AFLAC Incorporated Form 10-K

EXHIBIT 12

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

(In thousands)				2002		2001		2000		1999		1998
Fixed charges:
	Interest expense		$	19,809	$	19,311	$	19,252	$	18,233	$	13,152
	Rental expense deemed interest			531		451		600		558		378
	Interest on investment-
	type contracts			2,534		1,286		127		2		-
		Total fixed charges	$	22,874	$	21,048	$	19,979	$	18,793	$	13,530
Earnings before income tax			$	1,259,118	$	1,080,535	$	1,012,494	$	778,367	$	550,793
Add back:
	Fixed charges			22,874		21,048		19,979		18,793		13,530
		Total earnings before income
		tax and fixed charges	$	1,281,992	$	1,101,583	$	1,032,473	$	797,160	$	564,323
		Earnings before income
		tax and fixed charges		56.0x		52.3x		51.7x		42.4x		41.7x

EXH 12-1