American National (ANG-PB) 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,		Year Ended December 31,
	2007		2006		2005		2004		2003		2002
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	52,616	$	116,925	$	70,894	$	69,481	$	39,308	$	28,951
Interest credited to account balances and amortization of deferred sales inducements	302,639		429,062		311,479		309,034		248,075		183,503
Interest expense on General Agency Commission and Servicing Agreement (a)	—		—		—		—		—		3,596
Interest expense on notes payable (a)	8,139		20,382		16,324		2,358		2,713		1,901
Interest expense on subordinated debentures (a)	11,203		21,354		14,145		9,609		7,661		—
Interest expense on amounts due under repurchase agreements and other interest expense	7,078		32,931		11,280		3,148		1,278		1,777
Interest portion of rental expense	240		431		388		344		314		267
Consolidated earnings	$	381,915	$	621,085	$	424,510	$	393,974	$	299,349	$	219,995
Interest credited to account balances and amortization of deferred sales inducements	$	302,639	$	429,062	$	311,479	$	309,034	$	248,075	$	183,503
Interest expense on General Agency Commission and Servicing Agreement (a)	—		—		—		—		—		3,596
Interest expense on notes payable (a)	8,139		20,382		16,324		2,358		2,713		1,901
Interest expense on subordinated debentures (a)	11,203		21,354		14,145		9,609		7,661		—
Interest expense on amounts due under repurchase agreements and other interest expense	7,078		32,931		11,280		3,148		1,278		1,777
Interest portion of rental expense	240		431		388		344		314		267
Combined fixed charges	$	329,299	$	504,160	$	353,616	$	324,493	$	260,041	$	191,044
Ratio of consolidated earnings to fixed charges	1.2		1.2		1.2		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		2.6		2.7		5.5		4.3		4.8

(a) On December 31, 2003, retroactive to January 1, 2003, we adopted Financial Accounting Standards Board Interpretation No. 46 , Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51.  During the first quarter of 2005, retroactive to January 1, 2003, we adopted FASB Staff Position No. FIN 46(R)-5, Implicit Variable Interests under FIN 46.  See note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2006.

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