23-I-0082
January 16, 2024

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

Aflac Incorporated (security code: -)<Outlook Change>
Foreign Currency Long-term Issuer Rating:
Outlook:A+from Stable to Positive<Affirmation>
Bonds:A+

American Family Life Assurance Company of Columbus(security code: -)<Outlook Change>
Foreign Currency Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:AA
from Stable to PositiveAAfrom Stable to Positive

Aflac Life Insurance Japan Ltd. (security code: -)<Outlook Change>
Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:AA
from Stable to PositiveAAfrom Stable to Positive<Affirmation>
Bonds (Dated subordinated bonds):

AA-

Aflac Re Bermuda Ltd. (security code: -)<Outlook Change>
Foreign Currency Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:AA
from Stable to PositiveAAfrom Stable to Positive

Rationale(1) Aflac is a life insurance group with Aflac Incorporated (Aflac Inc.) as its holding company. The Aflac
Group deploys its business through its two core subsidiaries, American Family Life Assurance
Company of Columbus (AFLAC) in the United States and Aflac Life Insurance Japan Ltd. (Aflac
Japan) in Japan. Aflac Re Bermuda Ltd. (Aflac Re) in Bermuda is a reinsurance company that
underwrites the insurance risks of the Aflac Group. The issuer ratings for AFLAC, Aflac Japan and
Aflac Re reflect the group’s creditworthiness (equivalent to AA), which evaluates its solid operatingbase in the Japanese and U.S. supplemental insurance markets, stable and high profitability
supported by third-sector products and solid capital base that covers potential risks. (1) The Aflac
Group's overall sales performances remain solid backed by its regional diversification in Japan andthe U.S. despite the changes in the business environment; (2) profitability is relatively high and stablebacked by a product portfolio focused on third-sector products; (3) the group's integrated andsophisticated ERM system is making further progress to respond to the economic value based new
regulations; and (4) given its high-level capital based on economic value with limited sensitivity tointerest rates, the group’s financial soundness ranks high among the life insurance companies rated
in the AA range by JCR. In addition to those factors, JCR had watched the sluggish growth of Aflac
Japan’s sales performance over the past few years as a constraining factor for its ratings, but has
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now determined this is no longer necessary. For those reasons, JCR has changed the group’s rating
outlook to Positive. JCR will confirm medium-term trends of the group's overall sales performances
and improvement on its capital adequacy relative to risks to have them reflected on its future ratings.
(2) Aflac Japan, is a core unit of the Aflac Group and a pioneer of cancer insurance with a history ofnearly half a century, accounting for around 60-70% of the group’s total net premiums and pretax
earnings. It boasts the largest share in the Japanese third-sector market supported mainly by its
strong brand recognition. It mainly offers cancer insurance and medical insurance through its own
sales channel “associates”, the Japan Post Group and financial institutions. In December 2023, it
decided to discontinue full-scale development of its pet insurance business which it launched throughits subsidiary in January 2023. As its product lineup widens, Aflac Japan can expect to enhance theflexibility of its product design amid the uptrend of interest rates in the country. While its sales
performances had been forced to slow down due mainly to the self-restraint and suspension of sales
activities by its core channel, the Japan Post Group, it resumed insurance solicitation in October 2020and has been gradually promoting full-scale sales activities under a new sales structure since April
2022. JCR will closely watch how the recovery of the Japan Post Group’s sales structure contributes to
Aflac Japan’s sales performances.

