AFLAC INC — Director's Dealing 2004

Feb 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2004-02-13

Reporting Person: KUECHENMEISTER JOSEPH P (Sr Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-13	Call option (obligation to sell)	$52	J	1	Disposed	2006-02-13	Common Stock (35260)	Direct
2004-02-13	Put option (right to sell)	$24.22	P	1	Acquired	2006-02-13	Common Stock (35260)	Direct

Footnotes

F1: The reporting person entered into a "zero-cost collar" arrangement pursuant to which he wrote a covered call option and purchased a put option. Only one of the options can be in the money on the expiration date, at which time the in-the-money option will be exercised (and settled for cash), and the other option will expire. If neither option is in the money on the expiration date, both options will expire.