Aflac Incorporated 2nd Quarter 2005 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)			2005		2004		2005			2004
Fixed charges:
	Interest expense		$	5,557	$	5,558	$	11,446	$	11,478
	Interest on investment-type contracts			2,298		1,543		4,470		2,954
	Rental expense deemed interest			157		141		311		285
		Total fixed charges	$	8,012	$	7,242	$	16,227	$	14,717
Earnings before income tax			$	515,901	$	413,530	$	1,022,420	$	879,904
Add back:
	Total fixed charges			8,012		7,242		16,227		14,717
		Total earnings before income
		tax and fixed charges	$	523,913	$	420,772	$	1,038,647	$	894,621
		Ratio of earnings to fixed charges		65.4x		58.1x		64.0x		60.8x

EXH 12-1