EX-12.1 4 ex12-1.htm EXHIBIT 12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS ex12-1.htm
Exhibit 12.1
 
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
 

   
Three
Months Ended
March 31,
    
Year
Ended
December 31,
    
Year
Ended
December 31,
    
Year
Ended
December 31,
    
Year
Ended
December 31,
    
Year
Ended
December 31,
  
(In thousands)
  
2015
    
2014
    
2013
    
2012
    
2011
    
2010
  
Fixed charges:
  
 
    
 
                          
Interest expense(1) 
   $ 82,657     $ 317,428     $ 292,637     $ 261,405     $ 195,536     $ 149,056  
    Interest on investment-type contracts
     13,649       57,363       54,839       57,679       50,075       40,412  
    Rental expense deemed interest
     133       629       693       892       1,028       946  
        Total fixed charges
   $ 96,439     $ 375,420     $ 348,169     $ 319,976     $ 246,639     $ 190,414  
Earnings before income tax(1)
   $ 1,012,349     $ 4,490,604     $ 4,815,619     $ 4,302,108     $ 2,950,452     $ 3,560,097  
Add back:
                                                
    Total fixed charges
     96,439       375,420       348,169       319,976       246,639       190,414  
        Total earnings before income tax and fixed charges
   $ 1,108,788     $ 4,866,024     $ 5,163,788     $ 4,622,084     $ 3,197,091     $ 3,750,511  
        Ratio of earnings to fixed charges
     11.5 x     13.0 x     14.8 x     14.4 x     13.0 x     19.7 x

1    Excludes interest expense on income tax liabilities
Amounts prior to 2012 have been adjusted for the adoption of accounting  guidance on January 1, 2012 related to deferred policy acquisition costs.