EX-12 7 afl33114ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AFL 3.31.14 Ex 12


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,
(In thousands)
2014
 
2013
 
Fixed charges:
 
 
 
 
Interest expense(1)
$
80,268

 
$
70,587

 
 Interest on investment-type contracts
14,327

 
13,614

 
 Rental expense deemed interest
165

 
175

 
Total fixed charges
$
94,760

 
$
84,376

 
Earnings before income tax(1)
$
1,103,575

 
$
1,361,443

 
Add back:
 
 
 
 
Total fixed charges
94,760

 
84,376

 
Total earnings before income tax and fixed charges
$
1,198,335

 
$
1,445,819

 
Ratio of earnings to fixed charges
12.6x

 
17.1x

 
(1)Excludes interest expense on income tax liabilities