EX-12 4 afl93014ex12.htm EXHIBIT 12 AFL 9.30.14 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)
2014
 
2013
 
2014
 
2013
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
77,807

 
$
71,433

 
$
237,911

 
$
211,612

 Interest on investment-type contracts
14,457

 
13,047

 
43,526

 
40,703

 Rental expense deemed interest
158

 
183

 
486

 
524

Total fixed charges
$
92,422

 
$
84,663

 
$
281,923

 
$
252,839

Earnings before income tax(1)
$
1,074,582

 
$
1,067,927

 
$
3,416,691

 
$
3,787,254

Add back:
 
 
 
 
 
 
 
Total fixed charges
92,422

 
84,663

 
281,923

 
252,839

Total earnings before income tax and fixed charges
$
1,167,004

 
$
1,152,590

 
$
3,698,614

 
$
4,040,093

Ratio of earnings to fixed charges
12.6x

 
13.6x

 
13.1x

 
16.0x

(1)Excludes interest expense on income tax liabilities