Aflac Incorporated 2nd Quarter 2007 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)	2007		2006		2007		2006
Fixed charges:
Interest expense*	$	5,965	$	4,777	$	13,942	$	9,692
Interest on investment-type contracts		3,736		2,991		7,285		5,705
Rental expense deemed interest		232		218		470		393
Total fixed charges	$	9,933	$	7,986	$	21,697	$	15,790
Earnings before income tax*	$	634,949	$	624,214	$	1,271,015	$	1,198,640
Add back:
Total fixed charges		9,933		7,986		21,697		15,790
Total earnings before income tax and fixed charges	$	644,882	$	632,200	$	1,292,712	$	1,214,430
Ratio of earnings to fixed charges		64.9x		79.2x		59.6x		76.9x

* Excludes interest expense on income tax liabilities

EXH 12-1