Aflac
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Company type | Public |
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Industry | Insurance Human resourcesservices |
Founded | November 17, 1955[1](as American Family Life Insurance Company of Columbus) |
Founders |
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Headquarters | Aflac Building Columbus, Georgia,U.S. |
Area served |
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Key people | Dan Amos(chairman,CEO) Frederick J. Crawford (CFO) |
Products | Supplementalhealth& life insurance |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 12,785 (2023) |
Parent | Aflac Incorporated![]() |
Website | aflac |
Footnotes / references [2] |
Aflac Incorporated/ˈæflæk/(American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States.[3]It was founded in 1955 and is based inColumbus, Georgia.In the U.S., itunderwritesa wide range ofinsurance policies,but is perhaps more known for itspayroll deductioninsurance coverage, which pays cash benefits when a policyholder has a covered accident or illness. The company states it "provides financial protection to more than 50 million people worldwide".[4]
In 2009, Aflac acquired Continental American Insurance Company for $100 million,[5]enabling them to sell supplemental insurance on both the individual and group platforms.[6]As of June 30, 2012[update],it was represented by approximately 19,300 sales agencies inJapanand 76,900 licensed sales associates in the U.S.[7]
History
[edit]The company was founded by brothers John, Paul (died 2014), and William Amos inColumbus, Georgia,in 1955, as American Family Life Insurance Company of Columbus.[8]In 1964, the company name was changed to American Family Life Assurance Company of Columbus.[9]The company had aninitial public offeringin 1974 and was listed on theNew York Stock Exchange.[10]In 1990, the company adopted the Aflacacronym,although the official name of the underwriting subsidiary remains American Family Life Assurance Company of Columbus.[citation needed]Aflac announced the appointment of Frederick J. Crawford as Chief Financial Officer and Executive Vice President in June 2015.[11]
The company signed 6,426 policyholders in its first year.[12]Aflac pioneeredcancer insurancein 1958.[13]Beginning in 1964, the company decided to focus sales on worksite settings, eventually through policies sponsored by employers and funded through payroll deductions. By 2003, more than 98% of Aflac policies in the United States were issued on a payroll deduction basis, making the company a leader in that approach to policy distribution.
Business
[edit]Aflac operates in theUnited StatesandJapan,and has its worldwide headquarters and corporate offices in an eighteen-story tower just east ofDowntown Columbus, Georgia,in an area known asMidTown.The Aflac tower isthe tallest building in the city.As of June 30, 2015[update],the corporation's total assets were more than $103 billion, and the company insured more than 50 million people worldwide.[14]
Aflac is the largest provider of guaranteed-renewable insurance in the United States and the largest insurance company overall in Japan, when measured by individual insurance policies in force.[15]
The company now offers several types of insurance policies in the United States, including the following:
- Accident
- Cancer/Specified Disease
- Dental
- Hospital Confinement Indemnity
- Hospital Confinement Sickness Indemnity
- Hospital Intensive Care
- Life
- Lump Sum Cancer
- Lump Sum Cancer Critical Illness
- Specified Health Event
- Short Term Disability
- Vision
Aflac also offers un-reimbursed medical, dependent day-care, and transportationflexible spending accounts.The company additionally offershuman resourcesservices forHIPAAandCOBRA.From 1979 to 1997, the company owned several television stations, most of them in small and medium markets. It sold the broadcasting division (including flagship stationWTVM) to what becameRaycom Mediain 1997.[16]
Aflac is ranked 137th in theFortune 500list of largest United States corporations by revenue.[17]
Critics of cancer policies
[edit]Consumer groups and some government officials say that cancer insurance returns fewer premium dollars to policyholders than standard insurance. A United StatesGeneral Accounting Officestudy found that the policies paid back as little as 35% of premiums (Aflac said its cancer insurance paid back 62.4%). In comparison,New York Staterequires most major-medical policies to pay back 82% and group policies to pay back 75%. New York State does not allow stand-alone cancer policies.
