365

Exhibit 7

RATIO OF EARNINGS TO FIXED CHARGES

Year ended December 31,	2013		2012		2011		2010		2009
Earnings:
Income before taxes		1,147		1,866		938		1,914		(464	)
Add: Fixed charges included in earnings		1,746		2,151		2,148		2,438		2,632
(A) Total Earnings		2,892		4,017		3,087		4,352		2,168
Fixed charges:
Interest		355		519		491		426		412
Interest on fixed annuities, investment contracts and savings accounts		1,391		1,632		1,657		2,012		2,220
Sub-total fixed charges included in earnings		1,746		2,151		2,148		2,438		2,632
Dividend on preferred shares		24		59		59		59		90
Coupons on perpetual capital securities		194		230		237		251		244
Coupons on Non-Cumulative Subordinated Notes		28		30		-		-		-
(B) Total fixed charges		1,992		2,470		2,444		2,748		2,966
Ratio: (A) / (B)		1.5		1.6		1.3		1.6		0.7
Ratio excluding interest on fixed annuities, investment contracts and savings accounts		2.6		2.8		1.8		3.2		(0.1	)

Annual Report on Form 20-F 2013