EX-12 4 afl-3312012_ex12.htm EX-12 AFL-3.31.2012-Ex 12


Aflac Incorporated 1st Quarter 2012 Form 10-Q

EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,
(In thousands)
2012
 
2011
Fixed charges:
 
 
 
       Interest expense(1)
$
56,745

 
$
45,307

Interest on investment-type contracts
13,716

 
11,582

Rental expense deemed interest
242

 
262

Total fixed charges
$
70,703

 
$
57,151

Earnings before income tax(1)
$
1,201,908

 
$
591,876

Add back:
 
 
 
Total fixed charges
70,703

 
57,151

Total earnings before income tax and fixed charges
$
1,272,611

 
$
649,027

Ratio of earnings to fixed charges
18.0x

 
11.4x

 (1)Excludes interest expense on income tax liabilities
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.