21-I-0082
February 28, 2022

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

Aflac Incorporated (security code: -)<Affirmation>
Foreign Currency Long-term Issuer Rating:
Outlook:Bonds:

A+
StableA+

American Family Life Assurance Company of Columbus(security code: -)<Affirmation>
Foreign Currency Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:AA
StableAA
StableAflac Life Insurance Japan Ltd. (security code: -)<Affirmation>
Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:Bonds (Dated subordinated bonds):

AA
StableAA
StableAA-

Rationale(1) Aflac is a life insurance group with Aflac Incorporated (Aflac Inc.) as its holding company. The Group
deploys its business through core subsidiaries, which mainly are American Family Life Assurance
Company of Columbus (AFLAC) in the United States and Aflac Life Insurance Japan Ltd. (Aflac
Japan) in Japan. The issuer ratings for AFLAC and Aflac Japan reflect the Group’s creditworthiness(equivalent to AA), which evaluates its solid operating base in the Japanese and U.S. supplemental
insurance markets, high profitability supported by third-sector products and solid capital base thatcovers risks. Although new insurance sales were forced to slow down due to the impact of the COVID19 pandemic, they are recovering at the moment. The business environment has been underconsiderable stress, but the Group’s solid financial position has been maintained. JCR has rated theGroup’s holding company, Aflac Inc., two notches lower than the long-term issuer ratings of the coresubsidiaries 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.
(2) Aflac Japan is a core business of the Group and a pioneer of cancer insurance with a history of nearly
half a century, accounting for around 70% of its total net premiums and pretax earnings. It mainlyoffers cancer insurance and medical insurance through its own sales channel “associates”, the Japan
Post Group and financial institutions. It launched a new long-term care insurance product in
September 2021. It retains the largest share in the Japanese third-sector market supported mainly
by its strong brand recognition. Its annual new premiums sales fell for two consecutive years in
FY2020 and FY2021 due mainly to the Japan Post Group's self-restraint measures and suspensionof insurance sales and restricted face-to-face sales activities forced by the pandemic. New insurance
sales are slowly recovering on the progress in non-face-to-face sales activities using digital tools, but
JCR considers that the key factor is the extent to which the contribution of sales by the Japan Post
Group will recover. The Japan Post Group plans to restart full-scale sales activities by shifting to a
new sales structure in April 2022. JCR will be paying close attention to its contribution. The U.S.
business mainly operated by AFLAC has also high brand recognition in the U.S., being the country’s
biggest player that claims a share of mid-10% in the supplementary insurance market. Unlike otherinsurance companies, its sales channels are mainly exclusive independent agents targeting SMEs
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

and brokers targeting big enterprises, and consumer sales channels utilizing digital technology. It has
been diversifying its products through the acquisition of Argus Dental & Vision, Inc. and Zurich North
America’s group benefits business as well as alliance with Trupanion Inc., a major U.S. pet medical
insurance company.
(3) The Group’s earnings capacity is high and stable relative to its business scale. Core profit of its
Japanese operation ranks second to those of major Japanese life insurance companies. JCR holds
that Aflac Japan will keep a stable core earnings performance thanks to its high composition ratio of
third-sector products which yield large morbidity and mortality gains. In the U.S. operation, theprofitability of supplemental insurance is also high and stable. The impact of the pandemic onearnings remained limited, with the Group’s profit in 2021 reaching a record high on a pre-tax basis.
Total net premiums declined as new policies are still in the process of recovery, but total revenues
remained almost flat due to an increase in investment income. On the other hand, while expenses
continued increasing due to digital and venture investments, a big contribution came from a decline
in benefit ratios.
(4) The soundness of the Group's assets is relatively high thanks to its conservative asset management
stance. As compared to major Japanese life insurance companies, it holds few shares and the bonds
it holds are mainly those issued by the Japanese government. It also holds a relatively larger volume
of U.S. corporate bonds. Even amid the normalization of lower interest rates environment, the Group
posted solid investment performance as it benefited from the effect of the policies it had taken inrecent years to build up floating-rate loans and alternative investments while curbing the holding of
high-risk assets. The Group has also been diversifying its asset management by increasing U.S.
middle market loans and transitional real estate loans.
(5) The regulatory capital ratios of its Japanese and U.S. operations have been maintained at sufficientlevels. Based on its internal economic value assessment by the group-wide internal control, JCR
believes that the Group’s capital base is at a high level that will allow it to maintain its soundness
under considerable stress. Its debt structure has a high proportion of third-sector products that limits
interest rate sensitivity, which JCR views as a positive factor in capital evaluation. The Group intends
a full implementation of the new U.S. accounting standard “Long Duration Targeted Improvements”
beginning in 2023. Its shareholder equity may materially shrink because of the impact from the initial
discount rate adjustment used for calculating the total policy liabilities. However, JCR considers that
it will have little impact on the ratings because there will be no significant changes in the evaluationof the Group’s economic value. Following the implementation of enterprise risk management (ERM),
the Group has been building a group-wide system to prompt both its U.S. and Japanese operations
to cooperate with each other in assessing profit performance and capital base primarily on the basisof risk management. As it enhances the management of its risk and return balance, it has been
gradually changing its product mix by restraining sales of first-sector products, which are highly
sensitive to interest rate fluctuations, and by focusing more on third-sector products. The ongoingchanges in the business environment require the Group to respond swiftly in product strategy andasset management policy. Its group-wide integrated ERM is becoming more important than everbefore.
Toshihiko Naito, Kiichi Sugiura, Tomohiro Miyao

