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AFLAC INCORPORATED REPORTS RECORD SECOND QUARTER EARNINGS

 AFLAC INCORPORATED REPORTS RECORD SECOND QUARTER EARNINGS
 COLUMBUS, Ga., Aug. 3 /PRNewswire/ -- AFLAC Incorporated (NYSE: AFL; TSE) today reported record second quarter results.
 Operating earnings of $44.2 million (excluding realized investment gains/losses) were the best in the company's history. Operating earnings per share increased 25.6 percent to $.54, compared to $.43 a year ago. Net earnings (including realized investment gains/losses) were $44.3 million, or $.54 per share. Total revenues in the second quarter rose 22.0 percent to $955.3 million.
 For the six months, operating earnings were $86.4 million. Operating earnings per share increased 26.2 percent to $1.06, compared to $.84 a year ago. Net earnings were $86.6 million, or $1.06 per share. Total revenues rose 21.6 percent to $1.9 billion.
 President and Chief Executive Officer Daniel P. Amos said: "We are pleased with AFLAC's record performance in the second quarter of 1992. Rapid growth continued in the United States, and AFLAC Japan's earnings growth remained strong. As the demand for high-quality, affordable supplemental health insurance products continues to grow, we are optimistic that AFLAC Incorporated will exceed its goal of 15 percent annual earnings growth for 1992."
 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
 Consolidated Summary of Earnings
 (Unaudited -- $000 omitted, except for per-share amounts)
 3 mos. ended June 30 1992 1991 Pct. chg.
 Total revenues $ 955,293 $ 783,266 22.0
 Operating earnings (excluding
 net realized investment
 gains/losses)(a) 44,239 34,738 27.4
 Operating earnings per share(a) .54 .43 25.6
 Net earnings (including net
 realized investment gains/losses) 44,250 34,746 27.4
 Net earnings per share .54 .43 25.6
 Dividends paid per share .11 .09 22.2
 Number of shares used to compute
 earnings per share (000) 81,967 81,591 ---
 6 mos. ended June 30 1992 1991 Pct. chg.
 Total revenues $1,889,759 $1,554,671 21.6
 Operating earnings (excluding
 net realized investment
 gains/losses)(a) 86,433 68,375 26.4
 Operating earnings per share(a) 1.06 .84 26.2
 Net earnings (including net
 realized investment gains/losses) 86,647 68,459 26.6
 Net earnings per share 1.06 .84 26.2
 Dividends paid per share .21 .18 16.7
 Number of shares used to compute
 earnings per share (000) 81,926 81,550 ---
 (a) Management of the company believes that operating earnings (excluding net realized investment gains/losses) are more meaningful when analyzing the operating performance and trends of the company than net earnings.
 -0- 8/3/92
 /CONTACT: Kenneth S. Janke Jr., vice president, Investor Relations of AFLAC Incorporated, 800-235-2667/
 (AFL) CO: American Family Corporation ST: Georgia IN: INS SU: ERN


EA-BR -- AT003 -- 6022 08/03/92 09:43 EDT
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Date:Aug 3, 1992
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