Attached files
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| 8-K - 8-K - REINSURANCE GROUP OF AMERICA INC | d202466d8k.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
| Years Ended December 31, | Three Months Ended March 31, 2016 |
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| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||
| Income before income taxes |
$ | 763.6 | $ | 919.2 | $ | 635.3 | $ | 1,008.5 | $ | 744.8 | $ | 107.6 | ||||||||||||
| Less: |
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| Undistributed income of investees accounted for under the equity method |
3.1 | 3.3 | 4.3 | 3.0 | 7.0 | 1.8 | ||||||||||||||||||
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| Adjusted earnings before fixed charges |
760.5 | 915.9 | 631.0 | 1,005.5 | 737.8 | 105.8 | ||||||||||||||||||
| Add fixed charges: |
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| Interest expense |
115.0 | 117.5 | 134.8 | 108.1 | 165.5 | 39.1 | ||||||||||||||||||
| Interest credited on reinsurance contracts |
316.4 | 379.9 | 476.5 | 451.0 | 337.0 | 87.9 | ||||||||||||||||||
| One-third of rentals |
6.3 | 6.5 | 6.2 | 6.4 | 4.0 | 1.0 | ||||||||||||||||||
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| Total fixed charges |
437.7 | 503.9 | 617.5 | 565.5 | 506.5 | 128.0 | ||||||||||||||||||
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| Total earnings plus fixed charges |
$ | 1,198.2 | $ | 1,419.8 | $ | 1,248.5 | $ | 1,571.0 | $ | 1,244.3 | $ | 233.8 | ||||||||||||
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| Ratio of earnings to fixed charges |
2.7 | 2.8 | 2.0 | 2.8 | 2.5 | 1.8 | ||||||||||||||||||
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| Total fixed charges |
$ | 437.7 | $ | 503.9 | $ | 617.5 | $ | 565.5 | $ | 506.5 | $ | 128.0 | ||||||||||||
| Less interest credited on reinsurance contracts |
316.4 | 379.9 | 476.5 | 451.0 | 337.0 | 87.9 | ||||||||||||||||||
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| Total fixed charges excluding interest credited(1) |
121.3 | 124.0 | 141.0 | 114.5 | 169.5 | 40.1 | ||||||||||||||||||
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| Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) |
$ | 881.8 | $ | 1,039.9 | $ | 772.0 | $ | 1,120.0 | $ | 907.3 | $ | 145.9 | ||||||||||||
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| Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) |
7.3 | 8.4 | 5.5 | 9.8 | 5.4 | 3.6 | ||||||||||||||||||
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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. |