EX-12 2 afg-20161231xex12.htm EXHIBIT 12 Exhibit


Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
Year ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings before income taxes
$
787

 
$
565

 
$
626

 
$
689

 
$
537

Undistributed equity in earnings of investees
(25
)
 
(18
)
 
(10
)
 
—

 
(1
)
Losses of managed investment entities attributable to noncontrolling interest
—

 
—

 
51

 
26

 
98

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on annuities
800

 
732

 
648

 
531

 
541

Interest expense
76

 
74

 
73

 
71

 
75

Debt discount, expense and other fixed charges
1

 
1

 
1

 
1

 
12

Portion of rentals representing interest
23

 
23

 
22

 
19

 
16

EARNINGS
$
1,662

 
$
1,377

 
$
1,411

 
$
1,337

 
$
1,278

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on annuities
$
800

 
$
732

 
$
648

 
$
531

 
$
541

Interest expense
76

 
74

 
73

 
71

 
75

Debt discount, expense and other fixed charges
1

 
1

 
1

 
1

 
12

Portion of rentals representing interest
23

 
23

 
22

 
19

 
16

FIXED CHARGES
$
900

 
$
830

 
$
744

 
$
622

 
$
644

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.85

 
1.66

 
1.90

 
2.15

 
1.98

 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
$
762

 
$
547

 
$
667

 
$
715

 
$
634


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