Statement from Aflac Incorporated and Trupanion Confirming Commitment to Strategic Alliance in North America

COLUMBUS, Ga. and SEATTLE, Dec. 14, 2023 /PRNewswire/ --

"Since the establishment of a strategic business alliance in November 2020, Aflac Incorporated and Trupanion have shared a common belief that employers should consider a package of benefits for their employees to address the increasing number of consumers whose pets are a vital part of their families. Our collaboration addresses the growing need for solutions that help pet owners manage rising veterinary care costs. Together, we have launched a suite of high-quality pet medical insurance products available at U.S. worksites. After testing this alignment in Japan, a key market for Aflac, a decision was made to withdraw from development in Japan, and instead the companies are focusing on the larger, underpenetrated North American pet insurance market."

Aflac Incorporated's $200 million investment in Trupanion and our distribution alliance underscores our mutual commitment to unlock the significant, long-term potential of this category and our belief in the products offered by Trupanion, the largest provider of pet medical insurance in North America. Our corporate worksite solution addresses increased interest to provide employees with comprehensive benefits for their pets, just as Aflac has helped provide financial protection for policyholders for nearly seven decades."

About Aflac Incorporated
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than 68 years to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.¹ In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. The Company takes pride in being there for its policyholders when they need us most, as well as being included in 2023 in the World's Most Ethical Companies by Ethisphere for 17 consecutive years, Fortune's World's Most Admired Companies for 22 years and Bloomberg's Gender-Equality Index for the fourth consecutive year. In addition, the Company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2023) for 10 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated at investors.aflac.com and its commitment to corporate social responsibility and sustainability under "Sustainability."

¹ LIMRA 2022 U.S. Supplemental Health Insurance Total Market Report

About Trupanion
Trupanion (Nasdaq: TRUP) is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 960,000 pets enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.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. Aflac and Trupanion desire 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 implementation of the alliance, the exploration of opportunities in Japan, the acquisition of Trupanion equity by Aflac, and 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 and Trupanion undertake no obligation to update such forward-looking statements.

The companies caution readers that the following factors, in addition to other factors mentioned by either company in its respective SEC filings from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

difficult conditions in global capital markets and the economy, including inflation and the continued effects caused by COVID-19
defaults and credit downgrades of investments
global fluctuations in interest rates and exposure to significant interest rate risk
concentration of business in Japan
limited availability of acceptable yen-denominated investments
foreign currency fluctuations in the yen/dollar exchange rate
differing interpretations applied to investment valuations
significant valuation judgments in determination of expected credit losses recorded on the Company's investments
decreases in the Company's financial strength or debt ratings
decline in creditworthiness of other financial institutions
concentration of the Company's investments in any particular single-issuer or sector
major public health issues, including COVID-19 and any resulting or coincidental economic effects, on the Company's business and financial results
the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
deviations in actual experience from pricing and reserving assumptions
ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives
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
subsidiaries' ability to pay dividends to the Parent Company
inherent limitations to risk management policies and procedures
operational risks of third-party vendors
tax rates applicable to the Company may change
failure to comply with restrictions on policyholder privacy and information security
extensive regulation and changes in law or regulation by governmental authorities
competitive environment and ability to anticipate and respond to market trends
catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics (such as COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events
ability to protect the Aflac brand and the Company's reputation
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