EX-12 6 afl123114ex12.htm EXHIBIT 12 AFL 12.31.14 Ex 12


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

(In thousands)
2014
 
2013
 
2012
 
2011
 
2010
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)
$
317,428

 
$
292,637

 
$
261,405

 
$
195,536

 
$
149,056

 Interest on investment-type contracts
57,363

 
54,839

 
57,679

 
50,075

 
40,412

 Rental expense deemed interest
629

 
693

 
892

 
1,028

 
946

Total fixed charges
$
375,420

 
$
348,169

 
$
319,976

 
$
246,639

 
$
190,414

Earnings before income tax(1)
$
4,490,604

 
$
4,815,619

 
$
4,302,108

 
$
2,950,452

 
$
3,560,097

Add back:
 
 
 
 
 
 
 
 
 
Total fixed charges
375,420

 
348,169

 
319,976

 
246,639

 
190,414

Total earnings before income tax and fixed charges
$
4,866,024

 
$
5,163,788

 
$
4,622,084

 
$
3,197,091

 
$
3,750,511

Ratio of earnings to fixed charges
13.0x

 
14.8x

 
14.4x

 
13.0x

 
19.7x

(1)Excludes interest expense on income tax liabilities
Amounts prior to 2012 have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.