American Financial (AFG) 10-Q 2016 Q2 Quarterly report

Exhibit 12

AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)

	Six months ended June 30, 2016			Year ended December 31, 2015
Earnings before income taxes	$	292		$	565
Undistributed equity in earnings of investees	(9		)	(18		)
Fixed charges:
Interest on annuities	451			732
Interest expense	36			74
Debt discount, expense and other fixed charges	1			1
Portion of rentals representing interest	12			23
EARNINGS	$	783		$	1,377
Fixed charges:
Interest on annuities	$	451		$	732
Interest expense	36			74
Debt discount, expense and other fixed charges	1			1
Portion of rentals representing interest	12			23
FIXED CHARGES	$	500		$	830
Ratio of Earnings to Fixed Charges	1.57			1.66
Earnings in Excess of Fixed Charges	$	283		$	547

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