Exhibit 12.1

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,
(In millions)	2018		2017		2016		2015		2014		2013
Fixed charges:
Interest expense(1)	$	111	$	240	$	268	$	289	$	317	$	293
Interest on investment-type contracts		42		77		72		57		57		54
Rental expense deemed interest		0		0		0		0		1		1
Total fixed charges	$	153	$	317	$	340	$	346	$	375	$	348
Earnings before income tax(1)	$	2,114	$	4,018	$	4,067	$	3,862	$	4,491	$	4,816
Add back:
Total fixed charges		153		317		340		346		375		348
Total earnings before income tax and fixed charges	$	2,267	$	4,335	$	4,407	$	4,208	$	4,866	$	5,164
Ratio of earnings to fixed charges		14.8x		13.7x		12.9x		12.2x		13.0x		14.8x

⁽¹⁾ Excludes interest expense on income tax liabilities