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    Aflac Inc (AFL)

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    Business Description

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    Executive Team

    NamePositionStart DateShort Bio
    Daniel P. AmosChairman, Chief Executive OfficerCEO: 1990, Chairman: 2001Daniel P. Amos has been the Chief Executive Officer of Aflac Incorporated and Aflac since 1990 and has served as Chairman since 2001. He will resign as President effective January 1, 2025 .
    Steven K. BeaverExecutive Vice President, Chief Financial Officer, Aflac Japan2024Steven K. Beaver is the Executive Vice President and Chief Financial Officer of Aflac Japan since 2024. He previously served as the First Senior Vice President and Deputy Chief Financial Officer of Aflac Japan .
    Robin L. BlackmonChief Accounting Officer, Senior Vice President, Financial Services2024Robin L. Blackmon has been serving as the Chief Accounting Officer and Senior Vice President, Financial Services at Aflac Incorporated since 2024. She was previously Vice President, Deputy Chief Accounting Officer .
    Max K. BrodénExecutive Vice President, Chief Financial Officer, Aflac Incorporated2020Max K. Brodén has been serving as the Executive Vice President and Chief Financial Officer of Aflac Incorporated since 2020. He was also Treasurer for Aflac from 2017 until 2021 .
    Bradley E. DyslinExecutive Vice President, Global Chief Investment Officer, President, Aflac Asset Management LLC2023Bradley E. Dyslin has been serving as the Executive Vice President, Global Chief Investment Officer at Aflac since 2023. He is also the President of Aflac Asset Management LLC since the same year .
    Masatoshi KoidePresident and Representative Director, Aflac Japan2018Masatoshi Koide has been serving as the President and Representative Director of Aflac Japan since 2018. He has focused on innovative insurance products and addressing societal needs .
    Charles D. Lake IIPresident, Aflac International; Chairman and Representative Director, Aflac JapanPresident: 2014, Chairman: 2018Charles D. Lake II has been serving as the President of Aflac International since 2014 and as the Chairman and Representative Director of Aflac Japan since 2018 .
    Virgil R. MillerPresident, Aflac U.S.; President, Aflac Incorporated (effective January 1, 2025)Aflac U.S.: 2023, Aflac Inc.: 2025Virgil R. Miller joined Aflac U.S. in 2004 and has served as President of Aflac U.S. since 2023. He will also serve as President of Aflac Incorporated effective January 1, 2025 .
    Albert A. RiggieriSenior Vice President, Global Chief Risk Officer2018Albert A. Riggieri has been serving as the Senior Vice President, Global Chief Risk Officer at Aflac Incorporated since 2018. He was also Chief Actuary from 2018 until 2023 .
    Frederic J. SimardSenior Vice President, Chief Financial Officer, Aflac U.S.2023Frederic J. Simard has been serving as the Senior Vice President, Chief Financial Officer of Aflac U.S. since 2023. He previously worked as a consultant at Gerson Lehrman Group in 2023 .
    Audrey B. TillmanExecutive Vice President, General Counsel2014Audrey B. Tillman has been serving as the Executive Vice President and General Counsel of Aflac Incorporated and Aflac since 2014 .

    Questions to Ask Management

    1. With competitors aggressively entering the third sector market in Japan and offering lower-priced products, how does Aflac plan to maintain its market share and profitability without engaging in a price war?
    2. The TSUMITAS product targets younger customers with less disposable income; how are you addressing the potential challenges of lower profitability and higher lapse rates associated with this demographic?
    3. Given that your expense ratios in both Japan and the U.S. reached record lows this quarter, but with anticipated increases in promotional spending and unscaled businesses, how sustainable are these expense levels moving forward?
    4. Considering the increase in your commercial real estate loan watch list to approximately $1 billion and ongoing foreclosures, what is your strategy to mitigate potential risks, and how might further real estate market deterioration impact your financial position?
    5. The significant boost in net investment income appears driven by tactical asset reallocations and favorable short-term rates; with potential rate cuts on the horizon, how do you plan to sustain this elevated income level in your U.S. dollar portfolio?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 2022
    End Date/DurationN/A
    Total Additional Amount100,000,000 shares
    Remaining Authorization54.3 million shares
    DetailsPart of capital deployment strategy focusing on value creation through growth investments, stable dividend growth, and disciplined tactical stock repurchase.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$87 Senior Notes 0.300 1.1% = (87 / 7,978) * 100
    2026$698 Senior Sustainability Notes 1.125 8.7% = (698 / 7,978) * 100
    2027$419 Senior Notes 0.932 5.3% = (419 / 7,978) * 100
    2029$466 Senior Notes 1.048 5.8% = (466 / 7,978) * 100
    2030$1,291 Senior Notes 0.550 16.2% = (1,291 / 7,978) * 100
    2031$469 Senior Notes 1.412 5.9% = (469 / 7,978) * 100
    2032$291 Senior Notes 0.750 3.6% = (291 / 7,978) * 100
    2033$190 Senior Notes 0.844 2.4% = (190 / 7,978) * 100
    2034$414 Senior Notes 1.682 5.2% = (414 / 7,978) * 100
    2036$173 Senior Notes 1.740 2.2% = (173 / 7,978) * 100
    2037$45 Senior Notes 1.594 0.6% = (45 / 7,978) * 100
    2038$62 Senior Notes 1.750 0.8% = (62 / 7,978) * 100
    2039$379 Senior Notes 1.920 4.8% = (379 / 7,978) * 100
    2040$254 Senior Notes 6.450 3.2% = (254 / 7,978) * 100
    2041$69 Senior Notes 1.264 0.9% = (69 / 7,978) * 100
    2044$40 Senior Notes 2.160 0.5% = (40 / 7,978) * 100
    2046$394 Senior Notes 4.000 4.9% = (394 / 7,978) * 100
    2047$416 Subordinated Debentures 2.108 5.2% = (416 / 7,978) * 100
    2049$542 Senior Notes 4.750 6.8% = (542 / 7,978) * 100
    2051$139 Senior Notes 1.560 1.7% = (139 / 7,978) * 100
    2052$83 Senior Notes 2.144 1.0% = (83 / 7,978) * 100
    2053$209 Subordinated Bonds 1.958 2.6% = (209 / 7,978) * 100
    2054$135 Senior Notes 2.400 1.7% = (135 / 7,978) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP1963 PresentCurrent auditor