EX-12 2 afg-2016331xex12.htm EXHIBIT 12
Exhibit 12
AMERCIAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

|  | Three months ended March 31, 2016 |  | Year ended December 31, 2015
Earnings before income taxes |  | $ | 156 |  |  | $ | 565 |
Undistributed equity in earnings of investees |  | (7 | ) |  | (18 | )
Fixed charges: |  |  |  |
Interest on annuities |  | 228 |  |  | 732 |
Interest expense |  | 18 |  |  | 74 |
Debt discount, expense and other fixed charges |  | — |  |  | 1 |
Portion of rentals representing interest |  | 6 |  |  | 23 |
EARNINGS |  | $ | 401 |  |  | $ | 1,377 |
Fixed charges: |  |  |  |
Interest on annuities |  | $ | 228 |  |  | $ | 732 |
Interest expense |  | 18 |  |  | 74 |
Debt discount, expense and other fixed charges |  | — |  |  | 1 |
Portion of rentals representing interest |  | 6 |  |  | 23 |
FIXED CHARGES |  | $ | 252 |  |  | $ | 830 |
Ratio of Earnings to Fixed Charges |  | 1.59 |  |  | 1.66 |
Earnings in Excess of Fixed Charges |  | $ | 149 |  |  | $ | 547 |

E-1