EX-12 3 afl123113ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AFL 12.31.13 Ex 12


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

(In thousands)
2013
 
2012
 
2011
 
2010
 
2009
Fixed charges:
 
 
 
 
 
 
 
 
 
       Interest expense(1)
$
292,637

 
$
261,405

 
$
195,536

 
$
149,056

 
$
72,429

 Interest on investment-type contracts
54,839

 
57,679

 
50,075

 
40,412

 
34,352

 Rental expense deemed interest
693

 
892

 
1,028

 
946

 
1,360

Total fixed charges
$
348,169

 
$
319,976

 
$
246,639

 
$
190,414

 
$
108,141

Earnings before income tax(1)
$
4,815,619

 
$
4,302,108

 
$
2,950,452

 
$
3,560,097

 
$
2,235,657

Add back:
 
 
 
 
 
 
 
 
 
Total fixed charges
348,169

 
319,976

 
246,639

 
190,414

 
108,141

Total earnings before income tax
   and fixed charges
$
5,163,788

 
$
4,622,084

 
$
3,197,091

 
$
3,750,511

 
$
2,343,798

Ratio of earnings to fixed charges
14.8x

 
14.4x

 
13.0x

 
19.7x

 
21.7x

(1)Excludes interest expense on income tax liabilities
Amounts prior to 2012 have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs. Adjustments to balances in 2009 were immaterial and are not reflected in the table above.