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Exhibit 12.1


Genworth Financial, Inc.
Computation Of Ratio Of Earnings To Fixed Charges
(Dollar amounts in millions)

 
  December 31,
 
  2003
  2002
  2001
  2000
  1999
Net earnings from continuing operations before income taxes and accounting changes   $ 1,382   $ 1,791   $ 1,821   $ 1,851   $ 1,589

Fixed charges included in earnings from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

140

 

 

124

 

 

126

 

 

126

 

 

78
  Interest portion of rental expense     23     25     23     25     24
  Interest credited to contractholder     1,624     1,645     1,620     1,456     1,290
   
 
 
 
 
    Subtotal     1,787     1,794     1,769     1,607     1,392

Fixed charges included in earnings from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

12

 

 

16

 

 

15

 

 

17

 

 

17
  Interest portion of rental expense     8     12     12     12     10
  Interest credited to contractholder     69     79     51     41     6
   
 
 
 
 
    Subtotal     88     107     78     70     32
   
 
 
 
 

Total fixed charges

 

$

1,875

 

$

1,901

 

$

1,847

 

$

1,677

 

$

1,424
   
 
 
 
 

Earnings available for fixed charges (including interest credited to contractholders)

 

$

3,257

 

$

3,692

 

$

3,668

 

$

3,528

 

$

3,013
   
 
 
 
 

Ratio of earnings to fixed charges (including interest credited to contractholders) (1)

 

 

1.74

 

 

1.94

 

 

1.99

 

 

2.10

 

 

2.12

(1)
For purposes of determining this ratio, earnings consist of earnings from continuing operations before taxes and accounting changes plus fixed charges from continuing and discontinued operations. Fixed charges consist of (a) interest expense on short-term and long-term borrowings; (b) interest credited to policyholders on annuities and financial products; and (c) the portion of operating leases that are representative of the interest factor.



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Genworth Financial, Inc. Computation Of Ratio Of Earnings To Fixed Charges (Dollar amounts in millions)