EX-12 5 a2042391zex-12.htm EXHIBIT 12 Prepared by MERRILL CORPORATION www.edgaradvantage.com
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Exhibit 12

THE ALLSTATE CORPORATION

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

 
    
   For the Year Ended December 31,
  
(in millions)
   2000
   1999
   1998
   1997
   1996
  
1.   Income from continuing operations before income taxes, equity in net income of unconsolidated subsidiary, and dividends on preferred securities of subsidiary trusts   $ 3,047   $ 3,907   $ 4,745   $ 4,434   $ 2,669  

2.
 
Equity in income of 100% owned subsidiary
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 

3.
 
Dividends from less than 50% owned subsidiary
 
 
—
 
 
—
 
 
1
 
 
2
 
 
2
 
       
 
 
 
 
 

4.
 
Income from continuing operations before income taxes (1+2+3)
 
$
3,047
 
$
3,907
 
$
4,746
 
$
4,436
 
$
2,671
 
       
 
 
 
 
 

 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5.
 
Interest on indebtedness
 
$
229
 
$
129
 
$
118
 
$
100
 
$
95
 

6.
 
Interest factor of annual rental expense
 
 
50
 
 
50
 
 
90
 
 
80
 
 
71
 
       
 
 
 
 
 

7.
 
Total fixed charges (5+6)
 
$
279
 
$
179
 
$
208
 
$
180
 
$
166
 
       
 
 
 
 
 

8.
 
Dividends on redeemable preferred securities
 
 
63
 
 
59
 
 
59
 
 
59
 
 
6
 

9.
 
Total fixed charges and dividends on Redeemable preferred securities (7+8)
 
$
342
 
$
238
 
$
267
 
$
239
 
$
172
 
       
 
 
 
 
 

10.
 
Income from continuing operations before income taxes and fixed charges (4+7)
 
$
3,326
 
$
4,086
 
$
4,954
 
$
4,616
 
$
2,837
 
       
 
 
 
 
 

11.
 
Ratio of earnings to fixed charges (A)
 
 
9.7
X
 
17.2
X
 
18.6
X
 
19.3
X
 
16.5
X
       
 
 
 
 
 

12.
 
Interest credited to contractholder funds
 
$
1,503
 
$
1,362
 
$
1,247
 
$
1,209
 
$
1,196
 

13.
 
Total fixed charges including dividends on Redeemable preferred securities and interest credited to contractholder funds (9+12)
 
$
1,845
 
$
1,600
 
$
1,514
 
$
1,448
 
$
1,368
 
       
 
 
 
 
 

14.
 
Income from continuing operations before income taxes and fixed charges including interest credited to contractholder funds (4+7+12)
 
$
4,829
 
$
5,448
 
$
6,201
 
$
5,825
 
$
4,033
 
       
 
 
 
 
 

15.
 
Ratio of earnings to fixed charges, including interest credited to contractholder Funds (14/13)
 
 
2.6
X
 
3.4
X
 
4.1
X
 
4.0
X
 
2.9
X
       
 
 
 
 
 
(A)
The Company has authority to issue up to 25,000,000 shares of preferred stock, par value $1.00 per share; however, there are currently no shares outstanding and the Company does not have a preferred stock dividend obligation. Therefore, the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends is equal to the Ratio of Earnings to Fixed Charges and is not disclosed separately.

E-31



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COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO