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<SEC-DOCUMENT>0000950144-09-000410.txt : 20090123
<SEC-HEADER>0000950144-09-000410.hdr.sgml : 20090123
<ACCEPTANCE-DATETIME>20090123171850
ACCESSION NUMBER:		0000950144-09-000410
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090123
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090123
DATE AS OF CHANGE:		20090123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AFLAC INC
		CENTRAL INDEX KEY:			0000004977
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		IRS NUMBER:				581167100
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07434
		FILM NUMBER:		09543196

	BUSINESS ADDRESS:	
		STREET 1:		1932 WYNNTON RD
		CITY:			COLUMBUS
		STATE:			GA
		ZIP:			31999
		BUSINESS PHONE:		7063233431

	MAIL ADDRESS:	
		STREET 1:		1932 WYNNTON ROAD
		CITY:			COLUMBUS
		STATE:			GA
		ZIP:			31999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FAMILY CORP
		DATE OF NAME CHANGE:	19920306
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g17386e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>CURRENT
REPORT</B></DIV>

<DIV align="center" style="font-size: 12pt">Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Date of Report (Date of earliest event reported) January&nbsp;23, 2009
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><IMG src="g17386g1738600.gif" alt="(AFLAC INCORPORATED LOGO)">
</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 12pt"><B>Aflac Incorporated</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 11pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center"><B>Georgia</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>001-07434</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>58-1167100</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1932 Wynnton Road, Columbus, Georgia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31999</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>706.323.3431</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 11pt">(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 19pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 11pt">(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17
CFR 230.425)</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</DIV></TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="margin-top: 11pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Results of Operations and Financial Condition.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac Incorporated is providing its press release dated January&nbsp;23, 2009, commenting on its
strong capital position. Aflac announced that it expects a 2008 risk-based capital ratio of 425% to
475% and estimates excess capital at December&nbsp;31, 2008 of $500&nbsp;million to $1.0&nbsp;billion. Aflac
reaffirmed its previously disclosed operating earnings growth objective of 15% for 2008 and stated
that it sees no change to its expected 2009 dividend payments.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information included or
incorporated in this report (Exhibit&nbsp;99.1) shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18
of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;), nor shall such information be deemed
incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act,
except as shall be set forth by specific reference in such filing.
</DIV>

