Exhibit 12.1

Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,		Year Ended December 31,
(In thousands)	2009		2008		2007		2006		2005		2004
Fixed charges:
Interest expense*	$	7,801	$	29,114	$	26,612	$	19,347	$	22,515	$	22,997
Interest on investment- type contracts		8,461		22,421		15,822		12,250		9,436		6,607
Rental expense deemed interest		402		1,394		1,032		894		605		615
Total fixed charges	$	16,664	$	52,928	$	43,466	$	32,491	$	32,556	$	30,219
Earnings before income tax*	$	871,163	$	1,914,878	$	2,498,691	$	2,263,789	$	2,226,305	$	1,773,375
Add back:
Total fixed charges		16,664		52,928		43,466		32,491		32,556		30,219
Total earnings before tax and fixed charges	$	887,827	$	1,967,806	$	2,542,157	$	2,296,280	$	2,258,861	$	1,803,594
Ratio of earnings to fixed charges		53.3x		37.2x		58.5x		70.7x		69.4x		59.7x

* Excludes interest expense on income tax liabilities