(3) The U.S. business operated by AFLAC also has strong brand recognition, being the country’s biggest
player in the supplementary insurance market. Its main sales channels are exclusive independentassociates and career agents targeting SMEs, brokers targeting big enterprises and consumer sales
channels utilizing digital technology. It has One Digital Aflac strategy which promotes digitalization forease, automation and self-service.
(4) The Aflac Group’s earnings capacity is high and stable relative to its business scale. In the first ninemonths of 2023, its consolidated net income on a USD basis expanded from the previous year due
in part to the improved performance of Aflac Japan which accounts for the bulk of the Aflac Group’s
revenue despite JPY’s accelerating depreciation. The Japanese operation ranks next only to major
Japanese life insurance companies in core profit terms. JCR holds that Aflac Japan will keep its stableearnings as its brand recognition is strong for third-sector products which have a full product lineup.
(5) The soundness of the Aflac Group's assets is relatively high thanks to its conservative asset
management stance. It holds few shares and the bonds it holds are mainly JGB. As compared tomajor Japanese life insurance companies, it also holds a relatively larger volume of U.S. corporate
bonds. The group posted a solid investment performance as it benefited from the effect of the policies
it had taken in recent years to build up floating-rate loans and alternative investments while curbing
the holding of high-risk assets.
(6) The Aflac Group keeps Japanese and U.S. regulatory capital ratios at sufficient levels. Its capital
adequacy relative to risk is commensurate with the AA range. Aflac Japan’s capital adequacy basedon its internally assessed economic value is sufficient to maintain soundness even under the stressful
conditions. Its debt structure featured by a higher proportion of third-sector products with limited
interest rate sensitivity is also a positive factor in its capital evaluation. Aflac Japan reinsures someselect insurance blocks to Aflac Re in a move to improve its financial soundness. It is now reinforcing
its governance and developing a system for regular monitoring and analysis in preparation for the
introduction of an economic value-based solvency regime. In light of the current environmental
changes, the Aflac Group is required to be more flexible in its product strategy and asset management
policy. In this respect, the group has built an integrated management system where both its U.S. andJapanese operations cooperate with each other through its enhanced ERM.
Issuer: Aflac Incorporated
Aflac Inc. is the holding company of the Aflac Group. JCR has rated it two notches lower than the group’s
creditworthiness in consideration of its structural subordination stemming from the level of double
leverage ratio and the U.S. regulations that limit the amount of dividends paid by subsidiaries.
Issuer: American Family Life Assurance Company of Columbus
AFLAC is a core company in the Aflac Group’s U.S. operations. Its ratings are equivalent to the group's
creditworthiness. It has the largest and solid operating base in the U.S. supplemental insurance markets.
Its sales channels are mainly brokers, independent associates and career agents who receive
commissions and other compensations under their exclusive contracts with AFLAC. AFLAC mainly sells
accident and serious disability insurance, short-term income protection insurance, critical illness
insurance including cancer insurance, and hospital indemnity insurance. Its sales performances havebeen relatively stable thanks to its restructuring of brand value and diversification of its product mix.

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Issuer: Aflac Life Insurance Japan Ltd.
Aflac Japan is a core company in the Aflac Group’s Japan operations. Its ratings are equivalent to thegroup's creditworthiness. Aflac Japan has a long history in Japan. Founded in 1974, it initially operated
as a branch of AFLAC and was converted to a subsidiary in 2018. Aflac Japan boasts an overwhelming
brand recognition and a solid operating base with the largest market share in third-sector products suchas cancer insurance. Through its highly exclusive channels centering on agents, it can provide specializedskills including product knowledge. Its sales performances have been relatively solid although adversely
affected by the Japan Post Group's inappropriate solicitation.
Issuer: Aflac Re Bermuda Ltd.
Aflac Re is a reinsurance company of the Aflac Group. Its ratings are equivalent to the group's
creditworthiness. The group's control of and involvement in Aflac Re is strong. The subsidiary’s strategic
importance in the group is quite high. By having a reinsurer under its control, the group can provide
effective risk transfer solutions to its core operating companies while retaining opportunities to enjoy
returns commensurate with insurance risks. Risk transfer through Aflac Re allows the group to reallocate
the assets and insurance risks it holds. It can also hope to further strengthen its financial soundness while
optimizing its capital strategies. Aflac Re’s ERM framework is consistent with the group’s existing ERM
as well.
Kiichi Sugiura, Tomohiro Miyao, Hiroshi Tonegawa

RatingIssuer: Aflac Incorporated<Outlook Change>
Foreign Currency Long-term Issuer Rating: A+<Affirmation>

Issue
0.300% Senior Notes due 2025
0.550% Senior Notes due 2030
0.633% Senior Notes due 2031
0.750% Senior Notes due 2032
0.844% Senior Notes due 2033
0.830% Senior Notes due 2035
1.039% Senior Notes due 2036
1.264% Senior Notes due 2041
1.560% Senior Notes due 2051

Amount (bn)
JPY 12.4
JPY 13.3
JPY 30.0
JPY 20.7
JPY 12.0
JPY 10.6
JPY 10.0
JPY 10.0
JPY 20.0

Outlook: Positive
Issue Date
March 12, 2020
March 12, 2020
April 15, 2021
March 12, 2020
April 15, 2021
March 12, 2020
April 15, 2021
April 15, 2021
April 15, 2021

