EX-12 5 afl123112ex12.htm EX-12 AFL 12.31.12 Ex 12


Aflac Incorporated 2012 Form 10-K
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Years Ended December 31,
(In thousands)
2012
 
2011
 
2010
 
2009
 
2008
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)
$
261,405

 
$
195,536

 
$
149,056

 
$
72,429

 
$
29,114

Interest on investment–type contracts
57,679

 
50,075

 
40,412

 
34,352

 
22,421

Rental expense deemed interest
892

 
1,028

 
946

 
1,360

 
1,394

Total fixed charges
$
319,976

 
$
246,639

 
$
190,414

 
$
108,141

 
$
52,928

Earnings before income tax(1)
$
4,302,108

 
$
2,950,452

 
$
3,560,097

 
$
2,235,657

 
$
1,914,878

Add back:
 
 
 
 
 
 
 
 
 
Total fixed charges
319,976

 
246,639

 
190,414

 
108,141

 
52,928

Total earnings before income tax
and fixed charges
$
4,622,084

 
$
3,197,091

 
$
3,750,511

 
$
2,343,798

 
$
1,967,806

Ratio of earnings to fixed charges
14.4x

 
13.0x

 
19.7x

 
21.7x

 
37.2x

(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. Adjustments to balances in years 2009 and 2008 were immaterial and are not reflected in the table above.