Aflac (AFL) 10-Q 2008 Q2 Quarterly report

Aflac Incorporated 2nd Quarter 2008 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)	2008		2007		2008		2007
Fixed charges:
Interest expense*	$	7,000	$	5,965	$	14,386	$	13,942
Interest on investment-type contracts		5,405		3,736		10,528		7,285
Rental expense deemed interest		328		232		648		470
Total fixed charges	$	12,733	$	9,933	$	25,562	$	21,697
Earnings before income tax*	$	739,792	$	634,949	$	1,465,551	$	1,271,015
Add back:
Total fixed charges		12,733		9,933		25,562		21,697
Total earnings before income tax and fixed charges	$	752,525	$	644,882	$	1,491,113	$	1,292,712
Ratio of earnings to fixed charges		59.1x		64.9x		58.3x		59.6x

*   Excludes interest expense on income tax liabilities

EXH 12-1