EXHIBIT 12



GE FINANCIAL ASSURANCE HOLDINGS, INC. AND SUBSIDIARIES



Computation of Ratio of Earnings to Fixed Charges

Nine Months Ended September 30, 2003

(Dollar amounts in millions)

(Unaudited)



|                                                                                                                            |  | Ratioof Earnings To FixedCharges
|--------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------
|Net earnings                                                                                                                |  | $                               
|Provision for income taxes                                                                                                  |  |                                 
|Minority interest                                                                                                           |  |                                 
|Cumulative effect of accounting changes                                                                                     |  |                                 
|                                                                                                                            |  |                                 
|Earnings before income taxes, minority interest and cumulative effect of change in accounting principle                     |  |                                 
|                                                                                                                            |  |                                 
|Fixed charges:                                                                                                              |  |                                 
|Interest                                                                                                                    |  |                                 
|Interest portion of net rentals                                                                                             |  |                                 
|                                                                                                                            |  |                                 
|Total fixed charges                                                                                                         |  |                                 
|                                                                                                                            |  |                                 
|Less interest capitalized, net of amortization                                                                              |  |                                 
|                                                                                                                            |  |                                 
|Earnings before income taxes, minority interest and cumulative effect of change in accounting principle, plus fixed
charges |  | $                               
|                                                                                                                            |  |                                 
|Ratio of earnings to fixed charges                                                                                          |  |                                 
|                                                                                                                            |  |                                 



For purposes of computing the ratios,
fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals.



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