EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2003		2002		2003		2002
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	237	$	240	$	723	$	635
	Diluted:  net earnings applicable
	to common stock		237		240		723		635
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		513,385		516,984		513,888		518,169
	Average outstanding shares used in the
	computation of earnings per share - basic		513,385		516,984		513,888		518,169
	Dilutive effect of stock options		7,827		10,924		8,905		10,869
	Average outstanding shares used in the
	computation of earnings per share - diluted		521,212		527,908		522,793		529,038
Earnings per share:
	Basic	$	.46	$	.46	$	1.41	$	1.22
	Diluted		.45		.45		1.38		1.20

EXH 11-1