American Financial (AFG) 10-Q2014 Q3 Quarterly report

Filed: 6 Nov 14, 12:00am

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New words: alternative, commodity, contractor, convert, disciplined, diversity, documentation, drop, experienced, FASB, formally, fourteen, inception, LC, mandatory, permitted, practice, reclassified, recourse, retrospective, sector, set, setting, slight, SNL, social, standard, swap, transition, twelve, unappropriated

Removed: closer, crime, deductibility, eleven

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Exhibit 12

AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)



	Nine months ended September 30, 2014			Year ended December 31, 2013
Earnings before income taxes	$	436		$	689
Undistributed equity in earnings of investees	(11		)	—
Losses of managed investment entities attributable to noncontrolling interest	47			26
Fixed charges:
Interest on annuities	491			531
Interest expense	53			71
Debt discount, expense and other fixed charges	1			1
Portion of rentals representing interest	14			19
EARNINGS	$	1,031		$	1,337

Fixed charges:
Interest on annuities	$	491		$	531
Interest expense	53			71
Debt discount, expense and other fixed charges	1			1
Portion of rentals representing interest	14			19
FIXED CHARGES	$	559		$	622

Ratio of Earnings to Fixed Charges	1.84			2.15

Earnings in Excess of Fixed Charges	$	472		$	715

E-1

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