EX-12 3 afg-20131231xex12.htm EXHIBIT 12 AFG-2013.12.31-Ex 12


Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
 
Year ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings before income taxes
 
$
689

 
$
537

 
$
558

 
$
694

 
$
818

Undistributed equity in (earnings) losses of investee
 
—

 
(1
)
 
1

 
3

 
2

Losses of managed investment entities attributable to noncontrolling interest
 
26

 
98

 
24

 
64

 
—

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
531

 
541

 
510

 
444

 
435

Interest expense
 
71

 
75

 
74

 
69

 
59

Debt discount, expense and other fixed charges
 
1

 
12

 
13

 
11

 
9

Portion of rentals representing interest
 
19

 
16

 
18

 
14

 
13

EARNINGS
 
$
1,337

 
$
1,278

 
$
1,198

 
$
1,299

 
$
1,336

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
$
531

 
$
541

 
$
510

 
$
444

 
$
435

Interest expense
 
71

 
75

 
74

 
69

 
59

Debt discount, expense and other fixed charges
 
1

 
12

 
13

 
11

 
9

Portion of rentals representing interest
 
19

 
16

 
18

 
14

 
13

FIXED CHARGES
 
$
622

 
$
644

 
$
615

 
$
538

 
$
516

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.15

 
1.98

 
1.95

 
2.42

 
2.59

 
 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
 
$
715

 
$
634

 
$
583

 
$
761

 
$
820


E-2