EXHIBIT 12
GENWORTH LIFE AND ANNUITY INSURANCE COMPANY AND SUBSIDIARIES
STATEMENT OF RATIO OF INCOME TO FIXED CHARGES
(AMOUNTS IN MILLIONS)
YEARS ENDED DECEMBER 31,
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2009 2008 2007 2006 2005
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Income (loss) before income taxes and equity in net income (loss)
of subsidiary $(41.7) $(584.0) $ 405.9 $ 548.0 $418.5
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Fixed charges:
Interest expense/(1)/ $ 91.7 $ 168.1 $ 205.1 $ 134.0 $ 48.7
Interest portion of rental expense 0.6 4.0 3.5 2.9 2.6
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Subtotal 92.3 172.1 208.6 136.9 51.3
Interest credited to investment contractholders 339.7 450.7 541.3 496.7 456.0
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Total fixed charges $432.0 $ 622.8 $ 749.9 $ 633.6 $507.3
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Income available for fixed charges (including interest credited to
investment contractholders) $390.3 $ 38.8 $1,155.8 $1,181.6 $925.8
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Ratio of income to fixed charges (including interest credited to
investment contractholders) 0.90 0.06 1.54 1.87 1.82
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Income (loss) available for fixed charges (excluding interest
credited to investment contractholders) $ 50.6 $(411.9) $ 614.5 $ 684.9 $469.8
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Ratio of income (loss) to fixed charges (excluding interest credited
to investment contractholders) 0.55 (2.39) 2.95 5.00 9.17
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/(1)/ Interest expense primarily relates to interest on our non-recourse
funding obligations as further described in note 10 of our consolidated
financial statements in "Financial Statements and Supplementary Data."
For the years ended December 31, 2009 and 2008, our deficiency in income
necessary to cover fixed charges was $41.7 million and $584.0 million,
respectively.