Aflac (AFL) 10-Q 2016 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2016 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)	2016		2015		2016		2015
Fixed charges:
Interest expense(1)	$	65,515	$	66,864	$	196,405	$	224,170
Interest on investment-type contracts	19,265		14,290		52,927		41,849
Rental expense deemed interest	133		136		396		402
Total fixed charges	$	84,913	$	81,290	$	249,728	$	266,421
Earnings before income tax(1)	$	962,203	$	865,122	$	2,913,569	$	2,752,322
Add back:
Total fixed charges	84,913		81,290		249,728		266,421
Total earnings before income tax and fixed charges	$	1,047,116	$	946,412	$	3,163,297	$	3,018,743
Ratio of earnings to fixed charges	12.3x		11.6x		12.7x		11.3x

⁽¹⁾Excludes interest expense on income tax liabilities