| **Exhibit 12** |  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
**ING USA ANNUITY AND LIFE INSURANCE COMPANY**

 
**COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO**

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

**2009**

 

 

**2008**

 

 

**2007**

 

 

**2006**

 

 

**2005**

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

**Earnings:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1.

Income (loss) before income taxes and cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

effect of changes in accounting principles

$

(133.3)

 

$

(1,626.4)

 

$

127.4 

 

$

276.6 

 

$

224.1 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

**Fixed Charges:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
2.

Interest expense

 

32.9 

 

 

30.5 

 

 

32.5 

 

 

30.3 

 

 

29.6 

 
3.

Interest factor on rental expense

 

5.1 

 

 

5.1 

 

 

5.5 

 

 

6.5 

 

 

8.0 

 
4.

Interest credited to contractowners

 

875.2 

 

 

1,024.1 

 

 

1,067.0 

 

 

980.8 

 

 

946.5 

 
5.

Net (undistributed) distributed income from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

equity investees

 

20.2 

 

 

90.9 

 

 

(11.7)

 

 

(1.7)

 

 

(1.6)

 
6.

**Total fixed charges (2 + 3 + 4 + 5)**

 

**933.4**

 

 

**1,150.6**

 

 

**1,093.3**

 

 

**1,015.9**

 

 

**982.5**

 
7.

**Total fixed charges excluding interest**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

**credited to contractowners (6 - 4)**

 

**58.2**

 

 

**126.5**

 

 

**26.3**

 

 

**35.1**

 

 

**36.0**

 
8.

**Earnings and fixed charges (1 + 6)**

 

**800.1**

 

 

**(475.8)**

 

 

**1,220.7**

 

 

**1,292.5**

 

 

**1,206.6**

 
9.

**Earnings and fixed charges, excluding**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

**interest credited to contractowners (1 + 7)**

 

**(75.1)**

 

 

**(1,499.9)**

 

 

**153.7**

 

 

**311.7**

 

 

**260.1**

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

**Ratios:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
10.

Earnings and fixed charges, to total fixed charges (8 / 6)

 

0.9 

 

 

(0.4)

 

 

1.1 

 

 

1.3 

 

 

1.2 

 
11.

Earnings and fixed charges, excluding interest credited 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

to contractowners to total fixed charges (9 / 7)

 

(1.3)

 

 

(11.9)

 

 

5.8 

 

 

8.9 

 

 

7.2 

 
12.

Deficiency of earnings to fixed charges (6 - 8)*

$

133.3 

 

$

1,626.4 

 

$

-  

 

$

-  

 

$

-  

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
*Represents additional earnings that would be necessary to result in a one to one ratio of earnings to fixed charges.

NM - Not meaningful.

 

 

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