EXHIBIT 12.0

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

(In thousands)	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2001	2000		2001	2000
	-----------	----------		----------	---------

Fixed charges:
	Interest expense		$ 4,900		$ 4,580	$ 14,622		$ 14,218
	Rental expense deemed interest		102		153	323		428
			----------		----------	----------		----------
		Total fixed charges	$ 5,002		$ 4,733	$ 14,945		$ 14,646
			======		======	======		======
Earnings before income tax			$294,252		$252,384	$817,330		$755,059
Add back:
	Fixed charges		5,002		4,733	14,945		14,646
			----------		----------	----------		----------
		Total earnings before income
		tax and fixed charges	299,254		257,117	832,275		769,705
Adjustments:
	Realized (gains)/losses		27,314		6,488	32,269		100,296
	Release of retirement liability		-		-	-		(101,225	)
	Change in fair value of the
	interest component of
	cross-currency swaps		(37,728	)	-	(19,209	)	-
			----------		----------	----------		----------
		Total earnings before income
		tax and fixed charges, as adjusted	$288,840		$263,605	$845,335		$768,776
			======		======	======		======
		Earnings before income taxes
		and fixed charges	59.8x		54.3x	55.7x		52.6x
		Earnings before income taxes
		and fixed charges, as adjusted	57.7x		55.7x	56.6x		52.5x

EXH 12.0 - 1