Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended		Year Ended December 31,
	June 30, 2008		2007		2006		2005		2004		2003
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	82,597	$	42,839	$	116,925	$	70,894	$	69,481	$	39,308
Interest credited to account balances and amortization of deferred sales inducements	131,078		571,917		429,062		311,479		309,034		248,075
Interest expense on notes payable	7,851		16,221		20,382		16,324		2,358		2,713
Interest expense on subordinated debentures	9,880		22,520		21,354		14,145		9,609		7,661
Interest expense on amounts due under repurchase agreements and other interest expense	4,996		15,926		32,931		11,280		3,148		1,278
Interest portion of rental expense	224		468		431		388		344		314
Consolidated earnings	$	236,626	$	669,891	$	621,085	$	424,510	$	393,974	$	299,349
Interest credited to account balances and amortization of deferred sales inducements	$	131,078	$	571,917	$	429,062	$	311,479	$	309,034	$	248,075
Interest expense on notes payable	7,851		16,221		20,382		16,324		2,358		2,713
Interest expense on subordinated debentures	9,880		22,520		21,354		14,145		9,609		7,661
Interest expense on amounts due under repurchase agreements and other interest expense	4,996		15,926		32,931		11,280		3,148		1,278
Interest portion of rental expense	224		468		431		388		344		314
Combined fixed charges	$	154,029	$	627,052	$	504,160	$	353,616	$	324,493	$	260,041
Ratio of consolidated earnings to fixed charges	1.5		1.1		1.2		1.2		1.2		1.2
Ratio of consolidated earnings to fixed charges, both excluding interest credited to account balances and amortization of deferred sales inducements	4.6		1.8		2.6		2.7		5.5		4.3