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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   $ 379   $ 1,265

Fixed charges included in earnings from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

47

 

 

140

 

 

124

 

 

126

 

 

126

 

 

78

 

 

60

 

 

203
  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     395     1,582

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

 

$

395

 

$

1,670
   
 
 
 
 
 
 
 

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

 

 

1.96

 

 

1.76

(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)