EXHIBIT 12.0

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

(In thousands)			Three Months Ended					Six Months Ended
			June 30,					June 30,
			2002			2001		2002				2001
Fixed charges:
	Interest expense		$	4,728		$	4,616	$	9,148		$	9,722
	Rental expense deemed interest			121			103		254			221
		Total fixed charges	$	4,849		$	4,719	$	9,402		$	9,943
Earnings before income tax			$	322,041		$	248,877	$	606,991		$	523,078
Add back:
	Fixed charges			4,849			4,719		9,402			9,943
		Total earnings before income
		tax and fixed charges		326,890			253,596		616,393			533,021
Adjustments:
	Realized (gains)/losses			2,601			3,570		10,291			4,955
	Change in fair value of the
	interest component of
	cross-currency swaps			(13,394	)		21,302		(8,985	)		18,519
		Total earnings before income
		tax and fixed charges, as adjusted	$	316,097		$	278,468	$	617,699		$	556,495
		Earnings before income tax
		and fixed charges		67.4x			53.7x		65.6x			53.6x
		Earnings before income tax
		and fixed charges, as adjusted		65.2x			59.0x		65.7x			56.0x

EXH 12-1