Aflac Incorporated 3rd Quarter 2009 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2009		2008		2009		2008
Fixed charges:
Interest expense*	$	24,907	$	6,934	$	46,229	$	21,320
Interest on investment-type contracts		8,576		7,465		25,301		17,997
Rental expense deemed interest		317		356		1,082		1,004
Total fixed charges	$	33,800	$	14,755	$	72,612	$	40,321
Earnings before income tax*	$	549,125	$	148,185	$	1,893,001	$	1,613,736
Add back:
Total fixed charges		33,800		14,755		72,612		40,321
Total earnings before income tax and fixed charges	$	582,925	$	162,940	$	1,965,613	$	1,654,057
Ratio of earnings to fixed charges		17.2x		11.0x		27.1x		41.0x

*     Excludes interest expense on income tax liabilities

EXH 12-1