AFLAC INC — Director's Dealing 2004

Nov 19, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2004-11-12

Reporting Person: Davis Rebecca Colwell (Sr Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23798	Direct
Common Stock	5807	Indirect
Common Stock	1836	Indirect
Common Stock	3038	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$7.9167	2006-02-13	Common Stock (13500)		Direct
Employee Stock Option (right to buy)	$15.0469	2008-06-24	Common Stock (9258)		Direct
Employee Stock Option (right to buy)	$21.1563	2010-02-08	Common Stock (20000)		Direct
Employee Stock Option (right to buy)	$22.5	2009-12-16	Common Stock (10742)		Direct
Employee Stock Option (right to buy)	$23.65	2012-01-03	Common Stock (5000)		Direct
Employee Stock Option (right to buy)	$31.705	2013-08-12	Common Stock (3000)		Direct
Employee Stock Option (right to buy)	$35.015	2014-10-27	Common Stock (10000)		Direct
Employee Stock Option (right to buy)	$38.32	2014-08-10	Common Stock (5000)		Direct
Stock Units	$		Common Stock (127)		Direct

Footnotes

F1: The option vests 3,333 on 10/27/05, 3,333 on 10/27/06, and 3,334 on 10/27/07.

F2: The option vests 1,666 on 8/10/05, 1,667 on 8/10/06, and 1,667 on 8/10/07.

F3: The phantom stock units were accrued under AFLAC's Executive Deferred Compensation Plan (EDCP). The EDCP holds Stock Units on the reporting party's behalf representing the value of the common stock.