<DIV align="left" style="margin-top: 11pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 11pt; margin-top: 6pt">(d)&nbsp;Exhibits.
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="left" valign="top"><!-- Change: 11111 to jobnumber --><A href="g17386exv99w1.htm">99.1</A>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release of Aflac Incorporated dated January&nbsp;23, 2009</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Aflac Incorporated</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;January 23, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;<I>/s/ Ralph A. Rogers, Jr.</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ralph A.
Rogers, Jr.)<BR>
Senior Vice President, Financial Services<BR>
Chief Accounting Officer&nbsp;<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 11pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 11pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 11pt">EXHIBIT INDEX:
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="left" valign="top"><A HREF="g17386exv99w1.htm">99.1</a>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release of Aflac Incorporated dated January&nbsp;23, 2009
</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 11pt"><!-- Folio -->3<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>g17386exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><A Href="g17386e8vk.htm">Aflac Incorporated Form 8-K</A></DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 11pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><IMG src="g17386g1738600.gif" alt="(AFLAC INCCORPORATED LOGO)">
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><B>AFLAC COMMENTS ON STRONG CAPITAL POSITION,<BR>
SEES 2008 RISK-BASED CAPITAL RATIO OF 425% TO 475%,<BR>
ESTIMATES EXCESS CAPITAL AT YEAR END OF $500 MILLION TO $1.0 BILLION</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">COLUMBUS, Georgia &#151; January&nbsp;23, 2009 &#151; Aflac Incorporated today has offered comments on its
capital position following the sharp drop in its share price that resulted from an investment
firm&#146;s research report.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">Aflac Chairman and CEO Daniel P. Amos stated: &#147;As we stand today, we remain very confident in our
overall business model and our operations. We are equally confident with the quality of our balance
sheet and our capital position. For many years we have pursued a consistent investment approach,
which we believe is in the best interests of our policyholders and shareholders.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&#147;That approach has proven to be effective and prudent, and we continue to believe it will be so in
the future. At the end of 2008, 98% of the debt securities and perpetual debentures that we own
were investment grade. Going forward, our investment approach will continue to emphasize the
purchase and ownership of securities that best match our policy liabilities and best serve our
policyholders. When we release fourth quarter earnings in just over a week, we expect to report
operating earnings per diluted share that are consistent with our stated earnings objective of a
15% increase. In addition, we see no change to our expected 2009 cash dividend payments.&#148;
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">Further commenting on the company&#146;s capital position, Aflac Incorporated Chief Financial Officer
Kriss Cloninger III added, &#147;Although these results are preliminary, we estimate that our year-end
risk-based capital ratio was 425% to 475%. A primary reason for our current risk-based capital
level is the effect of the stronger yen to the dollar. Excluding the impact of the stronger yen,
we estimate the risk-based capital ratio would have exceeded 600%. We estimate our current excess
capital position to be approximately $500&nbsp;million to $1.0&nbsp;billion at the end of December&nbsp;2008. We
believe our capital position is more than adequate to support our current ratings. We continue to
expect strong statutory earnings in the future, which we estimate were $1.5&nbsp;billion for the full
year of 2008. Accordingly, we do not see a need for raising additional capital.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&#147;I think it&#146;s also appropriate to comment on the status of the perpetual debentures, or so-called
&#147;hybrid securities&#148; we own. Based on preliminary year-end numbers, our holdings of hybrid
securities at fair value were $8.1&nbsp;billion, or approximately 11.8% of our consolidated investment
portfolio of $68.6&nbsp;billion. We purchased the hybrid securities from 1993 to 2005. For GAAP
accounting purposes, the perpetual debentures are held in the available-for-sale category. As
such, they are marked to market and reflected on the balance sheet at fair value. By contrast,
these perpetual debentures are carried at amortized cost for statutory accounting purposes. That
means that the changes in the fair value of these hybrid securities are not included in, and
therefore do not impact, the risk-based capital ratio.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&#147;As we discussed in our third quarter earnings announcement and conference call, the Securities and
Exchange Commission (SEC)&nbsp;issued a letter on October&nbsp;14, 2008, to the Financial Accounting
Standards Board (FASB)&nbsp;on the topic of hybrid securities. The SEC&#146;s letter noted that due to the
debt characteristics of hybrid securities, a debt impairment model could be used for filings
subsequent to October&nbsp;14, 2008, until the FASB further addresses whether a debt or equity
impairment approach is most appropriate. Aflac&#146;s debt impairment approach is primarily based on an
assessment of whether it is highly probable we will receive timely payment of interest and
principal, whereas our equity impairment approach is based on the aging and degree of unrealized
losses. With no pronouncement forthcoming from the FASB, we continued to apply our
</DIV>
<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 11pt; margin-top: 6pt">debt impairment model to the perpetual debenture investments as of December&nbsp;31, 2008. Pending new
guidance from the FASB, we will continue to use the debt impairment approach. In addition, for
statutory accounting purposes, we will continue to evaluate our perpetual debenture holdings using
the debt impairment approach, and we do not anticipate that approach changing.&#148;
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">The company is set to release fourth quarter 2008 results after the market closes on February&nbsp;2,
2009. Aflac Incorporated will webcast its fourth quarter investor presentation via the &#147;Investors&#148;
page of aflac.com at 6:40 p.m. (EST)&nbsp;on Tuesday, February&nbsp;3, 2009.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">For more than 50&nbsp;years, Aflac products have given policyholders the opportunity to direct cash
where it is needed most when a life-interrupting medical event causes financial challenges. Aflac
is the number one provider of guaranteed-renewable insurance in the United States and the number
one insurance company in terms of individual insurance policies in force in Japan. Our insurance
products provide protection to more than 40&nbsp;million people worldwide. Aflac has been included in
Fortune magazine&#146;s list of America&#146;s Most Admired Companies for seven years and in Fortune
magazine&#146;s list of the 100 Best Companies to Work For in America for eleven consecutive years.
Aflac has been recognized three times by both Fortune magazine&#146;s list of the Top 50 Employers for
Minorities and Working Mother magazine&#146;s list of the 100 Best Companies for Working Mothers and has
also been included in Ethisphere magazine&#146;s list of the World&#146;s Most Ethical Companies for two
consecutive years. Aflac Incorporated is a Fortune 500 company listed on the New York Stock
Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt"><I>The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; to encourage
companies to provide prospective information, so long as those informational statements are
identified as forward-looking and are accompanied by meaningful cautionary statements identifying
important factors that could cause actual results to differ materially from those included in the
forward-looking statements. We desire to take advantage of these provisions. This document contains
cautionary statements identifying important factors that could cause actual results to differ
materially from those projected herein, and in any other statements made by company officials in
communications with the financial community and contained in documents filed with the Securities
and Exchange Commission (SEC).</I>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt"><I>Forward-looking statements are not based on historical information and relate to future operations,
strategies, financial results or other developments. Furthermore, forward-looking information is
subject to numerous assumptions, risks, and uncertainties. In particular, statements containing
words such as &#147;expect,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;goal,&#148; &#147;objective,&#148; &#147;may,&#148; &#147;should,&#148; &#147;estimate,&#148;
&#147;intends,&#148; &#147;projects,&#148; &#147;will,&#148; &#147;assumes,&#148; &#147;potential,&#148; &#147;target&#148; or similar words as well as
specific projections of future results, generally qualify as forward-looking. Aflac undertakes no
obligation to update such forward-looking statements. We caution readers that the following
factors, in addition to other factors mentioned from time to time could cause actual results to
differ materially from those contemplated by the forward-looking statements: legislative and
regulatory developments, including changes to health care and health insurance delivery;
assessments for insurance company insolvencies; competitive conditions in the United States and
Japan; new product development and customer response to new products and new marketing initiatives;
ability to attract and retain qualified sales associates and employees; ability to repatriate
profits from Japan; changes in U.S. and/or Japanese tax laws or accounting requirements; credit and
other risks associated with Aflac&#146;s investment activities; significant changes in investment yield
rates; fluctuations in foreign currency exchange rates; deviations in actual experience from
pricing and reserving assumptions including, but not limited to, morbidity, mortality, persistency,
expenses and investment yields; level and outcome of litigation; downgrades in the company&#146;s credit
rating; changes in rating agency policies or practices; subsidiary&#146;s ability to pay dividends to
the parent company; ineffectiveness of hedging strategies; catastrophic events; and general
economic conditions in the United States and Japan, including increased uncertainty in the U.S. and
international financial markets.</I>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 11pt">Analyst and investor contact &#151; Kenneth S. Janke Jr., 800.235.2667 &#151; option 3, FAX: 706.324.6330,
or kjanke@aflac.com<BR>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 6pt">Media contact &#151; Laura Kane, 706.596.3493, FAX: 706.320.2288, or lkane@aflac.com
</DIV>



<P align="center" style="font-size: 11pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
