COLUMBUS, Ga., Aug. 11, 2020 /PRNewswire/ -- Aflac Incorporated
announced today that its board of directors has authorized the
purchase of up to 100 million shares of its common stock. This
authorization is in addition to the 21.9 million shares as of
June 30, 2020, that remained under
the August 8, 2017 authorization,
bringing the total number of shares available for purchase to
approximately 121.9 million. The company anticipates that the
repurchase of shares will be conducted from time to time in open
market or negotiated transactions, depending on market
conditions.
Commenting on the news, Aflac Chairman and Chief Executive
Officer Daniel P. Amos stated: "As
an insurance company, our primary responsibility is to fulfill the
promises we make to our policyholders. At the same time, we are
listening to our shareholders and understand the importance of
prudent liquidity and capital management. This includes pursuing a
tactical approach to capital allocation as we remain in the market
repurchasing shares and extending our 37 consecutive years of
annual dividend increases. With this approach, we look to emerge
from this period in a continued position of strength and
leadership."
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE:
AFL) is a Fortune 500 company, helping provide protection to more
than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading
supplemental insurer by paying cash fast when policyholders get
sick or injured. For more than six decades, insurance policies of
Aflac Incorporated's subsidiaries have given policyholders the
opportunity to focus on recovery, not financial stress. Aflac Life
Insurance Japan is the leading provider of medical and cancer
insurance in Japan, where it
insures 1 in 4 households. Fortune magazine recognized Aflac as one
of the 100 Best Companies to Work for in America for 20 consecutive
years. For 14 consecutive years, Aflac has been recognized by
Ethisphere as one of the World's Most Ethical Companies. In 2020,
Fortune included Aflac Incorporated on its list of World's Most
Admired Companies for the 19th time, and Bloomberg added Aflac
Incorporated to its Gender-Equality Index, which tracks the
financial performance of public companies committed to supporting
gender equality through policy development, representation and
transparency. To learn how to get help with expenses health
insurance doesn't cover, get to know us at aflac.com.
FORWARD-LOOKING INFORMATION
The Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" to encourage
companies to provide prospective information, so long as those
informational statements are identified as forward-looking and are
accompanied by meaningful cautionary statements identifying
important factors that could cause actual results to differ
materially from those included in the forward-looking statements.
The company desires to take advantage of these provisions. This
document contains cautionary statements identifying important
factors that could cause actual results to differ materially from
those projected herein, and in any other statements made by company
officials in communications with the financial community and
contained in documents filed with the Securities and Exchange
Commission (SEC). Forward-looking statements are not based on
historical information and relate to future operations, strategies,
financial results or other developments. Furthermore,
forward-looking information is subject to numerous assumptions,
risks and uncertainties. In particular, statements containing words
such as "expect," "anticipate," "believe," "goal," "objective,"
"may," "should," "estimate," "intends," "projects," "will,"
"assumes," "potential," "target," "outlook" or similar words as
well as specific projections of future results, generally qualify
as forward-looking. Aflac undertakes no obligation to update such
forward-looking statements.
The company cautions readers that the following factors, in
addition to other factors mentioned from time to time, could cause
actual results to differ materially from those contemplated by the
forward-looking statements:
- the effects of COVID-19 and any resulting economic effects
and government interventions on the Company's business and
financial results
- ability to attract and retain qualified sales associates,
brokers, employees, and distribution partners
- events related to the Japan Post investigation and other
matters
- competitive environment and ability to anticipate and
respond to market trends
- deviations in actual experience from pricing and reserving
assumptions
- ability to continue to develop and implement improvements in
information technology systems
- defaults and credit downgrades of investments
- exposure to significant interest rate risk
- concentration of business in Japan
- limited availability of acceptable yen-denominated
investments
- failure to comply with restrictions on policyholder privacy
and information security
- interruption in telecommunication, information technology
and other operational systems, or a failure to maintain the
security, confidentiality or privacy of sensitive data residing on
such systems
- catastrophic events including, but not necessarily limited
to, epidemics, pandemics, tornadoes, hurricanes, earthquakes,
tsunamis, war or other military action, terrorism or other acts of
violence, and damage incidental to such events
- difficult conditions in global capital markets and the
economy
- ability to protect the Aflac brand and the Company's
reputation
- extensive regulation and changes in law or regulation by
governmental authorities
- foreign currency fluctuations in the yen/dollar exchange
rate
- tax rates applicable to the Company may change
- decline in creditworthiness of other financial
institutions
- significant valuation judgments in determination of amount
of impairments taken on the Company's investments
- U.S. tax audit risk related to conversion of the
Japan branch to a
subsidiary
- subsidiaries' ability to pay dividends to the Parent
Company
- decreases in the Company's financial strength or debt
ratings
- inherent limitations to risk management policies and
procedures
- concentration of the Company's investments in any particular
single-issuer or sector
- differing judgments applied to investment
valuations
- ability to effectively manage key executive
succession
- changes in accounting standards
- level and outcome of litigation
- allegations or determinations of worker misclassification in
the United States
Analyst and investor contact - David A.
Young, 706.596.3264 or 800.235.2667 or dyoung@aflac.com
Media contact - Catherine H.
Blades, 706.596.3014; FAX: 706.320.2288 or
cblades@aflac.com
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SOURCE Aflac Incorporated