EX-12 4 afl033113ex12.htm EX-12 AFL 03.31.13 Ex 12


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,
(In thousands)
2013
 
2012
Fixed charges:
 
 
 
       Interest expense(1)
$
70,587

 
$
56,745

Interest on investment-type contracts
13,614

 
13,716

Rental expense deemed interest
175

 
242

Total fixed charges
$
84,376

 
$
70,703

Earnings before income tax(1)
$
1,361,443

 
$
1,201,908

Add back:
 
 
 
Total fixed charges
84,376

 
70,703

Total earnings before income tax and fixed charges
$
1,445,819

 
$
1,272,611

Ratio of earnings to fixed charges
17.1x

 
18.0x

(1)Excludes interest expense on income tax liabilities