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Aflac's Financial Analysts Briefing 2017

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Aflac's Financial Analysts Briefing 2017 AFLAC’S FINANCIAL ANALYSTS BRIEFING 2017 About This Book This book primarily contains information about Aflac, most of which was given at the company’s 2017 Financial Analysts Briefing held on September 28, 2017, at the Mandarin Oriental Hotel in New York, New York. 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 2017. 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. We desire 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. We caution 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; failure to execute or implement the conversion of the Japan branch conversion 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 our industry; failure to comply with restrictions on patient privacy and information security; extensive regulation and changes in law or regulation by governmental authorities; defaults and credit downgrades of our investments; ability to attract and retain qualified sales associates and employees; decline in creditworthiness of other financial institutions; subsidiaries’ ability to pay dividends to Aflac Incorporated; decreases in our financial strength or debt ratings; inherent limitations to risk management policies and procedures; concentration of our 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 our investments; catastrophic events including, but not necessarily limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, acts of terrorism and damage incidental to such events; changes in U.S. and/or Japanese accounting standards; loss of consumer trust resulting from events external to our operations; increased expenses and reduced profitability resulting from changes in assumptions for pension and other postretirement benefit plans; level and outcome of litigation; failure of internal controls or corporate governance policies and procedures; and other risks and uncertainties described from time to time in Aflac Incorporated’s filings with the SEC. Table of Contents Section I - Aflac Incorporated Strategic Overview of Aflac ...............................................................................Daniel P. Amos ...................................2 Financial Outlook and Capital Management .......................................................Frederick J. Crawford..........................6 Aflac’s Global Investment Strategy ....................................................................Eric M. Kirsch ...................................11 Actuarial and Risk Discussion ...........................................................................J. Todd Daniels .................................15 Section II - Aflac Japan Overview of Japan’s Political Economy .............................................................Charles D. Lake II ..............................23 Overview of Aflac Japan ....................................................................................Masatoshi Koide ...............................28 Section III - Aflac U.S. Overview of Aflac U.S. ......................................................................................Teresa L. White .................................36 Section IV - Other Information Appendix ...................................................................................................................................................................45 Historical Highlights in the United States ....................................................................................................................46 Historical Highlights in Japan .....................................................................................................................................47 The Management Team .............................................................................................................................................48 Index of Tables and Charts ........................................................................................................................................59 1 January 2018 Section I Aflac Incorporated Strategic Overview of Aflac Daniel P. Amos Chairman; Chief Executive Officer; Aflac and Aflac Incorporated I think we can all agree that the political and business I’ll provide an overview of the fundamentals we believe landscape has certainly changed over the last year. I was are necessary to produce long-term shareholder value: in Washington recently and I can confirm that. While the generating profitable growth, investing in our business, evolving macro-environment in the U.S. and Japan can – advancing a legacy of innovation and finally, ensuring and does – influence our business, it’s important to note sound financial management. that we’ve remained focused on doing what we do best: providing protection products to help consumers when First, let me talk about our efforts to generate profitable they need it most. growth. Aflac Japan, our largest earnings contributor, has more than four decades of experience with voluntary Despite the geographic distance, the concept of our products, and we are leveraging that experience and product is universal, and there are many similarities that expertise for success in the current environment. make our products ideally suited for both countries. We want to ensure that we are the first company that people For several years now, Aflac Japan’s operations have think of and the first company people will turn to for the intensified its focus on third sector products, which are less types of products we offer. interest-rate sensitive and more profitable than first sector products. In fact, given the ongoing extremely low interest What’s been true for more than six decades is rate environment, we have aggressively repriced our WAYS what separates Aflac from every other competitor: Our products, as well as other first sector products. In doing unyielding focus on relevant voluntary insurance products so, we successfully orchestrated a controlled pullback in that generate solid, consistent profit margins and cash the sale of first sector products, more specifically, savings- flows. Our disciplined approach has been a primary type policies, without negatively impacting our core third contributor to our success for many decades, and I believe sector franchise. Although this lowers our premium income it will continue to drive our leading position in the future. and revenues in that category, it enhances our long-term economic value. Our business is built around what we
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