EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

(In thousands)			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2002			2001			2002				2001
Fixed charges:
	Interest expense		$	5,340		$	4,900		$	14,488		$	14,622
	Rental expense deemed interest			138			102			392			323
	Interest on investment-type contracts			709			338			1,793			818
		Total fixed charges	$	6,187		$	5,340		$	16,673		$	15,763
Earnings before income tax			$	357,295		$	294,252		$	964,286		$	817,330
Add back:
	Fixed charges			6,187			5,340			16,673			15,763
		Total earnings before income
		tax and fixed charges		363,482			299,592			980,959			833,093
Adjustments:
	Realized (gains)/losses			3,397			27,314			13,688			32,269
	Change in fair value of the interest
	component of cross-currency swaps			(33,782	)		(37,726	)		(42,767	)		(19,207	)
		Total earnings before income
		tax and fixed charges, as adjusted	$	333,097		$	289,180		$	951,880		$	846,155
		Earnings before income tax
		and fixed charges		58.7x			56.1x			58.8x			52.9x
		Earnings before income tax
		and fixed charges, as adjusted		53.8x			54.2x			57.1x			53.7x

EXH 12-1