EX-12 3 g21076exv12.htm EX-12
Aflac Incorporated 3rd Quarter 2009 Form 10-Q
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(In thousands) |  | 2009 |  | 2008 |  | 2009 |  | 2008
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense* |  | $ | 24,907 |  |  | $ | 6,934 |  |  | $ | 46,229 |  |  | $ | 21,320 |
Interest on investment-type contracts |  |  | 8,576 |  |  |  | 7,465 |  |  |  | 25,301 |  |  |  | 17,997 |
Rental expense deemed interest |  |  | 317 |  |  |  | 356 |  |  |  | 1,082 |  |  |  | 1,004 |
Total fixed charges |  | $ | 33,800 |  |  | $ | 14,755 |  |  | $ | 72,612 |  |  | $ | 40,321 |
Earnings before income tax* |  | $ | 549,125 |  |  | $ | 148,185 |  |  | $ | 1,893,001 |  |  | $ | 1,613,736 |
Add back: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total fixed charges |  |  | 33,800 |  |  |  | 14,755 |  |  |  | 72,612 |  |  |  | 40,321 |
Total earnings before income tax and fixed charges |  | $ | 582,925 |  |  | $ | 162,940 |  |  | $ | 1,965,613 |  |  | $ | 1,654,057 |
Ratio of earnings to fixed charges |  |  | 17.2x |  |  |  | 11.0x |  |  |  | 27.1x |  |  |  | 41.0x |

* Excludes interest expense on income tax liabilities
EXH 12-1