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AFLAC INCORPORATED REPORTS RECORD FOURTH QUARTER AND FULL-YEAR EARNINGS, DECLARES FIRST QUARTER CASH DIVIDEND

 AFLAC INCORPORATED REPORTS RECORD FOURTH QUARTER
 AND FULL-YEAR EARNINGS, DECLARES FIRST QUARTER CASH DIVIDEND
 COLUMBUS, Ga., Feb. 3 /PRNewswire/ -- AFLAC Incorporated (formerly American Family Corporation) (NYSE: AFL; TSE) today reported record fourth quarter results.
 Operating earnings of $41.1 million (excluding realized investment gains) were the best in the company's history. Operating earnings per share increased 24.4 percent to $.51, compared to $.41 a year ago. Net earnings (including realized investment gains) were $41.6 million, or $.51 per share. Total revenues in the fourth quarter rose 19.4 percent to $897.3 million.
 For the 12 months, operating earnings were $148.1 million, compared to $117.0 million in 1990. Operating earnings per share rose 26.4 percent to $1.82, compared to $1.44 a year ago. Net earnings were $148.7 million, or $1.82 per share. Total revenues increased 22.6 percent to $3.3 billion.
 The first quarter cash dividend of $.10 has been declared and is payable on March 2, to stockholders of record at the close of business on Feb. 14. This represents the company's 74th consecutive quarterly cash dividend.
 President and Chief Executive Officer Daniel P. Amos stated: "We are pleased with AFLAC's record performance in 1991. We also reached a milestone when our total assets surpassed $10 billion at year end. Our operations in the U.S. and Japan are fundamentally strong, and we are well-positioned to extend their records of success. Our balance sheet reflects that strength by containing only high-quality investment securities. We believe our rapid growth will continue."
 AFLAC Incorporated is an international holding company. Through its principal subsidiary, American Family Life Assurance Company (AFLAC), the company is one of the world's leading underwriters of supplemental health insurance. AFLAC's primary markets are the United States and Japan. The company also owns seven network-affiliated television stations.
 AFLAC INCORPORATED AND SUBSIDIARIES
 (formerly American Family Corporation)
 Consolidated Summary of Earnings
 (Unaudited -- $000 omitted, except for per-share amounts)
 3 mos. ended Dec. 31 1991 1990 Pct. chg.
 Total revenues(a) $ 897,295 $ 751,634 19.4
 Operating earnings (excluding
 net realized investment gains)(b) 41,146 33,275 23.7
 Operating earnings per share(b) .51 .41 24.4
 Net earnings (including net
 realized investment gains) 41,643 33,462 24.4
 Net earnings per share .51 .41 24.4
 Dividends paid per share .10 .09 11.1
 Number of shares used to compute
 earnings per share (000) 81,636 81,448 ---
 12 mos. ended Dec. 31 1991 1990 Pct. chg.
 Total revenues(a) $3,282,669 $2,678,354 22.6
 Operating earnings (excluding
 net realized investment gains)(b) 148,076 116,976 26.6
 Operating earnings per share(b) 1.82 1.44 26.4
 Net earnings (including net
 realized investment gains) 148,684 117,186 26.9
 Net earnings per share 1.82 1.44 26.4
 Dividends paid per share .37 .33 12.1
 Number of shares used to compute
 earnings per share (000) 81,584 81,375 ---
 (a) Reflects adoption of Financial Accounting Standards Board Statement No. 97, in which realized investment gains before taxes are included in revenues.
 (b) Management of the company believes that operating earnings per share (excluding net realized investment gains) are more meaningful in analyzing the operating performance and trends of the company. Thus, for comparative purposes, operating earnings are also shown.
 -0- 2/3/92
 /CONTACT: Kenneth S. Janke Jr., vice president, Investor Relations of AFLAC Incorporated, 800-235-2667/
 (AFL) CO: AFLAC Incorporated ST: Georgia IN: INS SU: ERN DIV


BR-BN -- AT004 -- 6053 02/03/92 10:02 EST
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Date:Feb 3, 1992
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