Due Date
September 12, 2025
March 12, 2030
April 15,2031
March 12, 2032
April 14,2033
March 12, 2035
April 15,2036
April 15,2041
April 14,2051

Coupon0.300%
0.550%
0.633%
0.750%
0.844%
0.830%
1.039%
1.264%
1.560%

Rating
A+
A+
A+
A+
A+
A+
A+
A+
A+

Issuer: American Family Life Assurance Company of Columbus<Outlook Change>
Foreign Currency Long-term Issuer Rating: AA

Outlook: Positive

Ability to Pay Insurance Claims: AA

Outlook: Positive

Issuer: Aflac Life Insurance Japan Ltd.
<Outlook Change>
Long-term Issuer Rating: AA

Outlook: Positive

Ability to Pay Insurance Claims: AA

Outlook: Positive<Affirmation>

Issue
Amount (bn)Issue Date
Due Date
Coupon RatingFirst Series of Unsecured Bonds JPY 30
April 18, 2019
April 16, 2049
(Note)
AANote: 0.963% per annum from next day of Issue Date to interest payment date in April 2024. 6M Euro Yen
LIBOR + initial spread from next day of interest payment date in April 2024 to interest payment datein April 2029. 6M Euro Yen LIBOR + initial spread + 1% step-up interest rate on and after next day
of interest payment date in April 2029.

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Issuer: Aflac Re Bermuda Ltd.
<Outlook Change>
Foreign Currency Long-term Issuer Rating: AA

Outlook: Positive

Ability to Pay Insurance Claims: AA

Outlook: Positive

Rating Assignment Date: January 11, 2024
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "JCR's Rating Methodology" (November 7, 2014), "Life Insurance" (July 1, 2013),"Non-Life Insurance" (July 1, 2013), "Rating Methodology for Financial Groups’ Holding Companies and Group Companies"(September 1, 2022) and "Rating Methodology for Financial Institutions' Capital and TLAC Instruments" (April 27, 2017) in
Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,
JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers for
conducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers
and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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I n f o r m at i o n D i s c l o s u r e F o r mJapan Credit Rating Agency, Ltd.

Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7

1

Issuer:Aflac Incorporated
American Family Life Assurance Company of Columbus
Aflac Life Insurance Japan Ltd.
Aflac Re Bermuda Ltd.

Rating Publication
Date:

January 16, 2024

The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories andNotches and, the Identity of the Obligor or the Identity and a Description of the Security or Money
Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

2

The version of the procedure or methodology used to determine the credit rating; as Required by
Paragraph (a)(1)(ii)(B) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

3

The Main Assumptions and Principles used in Constructing the Procedures and Methodologies used
to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7
The credit rating methodology assumes, in principle, to be applied to assess the likelihood of a given
debt payment in light of its issuer’s condition and business environment, etc. in the relevant future.
There is certain limitation, however, in the time horizon that the rating foresees.
The credit rating methodology assumes, in principle, that the factors posted in the below areparticularly important for such likelihood to be determined, and that the rating determination is madeby evaluating each of them not only quantitatively but also employing qualitative analyses.

A) Business Bases
The likelihood of a given debt payment is highly conditional to its issuer’s business bases - how they
can be maintained/ expanded into the future and thereby secure earnings and cash flows in adequacy
and in a sustainable way.
B) Financial Grounds and Asset Quality
The likelihood of debt payment is highly dependent on the degree of the issuer’s indebtedness and loss
absorption capacity in terms of equity capital. Also notable is that a financial institution might see asignificant loss of financial grounds as a result of changes in value of the assets under its possession.

1/5C) Liquidity Positions
The likelihood of debt payment is highly dependent on the adequacy of the issuer’s cash and othersources of repayment (liquidity positions).
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The likelihood of debt payment is affected one way or the other by the issuer’s related parties such as
parent company, subsidiary, guarantor, and the government of the issuer’s business domicile, etc. - bytheir own conditions and/ or position of support/ assistance for the issuer.
E) Order of Seniority in Debt Payment
The likelihood of debt payment can be different between given debts of the same issuer. The likelihoodof debt payment for an individual debt is dependent on the issuer’s discretion, and/ or its rank relative
to other debts of the same issuer in the order of seniority in principal/ interest payment which isdetermined by design as financial product or by laws, etc.

