EX-12 3 afl123115ex12.htm EXHIBIT 12 Exhibit


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

(In thousands)
2015
 
2014
 
2013
 
2012
 
2011
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)
$
289,070

 
$
317,428

 
$
292,637

 
$
261,405

 
$
195,536

 Interest on investment-type contracts
56,721

 
57,363

 
54,839

 
57,679

 
50,075

 Rental expense deemed interest
531

 
629

 
693

 
892

 
1,028

Total fixed charges
$
346,322

 
$
375,420

 
$
348,169

 
$
319,976

 
$
246,639

Earnings before income tax(1)
$
3,862,313

 
$
4,490,604

 
$
4,815,619

 
$
4,302,108

 
$
2,950,452

Add back:
 
 
 
 
 
 
 
 
 
Total fixed charges
346,322

 
375,420

 
348,169

 
319,976

 
246,639

Total earnings before income tax and fixed charges
$
4,208,635

 
$
4,866,024

 
$
5,163,788

 
$
4,622,084

 
$
3,197,091

Ratio of earnings to fixed charges
12.2x

 
13.0x

 
14.8x

 
14.4x

 
13.0x

(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.