EX-12 3 afl063016ex12.htm EXHIBIT 12 Exhibit


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

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In thousands)
2016
 
2015
 
2016
 
2015
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
65,731

 
$
74,650

 
$
130,890

 
$
157,307

 Interest on investment-type contracts
17,674

 
13,893

 
33,755

 
27,553

 Rental expense deemed interest
127

 
133

 
262

 
266

Total fixed charges
$
83,532

 
$
88,676

 
$
164,907

 
$
185,126

Earnings before income tax(1)
$
834,112

 
$
874,850

 
$
1,951,266

 
$
1,887,200

Add back:
 
 
 
 
 
 
 
Total fixed charges
83,532

 
88,676

 
164,907

 
185,126

Total earnings before income tax and fixed charges
$
917,644

 
$
963,526

 
$
2,116,173

 
$
2,072,326

Ratio of earnings to fixed charges
11.0x

 
10.9x

 
12.8x

 
11.2x

(1)Excludes interest expense on income tax liabilities