EX-12 4 dex12.htm STATEMENT REGARING THE COMPUTATION OF RATIO OF EARNINGS STATEMENT REGARING THE COMPUTATION OF RATIO OF EARNINGS

Aflac Incorporated 1st Quarter 2011 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

Three Months Ended March 31,

 

   

(In thousands)

    2011      2010    
   

Fixed charges:

      

Interest expense(1)

    $     45,307       $ 32,682     

Interest on investment-type contracts

      11,582         9,294     

Rental expense deemed interest

      262         250     
   

Total fixed charges

    $ 57,151       $ 42,226     
   
     

Earnings before income tax(1)

    $     599,726       $ 973,725     

Add back:

      

Total fixed charges

      57,151         42,226     
   

Total earnings before income tax and fixed charges

    $       656,877       $       1,015,951     
   

Ratio of earnings to fixed charges

      11.5x         24.1x     
   

(1) Excludes interest expense on income tax liabilities