4

The Potential Limitations of the Credit Rating as Required by Paragraph (a)(1)(ii)(D) of Rule 17g-7
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
The objective of the credit rating herewith presented does not include any concerns other than thelikelihood of debt payment, such as risks of price changes, market liquidity, etc.
The credit rating herewith presented is necessary to be reviewed along with possible changes of theissuer of rated objects in its business performance and/ or circumstances which include regulatoryenvironment, and hence subject to possible alteration.

5

Information on the Uncertainty of the Credit Rating as Required by Paragraph (a)(1)(ii)(E) of Rule
17g-7
The information used for the determination of credit rating as herewith presented is obtained by JCR
from the issuer of rated objects and other sources that JCR trusts in terms of accuracy and reliability
but possibly contains errors due to human, non-human or other causes. Consequently, the credit rating
determined on the grounds of such information does not constitute, explicitly or implicitly, any
representation or warrant of JCR on the information itself or any consequences of its use in terms ofaccuracy, relevance, timeliness, wholeness, market value, or usefulness for any specific purposes.

6

Use of Due Diligence Services of a Third Party in Taking the Rating Action as Required by Paragraph(a)(1)(ii)(F) of Rule 17g-7
There is no use of any third-party due diligence service in the determination of the credit ratingherewith presented.

7

Use of Servicer or Remittance Reports to Conduct Surveillance of the Credit Rating Required by
Paragraph (a)(1)(ii)(G) of Rule 17g-7
There is no use of any servicer or remittance report to conduct surveillance of the credit rating herewithpresented.

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8

The Types of Data Relied Upon for the Purpose of Determining the Credit Rating as Required by
Paragraph (a)(1)(ii)(H) of Rule17g-7
The information posted in the below, which includes data, is used for the determination of the credit
rating herewith presented.
A) Audited financial statements presented by the rating stakeholders
B) Explanations of business performance, management plans, etc. presented by the rating stakeholders

9Overall assessment of the Quality of Information Available and Considered in Determining theCredit Rating as Required by Paragraph (a)(1)(ii)(l) of Rule 17g-7
JCR holds its basic policies for securing the quality of information as a base of due diligence for thedetermination of credit ratings. The information used as a base for the determination of credit ratingherewith presented satisfies such policies, which include the audit by an independent auditor, thewarranty made by the issuer, the publication by the issuer, some independent media or, otherwise, JCR
analyst’s scrutiny, etc.
JCR sees no particular weakness in the quality of information used for the determination of the credit
rating herewith presented as compared to the information used in other cases of the credit rating forcomparable issuers or ratable objects.
If the credit rating is an Indication, please see the report for Indication.

10 Information Relating to Conflicts of Interest as Required by Paragraph (a)(1)(ii)(J) of Rule 17g-7
JCR receives payment of compensation for the determination of the credit rating herewith presented
from either one of those parties who are issuer, underwriter, depositor or sponsor.
JCR did not receive in the last fiscal year in the past payment of compensation from the same party forany kind of JCR’s service other than the determination of public or private credit rating, such as one
in the ancillary business.

or Measure of the Potential Volatility of the Credit Rating as Required by Paragraph
11 Explanation(a)(1)(ii)(K) of Rule 17g-7
A) Business Bases
The credit rating is subject to alteration if there is improvement or deterioration of the issuer’s businessbases, since its revenue, etc. may improve or deteriorate by the change in its business management
policies, clients’ preferences, competitive situation, or a technological innovation. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange in the business bases is large.
B) Financial Grounds and Asset Quality
The credit rating is subject to alteration if the issuer increases/ decreases its debt/ capital or vice versa
and thereby makes its individual debt payment liability less or more bearable and its loss absorption
capacity into the future decreased or increased. Also, the changes in the quality of asset under theissuer’s holding may affect the credit rating, since such changes could raise or lower the likelihood of
future loss of the issuer’s financial grounds. The resultant alteration of the credit rating is usually by anotch, with possibility of a few notches if and when the change in the financial grounds and/ or asset
quality is large.

