Aflac Incorporated 2007 Form 10-K

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges
Years Ended December 31,

(In thousands)	2007		2006			2005			2004			2003
Fixed charges:
Interest expense*	$	26,612	$	19,347		$	22,515		$	22,997		$	22,231
Interest on investment- type contracts		15,822		12,250			9,436			6,607			3,893
Rental expense deemed
interest		1,032		894			605			615			514
Total fixed charges	$	43,466	$	32,491		$	32,556		$	30,219		$	26,638
Earnings before income tax*	$	2,498,691	$	2,263,789		$	2,226,305		$	1,773,375		$	1,197,788
Add back:
Total fixed charges		43,466		32,491			32,556			30,219			26,638
Total earnings before income tax and fixed charges	$	2,542,157	$	2,296,280		$	2,258,861		$	1,803,594		$	1,224,426
Ratio of earnings to fixed charges		58.5x		70.7	x		69.4	x		59.7	x		46.0x

* Excludes interest expense on income tax liabilities

EXH 12-1