EXHIBIT 12

EXH 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Years Ended December 31,

(In thousands)			2001		2000		1999	1998	1997
Fixed charges:
	Interest expense		$     19,311		$     19,252		$    18,233	$    13,152	$    13,709
	Rental expense
	deemed interest		451		600		558	378	439
		Total fixed charges	$     19,762		$     19,852		$    18,791	$    13,530	$    14,148
			=======		=======		=======	=======	=======
Earnings before income taxes			$1,080,535		$1,012,494		$  778,367	$  550,793	$  864,820
Add back:
	Fixed charges		19,762		19,852		18,791	13,530	14,148
		Total earnings before
		income taxes and
		fixed charges	1,100,297		1,032,346		797,158	564,323	878,968
Adjustments:
	Realized (gains)/losses		31,435		101,990		13,496	2,077	5,440
	Gain on sale of
	television business		-		-		-	-	(267,223	)
	Termination of retirement
	liability		-		(101,225	)	-	-	-
	Change in fair value of
	cross-currency swap		(999	)	-		-	-	-
		Total adjustments	30,436		765		13,496	2,077	(261,783	)
		Total earnings before
		income taxes fixed
		charges and adjustments	$1,130,733		$1,033,111		$  810,654	$  566,400	$  617,185
			=======		=======		=======	=======	=======
		Earnings before income
		taxes and fixed charges	55.7x		52.0x		42.4x	41.7x	62.1x
		Earnings before income
		taxes, fixed charges,
		and adjustments	57.2x		52.0x		43.1x	41.9x	43.6x

EXH 12-1