EX-12 3 dex12.htm EXHIBIT 12 Exhibit 12

 

 

EXHIBIT 12

 

GE FINANCIAL ASSURANCE HOLDINGS, INC. AND SUBSIDIARIES

 

Computation of Ratio of Earnings to Fixed Charges

Three Months Ended March 31, 2003

(Dollar amounts in millions)

(Unaudited)

 

    

Ratio

of Earnings

To Fixed

Charges

Net earnings

   

$

295

Provision for income taxes

   

 

130

Minority interest

   

 

1

    

Earnings before income taxes, minority interest and cumulative effect of change in accounting principle

   

 

426

    

Fixed charges:

       

Interest

   

 

32

Interest portion of net rentals

   

 

6

    

Total fixed charges

   

 

38

Less interest capitalized, net of amortization

   

 

4

    

Earnings before income taxes, minority interest and cumulative effect of change in accounting principle, plus fixed charges

   

$

460

    

Ratio of earnings to fixed charges

   

 

12.1

    

 

For purposes of computing the ratios, fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals.

 

14