A.M. Best Affirms Ratings of Aflac, Inc. and Its Subsidiaries.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa" of American Family Life Assurance Company of Columbus (Aflac) (Omaha, NE), American Family Life Assurance Company of Columbus (Japan Branch) and its wholly owned subsidiary, American Family Life Assurance Company of New York (Aflac NY) (New York, NY).

Concurrently, A.M. Best has affirmed the ICR of "a" and debt ratings of "a" on all the outstanding debt of the ultimate parent, Aflac, Inc. (Columbus, GA) [NYSE:AFL]. The outlook for all ratings is stable. (See below for a detailed list of the companies and ratings.)

Aflac's ratings reflect its solid financial performance with strong capitalization, continued favorable statutory and GAAP operating results, its dominant position in Japan, combined with its leading market position in the supplemental health market in the United States. The company has successfully grown its surplus position over the past several years despite the payment of sizeable stockholder dividends. Aflac's brand name recognition, well-established distribution relationships and focused marketing approach have contributed to its success. During 2008, the company established new distribution arrangements in the banking and Japanese postal channels, which should further benefit sales going forward.

A.M. Best also will monitor the potential challenges to Aflac's position in Japan, given that the market is crowded with competing medical products, and the continued relatively low but modestly improved interest rate environment. Furthermore, the ongoing Japanese regulatory investigation of all companies selling medical products in Japan remains unresolved.

The FSR of A+ (Superior) and ICRs of "aa" have been affirmed for American Family Life Assurance Company of Columbus and its following subsidiaries:

* American Family Life Assurance Company of Columbus (Japan Branch)

* American Family Life Assurance Company of New York

The following debt ratings have been affirmed:

Aflac, Inc.--

-- "a" on $450 million 6.5% senior unsecured notes, due 2009 (JPY-Denominated Samurai Notes)

-- "a" on JPY 40 billion 0.71% senior unsecured notes, due 2010

-- "a" on JPY 30 billion 1.87% senior unsecured notes, due 2012 (JPY-Denominated Uridashi Notes)

-- "a" on JPY 15 billion 1.52% senior unsecured notes, due 2011

-- "a" on JPY 10 billion 2.26% senior unsecured notes, due 2016

-- "a" on JPY 20 billion variable interest rate senior unsecured notes, due 2011

The following indicative rating has been affirmed for securities available under the existing shelf registration:

Aflac, Inc.--

-- "a" on senior unsecured

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and

rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.