EX-12 2 afg-2016930xex12.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, 2016 |  | Year ended December 31, 2015
Earnings before income taxes |  | $ | 470 |  |  | $ | 565 |
Undistributed equity in earnings of investees |  | (21 | ) |  | (18 | )
Fixed charges: |  |  |  |
Interest on annuities |  | 640 |  |  | 732 |
Interest expense |  | 55 |  |  | 74 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 18 |  |  | 23 |
EARNINGS |  | $ | 1,163 |  |  | $ | 1,377 |
Fixed charges: |  |  |  |
Interest on annuities |  | $ | 640 |  |  | $ | 732 |
Interest expense |  | 55 |  |  | 74 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 18 |  |  | 23 |
FIXED CHARGES |  | $ | 714 |  |  | $ | 830 |
Ratio of Earnings to Fixed Charges |  | 1.63 |  |  | 1.66 |
Earnings in Excess of Fixed Charges |  | $ | 449 |  |  | $ | 547 |

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