EX-12 3 g19000exv12.htm EX-12 EX-12
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,
                 
(In thousands)   2009     2008  
 
Fixed charges:
                
Interest expense*
   $ 7,801     $ 7,386  
Interest on investment-type contracts
     8,461       5,122  
Rental expense deemed interest
     402       320  
 
Total fixed charges
   $ 16,664     $ 12,828  
 
 
                
Earnings before income tax*
   $ 871,163     $ 725,759  
Add back:
                
Total fixed charges
     16,664       12,828  
 
Total earnings before income tax and fixed charges
   $ 887,827     $ 738,587  
 
Ratio of earnings to fixed charges
     53.3x       57.6x  
 
*   Excludes interest expense on income tax liabilities
EXH 12-1