American Family Life Assurance Company of Columbus (Aflac) Jobs

COLUMBUS, Ga., November. 2, 2020 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) appear today that its insurance subsidiaries American Family Life Assurance Company of Columbus (Aflac of Columbus) and American Family unit Life Assurance Company of New York (Aflac of New York) take completed the conquering of Zurich North America's U.Southward. Corporate Life and Pensions (Group Benefits) business organization, including the assets and employees of Benefit Harbor Insurance Services supporting the acquired group life, disability and absence management products.

Equally appear in March 2020, Aflac of Columbus and Aflac of New York are reinsuring, on an indemnity basis, Zurich Due north America's U.S. in-force grouping life and disability policies with annualized premium of approximately $120 million. Aflac of Columbus and Aflac of New York also acquired assets needed to support the group life and disability business, along with an absenteeism management platform.

The acquisition is consistent with Aflac Incorporated's strategy of buy-to-build, which deploys capital into growth initiatives while limiting the majuscule at run a risk. Funding of the transaction, along with required capital in support of assumed businesses, came from internal capital. The total consideration is less than $200 million, including capital in support of the business. Aflac expects modest run-rate dilution over the near-term equally it continues to build the business to scale.

"We are excited every bit we welcome new team members to the Aflac family unit and raise our value proposition to agents, brokers and employers," said Teresa L. White, president of Aflac U.Southward. "This strategic buy-to-build transaction aligns with our vision of being the number ane benefactor of benefit solutions supporting the U.S. workforce. We believe this acquisition will also heighten cross-selling opportunities and better both persistency and business relationship penetration with our cadre supplemental business organization."

Richard 50. Williams, Jr., executive vice president and principal distribution officeholder of Aflac U.South., added, "This further enhances Aflac'south value proposition to be on the front page of benefits enrollment leveraging the power of Aflac's brand and broad distribution of associates and broker partners. With our national expansion into network dental and vision in 2021 and now truthful group benefits, Aflac continues to deepen the relationships with employers and policyholders."

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company, helping provide protection to more than l million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer past paying greenbacks fast when policyholders become sick or injured. For more than six decades, insurance policies of Aflac Incorporated'due south subsidiaries have given policyholders the opportunity to focus on recovery, non fiscal stress. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Nihon, where it insures i in 4 households. Fortune magazine recognized Aflac equally ane of the 100 Best Companies to Work for in America for 20 consecutive years. For xiv consecutive years, Aflac has been recognized past Ethisphere as i of the World's Almost Ethical Companies. In 2020, Fortune included Aflac Incorporated on its list of World's Nearly Admired Companies for the 19th time, and Bloomberg added Aflac Incorporated to its Gender-Equality Alphabetize, which tracks the fiscal functioning of public companies committed to supporting gender equality through policy development, representation and transparency. To acquire how to become help with expenses health insurance doesn't comprehend, get to know united states of america at aflac.com.

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those advisory statements are identified as frontward-looking and are accompanied past meaningful cautionary statements identifying of import factors that could cause actual results to differ materially from those included in the forwards-looking statements. The company desires to take reward of these provisions. This document contains cautionary statements identifying of import factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the fiscal customs and contained in documents filed with the Securities and Exchange Committee (SEC). Forward-looking statements are non based on historical information and chronicle to future operations, strategies, financial results or other developments. Furthermore, forward-looking data is subject to numerous assumptions, risks and uncertainties. In detail, statements containing words such equally "look," "conceptualize," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target," "outlook" or similar words as well equally specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forrad-looking statements.

The company cautions readers that the following factors, in add-on to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forrad-looking statements:

• the furnishings of COVID-19 and whatever resulting economic effects and government interventions on the Visitor'due south business organization and fiscal results
• ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
• events related to the Nihon Post investigation and other matters
• competitive surroundings and power to anticipate and reply to market trends
• difficult conditions in global capital markets and the economy
• deviations in bodily feel from pricing and reserving assumptions
• ability to continue to develop and implement improvements in data technology systems
• defaults and credit downgrades of investments
• exposure to significant involvement rate adventure
• concentration of business in Nippon
• limited availability of acceptable yen-denominated investments
• tax rates applicable to the Company may change
• failure to comply with restrictions on policyholder privacy and data security
• suspension in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems
• catastrophic events including, simply non necessarily limited to, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, state of war or other armed forces action, terrorism or other acts of violence, and damage incidental to such events
• ability to protect the Aflac brand and the Company's reputation
• extensive regulation and changes in constabulary or regulation past governmental government
• foreign currency fluctuations in the yen/dollar substitution rate
• decline in creditworthiness of other financial institutions
• significant valuation judgments in decision of corporeality of impairments taken on the Company'due south investments
• U.South. tax audit risk related to conversion of the Japan branch to a subsidiary
• subsidiaries' ability to pay dividends to the Parent Company
• decreases in the Visitor's financial strength or debt ratings
• inherent limitations to risk management policies and procedures
• concentration of the Company'south investments in whatever detail single-issuer or sector
• differing judgments practical to investment valuations
• ability to finer manage key executive succession
• changes in bookkeeping standards
• level and outcome of litigation
• allegations or determinations of worker misclassification in the United States

Analyst and investor contact - David A. Immature, 706.596.3264 or 800.235.2667 or dyoung@aflac.com

Media contact - Catherine H. Blades, 706.596.3014; FAX: 706.320.2288 or cblades@aflac.com

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SOURCE Aflac Incorporated

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