EX-12 17 afl063013ex12.htm EX-12 AFL 06.30.13 Ex 12


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

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In thousands)
2013
 
2012
 
2013
 
2012
Fixed charges:
 
 
 
 
 
 
 
       Interest expense(1)
$
69,592

 
$
62,214

 
$
140,179

 
$
118,959

 Interest on investment-type contracts
13,987

 
14,163

 
27,609

 
27,883

 Rental expense deemed interest
166

 
225

 
341

 
467

Total fixed charges
$
83,745

 
$
76,602

 
$
168,129

 
$
147,309

Earnings before income tax(1)
$
1,357,884

 
$
740,994

 
$
2,719,327

 
$
1,942,902

Add back:
 
 
 
 
 
 
 
Total fixed charges
83,745

 
76,602

 
168,129

 
147,309

Total earnings before income tax and fixed charges
$
1,441,629

 
$
817,596

 
$
2,887,456

 
$
2,090,211

Ratio of earnings to fixed charges
17.2x

 
10.7x

 
17.2x

 
14.2x

(1)Excludes interest expense on income tax liabilities