Date:1/30/2008

currency is the Japanese yen, we believe it is equally important to understand the impact on operating earnings from translating yen into dollars. We translate Aflac Japan's yen-denominated income statement from yen into dollars using an average exchange rate for the reporting period, and we translate the balance sheet using the exchange rate at the end of the period. However, except for a limited number of transactions, we do not actually convert yen into dollars. As a result, we view foreign currency translation as a financial reporting issue for Aflac and not as an economic event to our company or shareholders. Because changes in exchange rates distort the growth rates of our operations, we also encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency translation. The chart at the end of this release presents a comparison of selected income statement items with and without foreign currency changes to illustrate the effect of currency translation.

Operating earnings in the fourth quarter of 2007 were $382 million, compared with $329 million in the fourth quarter of 2006. Operating earnings per diluted share rose 18.2% to $.78, which was consistent with the expectations we communicated in our third quarter earnings release, compared with $.66 per share a year ago. Operating earnings in the fourth quarter benefited from a change in accounting for internal replacements (SOP 05-1), which increased operating earnings by $6 million, or $.01 per diluted share, in the quarter. Operating earnings were also impacted by an increase in benefit reserves for closed blocks of business in Japan and the United States. The increase in reserves in the quarter lowered operating earnings by $17 million, or $.03 per diluted share. The stronger yen/dollar exchange rate increased operating earnings per diluted share by $.01 for the fourth quarter.

For the full year of 2007, our results were suppressed by t
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SOURCE Aflac Incorporated Copyright©2008 PR Newswire. All rights reserved

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