EX-12 2 xlgroup-09302015xex_12.htm EXHIBIT 12 Exhibit


Exhibit 12
XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
Nine Months Ended September 30,
(U.S. dollars in thousands, except ratios)
2015
 
2014
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
995,578

 
$
15,059

Fixed charges
262,096

 
181,759

Distributed income of equity investees
647,079

 
151,739

Subtotal
$
1,904,753

 
$
348,557

Less: Non-controlling interests
4,482

 
3,216

Preference share dividends
95,676

 
73,808

Total earnings (loss)
$
1,804,595

 
$
271,533

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
121,317

 
$
96,147

Accretion of deposit liabilities
31,717

 
3,730

Rental expense at 30% (1)
13,386

 
8,074

Total fixed charges
$
166,420

 
$
107,951

Preference share dividends
95,676

 
73,808

Total fixed charges and preference dividends
$
262,096

 
$
181,759

 
 
 
 
Ratio of earnings to fixed charges
10.8

 
2.5

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
6.9

 
1.5

 
 
 
 
Deficiency - fixed charges only
 N/A

 
N/A

 
 
 
 
Deficiency - fixed charges and preference dividends
 N/A

 

N/A

_______________
(1)
30% represents a reasonable approximation of the interest factor.