EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)	2005		2004		2003		2002		2001
Earnings:
Income before income taxes	$	6,556	$	114,809	$	79,898	$	26,053	$	28,630
Add: fixed charges		55,639		56,837		56,858		52,234		48,649
Total earnings	$	62,195	$	171,646	$	136,756	$	78,287	$	77,279
Fixed charges:
Interest on policyholders’ accounts	$	54,727	$	56,386	$	56,459	$	51,735	$	48,213
Portion of rent representative of interest factor		912		451		399		499		436
Total fixed charges	$	55,639	$	56,837	$	56,858	$	52,234	$	48,649
Preferred stock dividend requirement	$	906	$	4,399	$	4,399	$	4,410	$	—
Combined fixed charges and preferred stock dividend requirements	$	56,545	$	61,236	$	61,257	$	56,644	$	48,649
Ratio of earnings to fixed charges		1.12		3.02		2.41		1.50		1.59
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		1.10		2.80		2.23		1.38		1.59