EX-12.1 5 ace-12312013xex121.htm EXHIBIT 12.1 ACE-12.31.2013-Ex 12.1


Exhibit 12.1

ACE Limited
Ratio of Earnings to Fixed Charges

 
Years Ended December 31
(in millions of U.S. dollars, except ratios)
2013

 
2012

 
2011

 
2010

 
2009

Net income
$
3,758

 
$
2,706

 
$
1,540

 
$
3,085

 
$
2,523

Add:
 
 
 
 
 
 
 
 
 
Provision for income taxes
480

 
270

 
502

 
553

 
521

Fixed charges
318

 
287

 
288

 
251

 
253

Earnings for computation
$
4,556

 
$
3,263

 
$
2,330

 
$
3,889

 
$
3,297

Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
275

 
$
250

 
$
250

 
$
224

 
$
225

Portion of rental expense deemed to be interest
43

 
37

 
38

 
27

 
28

Total fixed charges
$
318

 
$
287

 
$
288

 
$
251

 
$
253

Ratio of earnings to fixed charges
14.4

 
11.4

 
8.1

 
15.5

 
13.0


Note: ACE Limited recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e., excluded from interest expense).