EX-12 2 afg-2014930xex12.htm EXHIBIT 12
Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

|  | Nine months ended September 30, 2014 |  | Year ended December 31, 2013
Earnings before income taxes |  | $ | 436 |  |  | $ | 689 |
Undistributed equity in earnings of investees |  | (11 | ) |  | — |
Losses of managed investment entities attributable to noncontrolling interest |  | 47 |  |  | 26 |
Fixed charges: |  |  |  |
Interest on annuities |  | 491 |  |  | 531 |
Interest expense |  | 53 |  |  | 71 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 14 |  |  | 19 |
EARNINGS |  | $ | 1,031 |  |  | $ | 1,337 |
Fixed charges: |  |  |  |
Interest on annuities |  | $ | 491 |  |  | $ | 531 |
Interest expense |  | 53 |  |  | 71 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 14 |  |  | 19 |
FIXED CHARGES |  | $ | 559 |  |  | $ | 622 |
Ratio of Earnings to Fixed Charges |  | 1.84 |  |  | 2.15 |
Earnings in Excess of Fixed Charges |  | $ | 472 |  |  | $ | 715 |

E-1