Aflac Incorporated 2nd Quarter 2010 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries

Ratio of Earnings to Fixed Charges

	Three Months Ended                June 30,				Six Months Ended             June 30,
(In thousands)	2010		2009		2010		2009
Fixed charges:
Interest expense(1)	$	32,993	$	13,521	$	65,675	$	21,322
Interest on investment-type contracts		9,467		8,266		18,761		16,727
Rental expense deemed interest		232		363		482		765
Total fixed charges	$	42,692	$	22,150	$	84,918	$	38,814
Earnings before income tax(1)	$	889,382	$	472,712	$	1,863,107	$	1,343,875
Add back:
Total fixed charges		42,692		22,150		84,918		38,814
Total earnings before income tax and fixed charges	$	932,074	$	494,862	$	1,948,025	$	1,382,689
Ratio of earnings to fixed charges		21.8x		22.3x		22.9x		35.6x

⁽¹⁾ Excludes interest expense on income tax liabilities

EXH 12-1