American National (ANG-PB) 10-Q 2013 Q1 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended		Year Ended December 31,
	June 30, 2013		2012		2011		2010		2009		2008
			(Dollars in thousands)
Consolidated income before income taxes	$	224,280	$	85,989	$	132,914	$	65,266	$	86,164	$	77,053
Interest sensitive and index product benefits and amortization of deferred sales inducements	711,201		905,244		847,538		793,091		387,882		235,836
Interest expense on notes payable	14,028		28,479		31,633		22,125		14,853		19,773
Interest expense on subordinated debentures	6,027		13,458		13,977		14,906		15,819		19,445
Interest expense on amounts due under repurchase agreements and other interest expense	8		—		30		—		534		8,207
Interest portion of rental expense	353		697		665		648		570		459
Consolidated earnings	$	955,897	$	1,033,867	$	1,026,757	$	896,036	$	505,822	$	360,773
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	711,201	$	905,244	$	847,538	$	793,091	$	387,882	$	235,836
Interest expense on notes payable	14,028		28,479		31,633		22,125		14,853		19,773
Interest expense on subordinated debentures	6,027		13,458		13,977		14,906		15,819		19,445
Interest expense on amounts due under repurchase agreements and other interest expense	8		—		30		—		534		8,207
Interest portion of rental expense	353		697		665		648		570		459
Combined fixed charges	$	731,617	$	947,878	$	893,843	$	830,770	$	419,658	$	283,720
Ratio of consolidated earnings to fixed charges	1.3		1.1		1.1		1.1		1.2		1.3
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements	12.0		3.0		3.9		2.7		3.7		2.6