Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months
	Ended		Year Ended December 31,
	June 30, 2009		2008		2007		2006		2005		2004
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	48,881	$	77,053	$	38,144	$	116,029	$	66,736	$	69,166
Interest sensitive and index product benefits and amortization of deferred sales inducements	157,635		235,836		571,917		429,062		311,479		309,034
Interest expense on notes payable	7,918		19,773		20,916		21,278		20,482		2,673
Interest expense on subordinated debentures	8,237		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense	244		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense	240		459		468		431		388		344
Consolidated earnings	$	223,155	$	360,773	$	669,891	$	621,085	$	424,510	$	393,974

Interest sensitive and index product benefits and amortization of deferred sales inducements	$	157,635	$	235,836	$	571,917	$	429,062	$	311,479	$	309,034
Interest expense on notes payable	7,918		19,773		20,916		21,278		20,482		2,673
Interest expense on subordinated debentures	8,237		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense	244		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense	240		459		468		431		388		344
Combined fixed charges	$	174,274	$	283,720	$	631,747	$	505,056	$	357,774	$	324,808

Ratio of consolidated earnings to fixed charges	1.3		1.3		1.1		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	3.9		2.6		1.6		2.5		2.4		5.4

In May 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“FSP APB 14-1”). The Company adopted FSP APB 14-1 on January 1, 2009, applying it retrospectively to all periods presented and the 2008 and prior amounts above are as adjusted. The Company’s contingent convertible senior notes that fall within the scope of FSP APB 14-1 were issued by the Company in December 2004.