EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
Three Months Ended March 31,

		2003		2002
Numerator (in millions):
	Basic: net earnings applicable to common stock	$	237	$	183
	Diluted: net earnings applicable to common stock		237		183
Denominator (in thousands):
	Average outstanding shares used in the computation
	of earnings per share - basic		514,565		519,473
	Average outstanding shares used in the computation
	of earnings per share - basic		514,565		519,473
	Dilutive effect of stock options		9,903		10,154
	Average outstanding shares used in the computation
	of earnings per share - diluted		524,468		529,627
Earnings per share:
	Basic	$	.46	$	.35
	Diluted		.45		.34

EXH 11-1