Aflac (AFL) 10-Q 2010 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2010 Form 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)	2010		2009		2010		2009
Fixed charges:
Interest expense(1)	$	39,283	$	24,907	$	104,958	$	46,229
Interest on investment-type contracts		10,559		8,576		29,320		25,301
Rental expense deemed interest		230		317		712		1,082
Total fixed charges	$	50,072	$	33,800	$	134,990	$	72,612
Earnings before income tax(1)	$	1,054,681	$	549,125	$	2,917,788	$	1,893,001
Add back:
Total fixed charges		50,072		33,800		134,990		72,612
Total earnings before income tax and fixed charges	$	1,104,753	$	582,925	$	3,052,778	$	1,965,613
Ratio of earnings to fixed charges		22.1x		17.2x		22.6x		27.1x

⁽¹⁾Excludes interest expense on income tax liabilities

EXH 12-1