EX-12 3 afg-20151231xex12.htm EXHIBIT 12 Exhibit


Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings before income taxes
 
$
565

 
$
626

 
$
689

 
$
537

 
$
558

Undistributed equity in (earnings) losses of investees
 
(18
)
 
(10
)
 
—

 
(1
)
 
1

Losses of managed investment entities attributable to noncontrolling interest
 
—

 
51

 
26

 
98

 
24

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
732

 
648

 
531

 
541

 
510

Interest expense
 
74

 
73

 
71

 
75

 
74

Debt discount, expense and other fixed charges
 
1

 
1

 
1

 
12

 
13

Portion of rentals representing interest
 
23

 
22

 
19

 
16

 
18

EARNINGS
 
$
1,377

 
$
1,411

 
$
1,337

 
$
1,278

 
$
1,198

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
$
732

 
$
648

 
$
531

 
$
541

 
$
510

Interest expense
 
74

 
73

 
71

 
75

 
74

Debt discount, expense and other fixed charges
 
1

 
1

 
1

 
12

 
13

Portion of rentals representing interest
 
23

 
22

 
19

 
16

 
18

FIXED CHARGES
 
$
830

 
$
744

 
$
622

 
$
644

 
$
615

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.66

 
1.90

 
2.15

 
1.98

 
1.95

 
 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
 
$
547

 
$
667

 
$
715

 
$
634

 
$
583


E-2