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20 AFLAC INCORPORATED 2011 YEAR IN REVIEW
(In millions, except for share and per-share amounts)  201020092008
Revenues:
 Premiums,principallysupplementalhealthinsurance   $ 18,073$16,621 $14,947
 Netinvestmentincome   3,007  2,765 2,578
 Realizedinvestmentgains(losses)  (422)  (1,212) (1,007)
 Otherincome   74  80 36
  Totalrevenues   20,732 18,254  16,554
Benetsandexpenses:
 Benetsandclaims  12,106  11,308 10,499
 Expenses 5,041  4,711 4,141
  Totalbenetsandexpenses   17,147  16,019 14,640
  Pretaxearnings 3,585  2,235 1,914
Incometaxes   1,241 738 660
  Netearnings   $ 2,344 $ 1,497 $ 1,254

Netearnings(basic)  $ 5.00 $ 3.21 $ 2.65
Netearnings(diluted)  4.95 3.19  2.62
Itemsimpactingnetearningsperdilutedshare,netoftax:
 Realizedinvestmentgains(losses):
  Securitiestransactionsandimpairments   $ (.58) $ (1.67) $ (1.37)
  Derivativesandhedging*  –  (.01) –
 Nonrecurringitems –  .02 –
 Foreigncurrencytranslation**   .19 .26  .23
Cashdividendspaid  $ 1.14 $ 1.12 $ .96
Shareholders’equity  23.54  17.96  14.23
Weighted-averagecommonsharesusedtocalculatebasicEPS(Inthousands)  469,038 466,552 473,405
Weighted-averagecommonsharesusedtocalculatedilutedEPS(Inthousands) 473,085 469,063 478,815

Assets:
 Investmentsandcash  $ 88,230 $73,192 $68,550
Other    12,809 10,914  10,781
  Totalassets  $101,039 $84,106 $79,331
Liabilitiesandshareholders’equity:
 Policyliabilities  $ 82,456 $69,245 $66,219
 Notespayable  3,038  2,599  1,721
 Incometaxes  1,969  1,653  1,201
 Otherliabilities  2,520  2,192  3,551
Shareholders’equity   11,056 8,417 6,639
  Totalliabilitiesandshareholders’equity  $101,039 $84,106 $79,331

Stockpricerange: High  $ 58.31 $ 47.75 $ 68.81
    Low   39.91 10.83  29.68
    Close   56.43 46.25  45.84
Yen/dollarexchangerateatyear-end  ¥ 81.49 ¥ 92.10 ¥ 91.03
Weighted-averageyen/dollarexchangeratefortheyear  87.69 93.49  103.46
*DerivativesandhedgingincludesimpactfromASC815forallyearspresentedpriorto2011
**TranslationeffectonAacJapan’sresultsandParentCompanyyen-denominatedinterestexpense
Amountsin2001through2004havebeenadjustedforadoptionofSFAS123RonJanuary1,2005
SELECTED FINANCIAL DATA