American Financial (AFG) 10-Q 2012 Q3 Quarterly report

Exhibit 12

AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)

	Nine months ended September 30, 2012			Year ended December 31, 2011 (as adjusted)
Operating earnings before income taxes	$	567		$	558
Undistributed equity in (earnings) losses of investee	(1		)	1
Losses of managed investment entities attributable to noncontrolling interest	64			24
Fixed charges:
Interest on annuities	417			510
Interest expense	64			85
Debt discount and expense	2			2
Portion of rentals representing interest	13			18
EARNINGS	$	1,126		$	1,198
Fixed charges:
Interest on annuities	$	417		$	510
Interest expense	64			85
Debt discount and expense	2			2
Portion of rentals representing interest	13			18
FIXED CHARGES	$	496		$	615
Ratio of Earnings to Fixed Charges	2.27			1.95
Earnings in Excess of Fixed Charges	$	630		$	583