Aflac

Not to be confused withAflaqorAffleck.

Aflac Incorporated

Aflac Building,Columbus, Georgia,U.S.
Company type	Public
Traded as	NYSE:AFL S&P 500component
Industry	Insurance Human resourcesservices
Founded	November 17, 1955(1955-11-17)(as American Family Life Insurance Company of Columbus)
Founders	John Amos Paul Amos Bill Amos
Headquarters	Aflac Building Columbus, Georgia,U.S.
Area served	United States Japan
Key people	Dan Amos(chairman,CEO) Frederick J. Crawford (CFO)
Products	Supplementalhealth& life insurance
Revenue	US$18.70 billion(2023)
Operating income	US$5.262 billion(2023)
Net income	US$4.659 billion(2023)
Total assets	US$126.7 billion(2023)
Total equity	US$21.99 billion(2023)
Number of employees	12,785 (2023)
Parent	Aflac Incorporated
Website	aflac.com
Footnotes / references

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.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".

In 2009, Aflac acquired Continental American Insurance Company for $100 million,enabling them to sell supplemental insurance on both the individual and group platforms.As of June 30, 2012,it was represented by approximately 19,300 sales agencies inJapanand 76,900 licensed sales associates in the U.S.

History

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.In 1964, the company name was changed to American Family Life Assurance Company of Columbus.The company had aninitial public offeringin 1974 and was listed on theNew York Stock Exchange.In 1990, the company adopted the Aflacacronym,although the official name of the underwriting subsidiary remains American Family Life Assurance Company of Columbus.Aflac announced the appointment of Frederick J. Crawford as Chief Financial Officer and Executive Vice President in June 2015.

The company signed 6,426 policyholders in its first year.Aflac pioneeredcancer insurancein 1958.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

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,the corporation's total assets were more than $103 billion, and the company insured more than 50 million people worldwide.

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.

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.

Aflac is ranked 137th in theFortune 500list of largest United States corporations by revenue.

Critics of cancer policies

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.New York State lifted its ban in 1998 for purchasers who already have basic coverage.Consumer Reportsrecommended that policyholders use the money instead to buy lower-deductible insurance.

The Aflac Duck

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.

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.

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.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".

The duck was originallyvoicedby comedianGilbert Gottfried,who also voiced Digit on thePBS KidsseriesCyberchaseandIagoin theDisneyfilmAladdin.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."

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.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.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.

Corporate philanthropy and social responsibility

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.

Aflac employees are formally involved in an array of charitable organizations such asHabitat for Humanity International,theEaster Seals,and theUnited Way.

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.

Aflac and Macy's Partnership

Starting in 2001, Aflac andMacy'shave partnered to sell the annual Aflac holiday plush duck in select Macy's stores nationwide.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.

Aflac has participated in theMacy's Thanksgiving Day Paradefrom 2011 to 2019. A newballooniclewas unveiled in 2014, featuring the Aflac Duck wearing ice skates.

COVID-19

Aflac expects an increase in claims due to COVID-19.

Award programs

See also:Baseball awards § U.S. high-school baseball

Aflac National High School Baseball Player of the Year, which was first presented in 2004.

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.The award is presented at an annual All-American Awards banquet, which was first held in 2003.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.First held in 2003, the game is played atPetco Park,San Diego, California.Proceeds from the game and banquet are donated toRady Children's Hospitalin San Diego and its fight against childhood cancer.

In 2011, the name of the all-star game was changed to the Perfect Game All-American Classic.

Awards and honors

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.
• 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

• List of United States insurance companies

External links

• Official website
• Business data for Aflac Incorporated:
  • Google
  • SEC filings
  • Yahoo!