AFLAC Incorporated 2nd Quarter 2004 Form 10-Q

EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

			Three Months Ended				Six Months Ended
			June 30,				June 30,
(In thousands)			2004		2003		2004			2003
Fixed charges:
	Interest expense		$	5,558	$	5,425	$	11,478	$	10,803
	Interest on investment-type contracts			1,543		925		2,954		1,808
	Rental expense deemed interest			141		113		285		234
		Total fixed charges	$	7,242	$	6,463	$	14,717	$	12,845
Earnings before income tax			$	420,332	$	377,147	$	898,115	$	747,222
Add back:
	Fixed charges			7,242		6,463		14,717		12,845
		Total earnings before income
		tax and fixed charges	$	427,574	$	383,610	$	912,832	$	760,067
		Earnings before income tax
		and fixed charges		59.0x		59.4x		62.0x		59.2x

EXH 12-1