Aflac Incorporated Year in Review 2015 1
To provide customers with the best value in voluntary insurance products in Japan and the United States................................ 4.................... 6.................... 8.................................. 10.................................. 22................................32................................. 34................................... 36................................... 37.................................. 38..................................39....................40......................................44................................46......................................48 2
Aflac Incorporated Year in Review 2015 3
4
Aflac Incorporated Year in Review 2015 5
Q A Q A Q A Q A 6
Q A Q A Q A Aflac Incorporated Year in Review 2015 7
4.0 4.7 4.5 4.4 4.3 4.1 4.4 3.4 2.9 2.2 2.5 06 07 08 09 10 11 12 13 14 2015 2015 130 120 110 100 90 80 70 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 8
59.8 65.8 79.3 84.1 100.2 131.1 121.3 119.8 116.2 118.3 118.3 06 07 08 09 10 11 12 13 14 2015 2015 130 120 110 100 90 80 70 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Aflac Incorporated Year in Review 2015 9
10
Aflac Japan Aflac Incorporated Year in Review 2015 11
12
Aflac Incorporated Year in Review 2015 13
14
Aflac Incorporated Year in Review 2015 15
16
Aflac Incorporated Year in Review 2015 17
18
Aflac Incorporated Year in Review 2015 19
20
2015 38,115 1,617,691 120,855 13,509 113,967 2014 37,028 1,594,433 114,513 14,870 121,143 2013 36,117 1,567,112 149,308 16,293 126,584 2012 34,880 1,492,451 210,620 18,855 125,266 2011 33,372 1,343,663 161,033 20,146 120,744 2010 31,665 1,255,600 135,813 19,982 115,406 2009 29,934 1,200,437 122,345 19,635 110,528 2008 29,020 1,161,662 114,692 18,882 107,458 2007 28,443 1,125,561 114,636 18,461 100,810 2006 27,334 1,083,127 117,455 18,432 90,226 Aflac Incorporated Year in Review 2015 21
22
Aflac U.S. Aflac Incorporated Year in Review 2015 23
24
Aflac Incorporated Year in Review 2015 25
26
Aflac Incorporated Year in Review 2015 27
28
2015 12,498 $5,760 $1,487 40,092 2014 12,407 5,668 1,433 40,476 2013 12,310 5,570 1,424 41,505 2012 12,232 5,451 1,488 44,398 2011 11,732 5,188 1,476 45,188 2010 11,436 4,973 1,382 45,113 2009 11,688 4,956 1,453 48,292 2008 11,437 4,789 1,551 48,402 2007 11,116 4,510 1,558 46,818 2006 10,519 4,101 1,423 44,482 * ** Aflac Incorporated Year in Review 2015 29
30
Aflac Incorporated Year in Review 2015 31
1955 1969 1955 1958 1964 70 1970 1974 1975 80 1982 1989 90 1995 1996 32
2000 2008 2009 2010 2013 2014 2015 2016 Aflac Incorporated Year in Review 2015 33
