Attached files
| file | filename |
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| 8-K - FORM 8-K - REINSURANCE GROUP OF AMERICA INC | d394797d8k.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
| Years Ended December 31, | Six Months Ended | |||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | June 30, 2012 | |||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 439.2 | $ | 239.0 | $ | 540.6 | $ | 806.2 | $ | 763.6 | $ | 396.7 | ||||||||||||
| Less: |
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| Undistributed income of investees accounted for under the equity method |
— | — | — | — | 3.1 | 2.5 | ||||||||||||||||||
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| Adjusted earnings before fixed charges |
$ | 439.2 | $ | 239.0 | $ | 540.6 | $ | 806.2 | $ | 760.5 | $ | 394.2 | ||||||||||||
| Add fixed charges: |
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| Interest expense |
128.9 | 104.9 | 78.2 | 98.9 | 115.0 | 52.5 | ||||||||||||||||||
| Interest credited on reinsurance contracts |
246.1 | 233.2 | 323.7 | 310.0 | 316.4 | 154.7 | ||||||||||||||||||
| One-third of rentals |
3.6 | 4.1 | 4.7 | 5.7 | 6.3 | 3.3 | ||||||||||||||||||
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| Total fixed charges |
$ | 378.6 | $ | 342.2 | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 210.5 | ||||||||||||
| Total earnings plus fixed charges |
$ | 817.8 | $ | 581.2 | $ | 947.2 | $ | 1,220.8 | $ | 1,198.2 | $ | 604.7 | ||||||||||||
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| Ratio of earnings to fixed charges |
2.2 | 1.7 | 2.3 | 2.9 | 2.7 | 2.9 | ||||||||||||||||||
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| Total fixed charges |
$ | 378.6 | $ | 342.2 | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 210.5 | ||||||||||||
| Less interest credited on reinsurance contracts |
246.1 | 233.2 | 323.7 | 310.0 | 316.4 | 154.7 | ||||||||||||||||||
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| Total fixed charges excluding interest credited(1) |
$ | 132.5 | $ | 109.0 | $ | 82.9 | $ | 104.6 | $ | 121.3 | $ | 55.8 | ||||||||||||
| Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) |
$ | 571.7 | $ | 348.0 | $ | 623.5 | $ | 910.8 | $ | 881.8 | $ | 450.0 | ||||||||||||
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| Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) |
4.3 | 3.2 | 7.5 | 8.7 | 7.3 | 8.1 | ||||||||||||||||||
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| (1) | This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to its products. |