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EXHIBIT 12.1(a)
AXA FINANCIAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT EARNINGS RATIOS)
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THREE MONTHS YEARS ENDED DECEMBER 31,
ENDED MARCH 31, ----------------------------------------------------
2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Pre-tax earnings from continuing
operations.......................... $ 656.6 $2,075.9 $1,604.0 $1,103.0 $ 515.8 $ 645.2
Excess of equity in earnings of
Investees over distributed income... (67.3) 8.7 14.1 2.0 15.7 44.4
Equity in losses of 50% or less owned
investees........................... 17.4 54.8 41.2 24.8 17.6 20.9
Minority interest in losses of
consolidated real estate joint
ventures............................ 0.0 0.0 0.0 0.0 (1.0) (4.2)
-------- -------- -------- -------- -------- --------
Pre-tax earnings before fixed
charges............................. 606.7 2,139.4 1,659.3 1,129.8 548.1 706.3
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Fixed Charges:
Interest expense...................... 1,621.9 5,024.3 4,702.2 4,235.4 3,092.0 2,905.7
Subsidiary's preferred dividends...... 5.3 21.2 21.3 12.1 18.7 19.9
Rent expense amounts representative of
the interest factor................. 71.2 88.2 71.9 63.3 61.8 55.7
-------- -------- -------- -------- -------- --------
Total fixed charges................... 1,698.4 5,133.7 4,795.4 4,310.8 3,172.5 2,981.3
-------- -------- -------- -------- -------- --------
Total Earnings and Fixed Charges...... $2,305.1 $7,273.1 $6,454.7 $5,440.6 $3,720.6 $3,687.6
======== ======== ======== ======= ======== ========
Ratio of Earnings to Fixed Charges.... 1.357 1.417 1.346 1.262 1.173 1.237
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