In 1997, AFLAC spent $175,000 on lobbyists and campaign contributions to change the law.[18]New York State lifted its ban in 1998 for purchasers who already have basic coverage.[19]Consumer Reportsrecommended that policyholders use the money instead to buy lower-deductible insurance.[20]
The Aflac Duck
[edit]Since December 1999, the company's identity and brand has become more widely recognized in the United States as the result of TV commercials featuring the Aflac Duck, who quacks the company's name with frustration to unsuspecting prospective policy holders. The duck concept and all of the commercials to date have been created byKaplan Thaler Group,an advertising agency based in New York City. Metzer Farms, aGonzales, California,waterfowl and gamebird hatchery, supplied them with the initial ducklings that each grew into the famous duck. Struggling to come up with a concept to make the big but relatively obscure insurance company's name memorable, one of the agency's art directors stumbled upon the duck idea while walking aroundCentral Parkat lunchtime uttering, "Aflac, Aflac." He soon realized how much the company's name sounded like a duck's quack. The Aflac Duck character has now starred in more than 30 commercials. In many of these commercials, character actorEarl Billingsalso appears. The Aflac Duck is enshrined on Madison Avenue's Walk of Fame as one of America's Favorite Advertising Icons.[21]
From 2003 to 2006, when bothNASCAR on NBCandNASCAR on TNTwere scheduled to televise the second half of the Cup Series Season, they ran a 30-second segment in certain parts of each and every race they broadcast, called, "The Aflac Trivia Quiz". The segment would always begin when NASCAR on NBC-TNT Commentator/Cup Series ChampionBenny Parsonswould segue the topics he would be talking about by saying, "Cue the Duck!"
In April 2009, Aflac and theKaplan Thaler Groupintroduced a new marketing campaign called "Get the Aflacts", designed to educate consumers about the specific benefits of the insurance products the company sells. TheAflactscampaign gave the Aflac Duck "a more prominent role", designed to "help potential customers learn the Aflacts, er, facts about policies and other products", according toThe New York Times.[22]
Celebrities have starred in the Aflac ads, includingChevy Chase(2003);Yogi Berra;Yao Ming;future First Lady of the United States,Melania Trump(2005);NASCAR Cup SeriesdriverCarl Edwards(2008–2014); the United StatesOlympicsynchronized swimmingteam (2004); andWayne Newtonplaying atStardust Hotel and Casinofor the 2003 commercial. The duck also appeared withBugs Bunny,Daffy Duck,Wile E. Coyote and the Road Runner,andRudolph the Red-Nosed Reindeer.[23]In 2005, the company logo was changed to incorporate the duck. The first commercial using the new logo featuredGilbert Gottfriedat a pet store because the duck kept saying, "Aflac!" and he had to trade in the duck for a parrot, saying, "If you're hurt and can't work".[24]
The duck was originallyvoicedby comedianGilbert Gottfried,who also voiced Digit on thePBS KidsseriesCyberchaseandIagoin theDisneyfilmAladdin.[25]After 11 years as the voice of the Aflac duck, Gottfried was dismissed on March 14, 2011, due to jokes on Gottfried'sTwitteraccount referencing theTōhoku earthquake and tsunami.The company's chief marketing officer stated that "Gilbert's recent comments about the crisis in Japan were lacking in humor, and certainly do not represent the thoughts and feelings of anyone at Aflac."[26]
On March 23, 2011, Aflac announced that the company was taking applications for the new voice of the Aflac Duck through QuackAflac.com until April 1. Commercials requesting the submissions, first aired in 2006 but updated, resemble asilent movie.[27][28]On April 26, 2011, it was announced that Daniel McKeague, a television advertising sales manager fromHugo, Minnesota,would be the new voice of the Aflac duck.[29]The first Aflac commercial featuring the duck's new voice aired on May 1, 2011.
In 2018, an Aflac ad inserted an animated Aflac duck into the opening credits of theDuckTalesreboot.[30]
Corporate philanthropy and social responsibility
[edit]The company states that through a partnership withChildren's Healthcare of Atlanta,Aflac has contributed more than $100 million to childhood cancer research and treatment.[31]
Aflac employees are formally involved in an array of charitable organizations such asHabitat for Humanity International,theEaster Seals,and theUnited Way.[32]
Aflac's stated objectives include the decrease of its environmental impact, for which the company is into a partnership with theClean Air Campaignto encourage employees to engage with greater frequency in alternate commuting methods.[33]
Aflac and Macy's Partnership
[edit]Starting in 2001, Aflac andMacy'shave partnered to sell the annual Aflac holiday plush duck in select Macy's stores nationwide.[34]Net proceeds from each duck sold are donated to the participating children's cancer facility nearest to where it is purchased. Since 2001, more than $3 million has been raised from the sale of the ducks.[35]
Aflac has participated in theMacy's Thanksgiving Day Paradefrom 2011 to 2019. A newballooniclewas unveiled in 2014, featuring the Aflac Duck wearing ice skates.[36]
COVID-19
[edit]Aflac expects an increase in claims due to COVID-19.[37]
Award programs
[edit]Aflac National High School Baseball Player of the Year, which was first presented in 2004.[38]
TheJackie Robinson Awardis given to the high-school player who is entering his senior year and who best displays character, leadership, and the values of being astudent athletein academics and community affairs.[38]The award is presented at an annual All-American Awards banquet, which was first held in 2003.[39]The banquet follows the annual All-American Baseball Classic, an East-Westall-star gamefeaturing the 38 best players from around the nation who are entering their senior year of high school.[38][39]First held in 2003, the game is played atPetco Park,San Diego, California.[38][40]Proceeds from the game and banquet are donated toRady Children's Hospitalin San Diego and its fight against childhood cancer.[40]
In 2011, the name of the all-star game was changed to the Perfect Game All-American Classic.[40]
Awards and honors
[edit]Aflac has been the recipient of several awards:
- Aflac has appeared onFortune's100 Best Companies to Work Forlist for 20 consecutive years.
