 154,495 $ 183,682 $ 777,738 $ 798,842 $ 587,834 $ 493,702 $ 439,391
========= ========= ========= ========= ========= ========= =========
Fixed Charges
Interest credited to
policyowners $ 84,447 $ 144,327 $ 523,231 $ 538,622 $ 464,022 $ 341,575 $ 312,008
Interest expense on debt 7,780 8,398 32,120 30,154 25,487 26,011 29,723
Amortization of debt
issuance costs 236 232 928 1,137 985 3,155 1,833
Estimate of interest within
rental expense 210 144 706 733 1,599 926 799
--------- --------- --------- --------- --------- --------- ---------
Total Combined Fixed Charges $ 92,673 $ 153,101 $ 556,985 $ 570,646 $ 492,093 $ 371,667 $ 344,363
========= ========= ========= ========= ========= ========= =========
Ratio of Earnings to Fixed
Charges 1.67 1.20 1.40 1.40 1.19 1.33 1.28
Ratio of Earnings to Fixed
Charges and Preferred Stock
Dividends 1.67 1.20 1.40 1.40 1.19 1.33 1.28
</Table>