EXHIBIT 11

EXH 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
Years Ended December 31,

		2001	2000	1999	1998	1997
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$    687	$    687	$    571	$    487	$    585
	Diluted: net earnings applicable
	to common stock	687	687	571	487	585
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Denominator (in thousands):
	Average outstanding shares used
	in the computation of earnings
	per share - basic	525,098	530,607	531,737	532,609	544,220
		=======	======	======	======	======
	Average outstanding shares used
	in the computation of earnings
	per share - basic	525,098	530,607	531,737	532,609	544,220
	Dilutive effect of stock options	12,285	14,299	19,108	19,136	18,972
	Average outstanding shares used
	in the computation of earnings
	per share - diluted	537,383	544,906	550,845	551,745	563,192
		=======	======	======	======	======
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Earnings per share:
	Basic	$    1.31	$    1.30	$    1.07	$     .91	$    1.07
	Diluted	1.28	1.26	1.04	.88	1.04
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EXH 11-1