- Aflac has appeared onFortune'sAmerica's Most Admired Companieslist for 17 years.
- Aflac has been recognized byEthispheremagazine as a World's Most Ethical Company since 2007.[41]
- Aflac has been named to theDow Jones Sustainability IndexNorth America for six consecutive years.
- In August 2016,Latina Stylemagazine placed Aflac on the list of the 50 Best Companies for Latinas to work for in the United States. Aflac has been on this annual list for 17 years.
- Aflac has appeared onBlack Enterprisemagazine's list of the Top 40 Best Companies for Diversity for 10 years.
See also
[edit]References
[edit]- ^"Our History".Aflac.
- ^"Aflac, Inc. 2023 Annual Report (Form 10-K)".U.S. Securities and Exchange Commission.February 22, 2024.
- ^"Aflac Profit Rises 20% on Japanese Currency Strength".Bloomberg.April 29, 2009.
- ^"About Aflac".Aflac.RetrievedSeptember 15,2015.
- ^"Aflac, Form 8-K, Current Report, Filing Date July 29, 2009"(PDF).Aflac.RetrievedDecember 31,2012– via secdatabase.com.
- ^"Aflac Incorporated Announces Second Quarter Results, Declares Third Quarter Dividend, Announces Planned Acquisition of Continental American Insurance Company"(Press release). Aflac. July 29, 2009. Archived fromthe originalon December 28, 2009.
- ^"Aflac, Form 10-Q, Quarterly Report, Filing Date August 3, 2012"(PDF).Aflac.RetrievedJanuary 1,2013– via secdatabase.com.
- ^"A Tale Of Two Companies One started in 1955 and is in the FORTUNE 500. The other started five months ago and doesn't have an office yet. What it takes to reach the pinnacle of business. - April 5, 2004".money.cnn.com.RetrievedNovember 30,2020.
- ^Greenhouse, Steven (July 4, 2014)."Paul S. Amos, a Co-Founder of Aflac, Dies at 88 (Published 2014)".The New York Times.ISSN0362-4331.RetrievedNovember 30,2020.
- ^Hernandez, Andrea V. (February 24, 2010)."Aflac duck, executives to ring NYSE closing bell".Ledger-Enquirer.
- ^Adams, Tony."Aflac grabs executive away from insurance competitor for CFO job".Ledger-Enquirer.Archived fromthe originalon June 27, 2015.RetrievedJune 26,2015.
- ^"Aflac History".Aflac.
- ^"Aflac's Ongoing Journey in Japan".Global Atlanta.November 30, 2010.RetrievedNovember 30,2020.
- ^"Aflac, Form 8-K, Current Report, Filing Date July 28, 2015"(PDF).Aflac.RetrievedSeptember 5,2015– via secdatabase.com.
- ^Williams, Mary Elizabeth (March 15, 2011)."Sympathy for Gilbert Gottfried".Salon.Archived fromthe originalon March 18, 2011.
- ^Treaster, Joseph B. (August 14, 1996)."Venture in Accord to Buy 7 TV Stations From Aflac".The New York Times.
- ^"Fortune 500 Companies 2018: Who Made the List".Fortune.Archived fromthe originalon November 10, 2018.RetrievedNovember 18,2018.
- ^Cropper, Carol Marie (April 20, 1997)."When the Policy Covers Only One Disease".The New York Times.
- ^Dao, James (March 24, 1997)."Seeing an Opening, an Insurer Lobbies Albany to Lift a Ban (Published 1997)".The New York Times.ISSN0362-4331.RetrievedNovember 30,2020.
