EX-12 4 afl-6302012ex12.htm EX-12 AFL-6.30.2012 Ex 12



EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In thousands)
2012
 
2011
 
2012
 
2011
Fixed charges:
 
 
 
 
 
 
 
       Interest expense(1)
$
62,214

 
$
46,318

 
$
118,959

 
$
91,625

Interest on investment-type contracts
14,163

 
12,038

 
27,883

 
23,614

Rental expense deemed interest
225

 
232

 
467

 
482

Total fixed charges
$
76,602

 
$
58,588

 
$
147,309

 
$
115,721

Earnings before income tax(1)
$
740,994

 
$
443,789

 
$
1,942,902

 
$
1,035,665

Add back:
 
 
 
 
 
 
 
Total fixed charges
76,602

 
58,588

 
147,309

 
115,721

Total earnings before income tax and fixed charges
$
817,596

 
$
502,377

 
$
2,090,211

 
$
1,151,386

Ratio of earnings to fixed charges
10.7x

 
8.6x

 
14.2x

 
9.9x

 (1)Excludes interest expense on income tax liabilities
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.