American National (ANG-PB) 10-Q 2009 Q3 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30,		Year Ended December 31,
	2009		2008		2007		2006		2005		2004
	(Dollars in thousands)
Consolidated income before income taxes and minority interests	$	43,814	$	77,053	$	38,144	$	116,029	$	66,736	$	69,166
Interest sensitive and index product benefits and amortization of deferred sales inducements	221,867		235,836		571,917		429,062		311,479		309,034
Interest expense on notes payable	11,288		19,773		20,916		21,278		20,482		2,673
Interest expense on subordinated debentures	12,078		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense	344		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense	361		459		468		431		388		344
Consolidated earnings	$	289,752	$	360,773	$	669,891	$	621,085	$	424,510	$	393,974
Interest sensitive and index product benefits and amortization of deferred sales inducements	$	221,867	$	235,836	$	571,917	$	429,062	$	311,479	$	309,034
Interest expense on notes payable	11,288		19,773		20,916		21,278		20,482		2,673
Interest expense on subordinated debentures	12,078		19,445		22,520		21,354		14,145		9,609
Interest expense on amounts due under repurchase agreements and other interest expense	344		8,207		15,926		32,931		11,280		3,148
Interest portion of rental expense	361		459		468		431		388		344
Combined fixed charges	$	245,938	$	283,720	$	631,747	$	505,056	$	357,774	$	324,808
Ratio of consolidated earnings to fixed charges	1.2		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	2.8		2.6		1.6		2.5		2.4		5.4

On January 1, 2009, we adopted and applied retrospectively to all periods presented an accounting standard for convertible debt instruments that may be settled in whole or in part in cash.  Our contingent convertible senior notes that fall within the scope of this accounting standard were issued by us in December 2004.