EX-12 4 g16445exv12.htm EX-12 EX-12
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
                                 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
(In thousands)   2008   2007   2008   2007
 
Fixed charges:
                                
Interest expense*
   $ 6,934     $ 6,388     $ 21,320     $ 20,330  
Interest on investment-type contracts
     7,465       4,077       17,997       11,358  
Rental expense deemed interest
     356       275       1,004       745  
 
Total fixed charges
   $ 14,755     $ 10,740     $ 40,321     $ 32,433  
 
Earnings before income tax*
   $ 148,185     $ 641,901     $ 1,613,736     $ 1,912,916  
Add back:
                                
Total fixed charges
     14,755       10,740       40,321       32,433  
 
Total earnings before income
tax and fixed charges
   $ 162,940     $ 652,641     $ 1,654,057     $ 1,945,349  
 
Ratio of earnings to fixed charges
     11.0x       60.8x       41.0x       60.0x  
 
*   Excludes interest expense on income tax liabilities
EXH 12-1