Exhibit 12
Genworth Financial, Inc.
Statement of Ratio of Income to Fixed Charges
(Dollar amounts in millions)
| Six months ended |
Years ended December 31, | |||||||||||||||||||||||
| June 30, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes and accounting changes |
$ | 588 | $ | 729 | $ | 320 | $ | (15 | ) | $ | (1,299 | ) | $ | 993 | ||||||||||
| Less: income attributable to noncontrolling interests before income taxes |
153 | 144 | 289 | 259 | 262 | 210 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from continuing operations before income taxes and accounting changes and excluding income attributable to noncontrolling interests |
$ | 435 | $ | 585 | $ | 31 | $ | (274 | ) | $ | (1,561 | ) | $ | 783 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges included in income (loss) from continuing operations: |
||||||||||||||||||||||||
| Interest expense |
$ | 147 | $ | 272 | $ | 324 | $ | 407 | $ | 418 | $ | 440 | ||||||||||||
| Interest portion of rental expense |
3 | 6 | 6 | 6 | 8 | 8 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Subtotal |
150 | 278 | 330 | 413 | 426 | 448 | ||||||||||||||||||
| Interest credited to investment contractholders |
308 | 646 | 696 | 720 | 737 | 738 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges from continuing operations |
$ | 458 | $ | 924 | $ | 1,026 | $ | 1,133 | $ | 1,163 | $ | 1,186 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from continuing operations available for fixed charges (including interest credited to investment contractholders) |
$ | 893 | $ | 1,509 | $ | 1,057 | $ | 859 | $ | (398 | ) | $ | 1,969 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of income (loss) from continuing operations available for fixed charges to fixed charges from continuing operations (including interest credited to investment contractholders) |
1.95 | 1.63 | 1.03 | 0.76 | (0.34 | ) | 1.66 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from continuing operations available for fixed charges (excluding interest credited to investment contractholders) |
$ | 585 | $ | 863 | $ | 361 | $ | 139 | $ | (1,135 | ) | $ | 1,231 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of income (loss) from continuing operations available for fixed charges to fixed charges from continuing operations (excluding interest credited to investment contractholders) |
3.90 | 3.10 | 1.09 | 0.34 | (2.66 | ) | 2.75 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the years ended December 31, 2015 and 2014, our deficiency in income necessary to cover fixed charges was $274 million and $1,561 million, respectively.