AFLAC’s mission is to provide affordable products that help consumers pay out-of-pocket expenses that arise from illnesses or accidents. When policyholders become claimants, we process their claims quickly and fairly. And we pay cash directly to claimants regardless of any other coverage they may have. By offering the best products with the best service at the best price, we have gained an edge in the marketplace. Yet, we hone that edge each year by improving our products, expanding our sales force, and using technology to better serve our customers.

We sell our products in the United States and Japan, the two largest insurance markets in the world. We are a leading writer of insurance products marketed at the worksite in the United States. In Japan AFLAC products cover one of every four households. And AFLAC Japan is the number one life insurer in Japan in terms of individual insurance policies in force. Our combined distribution systems in the United States and Japan exceed 121,400 licensed sales associates.

AFLAC Incorporated, a Fortune 500 company, is traded under the symbol “AFL” on the New York Stock Exchange and is included in the Standard & Poor’s 500 Index. In January 2004, AFLAC was included in Fortune magazine’s listing of “The 100 Best Companies to Work for” for the sixth consecutive year. We were included in Fortune’s March 2004 list of “America’s Most Admired Companies,” and in July 2003, Fortune also included AFLAC in its list of “America’s 50 Best Companies for Minorities.”

AFLAC is rated “AA” by Standard & Poor’s, “Aa2” by Moody’s, and “AA” by Fitch Ratings for financial strength. A.M. Best rates AFLAC as “A+, Superior” for financial strength and operating performance.

About This Year's Report

Many words apply to AFLAC and the way we approach our business. Value, energetic, integrity and efficient are just a few of the words on the cover of this year’s annual report. Those words point to the character of our company. And they also indicate how we continually hone our edge to maintain a leading market position. Through an ongoing process of improving our products, distribution and operations, we believe we are well-positioned to enhance the value of AFLAC to our customers, sales associates, employees and shareholders.