AFLAC INC — Director's Dealing 2011

Feb 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AFLAC INC (AFL)
CIK: 0000004977
Period of Report: 2011-02-15

Reporting Person: BLANCK SUSAN RYNEARSON (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-15	Common Stock	M	6000	$23.65	Acquired	6000	Direct
2011-02-15	Common Stock	M	5382	$40.33	Acquired	11382	Direct
2011-02-15	Common Stock	M	1846	$31.705	Acquired	13228	Direct
2011-02-15	Common Stock	S	9000	$56.98	Disposed	4228	Direct
2011-02-16	Common Stock	M	10000	$38.32	Acquired	10000	Direct
2011-02-16	Common Stock	M	17139	$40.33	Acquired	27139	Direct
2011-02-16	Common Stock	S	9000	$57.44	Disposed	18139	Direct
2011-02-16	Common Stock	S	9000	$57.35	Disposed	9139	Direct
2011-02-16	Common Stock	S	9139	$57.76	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-15	Employee Stock Option (right to buy)	$23.65	M	6000	Disposed	2012-01-03	Common Stock (6000)	Direct
2011-02-15	Employee Stock Option (right to buy)	$31.705	M	1846	Disposed	2013-08-12	Common Stock (1846)	Direct
2011-02-16	Employee Stock Option (right to buy)	$38.32	M	10000	Disposed	2014-08-10	Common Stock (10000)	Direct
2011-02-15	Employee Stock Option (right to buy)	$40.33	M	5382	Disposed	2014-02-27	Common Stock (5382)	Direct
2011-02-16	Employee Stock Option (right to buy)	$40.33	M	17139	Disposed	2014-02-27	Common Stock (17139)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6757	Indirect
Common Stock	104	Indirect
Common Stock	18796	Indirect

Footnotes

F1: The option vests 3,333 on 8/10/05; 3,333 on 08/10/06 and 3,334 on 8/10/07.