-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CmePBbFNaS18oYiJsXF2MwgvdKU7BgsbxY9lr+xillN+ZCKoP0mrMdVM0YGjmLL5 pp1h1b8TSk9Sx/UdaCK5aw== 0000004977-98-000013.txt : 19980629 0000004977-98-000013.hdr.sgml : 19980629 ACCESSION NUMBER: 0000004977-98-000013 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980626 SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFLAC INC CENTRAL INDEX KEY: 0000004977 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 581167100 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-07434 FILM NUMBER: 98654774 BUSINESS ADDRESS: STREET 1: 1932 WYNNTON RD CITY: COLUMBUS STATE: GA ZIP: 31999 BUSINESS PHONE: 4043233431 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN FAMILY CORP DATE OF NAME CHANGE: 19920306 11-K 1 FORM 11-K FOR 401K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 1997 AFLAC INCORPORATED 401(k) PLAN 1932 Wynnton Road Columbus, Georgia 31999 Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AFLAC INCORPORATED 401(k) PLAN Date: June 26, 1998 By: /s/ Martin A. Durant, III ---------------------------------- Martin A. Durant, III Senior Vice President, Corporate Services AFLAC INCORPORATED 401(k) PLAN Table of Contents ----------------- Page ---- Independent Auditors' Report 1 Statements of Net Assets Available for Plan Benefits 2 Statements of Changes in Net Assets Available for Plan Benefits 3 Notes to Financial Statements 4-13 Item 27a - Schedule of Assets Held for Investment Purposes 14 Item 27d - Schedule of Reportable Transactions 15 Exhibit 23 - Independent Auditors' Consent 16 i INDEPENDENT AUDITORS' REPORT The Administrative Committee AFLAC Incorporated 401(k) Plan: We have audited the accompanying statements of net assets available for plan benefits of the AFLAC Incorporated 401(k) Plan (the Plan) as of December 31, 1997 and 1996, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the AFLAC Incorporated 401(k) Plan at December 31, 1997 and 1996, and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements of the AFLAC Incorporated 401(k) Plan taken as a whole. The supplementary information included in Schedules 1 and 2 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. KPMG PEAT MARWICK LLP June 24, 1998 Atlanta, GA 1 AFLAC INCORPORATED 401(k) PLAN Statements of Net Assets Available for Plan Benefits December 31, 1997 1996 ---------- ---------- Assets: Investments (Note 5): Money market funds $ 1,781,116 $ 4,441 Mutual funds (cost $15,038,049 in 1997, $12,650,230 in 1996) 16,665,210 15,673,288 AFLAC Incorporated common stock (cost $8,086,594 in 1997, $7,316,892 in 1996) 15,604,603 15,214,169 Participant notes receivable 938,509 - ---------- ---------- Total investments 34,989,438 30,891,898 ---------- ---------- Receivables: Employee contributions - 19,297 AFLAC Incorporated contributions 89,549 1,433,571 Accrued interest and dividends - 549 ---------- ---------- Total receivables 89,549 1,453,417 ---------- ---------- Cash 1,285,429 3,702,390 ---------- ---------- Total assets 36,364,416 36,047,705 ---------- ---------- Liabilities: Excess employee contributions payable 13,650 95,831 Other 905,531 117,699 ---------- ---------- Total liabilities 919,181 213,530 ---------- ---------- Net assets available for plan benefits $35,445,235 $35,834,175 ========== ========== See accompanying Notes to Financial Statements. 2 AFLAC INCORPORATED 401(k) PLAN Statements of Changes in Net Assets Available for Plan Benefits Years ended December 31, 1997 1996 ---------- ---------- Contributions: Participant withholdings $ 3,583,036 $ 3,563,785 Participant transfers from other plans 133,462 50,500 AFLAC Incorporated matching 1,536,531 1,433,571 ---------- ---------- Total 5,253,029 5,047,856 Interest and dividend income 1,391,039 1,581,505 Net realized gains on sale of investments 8,323,481 1,002,292 Change in net unrealized appreciation (depreciation) on investments (1,775,165) 4,710,519 Distributions to participants (3,115,052) (1,702,157) Forfeitures (108,771) (44,476) Transfer of Broadcast Division Plan assets (10,357,501) - ---------- ---------- Increase (decrease) in net assets (388,940) 10,595,539 Net assets available for plan benefits: Beginning of year 35,834,175 25,238,636 ---------- ---------- End of year $35,445,235 $35,834,175 ========== ========== See accompanying Notes to Financial Statements. 