AFLAC INC — Director's Dealing 2003

Oct 27, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2003-10-16

Reporting Person: JOHNSON DOUGLAS WAYNE (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3272	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$35.415	2003-10-16	Common Stock (10000)		Direct

Footnotes

F1: Granted under the AFLAC Incorporated 1997 Stock Option Plan, which is a rule 16b-3 plan with tandem tax withholding rights.

F2: The option becomes exercisable in five annual installments beginning October 16, 2003.