Aflac Incorporated Announces First Quarter Results, Declares Second Quarter Cas...(onciling items net of tax: Realize...),Health

Realized investment gains (losses) (.01) .02

Impact from SFAS 133 .01 -

Net earnings per diluted share $.98 $.84 16.7%

EFFECT OF FOREIGN CURRENCY ON OPERATING RESULTS(1)

(SELECTED PERCENTAGE CHANGES, UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2008 Including Excluding

Currency Currency

Changes Changes(2)

Premium income 15.2% 5.4%

Net investment income 10.9 4.3

Total benefits and expenses 13.7 4.1

Operating earnings 16.6 10.5

Operating earnings per diluted share 19.5 13.4

(1) The numbers in this table are presented on an operating basis, as

previously described.

(2) Amounts excluding currency changes were determined using the same

yen/dollar exchange rate for the current period as the comparable

period in the prior year.

2008 OPERATING EARNINGS PER SHARE SCENARIOS

Average Annual

Exchange Operating % Growth Yen

Rate EPS Over 2007 Impact

100 $4.06 - 4.09 24.2 - 25.1% $.33

105 3.95 - 3.98 20.8 - 21.7 .22

110 3.86 - 3.89 18.0 - 19.0 .13

115 3.78 - 3.81 15.6 - 16.5 .05

117.93* 3.73 - 3.76 14.1 - 15.0 -

120 3.70 - 3.73
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