EX-12 4 afl033117ex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands)
2017
 
2016
Fixed charges:
 
 
 
Interest expense(1)
$
61,691

 
$
65,158

 Interest on investment-type contracts
18,304

 
16,132

 Rental expense deemed interest
122

 
135

Total fixed charges
$
80,117

 
$
81,425

Earnings before income tax(1)
$
898,471

 
$
1,117,154

Add back:
 
 
 
Total fixed charges
80,117

 
81,425

Total earnings before income tax and fixed charges
$
978,588

 
$
1,198,579

Ratio of earnings to fixed charges
12.2x

 
14.7x

(1)Excludes interest expense on income tax liabilities