EX-12.1 8 d610028dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

ING U.S., Inc.

Ratio of Earnings to Fixed Charges

 

($ in millions)    Six Months Ended
June 30,		     Years Ended December 31,  
     2013     2012      2011     2010     2009     2008  

Income (loss) from continuing operations before provision for income tax

    $ (289.5 )    $ 606.0       $ 277.8      $ 37.8      $ (1,108.6 )    $ (8,041.9 ) 

Less: Undistributed income (loss) from investees

      10.9        9.0         (16.4 )      9.7        (73.0 )      (272.4 ) 

Less: Net income (loss) attributable to non-controlling interest that have not incurred fixed charges

      (10.6 )      95.9         143.9        67.1        (172.9 )      (5.8 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings before fixed charges(1)

    $ (289.8 )    $ 501.1       $ 150.3      $ (39.0 )    $ (862.7 )    $ (7,763.7 ) 

Add: fixed charges

              

Interest and debt issue costs(2)(3)

      168.4        260.1         207.7        274.0        385.5        426.6   

Estimated interest component of rent expense

      4.4        9.3         10.6        11.3        13.8        12.9   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges excluding interest credited to policyholder account balances

    $ 172.8      $ 269.4       $ 218.3      $ 285.3      $ 399.3      $ 439.5   

Interest credited to policyholder account balances

      1,039.8        2,248.1         2,455.5        2,560.6        2,748.7        3,104.4   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 1,212.6      $ 2,517.5       $ 2,673.8      $ 2,845.9      $ 3,148.0      $ 3,543.9   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings and fixed charges

    $ 922.8      $ 3,018.6       $ 2,824.1      $ 2,806.9      $ 2,285.3      $ (4,219.8 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(1)

      NM        1.20         1.06        NM        NM        NM   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings and fixed charges excluding interest credited to policyholder account balances

    $ (117.0 )    $ 770.5       $ 368.6      $ 246.3      $ (463.4 )    $ (7,324.2 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges excluding interest credited to policyholder account balances(1)

      NM        2.86         1.69        NM        NM        NM   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Earnings were insufficient to cover fixed charges at a 1:1 ratio by $289.8 million for the six months ended June 30, 2013 and $39.0 million, $862.7 million, and $7,763.7 million for the years ended December 31, 2010, 2009 and 2008, respectively. These ratios are presented as “NM” or not meaningful.
(2) Interest and debt issue costs include interest costs related to variable interest entities of $80.2 million for the six months ended June 30, 2013 and $106.4 million, $68.4 million, and $49.8 million for the years ended December 31, 2012, 2011, and 2010, respectively. Excluding these costs as well as the earnings of the variable interest entities would result in a ratio of earnings to fixed charges of 1.19, 1.04, and 1.01 for the years ended December 31, 2012, 2011, and 2010, respectively. Excluding these costs as well as the earnings of the variable interest entities would result in a ratio of earnings to fixed charges excluding interest credited to policyholder account balances of 3.81, 1.69, and 1.16 for the years ended December 31, 2012, 2011, and 2010, respectively. Excluding these costs as well as the earnings of the variable interest entities for the six months ended June 30, 2013 would result in a less than 1:1 ratio.
(3) Interest and debt issue costs excludes an $108.3 million loss related to the extinguishment of debt in 2010.