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Aflac's Financial Analysts Briefing 2018

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Aflac's Financial Analysts Briefing 2018 AFLAC’S FINANCIAL ANALYSTS BRIEFING 2018 About This Book This book primarily contains information about Aflac, most of which was given at the company’s 2018 Financial Analysts Briefing held on September 26, 2018, at the Park Hyatt Hotel in Tokyo, Japan. All information is intended to provide a comprehensive discussion and analysis of Aflac’s operations. The information contained in this book was based on conditions that existed at the end of the second quarter 2018. Circumstances may have changed materially since these presentations were made. The company undertakes no obligation to update the presentations. This information was prepared as a supplement to the company’s annual and quarterly releases, 10-Ks and 10-Qs. This book does not include footnotes to the financial statements or certain items that appear in reports or registration statements filed with the Securities and Exchange Commission. We believe the information presented in this book was accurate at the time of the presentations, but its accuracy cannot be guaranteed. 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 informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This report contains cautionary statements identifying important 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 financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target”, “outlook” or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements. The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements: difficult conditions in global capital markets and the economy; exposure to significant interest rate risk; concentration of business in Japan; foreign currency fluctuations in the yen/dollar exchange rate; operation of the former Japan branch to a legal subsidiary; limited availability of acceptable yen-denominated investments; deviations in actual experience from pricing and reserving assumptions; ability to continue to develop and implement improvements in information technology systems; governmental actions for the purpose of stabilizing the financial markets; interruption 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; ongoing changes in the Company’s industry; failure to comply with restrictions on patient privacy and information security; extensive regulation and changes in law or regulation by governmental authorities; changes in tax rates applicable to the company; defaults and credit downgrades of investments; ability to attract and retain qualified sales associates, brokers, employees, and distribution partners; decline in creditworthiness of other financial institutions; subsidiaries’ ability to pay dividends to Aflac Incorporated; decreases in the Company’s financial strength or debt ratings; inherent limitations to risk management policies and procedures; concentration of the Company’s investments in any particular single-issuer or sector; differing judgments applied to investment valuations; ability to effectively manage key executive succession; significant valuation judgments in determination of amount of impairments taken on the Company’s investments; catastrophic events including, but not necessarily limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events; changes in U.S. and/or Japanese accounting standards; loss of consumer trust resulting from events external to the Company’s operations; increased expenses and reduced profitability resulting from changes in assumptions for pension and other postretirement benefit plans; level and outcome of litigation; and failure of internal controls or corporate governance policies and procedures. The estimated impact of tax reform, which is included in GAAP net income and equity, but excluded from adjusted earnings as defined, is a preliminary estimate and may be adjusted for the current and future periods, possibly materially, due to, among other things, further refinement of the company’s calculations, changes in interpretations and assumptions the company has made, tax guidance that may be issued and actions the company may take as a result of tax reform. 1 October 2018 Table of Contents Section I – Aflac Incorporated Aflac Incorporated Strategic Overview ..............................................................Daniel P. Amos ...................................3 Aflac Incorporated Financial Outlook .................................................................Frederick J. Crawford .........................7 Capital Management ........................................................................................Max K. Brodén ................................. 11 Aflac Global Investments...................................................................................Eric M. Kirsch ................................... 14 Actuarial and Risk Discussion ...........................................................................Albert A. Riggieri ............................... 18 Section II - Aflac Japan Overview of Japan’s Political Economy .............................................................Charles D. Lake II .............................25 Overview of Aflac Japan ...................................................................................Masatoshi Koide ...............................29 Aflac Japan Sales and Marketing Overview .......................................................Koji Ariyoshi ......................................35 Section III - Aflac U.S. Overview of Aflac U.S. .....................................................................................Teresa L. White ................................. 41 Aflac U.S. Growth Strategy: Capitalizing on Market Opportunity Through Increasing Access and Penetration ..................................................Richard L. Williams Jr. ......................45 Section IV - Other Information Appendix ................................................................................................................................................................... 51 Aflac’s Historical Highlights in the United States .........................................................................................................52 Aflac’s Historical Highlights in Japan ..........................................................................................................................53 2 Section I Aflac Incorporated Aflac Incorporated Strategic Overview Daniel P. Amos Chairman; Chief Executive Officer; Aflac and Aflac Incorporated Aflac has been an innovator and a pioneer in the Two Worthy Causes: 20+ Years insurance industry ever since the company was founded in 1955. Although much has changed in the decades since, our customer-centric approach to business still revolves around a simple promise: Aflac will be there for our policyholders in their time of need. We have a strong business model that revolves around creating relevant products and expanding our distribution to yield new customers. As consumer preferences evolve around what products and benefits they are seeking, we’ll continue to adapt to ensure we meet and exceed their expectations. Today, you only have to pick up a newspaper or click on the internet to see that the topic of social responsibility is top of mind. It’s what many of our shareholders are asking about, so as CEO, it’s on my mind too. I’d like to address how we see social responsibility. Being a good corporate citizen has always been on my mind, and it’s been a central part of our activities as I can say that at Aflac, we have been working on our long as I can remember. I don’t think it’s coincidental that social purpose to reach our full potential for more than 20 Aflac has achieved success while focusing on doing the years. To prove it, since 1995, the Aflac family has been right things. Let’s be clear: profits and shareholder returns focused on the Aflac Cancer and Blood Disorders Center determine whether a company is successful or not. But of Children’s Healthcare of Atlanta. We have given more all things being equal, I believe employees, investors, and than $127 million, with more than half of that coming
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