EX-12 4 q303exh12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12

EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands)

2003   

  

2002   

    

           

Fixed charges:

              

Interest expense

$

5,378

  

$

4,420

    

Rental expense deemed interest

  

122

    

133

    
 

Interest on investment-type contracts

  

826

    

498

    

                 

 

Total fixed charges

$

6,326

  

$

5,051

    

                   

Earnings before income tax

$

370,075

  

$

284,950

    

Add back:

              

Fixed charges

  

6,326

    

5,051

    

               

 

Total earnings before income tax

              

 

  and fixed charges

$

376,401

  

$

290,001

    

                   

 

   Earnings before income tax

              

 

     and fixed charges

  

59.5x

    

57.4x

    
                   

                   






















EXH 12-1