EX-12 3 afl033115ex12.htm EXHIBIT 12 AFL 03.31.15 Ex 12


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,
(In thousands)
2015
 
2014
Fixed charges:
 
 
 
Interest expense(1)
$
82,657

 
$
80,268

 Interest on investment-type contracts
13,649

 
14,327

 Rental expense deemed interest
133

 
165

Total fixed charges
$
96,439

 
$
94,760

Earnings before income tax(1)
$
1,012,349

 
$
1,103,575

Add back:
 
 
 
Total fixed charges
96,439

 
94,760

Total earnings before income tax and fixed charges
$
1,108,788

 
$
1,198,335

Ratio of earnings to fixed charges
11.5x

 
12.6x

(1)Excludes interest expense on income tax liabilities