Aflac 2013 Annual Report Download - page 12

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Aflac Japan
Spreading Our Wings, Protecting Our Policyholders
2013 was another opportunity for Aflac
Japan to spread its wings and deliver our
promise to more people than ever before.
Aflac Japan’s sales objective was focused exclusively on cancer and medical
policies that are more profitable and less interest-rate sensitive than life insurance
or annuity products. For 2013, our target was to increase cancer and medical policy
sales in the range of flat to up 5%. Results for the year were at the high end of the
range, coming in at an increase of 4.0%. Importantly, Aflac Japan remained the
leading seller of cancer and medical insurance policies in Japan in 2013.
From a distribution standpoint, we expanded our reach in 2013. Most notable
was the agreement between Aflac Japan and Japan Post Holdings signed in July
2013, further expanding our partnership that was initially established in 2008. Aflac
Japan is the exclusive provider of cancer insurance distributed through post offices
nationwide across Japan. We believe that in the coming years, cancer sales through
Japan Post will gradually, but steadily, benefit our business.
Additionally, we formed a business partnership with Daido Life Insurance Company.
Daido will sell Aflac’s cancer insurance policies to members of Hojinkai, a non-profit
organization associated with 900,000 small and mid-sized member businesses
across Japan. We believe these new partnerships reflect the strength of the Aflac
brand, our reputation for quality customer service, and the value our cancer
insurance products provide.
In terms of the product side of our strategy, Aflac Japan enhanced its portfolio of
products to respond to the wants and needs of Japanese consumers and our distri-
bution channels. In August 2013, we introduced a revision to our medical product
EVER. This product was designed to appeal to consumers in their 20s through their
40s, which is an age demographic where Aflac has been underpenetrated. The
success of this product launch helped sales of our third sector products reach
the high end of the flat to up 5% targeted range.
10 AFLAC INCORPORATED 2013 YEAR IN REVIEW – AFLAC JAPAN