EX-12 8 afl093015ex12.htm EXHIBIT 12 Exhibit


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

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
66,864

 
$
77,807

 
$
224,170

 
$
237,911

 Interest on investment-type contracts
14,290

 
14,457

 
41,849

 
43,526

 Rental expense deemed interest
136

 
158

 
402

 
486

Total fixed charges
$
81,290

 
$
92,422

 
$
266,421

 
$
281,923

Earnings before income tax(1)
$
865,122

 
$
1,074,582

 
$
2,752,322

 
$
3,416,691

Add back:
 
 
 
 
 
 
 
Total fixed charges
81,290

 
92,422

 
266,421

 
281,923

Total earnings before income tax and fixed charges
$
946,412

 
$
1,167,004

 
$
3,018,743

 
$
3,698,614

Ratio of earnings to fixed charges
11.6x

 
12.6x

 
11.3x

 
13.1x

(1)Excludes interest expense on income tax liabilities