EX-12 6 afl093016ex12.htm EXHIBIT 12 Exhibit


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

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In thousands)
2016
 
2015
 
2016
 
2015
Fixed charges:
 
 
 
 
 
 
 
Interest expense(1)
$
65,515

 
$
66,864

 
$
196,405

 
$
224,170

 Interest on investment-type contracts
19,265

 
14,290

 
52,927

 
41,849

 Rental expense deemed interest
133

 
136

 
396

 
402

Total fixed charges
$
84,913

 
$
81,290

 
$
249,728

 
$
266,421

Earnings before income tax(1)
$
962,203

 
$
865,122

 
$
2,913,569

 
$
2,752,322

Add back:
 
 
 
 
 
 
 
Total fixed charges
84,913

 
81,290

 
249,728

 
266,421

Total earnings before income tax and fixed charges
$
1,047,116

 
$
946,412

 
$
3,163,297

 
$
3,018,743

Ratio of earnings to fixed charges
12.3x

 
11.6x

 
12.7x

 
11.3x

(1)Excludes interest expense on income tax liabilities