EX-12 3 afl093013ex12.htm EX-12 AFL 09.30.13 Ex 12


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In thousands)
2013
 
2012
 
2013
 
2012
Fixed charges:
 
 
 
 
 
 
 
       Interest expense(1)
$
71,433

 
$
66,978

 
$
211,612

 
$
185,937

 Interest on investment-type contracts
13,047

 
14,826

 
40,703

 
42,697

 Rental expense deemed interest
183

 
216

 
524

 
683

Total fixed charges
$
84,663

 
$
82,020

 
$
252,839

 
$
229,317

Earnings before income tax(1)
$
1,067,927

 
$
1,479,410

 
$
3,787,254

 
$
3,422,312

Add back:
 
 
 
 
 
 
 
Total fixed charges
84,663

 
82,020

 
252,839

 
229,317

Total earnings before income tax and fixed charges
$
1,152,590

 
$
1,561,430

 
$
4,040,093

 
$
3,651,629

Ratio of earnings to fixed charges
13.6x

 
19.0x

 
16.0x

 
15.9x

(1)Excludes interest expense on income tax liabilities