EX-12 3 afl063015ex12.htm EXHIBIT 12 AFL 06.30.15 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)
2015
 
2014
 
2015
 
2014
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
74,650

 
$
79,836

 
$
157,307

 
$
160,104

 Interest on investment-type contracts
13,893

 
14,724

 
27,553

 
29,050

 Rental expense deemed interest
133

 
163

 
266

 
328

Total fixed charges
$
88,676

 
$
94,723

 
$
185,126

 
$
189,482

Earnings before income tax(1)
$
874,850

 
$
1,238,534

 
$
1,887,200

 
$
2,342,108

Add back:
 
 
 
 
 
 
 
Total fixed charges
88,676

 
94,723

 
185,126

 
189,482

Total earnings before income tax and fixed charges
$
963,526

 
$
1,333,257

 
$
2,072,326

 
$
2,531,590

Ratio of earnings to fixed charges
10.9x

 
14.1x

 
11.2x

 
13.4x

(1)Excludes interest expense on income tax liabilities