Aflac, an American insurance company that offers supplemental insurance products, has completed transformation of its Japan branch to a subsidiary, Aflac Life Insurance Japan.
The newly established subsidiary has assumed the business of Aflac Japan.
Furthermore, Aflac also set up a wholly owned US subsidiary, Aflac Holdings, which will operate as a parent company to Aflac Life Insurance Japan.
Aflac chairman and CEO Daniel Amos said: “I am very pleased that we completed Aflac Japan’s conversion to a subsidiary on time and within budget.
“This new corporate structure aligns with more widely accepted global regulatory frameworks; enhances financial and business flexibility, particularly related to transparency and visibility of cash flows and capital management; and has been developed to be consistent with our current financial strength ratings and enterprise risk management framework.”
Aflac Life Insurance Japan president and representative director Masatoshi Koide said: “The conversion of Aflac Japan from a branch to a subsidiary reaffirms Aflac’s long-term commitment to serving our policyholders in Japan.
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“We are pleased with this new corporate structure that both aligns Aflac with global regulatory trends and lays a foundation for continued long-term success in Japan.”
Aflac offers medical and cancer insurance in Japan and insures 1 in 4 households. Globally, Aflac provides protection to over 50 million people.