EXHIBIT 12
NAC RE CORP. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31,
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1997 1996 1995 1994 1993
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Earnings:
Operating income before
income taxes $122,830 $89,036 $78,821 $42,290 $49,497
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Add back fixed charges:
Interest expense 21,390 21,976 15,381 14,196 13,324
Amortization of related
debt expenses 345 346 267 258 258
Assumed interest component
of rent expenses 1,551 1,311 1,235 1,099 1,194
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Total fixed charges 23,286 23,633 16,883 15,553 14,776
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Adjusted earnings $146,116 $112,669 $95,704 $57,843 $64,273
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Ratio of earnings to fixed
charges 6.3 to 1 4.8 to 1 5.7 to 1 3.7 to 1 4.3 to 1
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