Exhibit 12

 

Genworth Financial, Inc.

 

Computation Of Ratio Of Earnings To Fixed Charges

(Dollar amounts in millions)

 

   

Nine months ended
September 30,

2004


  Year ended

    December 31,
2003


  December 31,
2002


  December 31,
2001


  December 31,
2000


  December 31,
1999


Net earnings from continuing operations before income taxes and accounting changes

  $ 1,223   $ 1,382   $ 1,791   $ 1,821   $ 1,851   $ 1,589

Fixed charges included in earnings from continuing operations:

                                   

Interest expense

    154     140     124     126     126     78

Interest portion of rental expense

    11     23     25     23     25     24

Interest credited to contractholders

    1,088     1,624     1,645     1,620     1,456     1,290
   

 

 

 

 

 

Subtotal

    1,253     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     9

Interest credited to contractholders

    —       68     79     51     41     6
   

 

 

 

 

 

Subtotal

    —       88     107     78     70     32

Total fixed charges

    1,253     1,875     1,901     1,847     1,677     1,424
   

 

 

 

 

 

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

  $ 2,476   $ 3,257   $ 3,692   $ 3,668   $ 3,528   $ 3,013
   

 

 

 

 

 

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

    1.98     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 contractholders on annuities and financial products; and (c) the portion of operating leases that are representative of the interest factor.