Wired News – Aflac Completed Conversion of Japanese Branch to Subsidiary
Stock Monitor: First Acceptance Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 04, 2018 / Active-Investors.com has just released a free research report on Aflac Inc. (NYSE: AFL). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AFL as the Company's latest news hit the wire. On April 02, 2018, the Company announced that it has completed the conversion of its Aflac Japan branch to a subsidiary, Aflac Life Insurance Japan Ltd, which has assumed the business of Aflac Japan. The Company also formed a wholly owned US subsidiary, Aflac Holdings LLC, which is a parent company to the Japan subsidiary Aflac Life Insurance Japan Ltd. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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The intention was initially announced in December 2016.
New Corporate Structure Aligns with More Widely Accepted Global Regulatory Frameworks
Daniel P. Amos, Chairman and Chief Executive Officer of Aflac, stated that the Company is pleased that it has completed Aflac Japan's conversion to a subsidiary on time and within budget.
Daniel mentioned that this new corporate structure aligns with more widely accepted global regulatory frameworks; enhances financial and business flexibility, particularly related to transparency and visibility of cash flows and capital management; and has been developed to be consistent with Aflac's current financial strength ratings and enterprise risk management framework.
Conversion Reaffirms Aflac's Long-Term Commitment to Serving its Policyholders in Japan
Commenting on the announcement, Masatoshi Koide, President and Representative Director of Aflac Life Insurance Japan Ltd, stated that the conversion of Aflac Japan from a branch to a subsidiary reaffirms Aflac's long-term commitment to serving its policyholders in Japan.
Masatoshi added that Aflac Life Insurance Japan is pleased with this new corporate structure that both aligns Aflac with global regulatory trends and lays a foundation for continued long-term success in Japan.
Conversation Will Have No Material Impact on Aflac's Global Governance
Aflac has a stacked structure for moving cash flow to the holding company. The conversion to a Japan subsidiary will simplify or unstacks the Company's legal structure, allowing for one layer of regulatory review before transferring capital to Aflac. It is an opportunity to deepen Aflac's engagement with stakeholders throughout Japan. The conversation will have no material impact on the Company's global governance and day-today operations. Post conversion, Aflac Japan will continue to pay management fees directly to Aflac Inc. The Company maintained excess levels of capital and liquidity throughout the transition given the size and complexity of the branch conversion.
Aflac Japan developed a three-year business plan to begin working towards Vision 2024. It includes the execution of the Aflac Japan branch conversion to a subsidiary, strengthening its third sector insurance business, exploring new business opportunities that are consistent with Aflac's core capabilities and values. Aflac Japan will cultivate innovation-driven corporate culture to make it possible to respond to customers' diversified needs under the changing circumstances in a timely and appropriate manner.
About Aflac Inc.
Headquartered in Columbus, Georgia, Aflac is a Fortune 500 company, providing voluntary supplemental health and life insurance products to more than 50 million people worldwide. The Company operates through two segments: Aflac Japan and Aflac US. In the United States, Aflac is the leader in voluntary insurance sales at the worksite. In Japan, Aflac is the leading provider of medical and cancer insurance and insures 1 in 4 households.
Stock Performance Snapshot
April 03, 2018 - At Tuesday's closing bell, Aflac's stock advanced 1.68%, ending the trading session at $43.69.
Volume traded for the day: 5.05 million shares, which was above the 3-month average volume of 4.98 million shares.
Stock performance in the previous six-month period – up 7.36%; and past twelve-month period – up 20.66%
After yesterday's close, Aflac's market cap was at $33.89 billion.
Price to Earnings (P/E) ratio was at 11.99.
The stock has a dividend yield of 2.38%.
The stock is part of the Financial sector, categorized under the Accident & Health Insurance industry. This sector was up 1.0% at the end of the session.
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