EX-12 4 afl-3312012_ex12.htm EX-12
Aflac Incorporated 1st Quarter 2012 Form 10-Q
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands) | 2012 |  | 2011
Fixed charges: |  |  |
Interest expense(1) | $ | 56,745 |  |  | $ | 45,307 |
Interest on investment-type contracts | 13,716 |  |  | 11,582 |
Rental expense deemed interest | 242 |  |  | 262 |
Total fixed charges | $ | 70,703 |  |  | $ | 57,151 |
Earnings before income tax(1) | $ | 1,201,908 |  |  | $ | 591,876 |
Add back: |  |  |
Total fixed charges | 70,703 |  |  | 57,151 |
Total earnings before income tax and fixed charges | $ | 1,272,611 |  |  | $ | 649,027 |
Ratio of earnings to fixed charges | 18.0x |  |  | 11.4x |

(1)Excludes interest expense on income tax liabilities
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.