AFLAC INC — Director's Dealing 2006

Feb 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2006-02-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-23	Common Stock	M	54771	$21.1563	Acquired	192595	Direct
2006-02-23	Common Stock	S	54771	$47.5792	Disposed	137824	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-23	Employee Stock Option (right to buy)	$21.1563	M	54771	Disposed	2010-02-08	Common Stock (54771)	Direct