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EXHIBIT 12.0
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AFLAC INCORPORATED AND SUBSIDIARIES
Ratios of Earnings to Fixed Charges
(In thousands) Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
-------- -------- -------- --------
Fixed charges:
Interest expense $ 4,580 $ 5,036 $ 14,218 $ 13,220
Rental expense deemed interest 153 146 428 390
------- ------- ------- -------
Total fixed charges $ 4,733 $ 5,182 $ 14,646 $ 13,610
======= ======= ======= =======
Earnings before income tax $252,384 $219,711 $755,059 $619,302
Add back:
Fixed charges 4,733 5,182 14,646 13,610
------- ------- ------- -------
Total earnings before income
tax and fixed charges 257,117 224,893 769,705 632,912
Adjustments:
Realized (gains)/losses 6,488 3,056 100,296 12,375
Release of retirement liability - - (101,225) -
------- ------- ------- -------
Total earnings before income
tax and fixed charges as
adjusted $263,605 $227,949 $768,776 $645,287
======= ======= ======= =======
Earnings before income taxes
and fixed charges 54.3x 43.4x 52.6x 46.5x
Earnings before income taxes
and fixed charges, as adjusted 55.7x 44.0x 52.5x 47.4x
