FORM 5

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

[   ] 

Check this box if no longer subject to
Section 16. Form 4 or Form 5 obli-
gations may continue. See Instruc-
tion 1(b).

[   ] 

Form 3 Holdings Reported

[   ] 

Form 4 Transactions Reported

Kuechenmeister, Joseph P. 

 AFLAC INCORPORATED (AFL)

6. Relationship of Reporting Person(s) to Issuer
                  (Check all applicable)

Director

10% Owner

 X

Officer (give
title below)

Other (specify
below)

Sr. Vice-President 

(Last)                    (First)                (Middle)


3275 Fortson Road

12/31/2002 

7. Individual or Joint/Group Reporting
              (check applicable line)

 X  

Form Filed by One Reporting Person

Fortson, GA 31808

Form Filed by More than One Reporting Person

(City)                      (State)                  (Zip)

Table I ¾  Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

2. Trans-
    action
    Date
   (Month/
    Day/
   Year)

2A. Deemed
      Execu-
      tion
      Date, if
      any
     (Month/
      Day/
      Year)

3. Trans-
    action
    Code
    (Instr.8)

4. Securities Acquired (A) or
    Disposed of (D)
    (Instr. 3, 4 and 5)

5. Amount of
    Securities Ben-
    eficially Owned
    at end of
    Issuer's Fiscal
    Year
    (Instr. 3 and 4)

6. Owner-
    ship
    Form: Di-
    rect (D)
    or Indi-
    rect (I)
    (Instr. 4)

7. Nature of
    Indirect
    Beneficial
    Ownership
   (Instr. 4)

Amount

  (A) or
  (D)

Price

Common Stock 

 68,151

D

Common Stock

  12/31/02

I 

1,454 (1)

A

16,892

I

401(K) Plan

*

If the form is filed by more than one reporting person, see instruction 4(b)(v).             

Persons who respond to the collection of information contained in
this form are not required to respond unless the form displays a
currently valid OMB control number.

(Over)
SEC2270 (9-02)

FORM 5 (continued)

Table II ¾  Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

3. Trans
    -action
    Date
   (Month/
    Day/
    Year)

4. Trans-
    action
    Code
    (Instr.8)

5. Number of Deriva-
    tive Securities Ac-
    quired (A) or Dis-
    posed of (D)
    (Instr. 3, 4 and 5)

6. Date Exercis-
    able and Expi-
    ration Date
    (Month/Day/
     Year)

7. Title and Amount of Underly-
    ing Securities
    (Instr. 3 and 4)

8. Price
    of
    De-
    riva-
    tive
    Secu-
    rity
 (Instr. 5)

9. Number
   of De-
   rivative
   Securi-
   ties Ben-
   eficially
   Owned
   at End of
   Year
   (Instr. 4)

(A)

(D)

  Date
  Exer-
  cisable

  Expira-
  tion
  Date

Title

 Amount or
 Number of
 Shares

Stock Units 

12/31/02 (2)

I

26,274

(2)

Common Stock

26,274

(2)

66,731

D

Explanation of Responses:

(1) Between January 1, 2002 and December 31, 2002, the reporting person acquired 1,454 shares of AFLAC Incorporated Common Stock under the AFLAC
Incorporated 401(k) plan. The information in this report is based on a plan statement dated as of December 31, 2002.
(2) The phantom stock units were accrued under AFLAC Incorporated's Executive Deferred Compensation Plan (EDCP). The EDCP holds Stock Units on the
reporting party's behalf representing the value of the Common Stock. The stock units were accrued between 01/01/02 through 06/06/02 at prices ranging from
$26.4589 to $31.1944.

**

Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

**Signature of Reporting Person

Date

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

By: Patricia A. Bell
For: Joseph P. Kuechenmeister
                                                                            

Note: File three copies of this Form, one of which must be manually signed.
         If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Page 2

SEC2270 (9-02)