Aflac Incorporated 2nd Quarter 2009 Form 10-Q

EXHIBIT 12

Aflac Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2009		2008		2009		2008
Fixed charges:
Interest expense*	$	13,521	$	7,000	$	21,322	$	14,386
Interest on investment-type contracts		8,266		5,405		16,727		10,528
Rental expense deemed interest		363		328		765		648
Total fixed charges	$	22,150	$	12,733	$	38,814	$	25,562
Earnings before income tax*	$	472,712	$	739,792	$	1,343,875	$	1,465,551
Add back:
Total fixed charges		22,150		12,733		38,814		25,562
Total earnings before income tax and fixed charges	$	494,862	$	752,525	$	1,382,689	$	1,491,113
Ratio of earnings to fixed charges		22.3x		59.1x		35.6x		58.3x

*      Excludes interest expense on income tax liabilities

EXH 12-1