| **Exhibit 12** |
|----------------|

 

 

 

| **ING USA ANNUITY AND LIFE INSURANCE COMPANY**

**COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO** |
|----------------------------------------------------------------------------------------------------|

 

 

 

|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              | **Nine** **Months**   |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------|-------------------|----------------------------|--------|-------------------|-----------------|--------|-------------------|-----------------|--------|-------------------|-----------------|--------|-----------------|----------------|--------|-----------------|----------------|
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              | **Ended**                  |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              | **September** **30,** |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              | **2007**                   |   |              | **2006**        |   |              | **2005**        |   |              | **2004**        |   |            | **2003**       |   |            | **2002**       |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |   |
|                                                                                                                                                                                                                 | **Earnings:**                                                                                                            |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
| 1.                                                                                                                                                                                                                   | Income (loss) before income taxes and                                                      |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | cumulative effect of changes in                            |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|                                                                                                                                                                                                                 |                                                                                                                     | accounting principles                                                          |   | $                 | 271.8                 |   | $                 | 276.6      |   | $                 | 224.1      |   | $                 | 173.6      |   | $               | 56.5      |   | $               | (176.3)        |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |   |
|                                                                                                                                                                                                                 | **Fixed** **Charges:**                                                                                              |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
| 2.                                                                                                                                                                                                                   | Interest expense                                                                                                    |                                                                                |   | 24.7         |                       |   | 30.3         |            |   | 29.6         |            |   | 5.1          |            |   | 8.2        |           |   | 8.5        |
| 3.                                                                                                                                                                                                                   | Interest factor on rental expense                                                                    |                                                                                |   | 4.1          |                       |   | 6.5          |            |   | 8.0          |            |   | 5.0          |            |   | 5.3        |           |   | 5.4        |
| 4.                                                                                                                                                                                                                   | Interest credited to contractowners                                                                       |                                                                                |   | 764.9        |                       |   | 980.8        |            |   | 946.5        |            |   | 903.6        |            |   | 896.7      |           |   | 794.0      |
| 5.                                                                                                                                                                                                                   | Net (undistributed) distributed                                                                           |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | income from equity investees                                         |   |              | (10.0)                     |   |              | (1.7)           |   |              | (1.6)           |   |              | (1.8)           |   |            | 13.7      |   |            | -    |
| 6.                                                                                                                                                                                                                   | **Total** **fixed** **charges** **(2** **+** **3** **+** **4** **+** **5)** |                                                                                |   | **783.7**    |                       |   | **1,015.9**  |            |   | **982.5**    |            |   | **911.9**    |            |   | **923.9**  |           |   | **807.9**  |
| 7.                                                                                                                                                                                                                   | **Total** **fixed** **charges** **excluding** **interest**                                      |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | **credited** **to** **contractowners** **(6** **-** **4)** |   |              | **18.8**              |   |              | **35.1**   |   |              | **36.0**   |   |              | **8.3**    |   |            | **27.2**  |   |            | **13.9**  |
| 8.                                                                                                                                                                                                                   | **Earnings** **and** **fixed** **charges** **(1** **+** **6)**                             |                                                                                |   | **1,055.5**  |                       |   | **1,292.5**  |            |   | **1,206.6**  |            |   | **1,085.5**  |            |   | **980.4**  |           |   | **631.6**  |
| 9.                                                                                                                                                                                                                   | **Earnings** **and** **fixed** **charges,**                                                          |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | **excluding** **interest** **credited**                                   |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|                                                                                                                                                                                                                 |                                                                                                                     | **to** **contractowners** **(1** **+** **7)**                   |   |              | **290.6**             |   |              | **311.7**  |   |              | **260.1**  |   |              | **181.9**  |   |            | **83.7**  |   |            | **(162.4)**    |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |   |
|                                                                                                                                                                                                                 | **Ratios:**                                                                                                              |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
| 10.                                                                                                                                                                                                                  | Earnings and fixed charges, to total                                                       |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | fixed charges (8 / 6)                                           |   |              | 1.3                   |   |              | 1.3        |   |              | 1.2        |   |              | 1.2        |   |            | 1.1       |   |            | 0.8       |
| 11.                                                                                                                                                                                                                  | Earnings and fixed charges, excluding                                                           |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | interest credited to contractowners                                  |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |
|                                                                                                                                                                                                                 |                                                                                                                     | to total fixed charges (9 / 7)                        |   |              | 15.5                  |   |              | 8.9        |   |              | 7.2        |   |              | 21.9       |   |            | 3.1       |   |            | NM        |
| 12.                                                                                                                                                                                                                  | Deficiency of earnings to fixed                                                                 |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |
|                                                                                                                                                                                                                 |                                                                                                                     | charges (6 - 8)*                                                     |   | $                 | -                |   | $                 | -     |   | $                 | -     |   | $                 | -     |   | $               | -    |   | $               | 176.3     |
|                                                                                                                                                                                                                 |                                                                                                                     |                                                                                |   |              |                       |   |              |            |   |              |            |   |              |            |   |            |           |   |            |           |   |
| *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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