RatingIssuer: Aflac Incorporated<Affirmation>
Foreign Currency Long-term Issuer Rating
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

RatingA+

Outlook
StableIssue Date

Due Date

CouponRatingMarch 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

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

0.300%
0.550%
0.633%
0.750%
0.844%
0.830%
1.039%
1.264%
1.560%

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

2/3
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Issuer: American Family Life Assurance Company of Columbus<Affirmation>
Foreign Currency Long-term Issuer Rating
Ability to Pay Insurance Claims

RatingAA
AA

Outlook
StableStableRatingAA
AA

Outlook
StableStableIssuer: Aflac Life Insurance Japan Ltd.
<Affirmation >Long-term Issuer Rating
Ability to Pay Insurance Claims

Issue
Amount (bn)Issue Date
Due Date
CouponRatingFirst Series of Unsecured Bonds
JPY 30April 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.
Rating Assignment Date: February 22, 2022
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),"Rating Methodology for Financial Groups' Holding Companies and Group Companies" (March 29, 2019), 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/).

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.)

3/3
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

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.

Rating Publication
Date:

February 28, 2022

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 agiven 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 ismade by 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.
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).

1/5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
likelihood of 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 is determined 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 andreliability but possibly contains errors due to human, non-human or other causes. Consequently, thecredit 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 of accuracy, 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 ratingherewith presented.

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

2/5

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, thepublication 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 thecredit rating herewith presented as compared to the information used in other cases of the credit
rating for comparable 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
for any 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
business bases, 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 andwhen the change 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.
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, withpossibility of a few notches if and when the change is large.

3/5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 forthe issuer, and the change 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 themarkets 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 andwhen the change 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 timeof its 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,
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 timeof its determination turn out to be inaccurate with regard to the issuer’s financial grounds and asset
4/5

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 timeof its 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 muchas 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 fundprocurement 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 timeof its 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
or other related parties’ status and stance of support/ assistance for the issuer. The resultant change ofthe credit 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 timeof its determination turn out to be inaccurate with regard to the prospects of general economy andmarkets. 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 Asset14 Information
backed 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

Issue Name

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

1/1

Publication Date

RatingOutlook/Direction

June 4, 2018
February 25, 2019
February 14, 2020
February 24, 2021
March 9, 2020
February 24, 2021
March 9, 2020
February 24, 2021
March 9, 2020
February 24, 2021
March 9, 2020
February 24, 2021
April 12, 2021
April 12, 2021
April 12, 2021
April 12, 2021
April 12, 2021

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

StableStableStableStable

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

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

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

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.

Issue Name

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
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
June 4, 2018
February 25, 2019
February 14, 2020
February 24, 2021
April 12, 2019
October 29, 2019
November 29, 2019
February 14, 2020
February 24, 2021

AA
AA
AA
AA
AA
AA
AA
AA
A+
#A+
AAAAAA-

StableStableStableStableStableStableStableStablePositive

Attachment

Attestation Required by Paragraph (a)(1)(iii) of Rule 17g-7

I, Shozo Matsumura, have responsibility to this Rating Action and to the best of my knowledge:

A) No part of the credit rating was influenced by any other business activities.
B) The credit rating was based solely upon the merits of the obligor, security, or money market
instrument being rated.
C) The credit rating was an independent evaluation of the credit risk of the obligor, security, or
money market instrument.

Shozo Matsumura
General Manager of Financial Institution Rating Department

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

Attachment

Attestation Required by Paragraph (a)(1)(iii) of Rule 17g-7

I, Toshihiko Naito, have responsibility to this Rating Action and to the best of my knowledge:

A) No part of the credit rating was influenced by any other business activities.
B) The credit rating was based solely upon the merits of the obligor, security, or money market
instrument being rated.
C) The credit rating was an independent evaluation of the credit risk of the obligor, security, or
money market instrument.

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