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14 Aflac Incorporated Annual Report for 2008
strategically preparing us for this opportunity
since 2004. By the end of 2008, we had
242 selling agreements with banks, which
is a significantly greater number of selling
agreements than any of our competitors.
Furthering our reach into the banking
channel was the endorsement of Aflac’s
products by the National Association of
Shinkin Banks. This association of about 280
shinkin banks, which are similar to credit
unions, chose Aflac as one of only four
providers of third sector insurance products
to its member banks. Aflac was the only
foreign company chosen. In addition, Aflac
was the only company selected for both
cancer and medical insurance.
We are also excited about Japan Post
Network Co., Ltd.’s selection of Aflac to be
the provider of cancer insurance for sale
through post offices located throughout the
country. The Japan Post Network Co., Ltd.
manages a network of post offices in Japan,
which have long been popular places for
consumers to purchase insurance products.
October 2008 marked the first time
Japanese consumers could purchase Aflac’s
cancer insurance product at a post office.
At the same time, we are firmly committed
to selling through our traditional channels,
which allows us to reach consumers through
affiliated corporate agencies, independent
corporate agencies and individual agencies. In
2008, we recruited approximately 3,900 new
sales agencies. At the end of the year, Aflac
Japan was represented by more than 18,800
sales agencies, or more than 107,400 licensed
sales associates employed by those agencies.
In addition, we continued to utilize New
Associates Basic Training to enhance the
effectiveness of our newly recruited agencies.
New agents who have gone through our
new training program have generated better
production than those who started before
this training program was implemented in
November 2006. In 2008, we launched an
advanced training program for agencies
who graduated from New Associate Basic
Training. This advanced training helps
attendees refine and enhance skills that
enable them to provide comprehensive
consultation based on a customer’s lifestyle
and existing insurance coverage, so they can
propose a plan satisfying customers’ needs
for not only cancer or medical insurance but
also for life insurance.
We also continued to reach consumers
through our strategic marketing alliance
with Dai-ichi Mutual Life. We believe this
alliance has been one of the most successful
partnerships in the insurance industry
since it was first launched in 2001. In 2008,
Dai-ichi Life sold about 190,000 of our
market-leading cancer policies, retaining
its distinction as the number two seller of
cancer insurance behind only Aflac.
Total Investments
and Cash
(In billions)
Aflac’s total investments
and cash benefited from
the stronger yen and
increased 20.1% to $68.6
billion in 2008.
99 00 01 02 03 04 05 06 07 08
$68.6
32.0 32.232.8
39.1
44.1
52.0
49.0 52.0
57.1
Japan U.S.