EX-12 4 afg-20171231xex12.htm EXHIBIT 12
Exhibit 12
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

| Year ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings before income taxes | $ | 724 |  |  | $ | 787 |  |  | $ | 565 |  |  | $ | 626 |  |  | $ | 689 |
Undistributed equity in earnings of investees | (4 | ) |  | (25 | ) |  | (18 | ) |  | (10 | ) |  | — |
Losses of managed investment entities attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 51 |  |  | 26 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest on annuities | 892 |  |  | 800 |  |  | 732 |  |  | 648 |  |  | 531 |
Interest expense | 84 |  |  | 76 |  |  | 74 |  |  | 73 |  |  | 71 |
Debt discount, expense and other fixed charges | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Portion of rentals representing interest | 23 |  |  | 23 |  |  | 23 |  |  | 22 |  |  | 19 |
EARNINGS | $ | 1,720 |  |  | $ | 1,662 |  |  | $ | 1,377 |  |  | $ | 1,411 |  |  | $ | 1,337 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest on annuities | $ | 892 |  |  | $ | 800 |  |  | $ | 732 |  |  | $ | 648 |  |  | $ | 531 |
Interest expense | 84 |  |  | 76 |  |  | 74 |  |  | 73 |  |  | 71 |
Debt discount, expense and other fixed charges | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Portion of rentals representing interest | 23 |  |  | 23 |  |  | 23 |  |  | 22 |  |  | 19 |
FIXED CHARGES | $ | 1,000 |  |  | $ | 900 |  |  | $ | 830 |  |  | $ | 744 |  |  | $ | 622 |
Ratio of Earnings to Fixed Charges | 1.72 |  |  | 1.85 |  |  | 1.66 |  |  | 1.90 |  |  | 2.15 |
Earnings in Excess of Fixed Charges | $ | 720 |  |  | $ | 762 |  |  | $ | 547 |  |  | $ | 667 |  |  | $ | 715 |

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