EX-12 2 afg-2018331xex12.htm EXHIBIT 12
Exhibit 12
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

|  | Three months ended March 31, 2018 |  | Year ended December 31, 2017
Earnings before income taxes |  | $ | 174 |  |  | $ | 724 |
Undistributed equity in earnings of investees |  | (23 | ) |  | (4 | )
Fixed charges: |  |  |  |
Interest on annuities |  | 182 |  |  | 892 |
Interest expense |  | 15 |  |  | 84 |
Debt discount, expense and other fixed charges |  | — |  |  | 1 |
Portion of rentals representing interest |  | 6 |  |  | 23 |
EARNINGS |  | $ | 354 |  |  | $ | 1,720 |
Fixed charges: |  |  |  |
Interest on annuities |  | $ | 182 |  |  | $ | 892 |
Interest expense |  | 15 |  |  | 84 |
Debt discount, expense and other fixed charges |  | — |  |  | 1 |
Portion of rentals representing interest |  | 6 |  |  | 23 |
FIXED CHARGES |  | $ | 203 |  |  | $ | 1,000 |
Ratio of Earnings to Fixed Charges |  | 1.74 |  |  | 1.72 |
Earnings in Excess of Fixed Charges |  | $ | 151 |  |  | $ | 720 |

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