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Home arrow Blog arrow Aflac 2009 Annual Report

Aflac 2009 Annual Report

August 10 2010

Aflac 2009 Annual ReportWe’ve Got You Under Our Wing.

When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For 55 years, Aflac insurance policies have given policyholders the opportunity to focus on recovery, not financial stress.

Move over, Wright brothers! More than 100 years after this well-known and daring brotherly duo made history with their first flight, a different set of wings is making history and changing lives.

But this time, the wings belong to the rather boisterous, fiercely protective, and quite loyal Aflac Duck, whose outstretched wings signify what Aflac means when we say, “We’ve Got You Under Our Wing.” These wings provide protection, just as we promise. We protect our policyholders from the financial storm that’s created when a medical health event strikes and bills pile up. We empower our customers to concentrate on getting better while we focus on quickly paying cash benefits.

Aflac is different from major medical insurance; it’s insurance for daily living. Major medical pays doctors and hospitals. In contrast, Aflac pays cash benefits directly to policyholders to help with daily expenditures and the many out-of-pocket expenses resulting from a serious illness or injury – like a mortgage, car payment, groceries, utilities, and child care.

The benefits are predetermined based on medical events, and are paid regardless of any other insurance. Aflac claims are easy to file and they’re processed quickly – usually within four days. Through a broad range of products, we offer an affordable extra layer of financial protection to help provide security at a time when families need it most. We mean what we say, and we say what we mean. “We’ve Got You Under Our Wing.”

As of February 26, 2010, Aflac was rated AA- by Standard & Poor’s, Aa2 (Excellent) by Moody’s, A+ (Superior) by A.M. Best for financial strength, and AA- by R&I for insurance claims-paying ability. For 55 years, Aflac products have given policyholders cash benefits for daily living so they can focus on recovery instead of the financial stress brought about by a serious health event. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan, protecting more than 50 million people worldwide.

Aflac has been recognized by Ethisphere magazine as one of the World’s Most Ethical Companies for three consecutive years and has also been named by the Reputation Institute as the Most Reputable Company in the Global Insurance Industry for two consecutive years. In 2010 Fortune magazine named Aflac one of the 100 Best Companies to Work For in America for the twelfth consecutive year. In 2009 Fortune magazine also ranked Aflac number one on its global list of the Most Admired Companies in the Life and Health Insurance category.

Aflac was also named by Forbes magazine as America’s Best-Managed Company in the Insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL.

View Interactive Report: Aflac 2009 Annual Report

Click on the report to view or download.

Table of Contents
Message From Management 2
2009 presented every industry across the globe with the most formidable economic challenge this generation has ever experienced. Balance sheet strength and capital adequacy quickly emerged as a primary focus for investors. Aflac’s ability to generate capital through operations allowed us to maintain strong capital levels on a regulatory basis. Despite the economic turmoil, Aflac generated combined sales of more than $2.8 billion of total new annualized premium in the United States and Japan.

A Conversation With Dan Amos 6
Chairman and CEO Dan Amos shares his thoughts on Aflac’s financial strength, corporate citizenship, the economy, and future opportunities for Aflac.

Aflac Japan 8
Aflac Japan continued its status as the number one insurance company in terms of individual policies in force and surpassed an important milestone: 20 million individual policies in force. In addition to favorable financial performance, we successfully introduced new products and reached consumers through advertising that created a marketing phenomenon and advanced opportunities for sales through the recently opened bank channel.

Aflac U.S. 16
Despite a tough economic environment, Aflac U.S. forged ahead with a strong product line and a growing sales force. Aflac U.S. also leveraged a major competitive strength – its brand – to connect with consumers and better convey how Aflac can help protect their financial futures.

Selected Financial Data 22
This section includes summary statements of earnings and balance sheets, stock price ranges, and exchange rates for the past 11 years.

Management’s Discussion and Analysis 24
This section provides an analysis of Aflac’s overall financial condition, and reviews the company’s financial and operational performance in Japan and the United States.

Consolidated Financial Statements 50
This section contains the consolidated financial statements of Aflac Incorporated and its subsidiaries.

Notes to the Consolidated Financial Statements 54
This section provides additional information about the company’s consolidated financial statements and accounting policies.
Board of Directors and Management 92
Biographical information about the company’s leaders

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