American National (ANG-PB) 10-Q 2014 Q1 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Three Months Ended			Year Ended December 31,
	March 31, 2014			2013		2012		2011		2010		2009
	(Dollars in thousands)
Consolidated income (loss) before income taxes	$	(14,618	)	$	389,332	$	85,989	$	132,914	$	65,266	$	86,164
Interest sensitive and index product benefits and amortization of deferred sales inducements	317,858			1,525,980		895,636		846,878		794,803		382,771
Interest expense on notes payable	10,264			38,870		28,479		31,633		22,125		14,853
Interest expense on subordinated debentures	3,008			12,088		13,458		13,977		14,906		15,819
Interest expense on amounts due under repurchase agreements and other interest expense	10			139		—		30		—		534
Interest portion of rental expense	210			797		697		665		648		570
Consolidated earnings	$	316,732		$	1,967,206	$	1,024,259	$	1,026,097	$	897,748	$	500,711
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	317,858		$	1,525,980	$	895,636	$	846,878	$	794,803	$	382,771
Interest expense on notes payable	10,264			38,870		28,479		31,633		22,125		14,853
Interest expense on subordinated debentures	3,008			12,088		13,458		13,977		14,906		15,819
Interest expense on amounts due under repurchase agreements and other interest expense	10			139		—		30		—		534
Interest portion of rental expense	210			797		697		665		648		570
Combined fixed charges	$	331,350		$	1,577,874	$	938,270	$	893,183	$	832,482	$	414,547
Ratio of consolidated earnings to fixed charges	1.0			1.2		1.1		1.1		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	(0.1		)	8.5		3.0		3.9		2.7		3.7