American National (ANG-PB) 10-Q 2008 Q3 Quarterly report

Exhibit 12.1

Exhibit 12.1 Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30,		Year Ended December 31,
	2008		2007		2006		2005		2004		2003
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	100,203	$	42,839	$	116,925	$	70,894	$	69,481	$	39,308
Interest credited to account balances and amortization of deferred sales inducements	188,225		571,917		429,062		311,479		309,034		248,075
Interest expense on notes payable	11,732		16,221		20,382		16,324		2,358		2,713
Interest expense on subordinated debentures	14,549		22,520		21,354		14,145		9,609		7,661
Interest expense on amounts due under repurchase agreements and other interest expense	7,694		15,926		32,931		11,280		3,148		1,278
Interest portion of rental expense	339		468		431		388		344		314
Consolidated earnings	$	322,742	$	669,891	$	621,085	$	424,510	$	393,974	$	299,349
Interest credited to account balances and amortization of deferred sales inducements	$	188,225	$	571,917	$	429,062	$	311,479	$	309,034	$	248,075
Interest expense on notes payable	11,732		16,221		20,382		16,324		2,358		2,713
Interest expense on subordinated debentures	14,549		22,520		21,354		14,145		9,609		7,661
Interest expense on amounts due under repurchase agreements and other interest expense	7,694		15,926		32,931		11,280		3,148		1,278
Interest portion of rental expense	339		468		431		388		344		314
Combined fixed charges	$	222,539	$	627,052	$	504,160	$	353,616	$	324,493	$	260,041
Ratio of consolidated earnings to fixed charges	1.5		1.1		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	3.9		1.8		2.6		2.7		5.5		4.3

1