Aflac Incorporated 1st Quarter 2008 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

	Three Months Ended
	March 31,
(In thousands)	2008			2007
Fixed charges:
Interest expense*	$	7,386		$	7,977
Interest on investment-type contracts		5,122			3,548
Rental expense deemed interest		320			238
Total fixed charges	$	12,828		$	11,763
Earnings before income tax*	$	725,759		$	636,066
Add back:
Total fixed charges		12,828			11,763
Total earnings before income tax and fixed charges	$	738,587		$	647,829
Ratio of earnings to fixed charges		57.6	x		55.1	x

* Excludes interest expense on income tax liabilities

EXH 12-1