3 AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements December 31, 1997 and 1996 (1) DESCRIPTION OF THE PLAN The AFLAC Incorporated 401(k) Plan (the Plan) was established for the benefit of the employees of AFLAC Incorporated and related companies, American Family Life Assurance Company of Columbus (excluding Japan Branch employees), American Family Life Assurance Company of New York, AFLAC Broadcast Division, AFLAC International, Inc., and Communicorp, Inc. The AFLAC Broadcast Division was sold in 1997. All Plan assets related to the broadcast division were transferred to a trust established by the purchaser. The following description provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. (a) GENERAL. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan was amended and restated in its entirety effective February 1, 1997. Eligible employees may voluntarily participate in the Plan on the first day of the month which coincides with or next follows the completion of thirty days of employment. Prior to February 1, 1997, eligible employees could voluntarily participate in the Plan upon completing one year of service and attaining the age of 21. The Plan is administered by a plan administrator appointed by the Company's Board of Directors. All Plan expenses are paid by the Company. (b) CONTRIBUTIONS. Contributions to the Plan are made by both participants and the Company. For the years 1997 and 1996, participants could contribute through payroll deductions from 1% to 18% of their aggregate compensation, subject to certain limitations. The first 1% to 6% of participants' compensation contributed may be subject to a percentage matching contribution by the Company. For the years ended December 31, 1997 and 1996, the Company's matching contribution was 50% of the portion of the participants' contributions, which were not in excess of 6% of the participants' compensation. (c) PARTICIPANT ACCOUNTS. An account is maintained for each participant and is credited with participant contributions and investment earnings/losses thereon. Contributions may be invested in one or more of the investment funds available under the Plan at the direction of the participant. A separate account is maintained with respect 4 to each participant's interest in the Company's matching contributions. Amounts in this account are apportioned and invested in the same manner as the participant's account. (d) VESTING. Participants are 100% vested in their contributions plus actual investment earnings/losses thereon. Participants become vested in the Company's contribution according to the following schedule. Years of Service Vested Percentage ---------------- ----------------- Less than 1 0% 1 20% 2 40% 3 60% 4 80% 5 or more 100% Prior to February 1, 1997, participants were not vested in the Company's contribution until completing five years of service. A participant's interest in the Company's contributions is also vested upon termination either because of death or disability or after attaining his/her early retirement date or normal retirement age. Participants forfeit the portion of their interest which is not vested upon termination of employment. These forfeitures reduce the Company's matching contribution. (e) DISTRIBUTIONS. Participants may receive a distribution equal to the vested value of their account upon death, disability, retirement, or termination of either the participant's employment or the Plan. Distributions may only be made in the form of a lump-sum cash payment and/or AFLAC Incorporated common stock. The Plan permits in-service