EX-12 15 g17619exv12.htm EX-12 EX-12
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Years Ended December 31,
                                         
(In thousands)   2008     2007     2006     2005     2004  
 
Fixed charges:
                                        
Interest expense*
   $ 29,114     $ 26,612     $ 19,347     $ 22,515     $ 22,997  
Interest on investment- type contracts
     22,421       15,822       12,250       9,436       6,607  
Rental expense deemed interest
     1,394       1,032       894       605       615  
 
Total fixed charges
   $ 52,928     $ 43,466     $ 32,491     $ 32,556     $ 30,219  
 
 
                                        
Earnings before income tax*
   $ 1,914,878     $ 2,498,691     $ 2,263,789     $ 2,226,305     $ 1,773,375  
Add back:
                                        
Total fixed charges
     52,928       43,466       32,491       32,556       30,219  
 
Total earnings before tax and fixed charges
   $ 1,967,806     $ 2,542,157     $ 2,296,280     $ 2,258,861     $ 1,803,594  
 
Ratio of earnings to fixed charges
     37.2x       58.5x       70.7x       69.4x       59.7x  
 
*   Excludes interest expense on income tax liabilities