Aflac Incorporated provides financial protection through supplemental health and life insurance products in Japan and the United States. The company's core business is supplemental insurance, offering cash benefits for eligible claims. Aflac aims to provide value in supplemental insurance products. The company has a significant market position in Japan, and is expanding its digital presence in the U.S. Aflac competes with other insurance carriers through policyholder service, price, product design, and sales efforts.

• Employees: 12,785 (as of December 31, 2023)
• Geographic Footprint: Japan and the United States
• Headquarters: Columbus, Georgia
• Founded: 1973
• Number of locations/facilities: Not specified
• Revenue: $18.7 billion (FY2023)
• Market Capitalization: $41.3 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Aflac Life Insurance Japan Ltd., American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York, Tier One Insurance Company, and Aflac Benefits Solutions

• CEO: Daniel P. Amos
• CFO: Max K. Brodén
• President, Aflac U.S.: Virgil R. Miller
• Board Chair: Daniel P. Amos
• President, Aflac Japan: Masatoshi Koide
• Other Key Executives: Robin L. Blackmon (Chief Accounting Officer), Bradley E. Dyslin (Global Chief Investment Officer), Charles D. Lake II (President, Aflac International), Albert A. Riggieri (Global Chief Risk Officer), Frederic J. Simard (Chief Financial Officer, Aflac U.S.), Audrey B. Tillman (General Counsel)

Key executives have held their current positions for at least the last five years, unless otherwise noted. Daniel P. Amos has been CEO since 1990 and Chairman since 2001.

• Annual Revenue: $18.7 billion (FY2023)
• Net Income: $4.7 billion (FY2023)
• Market Cap: $41.3 billion (as of June 30, 2023)
• Total Assets: Not specified
• Number of Employees: 12,785 (as of December 31, 2023)
• Key Financial Highlights: Net earnings were $4.7 billion, or $7.78 per diluted share. Adjusted earnings were $3.7 billion, or $6.23 per diluted share. Shareholders' equity was $22.0 billion, or $38.00 per share.

Aflac offers supplemental health and life insurance products.

• Aflac Japan: Cancer insurance, medical insurance, income support insurance, nursing care insurance, work leave insurance, whole life insurance, and savings-type life insurance.
• Aflac U.S.: Accident insurance, disability insurance, cancer insurance, critical illness insurance, hospital indemnity insurance, dental and vision insurance, and life insurance.

The company operates through two main segments:

• Aflac Japan: Primarily provides supplemental health and life insurance products in Japan.
• Aflac U.S.: Provides supplemental health and life insurance products in the United States.

Aflac Japan's adjusted revenues accounted for 60% of the Company's total adjusted revenues in 2023.

The Company's strategy is to pursue growth through product development, distribution expansion, and operational efficiencies. Key initiatives include maintaining strong pretax margins in Aflac Japan, realizing benefits from platform investments in Aflac U.S., managing expenses, and strengthening the sales force. The Company aims to maintain strong capital ratios and shareholder dividends. Aflac is focusing on digital enhancements and innovation within the U.S. platform and pivoting to digital sales methods.

Aflac operates in the insurance industry, specifically in the supplemental health and life insurance market. The company competes with other insurance carriers, and faces competition from new entrants seeking to leverage core benefit offerings. The company maintains a leading position in Japan's third sector insurance market. The company believes it is well-positioned to adapt to increased competition due to its experience, brand, low-cost operations, and expansive marketing system. In the U.S., Aflac faces competition from other supplemental insurance carriers on a national and regional basis.

• Market Risks: Global capital market conditions, interest rate fluctuations, and economic downturns could adversely affect investments, capital position, revenue, profitability, and liquidity.
• Operational Risks: The Company's success depends on attracting, retaining, and supporting qualified sales associates, brokers, and employees. Interruptions in telecommunication, information technology, and other operational systems, or a failure to maintain data security, could harm the business.
• Financial Risks: Investment defaults, downgrades, and widening credit spreads may reduce earnings and capital. The company is exposed to significant interest rate risk and foreign currency fluctuations.
• Regulatory Risks: Extensive regulation and changes in legislation can impact profitability and growth. Failure to comply with customer privacy and information security regulations could harm the business.