2015 2014 2013 2012 $ 17,570 $ 19,072 $ 20,135 $ 22,148 3,135 3,319 3,293 3,473 140 215 399 (349) 27 122 112 92 20,872 22,728 23,939 25,364 11,746 12,937 13,813 15,330 5,264 5,300 5,310 5,732 17,010 18,237 19,123 21,062 3,862 4,491 4,816 4,302 1,329 1,540 1,658 1,436 $ 2,533 $ 2,951 $ 3,158 $ 2,866 $ 5.88 $ 6.54 $ 6.80 $ 6.14 5.85 6.50 6.76 6.11 $.23 $.26 $.09 $ (.69) (.20) (.05) (.04) (.01).06.03.49.22 (.40).10.04 (.01) $ 1.58 $ 1.50 $ 1.42 $ 1.34 41.73 41.47 31.82 34.16 430,654 451,204 464,502 466,868 433,172 454,000 467,408 469,287 $ 105,897 $ 107,341 $ 108,459 $ 118,219 12,399 12,426 12,848 12,875 $ 118,296 $ 119,767 $ 121,307 $ 131,094 $ 87,631 $ 83,933 $ 89,402 $ 97,720 4,340 5,293 3,718 3,858 5,011 5,282 4,897 4,352 3,606 6,912 8,670 9,186 17,708 18,347 14,620 15,978 $ 118,296 $ 119,767 $ 121,307 $ 131,094 $ 66.53 $ 66.69 $ 67.62 $ 54.93 51.41 54.99 48.17 38.14 59.90 61.09 66.80 53.12 120.61 120.55 105.39 86.58 120.99 105.46 97.54 79.81 34
2011 2010 2009 2008 2007 2006 2005 $ 20,362 $ 18,073 $ 16,621 $ 14,947 $ 12,973 $ 12,314 $ 11,990 3,280 3,007 2,765 2,578 2,333 2,171 2,071 (1,552) (422) (1,212) (1,007) 28 79 262 81 74 80 36 59 52 40 22,171 20,732 18,254 16,554 15,393 14,616 14,363 13,749 12,106 11,308 10,499 9,285 9,016 8,890 5,472 5,065 4,711 4,141 3,609 3,336 3,247 19,221 17,171 16,019 14,640 12,894 12,352 12,137 2,950 3,561 2,235 1,914 2,499 2,264 2,226 1,013 1,233 738 660 865 781 743 $ 1,937 $ 2,328 $ 1,497 $ 1,254 $ 1,634 $ 1,483 $ 1,483 $ 4.15 $ 4.96 $ 3.21 $ 2.65 $ 3.35 $ 2.99 $ 2.96 4.12 4.92 3.19 2.62 3.31 2.95 2.92 $ (1.81) $ (.58) $ (1.67) $ (1.37) $.04 $.10 $.33 (.34) (.01) (.02).02.07 $ 1.23 $ 1.14 $ 1.12 $.96 $.80 $.55 $.44 27.76 22.44 17.96 14.23 18.08 16.93 15.89 466,519 469,038 466,552 473,405 487,869 495,614 500,939 469,370 473,085 469,063 478,815 493,971 501,827 507,704 $ 103,462 $ 88,230 $ 73,192 $ 68,550 $ 57,056 $ 51,972 $ 48,989 12,775 12,013 10,914 10,781 8,749 7,833 7,372 $ 116,237 $ 100,243 $ 84,106 $ 79,331 $ 65,805 $ 59,805 $ 56,361 $ 94,239 $ 82,310 $ 69,245 $ 66,219 $ 50,676 $ 45,440 $ 42,329 2,308 1,689 1,653 1,201 2,531 2,462 2,577 3,285 3,038 2,599 1,721 1,465 1,426 1,395 3,459 2,666 2,192 3,551 2,338 2,136 2,133 12,946 10,540 8,417 6,639 8,795 8,341 7,927 $ 116,237 $ 100,243 $ 84,106 $ 79,331 $ 65,805 $ 59,805 $ 56,361 $ 59.54 $ 58.31 $ 47.75 $ 68.81 $ 63.91 $ 49.40 $ 49.65 31.25 39.91 10.83 29.68 45.18 41.63 35.50 43.26 56.43 46.25 45.84 62.63 46.00 46.42 77.74 81.49 92.10 91.03 114.15 119.11 118.07 79.75 87.73 93.49 103.46 117.93 116.31 109.88 Aflac Incorporated Year in Review 2015 35
2015 2014 2013 $ 17,570 $ 19,072 $ 20,135 3,135 3,319 3,293 (153) (31) (199) 303 215 262 (10) 31 336 140 215 399 27 122 112 20,872 22,728 23,939 11,746 12,937 13,813 1,066 1,108 1,074 1,303 1,436 1,528 2,214 2,261 2,222 289 317 293 392* 178 193 5,264 5,300 5,310 17,010 18,237 19,123 3,862 4,491 4,816 1,288 1,079 1,236 41 461 422 1,329 1,540 1,658 $ 2,533 $ 2,951 $ 3,158 $ 5.88 $ 6.54 $ 6.80 5.85 6.50 6.76 430,654 451,204 464,502 433,172 454,000 467,408 36
2015 2014 $ 60,795 $ 61,407 4,554 4,166 1,719 2,240 228 429 135 28 363 33,459 34,159 83 294 171 4,350 4,658 105,897 107,341 705 842 768 762 8,511 8,273 427 429 * 1,988 2,120 $ 118,296 $ 119,767 $ 69,687 $ 65,646 3,802 3,630 7,857 8,626 6,285 6,031 87,631 83,933 4,340 5,293 941 2,193 5,011 5,282 ** 2,665 4,719 100,588 101,420 67 67 1,828 1,711 24,007 22,156 (2,196) (2,541) 2,986 4,672 (26) (26) (139) (126) (8,819) (7,566) 17,708 18,347 $ 118,296 $ 119,767 Aflac Incorporated Year in Review 2015 37
2015 2014 2013 $ 4,933 $ 5,596 $ 6,123 3,092 3,770 4,282 4,021 4,495 4,577 2,436 2,662 2,651 31 32 55 14,513 16,555 17,688 2,391 2,303 2,284 1,293 1,279 1,283 1,395 1,371 1,334 268 258 252 678 645 632 8 3 6 6,033 5,859 5,791 225 43 49 20,771 22,457 23,528 55 171 389 282 281 302 (201) (248) (308) (35)** 67 28 $ 20,872 $ 22,728 $ 23,939 2015 2014 2013 $ 3,175 $ 3,458 $ 3,628 1,101 1,073 1,038 14 (2) (1) 4,290 4,529 4,665 (146) (198) (198) (71) (78) (68) 4,073 4,253 4,399 55 171 389 (266)**, *** 67 28 $ 3,862 $ 4,491 $ 4,816 $ 1,403 $ 1,456 $ 1,512 (198) (117) (357) 38 2015 2014 2013 $ 97,646 $ 98,525 $ 102,973 18,537 18,383 16,112 188 128 155 116,371 117,036 119,240 23,415 24,636 19,909 (21,490) (21,905) (17,842) $ 118,296 $ 119,767 $ 121,307
Aflac Incorporated Year in Review 2015 39
2015 2014 2013 $ 116 $ 184 $ 135 224 192 316 (8) (12) (87) 52 34 34 (152) (31) (128) 1 $ 35 $ $ (71) (1) 35 (70) $ (1) $ $ (1) (1) (1) $ (10) $ 31 $ 336 (10) 31 326 10 $ 140 $ 215 $ 399 224 192 316 (8) (12) (88) 87 35 34 (153) (31) (199) (10) 31 326 10 2015 2014 2013 $ 6,627 $ 8,136 $ 3,659 (1,796) (710) (2,136) $ 4,831 $ 7,426 $ 1,523 $ 4,278 $ 4,379 $ 2,041 (217) (124) (610) $ 4,061 $ 4,255 $ 1,431 $ 10,905 $ 12,515 $ 5,700 (2,013) (834) (2,746) $ 8,892 $ 11,681 $ 2,954 2015 2014 AAA 1.2% 1.2% 1.3% 1.2% AA 5.3 5.4 5.3 5.4 A 63.5 65.4 66.4 67.4 BBB 24.8 23.0 23.0 22.0 BB 5.2 5.0 4.0 4.0 100.0% 100.0% 100.0% 100.0% 2015 2014 $ 39,593 41.3% $ 39,804 41.9% 31,622 33.0 28,884 30.4 2,697 2.8 3,121 3.3 2,558 2.7 2,657 2.8 1,755 1.8 1,747 1.8 2,762 2.9 2,925 3.1 200.2 200.2 1,514 1.6 1,674 1.8 364.4 332.3 684.7 719.8 1,906 1.9 2,198 2.2 682.7 973 1.0 512.5 513.5 332.3 332.3 380.4 380.4 2,502 2.6 2,711 2.8 1,367 1.4 1,497 1.6 246.3 225.2 415.4 415.4 115.1 184.2 182.2 224.2 166.2 166.2 11 3,325 3.5 3,575 3.8 2,478 2.6 2,121 2.2 2,172 2.3 2,622 2.8 2,135 2.2 2,262 2.4 437.4 440.5 $ 95,942 100.0% $ 95,067 100.0% 40
