AP NEWS

A.M. Best Assigns Issue Credit Ratings to Aflac Incorporated’s Senior Unsecured Notes

October 12, 2018

OLDWICK, N.J.--(BUSINESS WIRE)--Oct 12, 2018--A.M. Best has assigned Long-Term Issue Credit Ratings of “a-” to the new yen-denominated senior unsecured notes of Aflac Incorporated (Aflac) (Columbus, GA) (NYSE:AFL), which total JPY 53.4 billion. The offering consists of JPY 29.3 billion of 1.159% senior unsecured notes due 2030; JPY 15.2 billion of 1.488% senior unsecured notes due 2033; and JPY 8.9 billion of 1.750% senior unsecured notes due 2038. The outlook assigned to these Credit Ratings (rating) is stable. Aflac’s existing Long-Term Issuer Credit Ratings remain unchanged.

Aflac anticipates the proceeds from the sale of the notes to be utilized for general corporate purposes. Aflac’s capitalization and liquidity provide financial flexibility and support for the overall enterprise. Aflac’s financial leverage, which was approximately 20% at June 30, 2018, will increase modestly to approximately 22% with the new issuance. Additionally, Aflac’s interest coverage is expected to remain near 20 times.

Aflac’s insurance subsidiaries offer a diverse portfolio of supplemental health products in the United States and Japan, which generate strong earnings and steady cash flows to the holding company. Aflac is the leader in voluntary worksite insurance sales in the United States, and in Japan, the company is the leading provider of medical and cancer insurance. Aflac insurance products provide coverage to more than 50 million people worldwide.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181012005451/en/

CONTACT: A.M. Best

Jeffrey Lane, +1 908-439-2200, ext. 5567

Senior Financial Analyst

jeffrey.lane@ambest.com

or

Joseph Zazzera, MBA, +1 908-439-2200, ext. 5797

Director

joseph.zazzera@ambest.com

or

Christopher Sharkey, +1 908-439-2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com

or

Jim Peavy, +1 908-439-2200, ext. 5644

Director, Public Relations

james.peavy@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: A.M. Best Rating Services, Inc.

Copyright Business Wire 2018.

PUB: 10/12/2018 03:59 PM/DISC: 10/12/2018 03:58 PM

http://www.businesswire.com/news/home/20181012005451/en

AP RADIO
Update hourly