3/5C) Liquidity Positions
The credit rating is subject to alteration if there is a change in the issuer’s financial management policy
or in the relations with fund procurement sources and the change thereby makes its liquidity positions
improve or deteriorate. The resultant alteration of the credit rating is usually by a notch, with possibilityof a few notches if and when the change is large.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating is subject to alteration if there is a change in the issuer’s parent company or subsidiary,guarantor or other provider of credit enhancement, or the government of the issuer’s business domicile,or other related parties’ own conditions and/ or position of support/ assistance for the issuer, and thechange thereby makes its business bases, financial grounds and/ or liquidity positions improve or
deteriorate, and/ or making the effectiveness of guarantee and other credit enhancement improve or
deteriorate. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large.
E) Order of Seniority in Debt Payment and Non-Payment Forgiven by Contract
The credit rating is subject to alteration if there is a change in the rated debt’s status in the order ofseniority relative to other debts caused by the improvement/ deterioration of the issuer’s financial
condition. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large. Also, in case of the financial products for which non-payment
of interest/ principal is contractually permissible, the credit rating is subject to alteration if and when
the likelihood of such non-payment is projected to increase or decrease. The resultant alteration of thecredit rating could be by a notch but often as much as a few notches.
F) Rise and Fall in General Economy and Markets
The credit rating is subject to alteration if there is a rise/ fall in the general economy and/ or the markets
inducing the issuer’s revenues/ expenses to increase/ decrease and vice versa, etc. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange is exceptionally large.
G) Various Events
The credit rating is subject to alteration on occurrence of various events, such as change in the issuer’s
major shareholders, M&A and other organizational change, accident, violation of the law, litigation,legal/ regulatory change, natural disaster, etc., which are unforeseeable at the time when the credit
rating is determined, causing a significant change on the issuer’s business bases, financial grounds, etc.
The resultant alteration of the credit rating could be by a notch but more often than not as much as afew notches.

12

Information on the Content of the Credit Rating, Including the Historical Performance of the Credit
Rating and the Expected Probability of Default and the Expected Loss in the Event of Default as
Required by Paragraph (a)(1)(ii)(L) of Rule 17g-7
Historical records of the credit rating herewith presented are posted in the end of this paper.
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
Facts of the probability of default are posted as Form NRSRO Exhibit 1 on the JCR website under the
URL:
https://www.jcr.co.jp/en/service/company/regu/nrsro/on the Sensitivity of the Credit Rating to Assumptions Made as Required by Paragraph
13 Information(a)(1)(ii)(M) of Rule 17g-7
A) Business Bases
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s business bases and powers ofearning or cash flow generation, etc. The resultant change of the credit rating is most likely by a notch,

4/5

as JCR speculates, but possibly as much as a few notches if the development is rapid in improvement or
deterioration of the issuer’s business bases on some drastic change in the operational environments, etc.

B) Financial Grounds and Asset Quality
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s financial grounds and asset
quality. The resultant change of the credit rating is most likely by a notch, as JCR speculates, but
possibly as much as a few notches if the development is rapid in improvement or deterioration of theissuer’s financial grounds and/ or asset quality on some drastic change in its business bases.
C) Liquidity Risks
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s liquidity positions. The resultant
change of the credit rating is most likely by a notch, as JCR speculates, but possibly as much as a few
notches if the development is rapid in improvement or deterioration of the issuer’s liquidity positions
on some drastic change in its financial management policy or relations with fund procurement sources,
etc.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s parent company or subsidiaries,
guarantor or other providers of credit enhancement, the government of the issuer’s business domicile orother related parties’ status and stance of support/ assistance for the issuer. The resultant change of thecredit rating is most likely by a notch, as JCR speculates, but possibly as much as a few notches if there
is a major change on the part of related parties, such as replacement, disappearance, some drastic
improvement/ deterioration of financial grounds/ balances, etc.
E) Rise and Fall in General Economy and Markets
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the prospects of general economy and markets.
JCR expects the change should be most likely by a notch but could be as much as a few notches, should
the economy or the markets change so greatly.
on the Representations, Warranties, and Enforcement Mechanisms of an Asset-backed
14 Information
Security as Required by Paragraph (a)(1)(ii)(N) of rule 17g-7
The credit rating herewith presented is not for an ABS product, and hence no relevant issue.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

