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Business Description
AFLAC Inc. is the holding company of subsidiaries engaged principally in the supplemental health and life insurance business, and in printing. The supplemental health and life insurance business is administered primarily through American Family Life Assurance Company of Columbus (AFLAC). The Company's operations in Japan (AFLAC Japan) and the United States (AFLAC U.S.) service the two markets for the Company's insurance business. The Company is authorized to conduct insurance business in all 50 states, the District of Columbia, several U.S. territories and foreign countries. The Company's only significant foreign operation is AFLAC Japan, which accounted for 77% of the Company's total revenues in 2001. AFLAC Japan contributed 74% of pretax operating earnings in 2001. Total assets attributable to AFLAC Japan were 84% at December 31, 2001.

Financial Information
AFLAC, Inc. operates in the insurance industry and primarily sells supplemental health insurance in Japan and the U.S. For the six months ended 6/30/02, net revenues increased 3% to $4.88 billion. Net income increased 19% to $395 million. Revenues benefited from growth in U.S. premiums due to increases in both the hospital indemnity product group and fixed-benefit dental product. Net income also reflects a $9 million gain related to cross-currency swaps vs. a loss of $19 million.