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accelerated, Andalucia, Bancaja, Bankia, Catalunya, coerced, deceleration, emerge, employment, exhibit, facility, foreseeable, forseeable, Generalitat, impossible, Junta, multiple, notified, phase, regular, request, revealed, sought, Spanish, Suisse, syndicate, turnover, UniCredit, Unipersonal, unsustainably, wholesale
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EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (In thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
| Fixed charges: | |||||||||||||||
Interest expense(1) | $ | 62,214 | $ | 46,318 | $ | 118,959 | $ | 91,625 | |||||||
| Interest on investment-type contracts | 14,163 | 12,038 | 27,883 | 23,614 | |||||||||||
| Rental expense deemed interest | 225 | 232 | 467 | 482 | |||||||||||
| Total fixed charges | $ | 76,602 | $ | 58,588 | $ | 147,309 | $ | 115,721 | |||||||
Earnings before income tax(1) | $ | 740,994 | $ | 443,789 | $ | 1,942,902 | $ | 1,035,665 | |||||||
| Add back: | |||||||||||||||
| Total fixed charges | 76,602 | 58,588 | 147,309 | 115,721 | |||||||||||
| Total earnings before income tax and fixed charges | $ | 817,596 | $ | 502,377 | $ | 2,090,211 | $ | 1,151,386 | |||||||
| Ratio of earnings to fixed charges | 10.7x | 8.6x | 14.2x | 9.9x | |||||||||||
(1)Excludes interest expense on income tax liabilities
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.