EX-12 14 afl033116ex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands)
2016
 
2015
Fixed charges:
 
 
 
Interest expense(1)
$
65,158

 
$
82,657

 Interest on investment-type contracts
16,132

 
13,649

 Rental expense deemed interest
135

 
133

Total fixed charges
$
81,425

 
$
96,439

Earnings before income tax(1)
$
1,117,154

 
$
1,012,349

Add back:
 
 
 
Total fixed charges
81,425

 
96,439

Total earnings before income tax and fixed charges
$
1,198,579

 
$
1,108,788

Ratio of earnings to fixed charges
14.7x

 
11.5x

(1)Excludes interest expense on income tax liabilities