,Id,Fullsentence,Component,causeOrEffect,Labellevel1,Labellevel2 0,0, when a policyholder or insured gets sick or hurt the com pany pays cash benefits fairly and promptly for eligible claims ,policyholder or insured gets sick or hurt,cause,Non-Performance,Non-performance 2,0, when a policyholder or insured gets sick or hurt the com pany pays cash benefits fairly and promptly for eligible claims ,cash benefits fairly and promptly for eligible claims,effect,Performance,Employees 3,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,the onset and development of the global covid 19 pandemic,cause,Performance,Society 5,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,to digital sales methods,effect,Performance,Investors 7,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,related digital investments,effect,Non-Performance,Non-performance 8,2,prolonged periods of low interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the investment portfolio,prolonged periods of low interest rates,cause,Non-Performance,Non-performance 9,2,prolonged periods of low interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the investment portfolio,also heighten the risk associated with future increases in interest rates,effect,Performance,Unclassified 11,2,prolonged periods of low interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the investment portfolio,an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the investment portfolio,cause,Performance,Society 12,3,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition and thereby aflacs overall f inancial performance,potential deterioration in j apa,effect,Non-Performance,Non-performance 15,3,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition and thereby aflacs overall f inancial performance,access to markets,cause,Non-Performance,Non-performance 16,3,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition and thereby aflacs overall f inancial performance,overall economy apa,cause,Non-Performance,Non-performance 18,3,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition and thereby aflacs overall f inancial performance,an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition,cause,Performance,Investors 20,3,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatility could adversely impact aflac japans operations and its financial condition and thereby aflacs overall f inancial performance,aflacs overall f inancial performance,effect,Non-Performance,Non-performance 22,4,further because of the concentration of the companys business in japan and its need for long dated yen denominated assets the company has a substantial concentration of jgbs in its investment portfolio,concentration of the companys business in japan and its need for long dated yen denominated assets,cause,Performance,Society 23,4,further because of the concentration of the companys business in japan and its need for long dated yen denominated assets the company has a substantial concentration of jgbs in its investment portfolio,substantial concentration of jgbs in its investment portfolio,effect,Performance,Unclassified 25,5,as a result of the covid 19 pandemic the company may face increased costs associated with cla ims under its policies customers experiencing difficulty paying premiums or policies being designated as no lapse for periods of time ,covid 19 pandemic,cause,Performance,Society 26,5,as a result of the covid 19 pandemic the company may face increased costs associated with cla ims under its policies customers experiencing difficulty paying premiums or policies being designated as no lapse for periods of time ,company may face increased costs associated with cla ims under its policies customers experiencing difficulty paying premiums or policies being designated as no lapse for periods of time,effect,Performance,Customers 27,6,changes in japans economy and an aging population have put increasing pressure on japans national health care system ,changes in japans economy and an aging population,cause,Performance,Society 28,6,changes in japans economy and an aging population have put increasing pressure on japans national health care system ,put increasing pressure on japans national health care system,effect,Non-Performance,Non-performance 30,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,more costs,effect,Non-Performance,Non-performance 36,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,consumer s,effect,Performance,Customers 38,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,become increasingly interested in insurance products that help them manage those costs,effect,Performance,Unclassified 39,8,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business due to the timing of open enrollment for many employers ,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business,effect,Performance,Investors 41,8,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business due to the timing of open enrollment for many employers ,the timing of open enrollment for many employers,cause,Performance,Employees 43,9,as a result approximately half of total new annualized premium sales for aflac us are generated in the fourth quarter,approximately half of total new annualized premium sales for af lac,effect,Performance,Investors 45,9,as a result approximately half of total new annualized premium sales for aflac us are generated in the fourth quarter,us are generated in the fourth quarter,effect,Performance,Investors 46,10, investment and markets risk factors global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention ,extreme volatility in early 2020,effect,Performance,Investors 47,10, investment and markets risk factors global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention ,the effects of the covid 19 global pandemic,cause,Performance,Society 50,10, investment and markets risk factors global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention ,central bank and government intervention,cause,Non-Performance,Non-performance 