AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

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

	Year ended December 31,
	2011		2010		2009		2008		2007
Operating earnings before income taxes	$	560	$	689	$	812	$	316	$	639
Undistributed equity in losses of investees		1		3		2		2		2
Losses of managed investment entities attributable to noncontrolling interest		24		64		—		—		—
Fixed charges:
Interest on annuities		510		444		435		418		372
Interest expense		85		78		67		70		71
Debt discount and expense		2		2		1		2		2
Portion of rentals representing interest		18		14		13		13		12
EARNINGS	$	1,200	$	1,294	$	1,330	$	821	$	1,098
Fixed charges:
Interest on annuities	$	510	$	444	$	435	$	418	$	372
Interest expense		85		78		67		70		71
Debt discount and expense		2		2		1		2		2
Portion of rentals representing interest		18		14		13		13		12
FIXED CHARGES	$	615	$	538	$	516	$	503	$	457
Ratio of Earnings to Fixed Charges		1.95		2.41		2.58		1.63		2.40
Earnings in Excess of Fixed Charges	$	585	$	756	$	814	$	318	$	641