- ^Esteb Cureton, Sally; Cureton, Dave."Cancer Insurance: Is It Right For You?".cancerpage.com.Archived fromthe originalon April 4, 2012.RetrievedJuly 6,2014.
- ^"About Aflac".Aflac.RetrievedJuly 6,2014.
- ^"Not Daffy or Donald, but Still Aflac's Rising Star".The New York Times.April 21, 2009.
- ^Looney Tunes Aflac Commercial(Video).RetrievedJuly 6,2014– viaYouTube.
- ^The Hall of Advertising (January 26, 2012).Aflac: Pet Shop (2005, USA)(Video).RetrievedMay 10,2018– via YouTube.
- ^"The AFLAC Duck Selected as One of America's Favorite Icons"(Press release). Aflac.RetrievedJuly 6,2014.
- ^"Gilbert Gottfried fired by Aflac over Japan tsunami jokes".Los Angeles Times.March 14, 2011.
- ^"Are you annoying? Aflac needs new duck voice".NBC News.Associated Press.March 23, 2011.RetrievedMarch 31,2011.
- ^Elliott, Stuart (March 22, 2011)."Aflac and Monster Team Up to Find a Duck's Voice".The New York Times.RetrievedMarch 31,2011.
- ^Peterson, Kim (April 26, 2011)."Aflac duck gets Minnesota accent?".MSNMoney. Archived fromthe originalon April 29, 2011.RetrievedApril 26,2011.
- ^Steinberg, Brian (September 20, 2017)."Aflac's Duck Takes Wing With Disney's 'Duck Tales' in Ad Pact".
- ^"Children's Healthcare of Atlanta".Aflac.RetrievedJuly 9,2014.
- ^"Community Involvement".Aflac.Archivedfrom the original on March 25, 2010.RetrievedMarch 9,2010.
- ^"Aflac: Saving money and the environment".The Clean Air Campaign. Archived fromthe originalon February 13, 2011.RetrievedMarch 9,2010.
- ^"Aflac and Macy's promote holiday campaign with social media and messaging app".Mobile Marketer.RetrievedNovember 16,2016.
- ^"Aflac Holiday Duck Sings in a Festive Season of Giving for Kids Fighting Cancer"(Press release). Aflac.RetrievedNovember 16,2016– via PRNewswire.
- ^Neumeister, Larry (November 27, 2014)."Americans mark Thanksgiving with parades, turkey".Fort Wayne, IN:WANE-TV.Associated Press.Archived fromthe originalon November 16, 2016.RetrievedNovember 16,2016.
- ^"Aflac Expects Claims to Increase With Covid-19 Hospital Visits - Bloomberg".Bloomberg.com.April 21, 2020.RetrievedJune 19,2020.
- ^abcd"The 2010 Aflac National High School Player of The Year Nominees Announced".Satellite TV News.Satellite Television. August 9, 2010. Archived fromthe originalon January 9, 2012.RetrievedNovember 10,2011.
The seventh annual Aflac National High School Baseball Player of the Year Award will be presented at the Aflac All-American Awards dinner to be held at theSan Diego Hall of Championson August 14.
- ^ab"Fox Sports Network's Live coverage of 2010 Aflac All-American Baseball Classic on August 15: 2010 Aflac All-American Baseball Classic Roster Announced".Satellite TV News.July 8, 2010. Archived fromthe originalon September 18, 2012.RetrievedNovember 10,2011.
The Aflac All-American Baseball Classic is... part of Aflac's... commitment to the fight against childhood cancer, with ticket proceeds benefiting Rady Children's Hospital in San Diego. Since 2003, the Aflac All-American Baseball Classic has generated nearly $805,000 for charity.
- ^abc"2011 Perfect Game All-American Classic Rosters Announced".Satellite TV News.July 28, 2011. Archived fromthe originalon April 25, 2012.RetrievedNovember 10,2011.
Perfect Game All-American Classic alumni have had a significant presence inMajor League Baseball's first-year player drafts. Since the game's inception in 2003, 98 alumni have been selected in the first round.... The game has also produced over 40 players that are currently on a Major League Baseball roster. A record 18 Perfect Game All-Americans were taken in the first round of the 2011 draft, 13 of which played in last year's game.
- ^"The 2020 World's Most Ethical Companies® Honoree List".The Ethisphere® Institute.RetrievedFebruary 4,2021.
External links
[edit]![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- Official website
- Business data for Aflac Incorporated: