AFLAC INC — Director's Dealing 2003

Dec 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2003-12-18

Reporting Person: LOUDERMILK JOEY M (Exec VP & Corp Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-18	Common Stock	M	52112	$7.9167	Acquired	359565	Direct
2003-12-18	Common Stock	F	24927	$34.76	Disposed	334638	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-18	Employee Stock Option (right to buy)	$7.9167	M	52112	Disposed	2006-02-13	Common Stock (52112)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20260	Indirect
Common Stock	7800	Indirect