5/5

The Historical Performance of the Credit Rating
Issuer Name

Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated
Aflac Incorporated

Issue Name

Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
0.300% Senior Notes due 2025
0.300% Senior Notes due 2025
0.300% Senior Notes due 2025
0.300% Senior Notes due 2025
0.550% Senior Notes due 2030
0.550% Senior Notes due 2030
0.550% Senior Notes due 2030
0.550% Senior Notes due 2030
0.750% Senior Notes due 2032
0.750% Senior Notes due 2032
0.750% Senior Notes due 2032
0.750% Senior Notes due 2032
0.830% Senior Notes due 2035
0.830% Senior Notes due 2035
0.830% Senior Notes due 2035
0.830% Senior Notes due 2035
0.633% Senior Notes due 2031
0.633% Senior Notes due 2031
0.633% Senior Notes due 2031
0.844% Senior Notes due 2033
0.844% Senior Notes due 2033
0.844% Senior Notes due 2033
1.039% Senior Notes due 2036
1.039% Senior Notes due 2036
1.039% Senior Notes due 2036
1.264% Senior Notes due 2041
1.264% Senior Notes due 2041
1.264% Senior Notes due 2041
1.560% Senior Notes due 2051
1.560% Senior Notes due 2051
1.560% Senior Notes due 2051

1/1

Publication Date

RatingOutlook/Direction

June 4, 2018
February 25, 2019
February 14, 2020
February 24, 2021
February 28, 2022
March 3, 2023
March 9, 2020
February 24, 2021
February 28, 2022
March 3, 2023
March 9, 2020
February 24, 2021
February 28, 2022
March 3, 2023
March 9, 2020
February 24, 2021
February 28, 2022
March 3, 2023
March 9, 2020
February 24, 2021
February 28, 2022
March 3, 2023
April 12, 2021
February 28, 2022
March 3, 2023
April 12, 2021
February 28, 2022
March 3, 2023
April 12, 2021
February 28, 2022
March 3, 2023
April 12, 2021
February 28, 2022
March 3, 2023
April 12, 2021
February 28, 2022
March 3, 2023

A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+

StableStableStableStableStableStable

The Historical Performance of the Credit Rating
Issuer Name

American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus
American Family Life Assurance
Company of Columbus

Issue Name

Publication Date

RatingOutlook/Direction

Issuer(Long-term)(FC)

June 4, 2018

AA

StableIssuer(Long-term)(FC)

February 25, 2019

AA

StableIssuer(Long-term)(FC)

February 14, 2020

AA

StableIssuer(Long-term)(FC)

February 24, 2021

AA

StableIssuer(Long-term)(FC)

February 28, 2022

AA

StableIssuer(Long-term)(FC)

March 3, 2023

AA

StableAbility to Pay Insurance Claims

June 4, 2018

AA

StableAbility to Pay Insurance Claims

February 25, 2019

AA

StableAbility to Pay Insurance Claims

February 14, 2020

AA

StableAbility to Pay Insurance Claims

February 24, 2021

AA

StableAbility to Pay Insurance Claims

February 28, 2022

AA

StableAbility to Pay Insurance Claims

March 3, 2023

AA

Stable1/1

The Historical Performance of the Credit Rating
Issuer Name

Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.
Aflac Life Insurance Japan Ltd.

Issue Name

Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims
Bonds no.1(subordinated)
Bonds no.1(subordinated)
Bonds no.1(subordinated)
Bonds no.1(subordinated)
Bonds no.1(subordinated)
Bonds no.1(subordinated)
Bonds no.1(subordinated)

1/1

Publication Date

RatingOutlook/Direction

June 4, 2018
February 25, 2019
February 14, 2020
February 24, 2021
February 28, 2022
March 3, 2023
June 4, 2018
February 25, 2019
February 14, 2020
February 24, 2021
February 28, 2022
March 3, 2023
April 12, 2019
October 29, 2019
November 29, 2019
February 14, 2020
February 24, 2021
February 28, 2022
March 3, 2023

AA
AA
AA
AA
AA
AA
AA
AA
AA
AA
AA
AA
A+
#A+
AAAAAAAAAA-

StableStableStableStableStableStableStableStableStableStableStableStablePositive

The Historical Performance of the Credit Rating
Issuer Name

Aflac Re Bermuda Ltd.
Aflac Re Bermuda Ltd.
Aflac Re Bermuda Ltd.
Aflac Re Bermuda Ltd.

Issue Name

Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Ability to Pay Insurance Claims
Ability to Pay Insurance Claims

1/1

Publication Date

RatingOutlook/Direction

December 20, 2022
March 3, 2023
December 20, 2022
March 3, 2023

AA
AA
AA
AA

StableStableStableStableAttachment

Attachment