EX-12 3 afl123116ex12.htm EXHIBIT 12 Exhibit


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

(In thousands)
2016
 
2015
 
2014
 
2013
 
2012
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)
$
268,342

 
$
289,070

 
$
317,428

 
$
292,637

 
$
261,405

 Interest on investment-type contracts
71,538

 
56,721

 
57,363

 
54,839

 
57,679

 Rental expense deemed interest
521

 
531

 
629

 
693

 
892

Total fixed charges
$
340,401

 
$
346,322

 
$
375,420

 
$
348,169

 
$
319,976

Earnings before income tax(1)
$
4,067,522

 
$
3,862,313

 
$
4,490,604

 
$
4,815,619

 
$
4,302,108

Add back:
 
 
 
 
 
 
 
 
 
Total fixed charges
340,401

 
346,322

 
375,420

 
348,169

 
319,976

Total earnings before income tax and fixed charges
$
4,407,923

 
$
4,208,635

 
$
4,866,024

 
$
5,163,788

 
$
4,622,084

Ratio of earnings to fixed charges
12.9x

 
12.2x

 
13.0x

 
14.8x

 
14.4x

(1)Excludes interest expense on income tax liabilities