EX-12 6 afl093016ex12.htm EXHIBIT 12
Aflac Incorporated 3rd Quarter 2016 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) | 2016 |  | 2015 |  | 2016 |  | 2015
Fixed charges: |  |  |  |  |  |  |
Interest expense(1) | $ | 65,515 |  |  | $ | 66,864 |  |  | $ | 196,405 |  |  | $ | 224,170 |
Interest on investment-type contracts | 19,265 |  |  | 14,290 |  |  | 52,927 |  |  | 41,849 |
Rental expense deemed interest | 133 |  |  | 136 |  |  | 396 |  |  | 402 |
Total fixed charges | $ | 84,913 |  |  | $ | 81,290 |  |  | $ | 249,728 |  |  | $ | 266,421 |
Earnings before income tax(1) | $ | 962,203 |  |  | $ | 865,122 |  |  | $ | 2,913,569 |  |  | $ | 2,752,322 |
Add back: |  |  |  |  |  |  |
Total fixed charges | 84,913 |  |  | 81,290 |  |  | 249,728 |  |  | 266,421 |
Total earnings before income tax and fixed charges | $ | 1,047,116 |  |  | $ | 946,412 |  |  | $ | 3,163,297 |  |  | $ | 3,018,743 |
Ratio of earnings to fixed charges | 12.3x |  |  | 11.6x |  |  | 12.7x |  |  | 11.3x |

(1)Excludes interest expense on income tax liabilities