withdrawals for a participant who is 100% vested in the Company's contribution and has attained age 60. (f) LOANS. Beginning in February 1997, participants are allowed to borrow from their accounts. The minimum amount of any loan is $1,000. The maximum amount of any loan is such that when the amount of the loan is added to the outstanding balance of all other loans made to the participant from the Plan (and any other plans maintained by the employer or any related companies) the total does not exceed the lesser of: a. 50% of the participant's vested accrued benefit (as defined in the Plan); or 5 b. $50,000, reduced by the amount, if any, of the highest balance of all outstanding loans to the participant during the one-year period ending on the day prior to the day on which the loan is made. (g) AGREEMENTS WITH TRUSTEE. The assets of the Plan are held in a trust maintained by Charles Schwab Trust Company (the former trustee was Synovus Trust Company). (2) SUMMARY OF ACCOUNTING POLICIES (a) BASIS OF PRESENTATION. The accompanying statements of net assets and changes in net assets have been prepared on the accrual basis of accounting. (b) INVESTMENTS. Investments are stated at fair value based upon quotations obtained from national security exchanges or the value as determined by the managers of the money market and mutual funds. Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains and losses on the sale of investments are calculated based on the difference between selling price and cost on an average cost basis. (3) FEDERAL INCOME TAXES The Internal Revenue Service has determined and informed the Company by a letter dated August 7, 1997, that the Plan and related trust are in accordance with applicable sections of the Internal Revenue Code. Participants in the Plan are not subject to Federal income taxes on their contributions, on amounts contributed by the employer, or on earnings or appreciation of investments held by the Plan until withdrawn by the participant or distributed to the participant's named beneficiary in the event of death. (4) PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right to terminate the Plan at any time subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their accounts. (5) INVESTMENT FUNDS The following schedules show net assets available for plan benefits as of December 31, 1997 and 1996, and changes in net assets available for plan benefits for the years then ended by investment fund. The investments in the 6 Schwab Institutional Advantage Money Fund, Dodge & Cox Balanced Fund, Dodge & Cox Stock Fund, Davis New York Venture Fund, Stein Roe Capital Opportunities Fund and AFLAC Incorporated Common Stock all exceeded five percent of the Plan's net assets available for plan benefits at December 31, 1997. 7 AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Net Assets Available for Plan Benefits, Investment Fund Information December 31, 1997
Schwab Columbia Dodge Dodge Davis Stein Roe Institutn'l Fixed Income & Cox & Cox New York Capital Advantage Securities Balanced Stock Venture Opportuni- Money Fund Fund Fund Fund Fund ties Fund ------------ ------------ ------------ ------------ ------------ ------------ Investments: Money market funds $ 1,781,116 $ - $ - $ - $ - $ - Mutual funds - 392,178 3,046,464 6,248,225 3,746,842 2,711,392 AFLAC Incorporated common stock - - - - - - Participant notes receivable - - - - - - ------------ ------------ ------------ ------------ ------------ ------------ Total Investments 1,781,116 392,178 3,046,464 6,248,225 3,746,842 2,711,392 Receivables - AFLAC Incorporated contributions 5,163 1,911 8,659 11,114 10,508 12,496 Cash 22,018 8,505 39,079 48,266 46,652 53,290 Excess employee contributions payable (714) (158) (1,221) (2,505) (1,502) (1,087) Other liabilities: Accrued transfers - - - - - - Other (9,222) 809 530 3,202 1,060 1,094 ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $ 1,798,361 $ 403,245 $ 3,093,511 $ 6,308,302 $ 3,803,560 $ 2,777,185 ============ ============ ============ ============ ============ ============ (Continued on following page) 8
AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Net Assets Available for Plan Benefits, Investment Fund Information (continued) December 31, 1997
Templeton AFLAC Participant Cash Foreign Incorporated Notes and Fund Common Stock Receivables Other Totals ------------ ------------ ------------ ------------ ------------ Investments: Money market funds $ - $ - $ - $ - $ 1,781,116 Mutual funds 520,109 - - - 16,665,210 AFLAC Incorporated common stock - 15,604,603 - - 15,604,603 Participant notes receivable - - 938,509 - 938,509 ------------ ------------ ------------ ------------ ------------ Total Investments 520,109 15,604,603 938,509 - 34,989,438 Receivables - AFLAC Incorporated contributions 2,075 37,623 - - 89,549 Cash 8,713 164,305 - 894,601 1,285,429 Excess employee contributions payable (208) (6,255) - - (13,650) Other liabilities: Accrued transfers - - - (880,549) (880,549) Other - 5,393 (13,796) (14,052) (24,982) ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $ 530,689 $ 15,805,669 $ 924,713 $ - $ 35,445,235 ============ ============ ============ ============ ============ 9
AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Net Assets Available for Plan Benefits, Investment Fund Information December 31, 1996
Disburse- AFLAC Master Money ment GIC Income American Washington Incorporated Fidelity Cash Market Fund Account Fund 4 Balanced Mutual Common Stock Magellan Totals --------- ------------ -------- ---------- -------- ---------- ------------ -------- ------ Investments: Money market funds $ - $ - $ - $ 4,441 $ - $ - $ - $ - $ 4,441 Mutual funds - - - - 3,823,406 8,076,699 - 3,773,183 15,673,288 AFLAC Incorporated common stock - - - - - - 15,214,169 - 15,214,169 -------- ----------- -------- --------- --------- --------- ---------- --------- ---------- Total Investments - - - 4,441 3,823,406 8,076,699 15,214,169 3,773,183 30,891,898 Receivables: Employee contributions 19,297 - - - - - - - 19,297 AFLAC Incorporated contributions - - - 147,092 161,862 327,459 585,425 211,733 1,433,571 Accrued interest and dividends - - 549 - - - - - 549 Cash 288,562 - - 2,926,148 151 449,716 37,813 - 3,702,390 Excess employee contributions payable - - - (8,600) (10,766) (21,574) (35,445) (19,446) (95,831) Other liabilities: Accrued transfers (66,295) 66,931 (342) 190 13,325 3,380 (5,920) (11,269) - Other (241,564) (66,931) (207) 115,996 3,663 14,294 49,060 7,990 (117,699) -------- -------- -------- --------- --------- --------- ---------- --------- ---------- Net assets available for plan benefits $ - $ - $ - $3,185,267 $3,991,641 $8,849,974 $15,845,102 $3,962,191 $35,834,175 ======== =========== ======== ========= ========= ========= ========== ========= ========== 10
AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Changes in Net Assets Available for Plan Benefits, Investment Fund Information Year Ended December 31, 1997
Schwab Columbia Dodge Dodge Davis Stein Roe Instit'nl Fixed In- & Cox & Cox New York Capital Templeton AFLAC Advantage come Secu- Balanced Stock Venture Opportuni- Foreign Incorporated Money Fnd rities Fnd Fund Fund Fund ties Fund Fund Common Stock ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ Contributions: Participant with- holdings $ 210,597 $ 68,373 $ 371,717 $ 535,040 $ 445,964 $ 483,448 $ 101,199 $ 1,366,698 Participant transfers from other plans 7,840 427 22,220 15,602 32,375 14,377 2,709 37,912 AFLAC Incorporated matching 83,980 28,209 149,617 221,192 181,934 196,460 41,115 574,149 Interest and dividend income 115,212 26,019 282,041 520,241 176,872 204 54,242 167,225 Net realized gains on sale of investments - 2,208 211,598 650,251 228,765 5,237 15,065 3,480,731 Change in net unrealized appreciation (depre- ciation) on investments - 7,554 215,516 715,181 535,151 192,466 (38,707) (379,268) Transfer of Broadcast