EX-12 9 a2213028zex-12.htm EX-12

PART IV
ITEM 15 Exhibits and Financial Statement Schedules

EXHIBIT 12    Cigna Corporation – Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31,
(Dollars in millions)
  

2012

   2011
   2010
   2009
   2008
  
   

Income before income taxes

  
$
2,477
 
 $ 1,876   $ 1,802   $ 1,853   $ 329  

Adjustments:

  
 
   
 
                            

Income from equity investee

  
 
(10)
 
   (15)     (18)     (19)     (11)  

Income attributable to redeemable noncontrolling interest

  
 
(1)
 
   -     -     -     -  

Income attributable to other noncontrolling interest

  
 
-
 
   (1)     (4)     (3)     (2)  

 

  

Income before income taxes, as adjusted

  
$
2,466
 
 $ 1,860   $ 1,780   $ 1,831   $ 316  

 

  

Fixed charges included in income:

  
 
   
 
                            

Interest expense

  
$
268
 
 $ 202   $ 182   $ 166   $ 146  

Interest portion of rental expense

  
 
43
 
   38     42     46     43  

Interest credited to contractholders

  
 
4
 
   5     5     3     6  

 

  

 
$
315
 
 $ 245   $ 229   $ 215   $ 195  

 

  

Income available for fixed charges

  
$
2,781
 
 $ 2,105   $ 2,009   $ 2,046   $ 511  

 

  

RATIO OF EARNINGS TO FIXED CHARGES:

  
 
8.8
 
   8.6     8.8     9.5     2.6  
   

This Exhibit 12 has been updated from the Company's 2011 Form 10-K to reflect changes resulting from the retrospective adoption of amended accounting guidance for deferred policy acquisition costs, effective January 1, 2012. See Note 2 to the Consolidated Financial Statements within this Form 10-K for additional information.

E-4    CIGNA CORPORATION - 2012 Form 10-K