EX-12.1 7 ace-12312014xex121.htm EXHIBIT 12.1 ACE-12.31.2014-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)
2014

 
2013

 
2012

 
2011

 
2010

Net income
$
2,853

 
$
3,758

 
$
2,706

 
$
1,540

 
$
3,085

Add:
 
 
 
 
 
 
 
 
 
Provision for income taxes
634

 
480

 
270

 
502

 
553

Fixed charges
322

 
318

 
287

 
288

 
251

Earnings for computation
$
3,809

 
$
4,556

 
$
3,263

 
$
2,330

 
$
3,889

Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
280

 
$
275

 
$
250

 
$
250

 
$
224

Portion of rental expense deemed to be interest
42

 
43

 
37

 
38

 
27

Total fixed charges
$
322

 
$
318

 
$
287

 
$
288

 
$
251

Ratio of earnings to fixed charges
11.8

 
14.4

 
11.4

 
8.1

 
15.5


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).