EX-12 4 afg-20171231xex12.htm EXHIBIT 12 Exhibit


Exhibit 12
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
 
 
Year ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings before income taxes
$
724

 
$
787

 
$
565

 
$
626

 
$
689

Undistributed equity in earnings of investees
(4
)
 
(25
)
 
(18
)
 
(10
)
 

Losses of managed investment entities attributable to noncontrolling interest

 

 

 
51

 
26

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on annuities
892

 
800

 
732

 
648

 
531

Interest expense
84

 
76

 
74

 
73

 
71

Debt discount, expense and other fixed charges
1

 
1

 
1

 
1

 
1

Portion of rentals representing interest
23

 
23

 
23

 
22

 
19

EARNINGS
$
1,720

 
$
1,662

 
$
1,377

 
$
1,411

 
$
1,337

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on annuities
$
892

 
$
800

 
$
732

 
$
648

 
$
531

Interest expense
84

 
76

 
74

 
73

 
71

Debt discount, expense and other fixed charges
1

 
1

 
1

 
1

 
1

Portion of rentals representing interest
23

 
23

 
23

 
22

 
19

FIXED CHARGES
$
1,000

 
$
900

 
$
830

 
$
744

 
$
622

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.72

 
1.85

 
1.66

 
1.90

 
2.15

 
 
 
 
 
 
 
 
 
 
Earnings in Excess of Fixed Charges
$
720

 
$
762

 
$
547

 
$
667

 
$
715


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