Aflac Incorporated 2010 Form 10-K

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

Years Ended December 31,

(In thousands)	2010		2009		2008		2007		2006
Fixed charges:
Interest expense(1)	$	149,056	$	72,429	$	29,114	$	26,612	$	19,347
Interest on investment–type contracts		40,412		34,352		22,421		15,822		12,250
Rental expense deemed interest		946		1,360		1,394		1,032		894
Total fixed charges	$	190,414	$	108,141	$	52,928	$	43,466	$	32,491
Earnings before income tax(1)	$	3,585,408	$	2,235,657	$	1,914,878	$	2,498,691	$	2,263,789
Add back:
Total fixed charges		190,414		108,141		52,928		43,466		32,491
Total earnings before income tax and fixed charges	$	3,775,822	$	2,343,798	$	1,967,806	$	2,542,157	$	2,296,280
Ratio of earnings to fixed charges		19.8x		21.7x		37.2x		58.5x		70.7x

⁽¹⁾ Excludes interest expense on income tax liabilities