EX-12 9 xlgroup-06302017xex_12.htm EXHIBIT 12 Exhibit


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

 
Six Months Ended
(U.S. dollars in thousands, except ratios)
2017
 
2016
Earnings:
 
 
 
Pre-tax income (loss) from continuing operations
$
440,598

 
$
113,948

Fixed charges
178,353

 
179,394

Distributed income of equity investees
88,305

 
104,865

Subtotal
$
707,256

 
$
398,207

Less: Non-controlling interests
5,459

 
5,436

Less: Preference share dividends
63,970

 
60,751

Total earnings (loss)
$
637,827

 
$
332,020

 
 
 
 
Fixed charges:
 
 
 
Interest costs
$
83,672

 
$
85,346

Accretion of deposit liabilities
21,057

 
22,695

Rental expense at 30% (1)
9,654

 
10,602

Total fixed charges
$
114,383

 
$
118,643

Preference share dividends
63,970

 
60,751

Total fixed charges and preference dividends
$
178,353

 
$
179,394

 
 
 
 
Ratio of earnings to fixed charges
5.6

 
2.8

 
 
 
 
Ratio of earnings to combined fixed charges and preference dividends
3.6

 
1.9

 
 
 
 
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.