Division Plan assets (680,125) (136,198) (1,606,597) (2,938,368) (1,071,695) (564,851) (187,002) (3,172,665) Transfers 2,589,145 474,215 3,854,490 7,334,242 3,656,712 2,556,488 570,935 (217,361) Distributions to participants (397,311) (55,341) (318,224) (615,413) (297,525) (54,403) (11,801) (1,404,096) Forfeitures (71,668) (64) (3,506) (9,189) (4,422) (4,865) (345) (14,645) Participant notes receivable: New loans (67,364) (15,719) (107,068) (139,425) (92,856) (62,256) (18,506) (553,978) Loan payments 8,055 3,562 21,707 18,948 12,285 14,880 1,785 75,865 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ Net change 1,798,361 403,245 3,093,511 6,308,302 3,803,560 2,777,185 530,689 (39,433) Net assets available for plan benefits at beginning of year - - - - - - - 15,845,102 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ Net assets available for plan benefits at end of year $ 1,798,361 $ 403,245 $ 3,093,511 $ 6,308,302 $ 3,803,560 $ 2,777,185 $ 530,689 $ 15,805,669 ========== ========== ========== ========== ========== ========== ========== ============ (Continued on following page) 11
AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Changes in Net Assets Available for Plan Benefits, Investment Fund Information (continued) Year Ended December 31, 1997
Partici- GIC pant Notes Income American Washington Fidelity Receivable Fund 4 Balanced Mutual Magellan Totals ---------- ---------- ---------- ---------- ---------- ----------- Contributions: Participant with- holdings $ - $ - $ - $ - $ - $ 3,583,036 Participant transfers from other plans - - - - - 133,462 AFLAC Incorporated matching - 59,875 - - - 1,536,531 Interest and dividend income 43,328 5,655 - - - 1,391,039 Net realized gains on sale of investments - - 578,509 2,560,826 590,291 8,323,481 Change in net unrealized appreciation (depre- ciation) on investments - - (452,725) (2,144,200) (426,133) (1,775,165) Transfer of Broadcast Division Plan assets - - - - - (10,357,501) Transfers - (3,259,397) (4,128,191) (9,288,174) (4,143,104) - Distributions to participants (18,633) 8,600 10,766 21,574 16,755 (3,115,052) Forfeitures (67) - - - - (108,771) Participant notes receivable: New loans 1,057,172 - - - - - Loan payments (157,087) - - - - - ---------- ---------- ---------- ---------- ---------- ----------- Net change 924,713 (3,185,267) (3,991,641) (8,849,974) (3,962,191) (388,940) Net assets available for plan benefits at beginning of year - 3,185,267 3,991,641 8,849,974 3,962,191 35,834,175 ---------- ---------- ---------- ---------- ---------- ----------- Net assets available for plan benefits at end of year $ 924,713 $ - $ - $ - $ - $ 35,445,235 ========== ========== ========== ========== ========== =========== 12
AFLAC INCORPORATED 401(k) PLAN Notes to Financial Statements Changes in Net Assets Available for Plan Benefits, Investment Fund Information Year Ended December 31, 1996
GIC AFLAC Income American Washington Incorporated Fidelity Cash Fund 4 Balanced Mutual Common Stock Magellan Totals ----- ------ -------- ---------- ------------- -------- ------ Contributions: Participant withholdings $ 80 $ 337,933 $ 420,142 $ 815,385 $ 1,405,796 $ 584,449 $ 3,563,785 Participant transfers from other plans - 33,401 1,798 2,895 5,992 6,414 50,500 AFLAC Incorporated matching - 147,092 161,862 327,459 585,425 211,733 1,433,571 Interest and dividend income - (983) 336,152 594,786 105,303 546,247 1,581,505 Net realized gains on sale of investments - 503,949 20,433 45,077 400,452 32,381 1,002,292 Change in net unrealized appreciation (depreciation) on investments - (341,495) 69,585 749,673 4,428,200 (195,444) 4,710,519 Transfers (113) 84,858 88,084 46,997 (86,955) (132,871) - Distributions to participants 33 (168,457) (174,479) (301,830) (867,300) (190,124) (1,702,157) Forfeitures - (1,544) (2,858) (7,870) (16,824) (15,380) (44,476) ---- ---------- --------- --------- ---------- --------- --------- Net change - 594,754 920,719 2,272,572 5,960,089 847,405 10,595,539 Net assets available for plan benefits at beginning of year - 2,590,513 3,070,922 6,577,402 9,885,013 3,114,786 25,238,636 ---- ---------- --------- --------- --------- --------- ---------- Net assets available for plan benefits at end of year $ - $ 3,185,267 $3,991,641 $8,849,974 $15,845,102 $3,962,191 $35,834,175 ==== ========== ========= ========= ========== ========= ========== 13
