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Exhibit 12.1


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

 
   Historical
   Pro Forma
 
   Three months
ended
March 31
   Year ended December 31,
   Three months
ended
March 31
   Year ended
December 31,
 
   2004
   2003
   2002
   2001
   2000
   1999
   2004
   2003
Net earnings from continuing operations before income taxes and accounting changes   $ 377   $ 1,382   $ 1,791   $ 1,821   $ 1,851   $ 1,589   $ 394   $ 1,330

Fixed charges included in earnings from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
47
 
 
140
 
 
124
 
 
126
 
 
126
 
 
78
 
 
45
 
 
138
  Interest portion of rental expense     5     23     25     23     25     24     5     21
  Interest credited to contractholder     396     1,624     1,645     1,620     1,456     1,290     330     1,358
   
 
 
 
 
 
 
 
    Subtotal     448     1,787     1,794     1,769     1,607     1,392     380     1,517

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
 
$
448
 
$
1,875
 
$
1,901
 
$
1,847
 
$
1,677
 
$
1,424
 
$
380
 
$
1,605
   
 
 
 
 
 
 
 

Earnings available for fixed charges (including interest credited to contractholders)
 
$
825
 
$
3,257
 
$
3,692
 
$
3,668
 
$
3,528
 
$
3,013
 
$
774
 
$
2,935
   
 
 
 
 
 
 
 

Ratio of earnings to fixed charges (including interest credited to contractholders) (1)
 
 
1.84
 
 
1.74
 
 
1.94
 
 
1.99
 
 
2.10
 
 
2.12
 
 
2.04  
(2)
 
1.83
(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. 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 and contract adjustment payments on Equity Units; (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)