Aflac 2009 Annual Report Download - page 12

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Aflac Japan Spreads Its Wings –
And Achieves Liftoff!
New products and emerging distribution
opportunities generated wind at our
back in 2009, helping us surpass our
new annualized premium sales target
with a 6.7% increase. Our sales growth
in 2009 was a particularly signicant
accomplishment for Aac Japan, given a
challenged economy and a competitive
environment. Aac Japan retained its
distinction as the number one seller
of both cancer and medical insurance
policies in Japan, and produced solid
nancial results. Once again, our stable
block of in-force business was marked
by strong persistency and improved
protability. Following are some nancial
highlights from 2009:
• Premium income rose 3.3% to ¥1.14
trillion, compared with ¥1.10 trillion
in 2008.
• Total revenues increased 3.0% to
¥1.35 trillion, compared with ¥1.31
trillion a year ago.
• Pretax operating earnings rose
12.4% from ¥232.8 billion in 2008 to
¥261.7 billion in 2009.
The Impact of the Yen/Dollar
Exchange Rate
Aac Japan collects premiums in yen,
pays benets and expenses in yen, and
primarily holds yen-denominated assets
to support yen-denominated liabilities.
With the exception of a limited number
of transactions, we do not convert yen
into dollars. Therefore, currency changes
do not have a material effect on Aac in
economic terms. However, for nancial
reporting purposes, we translate Aac
It’s a simple promise:
We’ve got you under our wing.
8
Aflac Japan