Profile: Aflac Inc (AFL)
12 Dec 2013
Aflac Incorporated (Aflac), incorporated on April 27, 1973, is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services. Its principal business is supplemental health and life insurance, through its subsidiary, American Family Life Assurance Company of Columbus (Aflac), which operates in the United States (Aflac U.S.) and as a branch in Japan (Aflac Japan). Aflac’s insurance business consists of two segments: Aflac Japan and Aflac U.S. Aflac Japan sells voluntary supplemental insurance products, including cancer plans, general medical indemnity plans, medical/sickness riders, care plans, living benefit life plans, ordinary life insurance plans and annuities. Aflac U.S. sells voluntary supplemental insurance products including loss-of-income products (life and short-term disability plans) and products designed to protect individuals from depletion of assets (hospital indemnity, fixed-benefit dental, vision care, accident, cancer, critical illness/ critical care, and hospital intensive care plans).
Insurance Products -Japan
Aflac Japan’s insurance products are designed to help consumers pay for medical and nonmedical costs that are not reimbursed under Japan’s national health insurance system. Its WAYS product, allows policyholders to convert a portion of their life insurance to medical, nursing care, or fixed annuity benefits at a predetermined age. Its child endowment product offers a death benefit until a child reaches age 18. Aflac Japan’s stand-alone medical product, EVER, offers a basic level of hospitalization coverage with a premium. The cancer insurance plans the Company offers in Japan provide a lump-sum benefit upon initial diagnosis of internal cancer and a fixed daily benefit for hospitalization and outpatient services related to cancer as well as surgical, convalescent and terminal care benefits. It also offers traditional fixed-income annuities and care policies.
Insurance Products - U.S.
Aflac designs its U.S. insurance products to provide supplemental coverage for people who already have major medical or primary insurance coverage. Its U.S. policies are individually underwritten and marketed through independent agents. Its individually issued policies are portable and pay regardless of other insurance. Benefits are paid in cash directly to policyholders. Its individually issued health insurance plans are guaranteed-renewable for the lifetime of the policyholder (to age 75 for short-term disability policies). Its group insurance policies are underwritten on a group basis and often have some element of guaranteed issue. This coverage is generally not portable, which means the insurance coverage may terminate upon separation from employment or affiliation with the entity holding the group contract or upon termination of the master policy group contract.
Aflac U.S. offers accident coverage on both an individual and group basis. These policies are designed to protect against losses resulting from accidents. The accident portion of the policy includes lump-sum benefits for accidental death, dismemberment and specific injuries as well as fixed benefits for hospital confinement. In addition, other benefits such as short-term disability are available as riders.
Aflac U.S. offers coverage for critical illnesses on both an individual and group basis. These policies are designed to protect against losses resulting from critical illnesses such as heart attack, stroke, or even cancer. It offers cancer coverage on an individually underwritten basis; critical illness/critical care policies on both an individual and group basis; critical care and recovery on an individual basis; and hospital intensive care plans on an individual basis. Aflac U.S. offers hospital indemnity coverage on both an individual and group basis. Its hospital indemnity products may provide fixed daily benefits for hospitalization due to accident or sickness, or just sickness alone. Indemnity benefits for inpatient and outpatient surgeries, as well as various other diagnostic expenses, are also available. Aflac U.S. offers fixed-benefit dental coverage on both an individual and group basis. Aflac U.S. also offers Vision Now, an individually issued policy which provides benefits for serious eye health conditions and loss of sight. Vision Now includes coverage for corrective eye materials and exam benefits.
1932 Wynnton Road, MUSCOGEE
COLUMBUS GA 31999