Aflac (AFL) 10-Q 2011 Q2 Quarterly report

Aflac Incorporated 2nd Quarter 2011 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2011		2010		2011		2010
Fixed charges:
Interest expense(1)	$	46,318	$	32,993	$	91,625	$	65,675
Interest on investment-type contracts		12,038		9,467		23,614		18,761
Rental expense deemed interest		232		232		482		482
Total fixed charges	$	58,588	$	42,692	$	115,721	$	84,918
Earnings before income tax(1)	$	452,852	$	889,382	$	1,052,578	$	1,863,107
Add back:
Total fixed charges		58,588		42,692		115,721		84,918
Total earnings before income tax and fixed charges	$	511,440	$	932,074	$	1,168,299	$	1,948,025
Ratio of earnings to fixed charges		8.7x		21.8x		10.1x		22.9x

⁽¹⁾ Excludes interest expense on income tax liabilities