AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

EXHIBIT 12 — COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

	Year Ended December 31,
	2010		2009		2008		2007		2006
Operating earnings before income taxes	$	689	$	812	$	316	$	639	$	694
Undistributed equity in losses of investees		3		2		2		2		3
Losses of managed investment entities attributable to noncontrolling interest		64		—		—		—		—
Fixed charges:
Interest on annuities		444		435		418		372		344
Interest expense		78		67		70		71		72
Debt discount and expense		2		1		2		2		2
Portion of rentals representing interest		14		13		13		12		11
EARNINGS	$	1,294	$	1,330	$	821	$	1,098	$	1,126
Fixed charges:
Interest on annuities	$	444	$	435	$	418	$	372	$	344
Interest expense		78		67		70		71		72
Debt discount and expense		2		1		2		2		2
Portion of rentals representing interest		14		13		13		12		11
FIXED CHARGES	$	538	$	516	$	503	$	457	$	429
Ratio of Earnings to Fixed Charges		2.41		2.58		1.63		2.40		2.62
Earnings in Excess of Fixed Charges	$	756	$	814	$	318	$	641	$	697