1 $ 36,859 38.42% $ 36,859 38.42% Senior A1 A+ A 2 497.52 497.52 Senior Baa2 BBB- BBB- 3 375.39 207.22 Senior Baa1 BBB+ A 166.17 Lower Tier II Baa3 BBB A- 2 Senior A1 A A+ 4 373.39 373.39 Lower Tier II A2 A- 5 357.37 357.37 Senior Ba2 BB 6 333.35 295.31 Senior A3 A- A+ 17.02 Lower Tier II Baa1 BBB+ A 11.01 Lower Tier II A1 A- A 10.01 Senior Aa1 A+ 7 307.32 307.32 Senior A3 BBB+ BBB+ 8 290.30 290.30 Senior A1 BBB+ 9 288.30 273.28 Senior Baa2 BBB BBB 15.02 Senior Baa2 BBB 10 287.30 249.26 Senior Baa1 BBB+ BBB+ 38.04 Senior Baa1 A A+ 11 280.29 213.22 Tier 1 Baa3 BBB 66.07 Upper Tier II Baa2 1 Senior Aa3 AA- AA- 12 275.29 224.24 Upper Tier II A3 BBB BBB 51.05 CC FNB A3 BBB BBB+ 13 270.28 249.26 Senior Baa1 BBB+ BBB+ 21.02 Senior Baa1 BBB+ BBB+ 14 265.28 265.28 Senior Baa1 BBB+ BBB+ 15 263.27 115.12 Lower Tier II Baa3 BBB- A- 102.11 Upper Tier II Ba1 BB BBB 46.04 Tier 1 Ba2 BB BB+ $ 41,319 43.07% $ 41,319 43.07% $ 95,942 100.00% $ 95,942 100.00% Aflac Incorporated Year in Review 2015 41
2015 2014 $ 17,293 $ 1,862 $ $ 19,155 $ 17,341 $ 1,740 $ $ 19,081 $ (48) $ 122 $ $ 74 128 9 137 88 9 97 40 40 322 33 355 351 35 386 (29) (2) (31) 1,400 210 10 1,600 1,691 226 5 1,912 (291) (16) 5 (312) 791 180 971 799 163 962 (8) 17 9 2,321 325 105 2,541 2,752 325 189 2,888 (431) (84) (347) 3,337 448 33 3,752 3,479 531 48 3,962 (142) (83) (15) (210) 25,592 3,067 148 28,511 26,501 3,029 242 29,288 (909) 38 (94) (777) 110 11 121 100 17 117 10 (6) 4 926 151 6 1,071 961 201 2 1,160 (35) (50) 4 (89) 200 27 227 185 31 216 15 (4) 11 5,464 636 221 5,879 5,061 960 36 5,985 403 (324) 185 (106) 331 105 436 343 111 454 (12) (6) (18) 2,865 634 21 3,478 2,943 775 8 3,710 (78) (141) 13 (232) 25,154 1,774 1,302 25,626 22,291 2,682 330 24,643 2,863 (908) 972 983 35,050 3,338 1,550 36,838 31,884 4,777 376 36,285 3,166 (1,439) 1,174 553 60,642 6,405 1,698 65,349 58,385 7,806 618 65,573 2,257 (1,401) 1,080 (224) 1,581 143 93 1,631 2,132 223 92 2,263 (551) (80) 1 (632) 183 22 205 183 48 231 (26) (26) 77 35 1 111 125 50 175 (48) (15) 1 (64) 1,841 200 94 1,947 2,440 321 92 2,669 (599) (121) 2 (722) 472 19 4 487 10 7 17 462 12 4 470 8 3 11 9 2 11 (1) 1 480 22 4 498 19 9 28 461 13 4 470 $ 62,963 $ 6,627 $ 1,796 $ 67,794 $ 60,844 $ 8,136 $ 710 $ 68,270 $ 2,119 $ (1,509) $ 1,086 $ (476) $ 20,004 $ 3,387 $ $ 23,391 $ 20,023 $ 3,195 $ $ 23,218 $ (19) $ 192 $ $ 173 341 74 415 346 71 417 (5) 3 (2) 36 2 38 43 3 46 (7) (1) (8) 3,092 205 94 3,203 3,342 281 20 3,603 (250) (76) 74 (400) 2,555 182 26 2,711 2,556 272 14 2,814 (1) (90) 12 (103) 4,431 168 53 4,546 4,932 231 78 5,085 (501) (63) (25) (539) 3,000 260 44 3,216 3,000 326 12 3,314 (66) 32 (98) 33,459 4,278 217 37,520 34,242 4,379 124 38,497 (783) (101) 93 (977) $ 33,459 $ 4,278 $ 217 $ 37,520 $ 34,242 $ 4,379 $ 124 $ 38,497 $ (783) $ (101) $ 93 $ (977) $ 96,422 $ 10,905 $ 2,013 $ 105,314 $ 95,086 $ 12,515 $ 834 $ 106,767 $ 1,336 $ (1,610) $ 1,179 $ (1,453) 42
