EX-12 7 afl33114ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Aflac Incorporated 1st Quarter 2014 10-Q
EXHIBIT 12
Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands) | 2014 |  | 2013 |
Fixed charges: |  |  |  |
Interest expense(1) | $ | 80,268 |  |  | $ | 70,587 |  |
Interest on investment-type contracts | 14,327 |  |  | 13,614 |  |
Rental expense deemed interest | 165 |  |  | 175 |  |
Total fixed charges | $ | 94,760 |  |  | $ | 84,376 |  |
Earnings before income tax(1) | $ | 1,103,575 |  |  | $ | 1,361,443 |  |
Add back: |  |  |  |
Total fixed charges | 94,760 |  |  | 84,376 |  |
Total earnings before income tax and fixed charges | $ | 1,198,335 |  |  | $ | 1,445,819 |  |
Ratio of earnings to fixed charges | 12.6x |  |  | 17.1x |  |

(1)Excludes interest expense on income tax liabilities