Aflac (AFL) 10-Q 2012 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2012 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2012		2011		2012		2011
Fixed charges:
Interest expense(1)	$	66,978	$	51,574	$	185,937	$	143,200
Interest on investment-type contracts	14,826		12,981		42,697		36,582
Rental expense deemed interest	216		261		683		782
Total fixed charges	$	82,020	$	64,816	$	229,317	$	180,564
Earnings before income tax(1)	$	1,479,410	$	1,092,401	$	3,422,312	$	2,128,066
Add back:
Total fixed charges	82,020		64,816		229,317		180,564
Total earnings before income tax and fixed charges	$	1,561,430	$	1,157,217	$	3,651,629	$	2,308,630
Ratio of earnings to fixed charges	19.0x		17.9x		15.9x		12.8x

⁽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.