EX-12 3 unm123115ex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Year Ended December 31
 
2015
 
2014
 
2013
 
2012
 
2011
 
(in millions of dollars, except ratios)
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Before Income Tax
$
1,238.3

 
$
542.0

 
$
1,220.0

 
$
1,265.6

 
$
347.5

Fixed Charges
179.0

 
184.1

 
175.1

 
169.8

 
165.5

Adjusted Earnings
$
1,417.3

 
$
726.1

 
$
1,395.1

 
$
1,435.4

 
$
513.0

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense, excluding Costs Related to Early Retirement of Debt
$
152.8

 
$
154.3

 
$
149.4

 
$
145.4

 
$
143.3

Interest Credited on Investment Products
11.2

 
14.3

 
10.2

 
9.7

 
9.4

Portion of Rents Deemed Representative of Interest
14.2

 
14.7

 
14.7

 
13.9

 
12.0

Other
0.8

 
0.8

 
0.8

 
0.8

 
0.8

Total Fixed Charges
$
179.0

 
$
184.1

 
$
175.1

 
$
169.8

 
$
165.5

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
7.9
 
3.9
 
8.0
 
8.5
 
3.1

Effective January 1, 2015, we adopted an accounting standards update for tax credit partnership investments in qualified affordable housing projects and applied the amendments retrospectively. Prior period results have been adjusted to reflect our retrospective adoption.