American National (ANG-PB) 10-K 2008 FY Annual report

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Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2008		2007		2006		2005		2004
Consolidated income before income taxes and minority interests	$	85,306	$	42,839	$	116,925	$	70,894	$	69,481
Interest credited to account balances and amortization of deferred sales inducements		235,836		571,917		429,062		311,479		309,034
Interest expense on notes payable		15,425		16,221		20,382		16,324		2,358
Interest expense on subordinated debentures		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense		459		468		431		388		344
Consolidated earnings	$	364,678	$	669,891	$	621,085	$	424,510	$	393,974
Interest credited to account balances and amortization of deferred sales inducements	$	235,836	$	571,917	$	429,062	$	311,479	$	309,034
Interest expense on notes payable		15,425		16,221		20,382		16,324		2,358
Interest expense on subordinated debentures		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense		459		468		431		388		344
Combined fixed charges	$	279,372	$	627,052	$	504,160	$	353,616	$	324,493
Ratio of consolidated earnings to fixed charges		1.3		1.1		1.2		1.2		1.2
Ratio of consolidated earnings to fixed charges, both excluding interest credited to account balances and amortization of deferred sales inducements		3.0		1.8		2.6		2.7		5.5

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Exhibit 12.1