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Exhibit 12.1


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

 
   
   
   
   
   
  Pro Forma

 
 
  Historical

  Year ended
December 31,

 
 
  Year ended December 31,
 
 
  2003
  2002
  2001
  2000
  1999
  2003
 
Net earnings from continuing operations before income taxes and accounting changes   $ 1,382   $ 1,791   $ 1,821   $ 1,851   $ 1,589   $ 1,330  

Fixed charges included in earnings from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

140

 

 

124

 

 

126

 

 

126

 

 

78

 

 

138

 
  Interest portion of rental expense     23     25     23     25     24     23  
  Interest credited to contractholder     1,624     1,645     1,620     1,456     1,290     1,358  
   
 
 
 
 
 
 
    Subtotal     1,787     1,794     1,769     1,607     1,392     1,519  

Fixed charges included in earnings from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

12

 

 

16

 

 

15

 

 

17

 

 

17

 

 

12

 
  Interest portion of rental expense     8     12     12     12     9     8  
  Interest credited to contractholder     68     79     51     41     6     68  
   
 
 
 
 
 
 
    Subtotal     88     107     78     70     32     88  
   
 
 
 
 
 
 

Total fixed charges

 

$

1,875

 

$

1,901

 

$

1,847

 

$

1,677

 

$

1,424

 

$

1,607

 
   
 
 
 
 
 
 

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

 

$

3,257

 

$

3,692

 

$

3,668

 

$

3,528

 

$

3,013

 

$

2,937

 
   
 
 
 
 
 
 

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

 

 

1.74

 

 

1.94

 

 

1.99

 

 

2.10

 

 

2.12

 

 

1.83  

(2)

(1)
For purposes of determining the historical ratio of earnings to fixed charges, 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.

(2)
For purposes of determining the ratio of pro forma earnings to pro forma fixed charges, pro forma earnings consist of pro forma earnings from continuing operations before taxes plus pro forma fixed charges from continuing operations and fixed charges from discontinued operations. Pro Forma fixed charges consist of (a) pro forma interest expense on short-term and long-term borrowings, including dividends on Series A Preferred Stock; (b) pro forma 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)