Exhibit 12

 

Genworth Financial, Inc.

 

Computation Of Ratio Of Earnings To Fixed Charges

(Dollar amounts in millions)

 

    (Year ended)
    December 31,
2004
   December 31,
2003
   December 31,
2002
   December 31,
2001
   December 31,
2000

Net earnings from continuing operations before income taxes and accounting changes

   $ 1,638   $ 1,382   $ 1,791   $ 1,821   $ 1,851

Fixed charges included in earnings from continuing operations:

                              

Interest expense

     217     140     124     126     126

Interest portion of rental expense

     14     23     25     23     25

Interest credited to contractholders

     1,432     1,624     1,645     1,620     1,456
   
 
 
 
 

Subtotal

     1,663     1,787     1,794     1,769     1,607
   
 
 
 
 

Fixed charges included in earnings from discontinued operations:

                              

Interest expense

     —       12     16     15     17

Interest portion of rental expense

     —       8     12     12     12

Interest credited to contractholders

     —       68     79     51     41
   
 
 
 
 

Subtotal

     —       88     107     78     70
   
 
 
 
 

Total fixed charges

     1,663     1,875     1,901     1,847     1,677
   
 
 
 
 

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

   $ 3,301   $ 3,257   $ 3,692   $ 3,668   $ 3,528
   
 
 
 
 

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

     1.98     1.74     1.94     1.99     2.10
(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.