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Aflac Incorporated Announces Fourth Quarter Results
Date:1/30/2008

follows a premium rate increase.

AFLAC U.S.

Aflac U.S. premium income increased 10.9% to $1.0 billion. Net investment income was up 6.2% to $127 million. Total revenues rose 10.4% to $1.1 billion. Pretax operating earnings climbed 34.2% to $170 million, which primarily reflected easy comparisons to the fourth quarter of 2006 when pretax operating earnings declined 1.8%. For the year, premium income rose 10.8% to $3.9 billion. Net investment income increased 7.5% to $500 million. Total revenues were up 10.4% to $4.4 billion. Pretax operating earnings rose 18.3% to $692 million.

As we expected, Aflac U.S. sales growth slowed somewhat in the fourth quarter, compared with the first nine months of the year. Sales growth in the fourth quarter of 2007 reflected difficult comparisons to the fourth quarter of 2006 when sales benefited from the re-enrollment of a large payroll account and rose 21.2%. Despite the tough comparison, total new annualized premium sales were up 5.9% to $473 million in the fourth quarter. For the year, total new annualized premium sales increased 9.5% to a record $1.6 billion. Our sales results for the year were consistent with our 2007 sales objective of a 6% to 10% increase. Sales in the fourth quarter benefited from solid contributions in the hospital indemnity and cancer insurance lines. Fourth quarter sales also reflected an administrative change in the timing of sales associates' production credit for delay-bill policy conversions. This change accelerated approximately $8 million of conversion premiums from the first quarter of 2008 to the fourth quarter of 2007. Excluding the impact of the change in conversion processing, total new annualized premium sales were up 4.0% for the fourth quarter and 8.9% for the year.

We continue to believe that expansion of our sales force is an important key to sales growth. As we have repeatedly discussed, we have been intensely focused on increasing the number of producing sales a
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SOURCE Aflac Incorporated
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