American National (ANG-PB) 10-Q 2011 Q1 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Three Months Ended		Year Ended December 31,
	March 31, 2011		2010		2009		2008		2007		2006
Consolidated income before income taxes and minority interests	$	48,266	$	65,266	$	86,164	$	77,053	$	38,144	$	116,029
Interest sensitive and index product benefits and amortization of deferred sales inducements	190,357		793,091		387,882		235,836		571,917		429,062
Interest expense on notes payable	7,907		22,125		14,853		19,773		20,916		21,278
Interest expense on subordinated debentures	3,466		14,906		15,819		19,445		22,520		21,354
Interest expense on amounts due under repurchase agreements and other interest expense	4		—		534		8,207		15,926		32,931
Interest portion of rental expense	163		648		570		459		468		431
Consolidated earnings	$	250,163	$	896,036	$	505,822	$	360,773	$	669,891	$	621,085
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	190,357	$	793,091	$	387,882	$	235,836	$	571,917	$	429,062
Interest expense on notes payable	7,907		22,125		14,853		19,773		20,916		21,278
Interest expense on subordinated debentures	3,466		14,906		15,819		19,445		22,520		21,354
Interest expense on amounts due under repurchase agreements and other interest expense	4		—		534		8,207		15,926		32,931
Interest portion of rental expense	163		648		570		459		468		431
Combined fixed charges	$	201,897	$	830,770	$	419,658	$	283,720	$	631,747	$	505,056
Ratio of consolidated earnings to fixed charges	1.2		1.1		1.2		1.3		1.1		1.2
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements	5.2		2.7		3.7		2.6		1.6		2.5