EX-12 3 afg-20141231xex12.htm EXHIBIT 12 AFG-2014.12.31-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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings before income taxes
 
$
626

 
$
689

 
$
537

 
$
558

 
$
694

Undistributed equity in (earnings) losses of investee
 
(10
)
 
—

 
(1
)
 
1

 
3

Losses of managed investment entities attributable to noncontrolling interest
 
51

 
26

 
98

 
24

 
64

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
648

 
531

 
541

 
510

 
444

Interest expense
 
73

 
71

 
75

 
74

 
69

Debt discount, expense and other fixed charges
 
1

 
1

 
12

 
13

 
11

Portion of rentals representing interest
 
22

 
19

 
16

 
18

 
14

EARNINGS
 
$
1,411

 
$
1,337

 
$
1,278

 
$
1,198

 
$
1,299

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
$
648

 
$
531

 
$
541

 
$
510

 
$
444

Interest expense
 
73

 
71

 
75

 
74

 
69

Debt discount, expense and other fixed charges
 
1

 
1

 
12

 
13

 
11

Portion of rentals representing interest
 
22

 
19

 
16

 
18

 
14

FIXED CHARGES
 
$
744

 
$
622

 
$
644

 
$
615

 
$
538

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.90

 
2.15

 
1.98

 
1.95

 
2.42

 
 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
 
$
667

 
$
715

 
$
634

 
$
583

 
$
761


E-2