American National (ANG-PB) 10-K 2011 Q4 Annual report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2011		2010		2009		2008		2007
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	132,914	$	65,266	$	86,164	$	77,053	$	38,144
Interest sensitive and index product benefits and amortization of deferred sales inducements	847,538		793,091		387,882		235,836		571,917
Interest expense on notes payable	31,633		22,125		14,853		19,773		20,916
Interest expense on subordinated debentures	13,977		14,906		15,819		19,445		22,520
Interest expense on amounts due under repurchase agreements and other interest expense	30		—		534		8,207		15,926
Interest portion of rental expense	665		648		570		459		468
Consolidated earnings	$	1,026,757	$	896,036	$	505,822	$	360,773	$	669,891
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	847,538	$	793,091	$	387,882	$	235,836	$	571,917
Interest expense on notes payable	31,633		22,125		14,853		19,773		20,916
Interest expense on subordinated debentures	13,977		14,906		15,819		19,445		22,520
Interest expense on amounts due under repurchase agreements and other interest expense	30		—		534		8,207		15,926
Interest portion of rental expense	665		648		570		459		468
Combined fixed charges	$	893,843	$	830,770	$	419,658	$	283,720	$	631,747
Ratio of consolidated earnings to fixed charges	1.1		1.1		1.2		1.3		1.1
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements	3.9		2.7		3.7		2.6		1.6