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Aflac Incorporated Year in Review 2015 | 5
INVESTMENTS AND MARKET VOLATILITY
2015 represented a year of executing on our long-term
investment strategy after completing the transformation of
our investment platform, which included new leadership,
building out investment teams in New York and Tokyo,
new investment processes and governance that properly
balances risk and investment returns. As we enter 2016, we
once again find ourselves entering a period of volatility in the
capital markets. Accordingly, we have a global investment
policy that is governed by strict risk guidelines to ensure
our portfolios are managed to achieve a high overall asset
quality and remain diversified while seeking out attractive
investment opportunities around the world. Our risk
management discipline ensures we are mindful of various
market challenges, including risks related to interest rates,
credit spreads and foreign exchange to help ensure our
portfolio will perform well through various market cycles. Our
investment philosophy guides us to act in the best interests
of our policyholders, while producing attractive returns for
all of our stakeholders.
THE NEXT CHAPTER: KEEPING OUR PROMISE – THE AFLAC WAY
Ever since our company was founded six decades ago, we
have always put the customer first by reminding ourselves
daily about the promises we make to the policyholders and
businesses who rely on us – and positioning our business
to fulfill those promises. We know that we don’t simply
sell voluntary insurance products; we sell a promise to be
there for our policyholders in their time of need – a promise
we don’t take lightly. By delivering on our promise, we’ve
gained the trust of more than 50 million people worldwide
who count on us to pay claims fairly and promptly when
they need us most.
As we look ahead, delivering on our promise will remain our
priority because we know that is not only what sets Aflac
apart, it’s the story of Aflac.
Daniel P. Amos
Chairman and Chief Executive Officer
Aflac, Aflac Incorporated
*Aflac believes that an analysis of operating earnings, a non-GAAP financial measure, is vitally important to an understanding of the company’s underlying profitability drivers.
Aflac defines operating earnings as the profits derived from operations, inclusive of interest cash flows associated with notes payable, before realized investment gains and
losses from securities transactions, impairments, and derivative and hedging activities, as well as other and nonrecurring items.
**Source: Eastbridge Consulting Group, Inc. U.S. Worksite/Voluntary Sales Report. Carrier Results for 2014. Avon, CT: April 2015