Aflac Incorporated 2004 Form 10-K

EXHIBIT 12

Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Years Ended December 31,
(In thousands)					2004		2003		2002		2001		2000
Fixed charges:
	Interest expense			$	22,997	$	22,231	$	19,809	$	19,311	$	19,252
	Interest on investment-
	type contracts				6,607		3,893		2,534		1,286		127
	Rental expense deemed
	interest				615		514		531		451		600
		Total fixed charges		$	30,219	$	26,638	$	22,874	$	21,048	$	19,979
Earnings before income tax				$	1,807,119	$	1,225,112	$	1,259,118	$	1,080,535	$	1,012,494
Add back:
	Total fixed charges				30,219		26,638		22,874		21,048		19,979
		Total earnings before income
		tax and fixed charges		$	1,837,338	$	1,251,750	$	1,281,992	$	1,101,583	$	1,032,473
			Ratio of earnings to
			fixed charges		60.8x		47.0x		56.0x		52.3x		51.7x

EXH 12-1