AFLAC INC — Director's Dealing 2004

Feb 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2004-02-26

Reporting Person: SMITH JOSEPH W JR (Sr Vice Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-26	Common Stock	M	10000	$7.9167	Acquired	146021	Direct
2004-02-26	Common Stock	S	9900	$40.17	Disposed	136121	Direct
2004-02-26	Common Stock	S	100	$40.24	Disposed	136021	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-26	Employee Stock Opton (right to buy)	$7.9167	M	10000	Acquired	2006-02-13	Common Stock (10000)	Direct