AFLAC INC — Director's Dealing 2003

Oct 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2003-10-24

Reporting Person: SMITH JOSEPH W JR (Sr. Vice-President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-24	Common Stock	M	10000	$7.9167	Acquired	140365	Direct
2003-10-24	Common Stock	S	10000	$35.1	Disposed	130365	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-24	Employee Stock Option (right to buy)	$7.9167	M	10000	Disposed	2006-02-13	Common Stock (10000)	Direct