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AFLAC INCORPORATED REPORTS RECORD THIRD QUARTER EARNINGS

 AFLAC INCORPORATED REPORTS RECORD THIRD QUARTER EARNINGS
 COLUMBUS, Ga., Nov. 2 /PRNewswire/ -- AFLAC Incorporated (NYSE: AFL; TSE) today reported record third quarter results.
 Operating earnings of $48.0 million (excluding realized investment gains/losses) were the best in AFLAC's history. Operating earnings per share increased 23.4 percent to $.58, compared to $.47 a year ago. Net earnings (including realized investment gains/losses) were $47.9 million, or $.58 per share. Total revenues in the third quarter rose 23.4 percent to $1.0 billion.
 For the nine months, operating earnings were $134.5 million. Operating earnings per share rose 25.2 percent to $1.64, compared to $1.31 a year ago. Net earnings were also $134.5 million, or $1.64 per share. Total revenues increased 22.2 percent to $2.9 billion.
 President and Chief Executive Officer Daniel P. Amos stated: "We are extremely pleased with AFLAC's record performance in the third quarter and for the first nine months of 1992. The third quarter marked the 10th consecutive quarter in which operating earnings per share increased at double-digit rates. We expect our strong growth in earnings to continue."
 ALFAC Incorporated is an international holding company. Through its principal subsidiary, American Family Life Assurance Company (AFLAC), the company is the world's leading underwriter of supplemental health insurance. ALFAC'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 Sept. 30 1992 1991 Pct. chg.
 Total revenues $1,025,294 $ 830,703 23.4
 Operating earnings (excluding
 net realized investment
 gains/losses)(a) 48,049 38,555 24.6
 Operating earnings per share(a) .58 .47 23.4
 Net earnings (including net
 realized investment gains/losses) 47,873 38,582 24.1
 Net earnings per share ? .58 .47 23.4
 Dividends paid per share .11 .09 22.2
 Number of shares used to compute
 earnings per share (000) 82,055 81,601 ---
 9 mos. ended Sept. 30 1992 1991 Pct. chg.
 Total revenues $2,915,053 $2,385,374 22.2
 Operating earnings (excluding
 net realized investment
 gains/losses)(a) 134,481 106,930 25.8
 Operating earnings per share(a) 1.64 1.31 25.2
 Net earnings (including net
 realized investment gains/losses) 134,519 107,041 25.7
 Net earnings per share 1.64 1.31 25.2
 Dividends paid per share .32 .27 18.5
 Number of shares used to compute
 earnings per share (000) 81,969 81,567 ---
 (a) Management of the company believes that operating earnings (excluding net realized investment gains/losses) are more meaningful than net earnings when analyzing the operating performance and trends of the company.
 -0- 11/2/92
 /CONTACT: Kenneth S. Janke Jr., vice president - Investor Relations of AFLAC, 800-235-2667, or, fax, 706-324-6330/
 (AFL) CO: AFLAC Incorporated ST: Georgia IN: INS SU: ERN


CF-BR -- AT003 -- 1422 11/02/92 09:28 EST
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Date:Nov 2, 1992
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