American National (ANG-PB) 10-K 2014 FY Annual report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2014		2013		2012		2011		2010
Consolidated income before income taxes	$	196,064	$	389,332	$	85,989	$	132,914	$	65,266
Interest sensitive and index product benefits and amortization of deferred sales inducements	1,605,119		1,525,980		895,636		846,878		794,803
Interest expense on notes payable	36,370		38,870		28,479		31,633		22,125
Interest expense on subordinated debentures	12,122		12,088		13,458		13,977		14,906
Interest expense on amounts due under repurchase agreements and other interest expense	18		139		—		30		—
Interest portion of rental expense	847		797		697		665		648
Consolidated earnings	$	1,850,540	$	1,967,206	$	1,024,259	$	1,026,097	$	897,748
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	1,605,119	$	1,525,980	$	895,636	$	846,878	$	794,803
Interest expense on notes payable	36,370		38,870		28,479		31,633		22,125
Interest expense on subordinated debentures	12,122		12,088		13,458		13,977		14,906
Interest expense on amounts due under repurchase agreements and other interest expense	18		139		—		30		—
Interest portion of rental expense	847		797		697		665		648
Combined fixed charges	$	1,654,476	$	1,577,874	$	938,270	$	893,183	$	832,482
Ratio of consolidated earnings to fixed charges	1.1		1.2		1.1		1.1		1.1
Ratio of consolidated earnings to fixed charges, both excluding interest sensitive and index product benefits and amortization of deferred sales inducements	5.0		8.5		3.0		3.9		2.7