Aflac (AFL) 10-Q 2011 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2011 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)	2011		2010		2011		2010
Fixed charges:
Interest expense(1)	$	51,574	$	39,283	$	143,200	$	104,958
Interest on investment-type contracts		12,981		10,559		36,582		29,320
Rental expense deemed interest		261		230		782		712
Total fixed charges	$	64,816	$	50,072	$	180,564	$	134,990
Earnings before income tax(1)	$	1,105,416	$	1,054,681	$	2,157,994	$	2,917,788
Add back:
Total fixed charges		64,816		50,072		180,564		134,990
Total earnings before income tax and fixed charges	$	1,170,232	$	1,104,753	$	2,338,558	$	3,052,778
Ratio of earnings to fixed charges		18.1x		22.1x		13.0x		22.6x

⁽¹⁾ Excludes interest expense on income tax liabilities