Schedule 1 AFLAC INCORPORATED 401(k) PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1997 Description Shares/Units Cost Current Value - --------------- ------------ -------- ------------- Money Market Funds - ------------------ Schwab Institutional Advantage Money Fund 1,781,116 $ 1,781,116 $ 1,781,116 ---------- ---------- Mutual Funds - ------------ Columbia Fixed Income Securities Fund 29,245 384,624 392,178 Davis New York Venture Fund 167,794 3,211,691 3,746,842 Dodge & Cox Balanced Fund 45,619 2,830,948 3,046,464 Dodge & Cox Stock Fund 66,070 5,533,044 6,248,225 Stein Roe Capital Opportunities Fund 90,864 2,518,926 2,711,392 Templeton Foreign Fund 52,272 558,816 520,109 ---------- ---------- Total Mutual Funds 15,038,049 16,665,210 ---------- ---------- Common Stock - ------------ AFLAC Incorporated* 304,997 8,086,594 15,604,603 Participant notes receivable 938,509 938,509 ---------- ---------- Total Investments $25,844,268 $34,989,438 ========== ========== * Indicates party-in-interest per Erisa Section 406. 14 Schedule 2 AFLAC INCORPORATED 401(k) PLAN Item 27d - Schedule of Reportable Transactions Year Ended December 31, 1997
Current Value Purchase Selling of Asset on Net Description Price Price Cost Transaction Date Gain/(Loss) --------------- ---------- ---------- ---------- ---------------- ----------- Purchases: American Balanced Fund $ 180,672 $ - $ 180,672 $ 180,672 $ - Washington Mutual Investors Fund 1,246,630 - 1,246,630 1,246,630 - AFLAC Incorporated Common Stock* 4,320,491 - 4,320,491 4,320,491 - Fidelity Magellan Fund 218,593 - 218,593 218,593 - Schwab Institutional Advantage Money Fund 3,980,552 - 3,980,552 3,980,552 - Columbia Fixed Income Securities Fund 635,202 - 635,202 635,202 - Dodge & Cox Balanced Fund 5,161,203 - 5,161,203 5,161,203 - Dodge & Cox Stock Fund 10,293,909 - 10,293,909 10,293,909 - Davis New York Venture Fund 5,356,581 - 5,356,581 5,356,581 - Stein Roe Capital Opportunities Fund 3,422,830 - 3,422,830 3,422,830 - Templeton Foreign Fund 832,289 - 832,289 832,289 - Sales: American Balanced Fund - 4,129,862 3,551,353 4,129,862 578,509 Washington Mutual Investors Fund - 9,739,955 7,179,129 9,739,955 2,560,826 AFLAC Incorporated Common Stock* - 7,031,520 3,550,789 7,031,520 3,480,731 Fidelity Magellan Fund - 4,155,934 3,565,643 4,155,934 590,291 Schwab Institutional Advantage Money Fund - 2,199,436 2,199,436 2,199,436 - Columbia Fixed Income Securities Fund - 252,786 250,578 252,786 2,208 Dodge & Cox Balanced Fund - 2,541,853 2,330,255 2,541,853 211,598 Dodge & Cox Stock Fund - 5,411,116 4,760,865 5,411,116 650,251 Davis New York Venture Fund - 2,373,655 2,144,890 2,373,655 228,765 Stein Roe Capital Opportunities Fund - 909,141 903,904 909,141 5,237 Templeton Foreign Fund - 288,538 273,473 288,538 15,065 * Indicates party-in-interest per Erisa Section 406. 15
EX-23 2 KPMG CONSENT EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT The Administrative Committee AFLAC Incorporated 401(k) Plan: We consent to incorporation by reference in Registration Statement No. 33-41552 on Form S-8 of AFLAC Incorporated of our report dated June 24, 1998, relating to the statements of net assets available for plan benefits of the AFLAC Incorporated 401(k) Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available for plan benefits for the years then ended, and all related schedules, which report appears in the December 31, 1997 annual report on Form 11-K of AFLAC Incorporated. KPMG PEAT MARWICK LLP Atlanta, Georgia June 25, 1998 16 -----END PRIVACY-ENHANCED MESSAGE-----