EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2003		2002		2003		2002
Numerator (in millions):
	Basic: net earnings applicable to common stock	$	248	$	212	$	486	$	395
	Diluted: net earnings applicable to common stock		248		212		486		395
Denominator (in thousands):
	Average outstanding shares used in the computation of earnings per share — basic		513,728		518,077		514,144		518,771
	Average outstanding shares used in the computation of earnings per share — basic		513,728		518,077		514,144		518,771
	Dilutive effect of stock options		8,985		11,529		9,444		10,842
	Average outstanding shares used in the computation of earnings per share — diluted		522,713		529,606		523,588		529,613
Earnings per share:
	Basic	$	.48	$	.41	$	.94	$	.76
	Diluted		.48		.40		.93		.75