Aflac Incorporated and
Subsidiaries for
2003 - 2005

Throughout this special
year that marked Aflac's
50th anniversary, we met
our objectives in 2005
from the top to the
bottom line.

Chairman and CEO Dan
Amos shares his thoughts
on Aflac's philosophy,
competitive strengths, and
philanthropic endeavors,
among other topics.

Aflac Japan strengthened
its product line,
distribution system and
brand during the year,
while maintaining its
position as the largest life
insurer in terms of
individual policies in force.

This section provides an
analysis of Aflac's overall
financial condition and
reviews the company's
financial and operational
performance in Japan and
in the United States.

This section contains the
consolidated financial
statements of Aflac
Incorporated and its
subsidiaries.

This section provides
additional information
about the company's
consolidated financial
statements and
accounting policies.

Aflac's shares
outperformed the S&P 500
Index in 2005, marking
the 23rd time that Aflac
beat the market in the
last 31 years.

Definitions of terms used
by Aflac and the insurance
industry

Biographical information
on the company's leaders

Aflac launched new
products and enhanced its
sales force through new
training initiatives.

This section includes
summary statements of
earnings and balance
sheets, stock price
ranges, and exchange
rates for the past 11
years.