American National (ANG-PB) 10-Q 2010 Q2 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months  Ended			Year Ended December 31,
	June 30, 2010			2009		2008		2007		2006		2005
				(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	19,950		$	86,164	$	77,053	$	38,144	$	116,029	$	66,736
Interest credited to account balances and amortization of deferred sales inducements	442,019			387,882		235,836		571,917		429,062		311,479
Intere st expense on notes payable	9,324			14,853		19,773		20,916		21,278		20,482
Interest expense on subordinated debentures	7,401			15,819		19,445		22,520		21,354		14,145
Interest expense on amounts due under repurchase agreements and other interest expense	—			534		8,207		15,926		32,931		11,280
Interest portion of rental expense	322			570		459		468		431		388
Consolidated earnings	$	479,016		$	505,822	$	360,773	$	669,891	$	621,085	$	424,510
Interest credited to account balances and amortization of deferred sales inducements	442,019			387,882		235,836		571,917		429,062		311,479
Interest expense on notes payable	9,324		&n bsp;	14,853		19,773		20,916		21,278		20,482
Interest expense on subordinated debentures	7,401			15,819		19,445		22,520		21,354		14,145
Interest expense on amounts due under repurchase agreements and other interest expense	&md ash;			534		8,207		15,926		32,931		11,280
Interest portion of re ntal expense	322			570		459		468		431		388
Combined fixed charges	$	459,066		$	419,658	$	283,720	$	631,747	$	505,056	$	357,774
Ratio of consolidated earnings to fixed charges	1.0			1.2		1.3		1.1		1.2		1.2
Ratio of consolidated earnings to fixed charges, excluding interest credited to account balances and amortization of deferred sales inducements	2.2			3.7		2.6		1.6		2.5		2.4