EX-12 3 q304exh12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES afl10q304exh12

AFLAC Incorporated 1st Quarter 2004 Form 10-Q

EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands)

2004   

  

2003   

    

           

Fixed charges:

              

Interest expense

$

5,920

  

$

5,378

    

Rental expense deemed interest

  

144

    

122

    
 

Interest on investment-type contracts

  

1,410

    

826

    

                 

 

Total fixed charges

$

7,474

  

$

6,326

    

                   

Earnings before income tax

$

477,783

  

$

370,075

    

Add back:

              

Fixed charges

  

7,474

    

6,326

    

               

 

Total earnings before income tax

              

 

  and fixed charges

$

485,257

  

$

376,401

    

                   

 

   Earnings before income tax

              

 

     and fixed charges

  

64.9x

    

59.5x

    
                   

                   

 

EXH 12-1