Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - REINSURANCE GROUP OF AMERICA INC | d584818d8k.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
| Years Ended December 31, | Six Months Ended | |||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | June 30, 2013 | |||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 239.0 | $ | 540.6 | $ | 806.2 | $ | 763.6 | $ | 919.2 | $ | 204.1 | ||||||||||||
| Less: |
||||||||||||||||||||||||
| Undistributed income of investees accounted for under the equity method |
— | — | — | 3.1 | 3.3 | 2.6 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Adjusted earnings before fixed charges |
$ | 239.0 | $ | 540.6 | $ | 806.2 | $ | 760.5 | $ | 915.9 | $ | 201.5 | ||||||||||||
| Add fixed charges: |
||||||||||||||||||||||||
| Interest expense |
104.9 | 78.2 | 98.9 | 115.0 | 117.5 | 63.6 | ||||||||||||||||||
| Interest credited on reinsurance contracts |
233.2 | 323.7 | 310.0 | 316.4 | 379.9 | 243.8 | ||||||||||||||||||
| One-third of rentals |
4.1 | 4.7 | 5.7 | 6.3 | 6.5 | 3.1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
$ | 342.2 | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 503.9 | $ | 310.5 | ||||||||||||
| Total earnings plus fixed charges |
$ | 581.2 | $ | 947.2 | $ | 1,220.8 | $ | 1,198.2 | $ | 1,419.8 | $ | 512.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges |
1.7 | 2.3 | 2.9 | 2.7 | 2.8 | 1.6 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
$ | 342.2 | $ | 406.6 | $ | 414.6 | $ | 437.7 | $ | 503.9 | $ | 310.5 | ||||||||||||
| Less interest credited on reinsurance contracts |
233.2 | 323.7 | 310.0 | 316.4 | 379.9 | 243.8 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges excluding interest credited(1) |
$ | 109.0 | $ | 82.9 | $ | 104.6 | $ | 121.3 | $ | 124.0 | $ | 66.7 | ||||||||||||
| Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) |
$ | 348.0 | $ | 623.5 | $ | 910.8 | $ | 881.8 | $ | 1,039.9 | $ | 268.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) |
3.2 | 7.5 | 8.7 | 7.3 | 8.4 | 4.0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (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. |