EXHIBIT 12

STATEMENT
RE: COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

($ amounts in
millions)

Years Ended 2007, 2006, 2005, 2004 and 2003



|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------- | ----- | ---- | --- | ----- |  | ---- | ----- | ---- | ---- | ----- |  | ---- | ----- | - | ---- | 
|                                                                                                                                                                                              |  |                                                                        |       | 2007 |     | 2006  |  | 2005 |       | 2004 |      | 2003  | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Income (loss) from continuing operations before income taxes, minority interest and earnings attributed to mandatorily redeemable
noncontrolling interests (1)                                |  | $                                                                      | 160.5 |      | $   | 141.4 |  | $    | 141.7 |      | $    | 161.4 |  | $    | (5.7) |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |      
|Less:                                                                                                                                                                                         |  | Equity in earnings (losses) of venture capital partnership investments |       |      | 0.3 |       |  | 1.1  |       |      | 14.8 |       |  | 19.3 |       |   | 36.2 | 
|                                                                                                                                                                                              |  |                                                                        |       |      |     |      
|Add:                                                                                                                                                                                          |  | Distributed earnings of affiliates                                     |       |      |    |       |  |     |       |      |     |       |  | 1.5  |       |   | 1.2  | 
|                                                                                                                                                                                              |  | Distributed earnings of venture capital partnership investments        |       |      | 6.9 |       |  | 6.7  |       |      | 68.0 |       |  | 50.4 |       |   | 31.8 | 
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture
capital partnership investments                   |  | $                                                                      | 167.1 |      | $   | 147.0 |  | $    | 194.9 |      | $    | 194.0 |  | $    | (8.9  | )
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Fixed Charges:                                                                                                                                                                                |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |  
|Interest expense on indebtedness (2)                                                                                                                                                          |  | $                                                                      | 44.2  |      | $   | 49.2  |  | $    | 46.6  |      | $    | 40.8  |  | $    | 39.6  |  
|Stock purchase contract adjustment payments                                                                                                                                                   |  |                                                                        |      |      |     |      |  |      | 7.4   |      |      | 8.2   |  |      | 8.2   |  
|Rental expense                                                                                                                                                                                |  |                                                                        | 1.2   |      |     | 4.2   |  |      | 2.3   |      |      | 3.5   |  |      | 3.8   |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|Fixed charges, exclusive of interest credited on policyholder contract balances                                                                                                               |  | $                                                                      | 45.4  |      | $   | 53.4  |  | $    | 56.3  |      | $    | 52.5  |  | $    | 51.6  |  
|Interest credited on policyholder contract balances                                                                                                                                           |  |                                                                        | 157.0 |      |     | 171.8 |  |      | 191.2 |      |      | 201.6 |  |      | 207.9 |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|Total fixed charges, inclusive of interest credited on policyholder contract balances                                                                                                         |  | $                                                                      | 202.4 |      | $   | 225.2 |  | $    | 247.5 |      | $    | 254.1 |  | $    | 259.5 |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture
capital partnership investments and fixed charges |  | $                                                                      | 369.5 |      | $   | 372.2 |  | $    | 442.4 |      | $    | 448.1 |  | $    | 250.6 |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Ratio of earnings to fixed charges                                                                                                                                                            |  |                                                                        | 1.8   |      |     | 1.7   |  |      | 1.8   |      |      | 1.8   |  |      |      |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Additional earnings required to achieve 1:1 ratio coverage                                                                                                                                    |  | $                                                                      |      |      | $   |      |  | $    |      |      | $    |      |  | $    | 8.9   |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|SUPPLEMENTAL RATIO  ratio of earnings to fixed charges exclusive of interest credited on policyholder contract balances:                                                                     |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |  
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Income (loss) from continuing operations before income taxes, minority interest , equity in undistributed earnings of affiliates and venture
capital partnership investments                  |  | $                                                                      | 167.1 |      | $   | 147.0 |  | $    | 194.9 |      | $    | 194.0 |  | $    | (8.9) |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Fixed Charges:                                                                                                                                                                                |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |  
|Total fixed charges, as above                                                                                                                                                                 |  | $                                                                      | 45.4  |      | $   | 53.4  |  | $    | 56.3  |      | $    | 52.5  |  | $    | 51.6  |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|                                                                                                                                                                                              |  |                                                                        |       |      |    
|Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture
capital partnership investments and fixed charges |  | $                                                                      | 212.5 |      | $   | 200.4 |  | $    | 251.2 |      | $    | 246.5 |  | $    | 42.7  |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|Ratio of earnings to fixed charges                                                                                                                                                            |  |                                                                        | 4.7   |      |     | 3.8   |  |      | 4.5   |      |      | 4.7   |  |      |      |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 
|Additional earnings required to achieve 1:1 ratio coverage                                                                                                                                    |  | $                                                                      |      |      | $   |      |  | $    |      |      | $    |      |  | $    | 8.9   |  
|                                                                                                                                                                                              |  |                                                                        |       |      |     |       |  |      |       |      |      |       |  |      |       |   |      | 



|(1) | Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for the years ended
2007 through 2003 were $0.0 million, $0.0 million, $6.7 million, $14.3 million and $12.0 million, respectively.
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|(2) | Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and the interest
expense is solely funded by assets pledged as collateral consolidated on our balance sheet.
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