EX-12 9 l01682aexv12.txt EXHIBIT 12 EXHIBIT 12 AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND FIXED CHARGES (Dollars in Thousands)
Three Months Ended March 31, Year Ended December 31, ------------------- ------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 -------- -------- --------- --------- --------- --------- --------- Excluding Interest on Annuities Pre-tax income (loss) $ 29,290 $ 39,049 $ 130,350 $ (12,751) $ (77,298) $ 223,307 $ 203,489 Minority interest in subsidiaries having fixed charges * 9,505 7,600 33,839 43,187 44,961 48,780 55,646 Less undistributed equity in (earnings) losses of investees (857) 4,205 13,830 25,462 142,230 32,156 17,997 Fixed charges: Interest expense 13,012 14,160 60,271 60,616 67,638 64,544 58,925 Debt discount (premium) and expense 389 203 879 1,072 763 (129) (504) One-third of rentals 4,120 4,225 16,483 16,900 13,963 12,226 11,883 -------- -------- --------- --------- --------- --------- --------- EARNINGS $ 55,459 $ 69,442 $ 255,652 $ 134,486 $ 192,257 $ 380,884 $ 347,436 ======== ======== ========= ========= ========= ========= ========= Fixed charges: Interest expense $ 13,012 $ 14,160 $ 60,271 $ 60,616 $ 67,638 $ 64,544 $ 58,925 Debt discount (premium) and expense 389 203 879 1,072 763 (129) (504) One-third of rentals 4,120 4,225 16,483 16,900 13,963 12,226 11,883 Pretax preferred dividend requirements of subsidiaries 7,163 6,936 28,184 32,296 35,648 36,566 37,628 Capitalized interest - - - - - - - -------- -------- --------- --------- --------- --------- --------- FIXED CHARGES $ 24,684 $ 25,524 $ 105,817 $ 110,884 $ 118,012 $ 113,207 $ 107,932 ======== ======== ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 2.25 2.72 2.42 1.21 1.63 3.36 3.22 ======== ======== ========= ========= ========= ========= ========= Including Interest on Annuities Earnings - Per Above $ 55,459 $ 69,442 $ 255,652 $ 134,486 $ 192,257 $ 380,884 $ 347,436 Interest on Annuities 74,847 75,525 300,966 294,654 293,171 262,632 261,666 -------- -------- --------- --------- --------- --------- --------- EARNINGS $130,306 $144,967 $ 556,618 $ 429,140 $ 485,428 $ 643,516 $ 609,102 ======== ======== ========= ========= ========= ========= ========= Fixed charges - Per Above $ 24,684 $ 25,524 $ 105,817 $ 110,884 $ 118,012 $ 113,207 $ 107,932 Interest on Annuities 74,847 75,525 300,966 294,654 293,171 262,632 261,666 -------- -------- --------- --------- --------- --------- --------- FIXED CHARGES $ 99,531 $101,049 $ 406,783 $ 405,538 $ 411,183 $ 375,839 $ 369,598 ======== ======== ========= ========= ========= ========= ========= Ratio of Earnings To Fixed Charges 1.31 1.43 1.37 1.06 1.18 1.71 1.65 ======== ======== ========= ========= ========= ========= ========= Earning in Excess of Fixed Charges $ 30,775 $ 43,918 $ 149,835 $ 23,602 $ 74,245 $ 267,677 $ 239,504 ======== ======== ========= ========= ========= ========= =========
* Amounts include subsidiary preferred dividends and accrued distributions on trust preferred securities.