EX-12 2 exh12900.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.0 AFLAC INCORPORATED AND SUBSIDIARIES Ratios of Earnings to Fixed Charges (In thousands) Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 -------- -------- -------- -------- Fixed charges: Interest expense $ 4,580 $ 5,036 $ 14,218 $ 13,220 Rental expense deemed interest 153 146 428 390 ------- ------- ------- ------- Total fixed charges $ 4,733 $ 5,182 $ 14,646 $ 13,610 ======= ======= ======= ======= Earnings before income tax $252,384 $219,711 $755,059 $619,302 Add back: Fixed charges 4,733 5,182 14,646 13,610 ------- ------- ------- ------- Total earnings before income tax and fixed charges 257,117 224,893 769,705 632,912 Adjustments: Realized (gains)/losses 6,488 3,056 100,296 12,375 Release of retirement liability - - (101,225) - ------- ------- ------- ------- Total earnings before income tax and fixed charges as adjusted $263,605 $227,949 $768,776 $645,287 ======= ======= ======= ======= Earnings before income taxes and fixed charges 54.3x 43.4x 52.6x 46.5x Earnings before income taxes and fixed charges, as adjusted 55.7x 44.0x 52.5x 47.4x