EX-12 3 afl63014ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AFL 6.30.14 Ex 12


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

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
79,836

 
$
69,592

 
$
160,104

 
$
140,179

 Interest on investment-type contracts
14,724

 
13,987

 
29,050

 
27,609

 Rental expense deemed interest
163

 
166

 
328

 
341

Total fixed charges
$
94,723

 
$
83,745

 
$
189,482

 
$
168,129

Earnings before income tax(1)
$
1,238,534

 
$
1,357,884

 
$
2,342,108

 
$
2,719,327

Add back:
 
 
 
 
 
 
 
Total fixed charges
94,723

 
83,745

 
189,482

 
168,129

Total earnings before income tax and fixed charges
$
1,333,257

 
$
1,441,629

 
$
2,531,590

 
$
2,887,456

Ratio of earnings to fixed charges
14.1x

 
17.2x

 
13.4x

 
17.2x

(1)Excludes interest expense on income tax liabilities