A.M. Best Assigns Debt Ratings to Aflac's New Debt Issue.

OLDWICK, N.J. -- A.M. Best Co. has assigned debt ratings of "a" to Aflac, Inc.'s.(Aflac) (NYSE: AFL) (Columbus, GA) new JPY15 billion 1.52% fixed rate euro/yen bonds due 2011, JPY10 billion 2.26% fixed rate euro/yen bonds due 2016 and JPY20 billion floating rate euro/yen bonds due 2011. All three issues are registered in the Uridashi market in Japan. The outlook for all ratings is stable. All other ratings remain unchanged.

These ratings reflect Aflac's favorable capitalization, strong statutory and GAAP profitability, its dominant position in Japan and its leading position in the United States. Aflac continues to maintain a leading market position within its product niches, primarily the supplemental health market segment. The company has been able to successfully grow its surplus position over the past several years despite its stock repurchase program, the payment of stockholder dividends and its debt service requirements. The recently issued debt will be used for general corporate purposes, including the replacement of JPY40 billion Samurai bond issue, which matured in June 2006.

Immediately following the issuance of the debt, Aflac's leverage will increase somewhat; however, it presently maintains strong leverage and coverage ratios, primarily reflecting the low cost of its JPY-denominated debt issue in Japan.

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