EX-12 2 afg-2014331xex12.htm EXHIBIT 12 AFG-2014.3.31-Ex 12


Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
 
Three months ended March 31, 2014
 
Year ended December 31, 2013
Earnings before income taxes
 
$
161

 
$
689

Undistributed equity in (earnings) losses of investees
 
(6
)
 
—

Losses of managed investment entities attributable to noncontrolling interest
 
—

 
26

Fixed charges:
 
 
 
 
Interest on annuities
 
168

 
531

Interest expense
 
18

 
71

Debt discount, expense and other fixed charges
 
—

 
1

Portion of rentals representing interest
 
5

 
19

EARNINGS
 
$
346

 
$
1,337

 
 
 
 
 
Fixed charges:
 
 
 
 
Interest on annuities
 
$
168

 
$
531

Interest expense
 
18

 
71

Debt discount, expense and other fixed charges
 
—

 
1

Portion of rentals representing interest
 
5

 
19

FIXED CHARGES
 
$
191

 
$
622

 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.81

 
2.15

 
 
 
 
 
Earnings in Excess of Fixed Charges
 
$
155

 
$
715


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