<PAGE>
EXHIBIT 12.0
<PAGE>
AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(In thousands) Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
-------- -------- -------- --------
Fixed charges:
Interest expense $ 4,772 $ 4,576 $ 9,638 $ 8,184
Rental expense deemed interest 142 124 275 244
------- ------- ------- -------
Total fixed charges $ 4,914 $ 4,700 $ 9,913 $ 8,428
======= ======= ======= =======
Earnings before income tax $259,410 $196,694 $502,675 $399,591
Add back:
Fixed charges 4,914 4,700 9,913 8,428
------- ------- ------- -------
Total earnings before income
tax and fixed charges 264,324 201,394 512,588 408,019
Adjustments:
Realized (gains)/losses 91,352 4,729 93,808 9,319
Release of retirement liability (101,225) - (101,225) -
------- ------- ------- -------
Total earnings before income
tax and fixed charges as
adjusted $254,451 $206,123 $505,171 $417,338
======= ======= ======= =======
Earnings before income taxes
and fixed charges 53.8x 42.8x 51.7x 48.4x
Earnings before income taxes
and fixed charges, as adjusted 51.8x 43.9x 51.0x 49.5x
