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EX-32 - EXHIBIT 32 - XL GROUP LTDxlgroup-03312016xex_32.htm
EX-31 - EXHIBIT 31 - XL GROUP LTDxlgroup-03312016xex_31.htm
10-Q - 10-Q - XL GROUP LTDxlgroup-10qx03312016.htm


Exhibit 12
XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
Three Months Ended
(U.S. dollars in thousands, except ratios)
2016
 
2015
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
97,252

 
$
39,892

Fixed charges
114,541

 
89,747

Distributed income of equity investees
40,622

 
24,570

Subtotal
$
252,415

 
$
154,209

Less: Non-controlling interests
3,679

 
1,957

Preference share dividends
57,464

 
35,433

Total earnings (loss)
$
191,272

 
$
116,819

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
41,613

 
$
41,481

Accretion of deposit liabilities
10,690

 
9,957

Rental expense at 30% (1)
4,774

 
2,876

Total fixed charges
$
57,077

 
$
54,314

Preference share dividends
57,464

 
35,433

Total fixed charges and preference dividends
$
114,541

 
$
89,747

 
 
 
 
Ratio of earnings to fixed charges
3.4

 
2.2

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
1.7

 
1.3

 
 
 
 
Deficiency - fixed charges only
 N/A

 
N/A

 
 
 
 
Deficiency - fixed charges and preference dividends
 N/A

 
N/A

_______________
(1)
30% represents a reasonable approximation of the interest factor.