EX-12 2 afg-2017930xex12.htm EXHIBIT 12
Exhibit 12
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

|  | Nine months ended September 30, 2017 |  | Year ended December 31, 2016
Earnings before income taxes |  | $ | 457 |  |  | $ | 787 |
Undistributed equity in earnings of investees |  | (10 | ) |  | (25 | )
Fixed charges: |  |  |  |
Interest on annuities |  | 635 |  |  | 800 |
Interest expense |  | 64 |  |  | 76 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 17 |  |  | 23 |
EARNINGS |  | $ | 1,164 |  |  | $ | 1,662 |
Fixed charges: |  |  |  |
Interest on annuities |  | $ | 635 |  |  | $ | 800 |
Interest expense |  | 64 |  |  | 76 |
Debt discount, expense and other fixed charges |  | 1 |  |  | 1 |
Portion of rentals representing interest |  | 17 |  |  | 23 |
FIXED CHARGES |  | $ | 717 |  |  | $ | 900 |
Ratio of Earnings to Fixed Charges |  | 1.62 |  |  | 1.85 |
Earnings in Excess of Fixed Charges |  | $ | 447 |  |  | $ | 762 |

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