Aflac (AFL) 10-Q 2014 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2014 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2014		2013		2014		2013
Fixed charges:
Interest expense(1)	$	77,807	$	71,433	$	237,911	$	211,612
Interest on investment-type contracts	14,457		13,047		43,526		40,703
Rental expense deemed interest	158		183		486		524
Total fixed charges	$	92,422	$	84,663	$	281,923	$	252,839
Earnings before income tax(1)	$	1,074,582	$	1,067,927	$	3,416,691	$	3,787,254
Add back:
Total fixed charges	92,422		84,663		281,923		252,839
Total earnings before income tax and fixed charges	$	1,167,004	$	1,152,590	$	3,698,614	$	4,040,093
Ratio of earnings to fixed charges	12.6x		13.6x		13.1x		16.0x

⁽¹⁾Excludes interest expense on income tax liabilities