A.M. Best Assigns Credit Ratings to Aflac’s New Japan Subsidiary; Affirms Credit Ratings of U.S. Insurance Subsidiaries
The rating assignments reflect Aflac Japan’s balance sheet strength, which
The rating actions follow the recent announcement that Aflac has completed its conversion of the Japan branch operations to a subsidiary. The company believes that the conversion provides greater legal and regulatory transparency, as well as enhances business development opportunities, reduces strategic risk and improves cash flows and capital management within the organizational structure. To date, there has not been a material impact to operational metrics, financial leverage or liquidity during the conversion process. Aflac’s Japan operations represent roughly 75% of assets, revenue and operating earnings for the organization. The company’s balance sheet reflects favorable liquidity, financial flexibility and well-managed invested assets, supplementing its strong solvency margin ratio. The company continues to report a sustained level of operating profitability that is supported by its leading position in Japan’s medical and cancer insurance market.
The rating affirmations reflect Aflac U.S.’s balance sheet strength, which
The
The following Long-Term IRs have been affirmed:
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “a-” on
-- “bbb+” on
The following indicative Long-Term IRs have been affirmed for securities available under the existing shelf registration:
-- “a-” on senior unsecured debt
--“bbb+” on subordinated debt
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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