EX-12 4 q903exh12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12

EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges
         

(In thousands)

Three Months Ended

  

Nine Months Ended

  

   

September 30,

  

September 30,

  

   

2003    

  

2002    

  

2003    

  

2002    

  

                             

Fixed charges:

                        

Interest expense

$

5,534

  

$

5,340

  

$

16,337

  

$

14,488

  
 

Rental expense deemed interest

  

116

    

138

    

350

    

392

  

Interest on investment-type contracts

  

915

    

709

    

2,724

    

1,793

  

                             

 

Total fixed charges

$

6,565

  

$

6,187

  

$

19,411

  

$

16,673

  

                             

Earnings before income taxes

$

371,463

  

$

357,295

  

$

1,118,685

  

$

964,286

  

Add back:

                        

Fixed charges

  

6,565

    

6,187

    

19,411

    

16,673

  

                             

 

Total earnings before income

                        

 

   taxes and fixed charges

$

378,028

  

$

363,482

  

$

1,138,096

  

$

980,959

  

                             
                             

 

Ratio of earnings before income

                       

 

  taxes and fixed charges

  

57.6x

    

58.7x

    

58.6x

    

58.8x

  
                             




















EXH 12-1