EX-12 4 afl033113ex12.htm EX-12
Aflac Incorporated 1st Quarter 2013 Form 10-Q
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands) | 2013 |  | 2012
Fixed charges: |  |  |
Interest expense(1) | $ | 70,587 |  |  | $ | 56,745 |
Interest on investment-type contracts | 13,614 |  |  | 13,716 |
Rental expense deemed interest | 175 |  |  | 242 |
Total fixed charges | $ | 84,376 |  |  | $ | 70,703 |
Earnings before income tax(1) | $ | 1,361,443 |  |  | $ | 1,201,908 |
Add back: |  |  |
Total fixed charges | 84,376 |  |  | 70,703 |
Total earnings before income tax and fixed charges | $ | 1,445,819 |  |  | $ | 1,272,611 |
Ratio of earnings to fixed charges | 17.1x |  |  | 18.0x |

(1)Excludes interest expense on income tax liabilities