Aflac Incorporated 2009 Form 10-K

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

Years Ended December 31,

(In thousands)	2009		2008		2007		2006		2005
Fixed charges:
Interest expense*	$	72,429	$	29,114	$	26,612	$	19,347	$	22,515
Interest on investment-type contracts		34,352		22,421		15,822		12,250		9,436
Rental expense deemed interest		1,360		1,394		1,032		894		605
Total fixed charges	$	108,141	$	52,928	$	43,466	$	32,491	$	32,556
Earnings before income tax*	$	2,235,657	$	1,914,878	$	2,498,691	$	2,263,789	$	2,226,305
Add back:
Total fixed charges		108,141		52,928		43,466		32,491		32,556
Total earnings before income tax and fixed charges	$	2,343,798	$	1,967,806	$	2,542,157	$	2,296,280	$	2,258,861
Ratio of earnings to fixed charges		21.7x		37.2x		58.5x		70.7x		69.4x

* Excludes interest expense on income tax liabilities