AFL 3.31.14 Ex 10.48

THIS AMENDMENT (“Amendment”) is entered into as of the 10th day of December 2012, by and between American Family Life Assurance Company of Columbus, a Nebraska corporation (hereinafter referred to as "Corporation") and Eric Kirsch (hereinafter referred to as "Employee").

WHEREAS, Corporation and Employee entered into an Employment Agreement dated November 1, 2012 (hereinafter referred to as the “Employment Agreement”); and

WHEREAS, Corporation and Employee wish to amend the Employment Agreement, by substituting Employee’s new title effective as of July 30, 2012, and increasing Employee’s base salary effective as of January 1, 2013;

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth and contained herein, Corporation and Employee agree that the Employment Agreement shall be modified as follows:

1.The Whereas clause shall be amended by deleting said clause in its entirety and replacing it with the following:

WHEREAS, Corporation and Employee desire to enter into an Employment Agreement and to set forth the terms and conditions of Employee’s employment by Corporation as its Executive Vice President, Global Chief Investment Officer;

2.Paragraph 1 shall be amended by deleting said paragraph in its entirety and replacing it with the following:

3.Exhibit A of this Agreement shall be fully amended, restated, superseded and replaced in its entirety with the form of Exhibit A attached hereto and made a part hereof.

4.This Amendment may be executed in counterparts and exchanged by facsimile or electronically scanned copy. Each such counterpart shall be deemed to be an original and all such counterparts together shall constitute one and the same instrument.

5.Except as expressly amended by this Amendment, the Employment Agreement shall remain in full force and effect in accordance with its terms and continue to bind the parties.

6.The Amendment as it relates to Employee’s new position shall be effective as of July 30, 2012, and the Amendment as it relates to Base Salary shall be effective as of January 1, 2013.

IN WITNESS WHEREOF, Corporation has hereunto caused its duly authorized executive to execute this Amendment on behalf of Corporation, and Employee has hereunto set his hand, all being done in duplicate originals, with one original being delivered to each party, as of the 10^th day of December, 2012.



Employee		American Family Life Assurance Company of Columbus (Aflac)


/s/ Eric Kirsch	By:	/s/ Daniel P. Amos
Eric Kirsch		Daniel P. Amos Chairman and Chief Executive Officer


	Attest:	/s/ J. Matthew Loudermilk
		J. Matthew Loudermilk Corporate Secretary


1.	Purpose and Employment. The purpose of this Agreement is to define the relationship between Corporation as an employer and Employee as an employee and Executive Vice President, Global Chief Investment Officer.