$ 130 $ 142 $ 23 $ 24 $ 153 $ 166 2,617 2,984 648 709 3,265 3,693 11,543 11,642 2,105 2,177 13,648 13,819 33,608 37,112 9,049 9,569 42,657 46,681 372 424 35 43 407 467 $ 48,270 $ 52,304 $ 11,860 $ 12,522 $ 60,130 $ 64,826 $ 316 $ 320 $ $ $ 316 $ 320 1,692 1,775 1,692 1,775 1,613 1,732 1,613 1,732 29,802 33,655 29,802 33,655 36 38 36 38 $ 33,459 $ 37,520 $ $ $ 33,459 $ 37,520 $ 301 $ 282 $ $ $ 301 $ 282 292 315 292 315 1,209 1,293 39 57 1,248 1,350 $ 1,802 $ 1,890 $ 39 $ 57 $ 1,841 $ 1,947 $ 747 $ 744 $ 23 $ 24 $ 770 $ 768 4,601 5,074 648 709 5,249 5,783 13,156 13,374 2,105 2,177 15,261 15,551 64,619 72,060 9,088 9,626 73,707 81,686 408 462 35 43 443 505 $ 83,531 $ 91,714 $ 11,899 $ 12,579 $ 95,430 $ 104,293 2015 2014 2015 2014 14 13 10 11 14 14 8 8 10 10 6 6 2015 * 2014 * 2013* 2.92% 2.16% 2.48% 2.80 2.80 2.86 2.80 2.83 2.80 4.45% 4.32% 4.06% 5.19 5.46 5.70 5.77 5.89 6.01 Aflac Incorporated Year in Review 2015 43
.80.96 1.12 1.14 1.23 $1.58 1.50 1.42 1.34.44.55 05 06 07 08 09 10 11 12 13 14 15 44
$250 200 150 100 50 0 2010 2011 2012 2013 2014 2015 Copyright 2016 Standard & Poor s, a division of The McGraw-Hill Companies, Inc. All rights reserved. $250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Copyright 2016 Standard & Poor s, a division of The McGraw-Hill Companies, Inc. All rights reserved. Aflac Incorporated Year in Review 2015 45
46
Aflac Incorporated Year in Review 2015 47
48
Aflac Worldwide Headquarters 1932 Wynnton Rd. Columbus, GA 31999 tel: 706.323.3431 aflac.com Shareholders in the U.S. with questions about individual stock accounts Shareholder Services tel: 706.596.3581 or 800.227.4756 Email: shareholder@aflac.com Institutional investors with questions about the company Robin Y. Wilkey Senior Vice President, Investor and Rating Agency Relations tel: 706.596.3264 or 800.235.2667 David A. Young Vice President, Investor and Rating Agency Relations tel: 706.596.3264 or 800.235.2667 Rating agencies with questions about the company Delia H. Moore Director, Investor and Rating Agency Relations tel: 706.596.3264 or 800.235.2667 Individual/retail shareholders with questions about the company Daniel A. Bellware Senior Manager, Investor and Rating Agency Relations tel: 706.596.3264 or 800.235.2667 Information requests such as Form 10-K, quarterly earnings releases and other financial materials Investor and Rating Agency Relations tel: 706.596.3264 or 800.235.2667 Policyholders/claimants tel: 800.992.3522 (en Español, tel: 800.742.3522) 0120-5555-95 tel: (03)3344-0489 aflac.co.jp 2015 Aflac Incorporated. All rights reserved. Aflac is a registered trademark of American Family Life Assurance Company of Columbus. One Day Pay SM is a service mark of American Family Life Assurance Company of Columbus. Aflac Incorporated Year in Review 2015 49
aflac.com 706.596.3264 or 800.235.2667 Aflac Incorporated 1932 Wynnton Road Columbus, Georgia 31999