EX-12 2 afg-20121231xex12.htm EXHIBIT 12 AFG-2012.12.31-Ex 12


Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
 
Year ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Operating earnings before income taxes
 
$
537

 
$
558

 
$
694

 
$
818

 
$
295

Undistributed equity in (earnings) losses of investee
 
(1
)
 
1

 
3

 
2

 
2

Losses of managed investment entities attributable to noncontrolling interest
 
98

 
24

 
64

 
—

 
—

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
541

 
510

 
444

 
435

 
418

Interest expense
 
85

 
85

 
78

 
67

 
70

Debt discount and expense
 
2

 
2

 
2

 
1

 
2

Portion of rentals representing interest
 
16

 
18

 
14

 
13

 
13

EARNINGS
 
$
1,278

 
$
1,198

 
$
1,299

 
$
1,336

 
$
800

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on annuities
 
$
541

 
$
510

 
$
444

 
$
435

 
$
418

Interest expense
 
85

 
85

 
78

 
67

 
70

Debt discount and expense
 
2

 
2

 
2

 
1

 
2

Portion of rentals representing interest
 
16

 
18

 
14

 
13

 
13

FIXED CHARGES
 
$
644

 
$
615

 
$
538

 
$
516

 
$
503

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.98

 
1.95

 
2.42

 
2.59

 
1.59

 
 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
 
$
634

 
$
583

 
$
761

 
$
820

 
$
297


E-2