51,11,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,companys investment portfolio,effect,Non-Performance,Non-performance 52,11,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,creditworthiness and valuation of investment assets,effect,Performance,Investors 53,11,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,availability of new investments has been and may continue to be adversely affected,effect,Performance,Unclassified 55,11,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration,cause,Performance,Society 56,12,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risks as the world experiences an unprecedented shock to economic activity,extreme ati,cause,Non-Performance,Non-performance 59,12,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risks as the world experiences an unprecedented shock to economic activity,of market liquidity credit rating,cause,Non-Performance,Non-performance 60,12,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risks as the world experiences an unprecedented shock to economic activity,downgrades payment defaults asset restructurings increased losses and other risks as the world experiences an unprecedented shock to economic activity,effect,Performance,Society 61,13,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,investments most exposed to the negative impacts of an economic downturn,cause,Performance,Society 63,13,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy,effect,Performance,Unclassified 64,13,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,others involving large,effect,Non-Performance,Non-performance 66,13,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,of people a risk factors,effect,Non-Performance,Non-performance 69,14,1a risk factors due to the size of aflac japan where functional currency is the japanese yen fluctuations in the exchange rate between the yen and the us dollar can have a significant effect on the companys reported financial position and results of operations ,the size of aflac japan where functional currency is the japanese yen fluctuations in the exchange rate between the yen and the us dollar,cause,Performance,Society 70,14,1a risk factors due to the size of aflac japan where functional currency is the japanese yen fluctuations in the exchange rate between the yen and the us dollar can have a significant effect on the companys reported financial position and results of operations ,have a significant effect on the companys reported financial position and results of operations,effect,Performance,Unclassified 73,15,as a result periods of unusually volatile currency exchange rates could result in limitations on dividends available to the parent company ,unusually volatile currency exchange rates,cause,Performance,Unclassified 74,15,as a result periods of unusually volatile currency exchange rates could result in limitations on dividends available to the parent company ,result in limitations on dividends available to the parent company,effect,Performance,Investors 75,16,the private securities litigation reform act of 1995 provides a safe harbor to encourage companies to provide prospective in formation 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 f orward looking statements ,private securities litigation reform act of 1995 provides a safe harbor to,cause,Performance,Employees 76,16,the private securities litigation reform act of 1995 provides a safe harbor to encourage companies to provide prospective in formation 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 f orward looking statements ,companies to provide prospective in formation,effect,Performance,Unclassified 77,16,the private securities litigation reform act of 1995 provides a safe harbor to encourage companies to provide prospective in formation 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 f orward looking statements ,identified as forward looking,cause,Non-Performance,Non-performance 78,16,the private securities litigation reform act of 1995 provides a safe harbor to encourage companies to provide prospective in formation 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 f orward looking statements ,accompanied by meaningful cautionary statements identifying important factors,cause,Non-Performance,Non-performance 80,16,the private securities litigation reform act of 1995 provides a safe harbor to encourage companies to provide prospective in formation 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 f orward looking statements ,actual results to differ materially from those included in the f orward looking statements,effect,Performance,Unclassified 81,0, when a policyholder or insured gets sick or hurt the com pany pays cash benefits fairly and promptly for eligible claims ,policyholder or insured gets sick or hurt,cause,Non-Performance,Non-performance 83,0, when a policyholder or insured gets sick or hurt the com pany pays cash benefits fairly and promptly for eligible claims ,cash benefits fairly and promptly for eligible claims,effect,Performance,Employees 84,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,the onset and development of the global covid 19 pandemic,cause,Performance,Society 86,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,to digital sales methods,effect,Performance,Investors 88,1, during 2020 in response to the onset and development of the global covid 19 pandemic the company pivoted to digital sales methods and accelerated related digital investments ,related digital investments,effect,Non-Performance,Non-performance 89,6,changes in japans economy and an aging population have put increasing pressure on japans national health care system ,changes in japans economy and an aging population,cause,Performance,Society 90,6,changes in japans economy and an aging population have put increasing pressure on japans national health care system ,put increasing pressure on japans national health care system,effect,Non-Performance,Non-performance 92,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,more costs,effect,Non-Performance,Non-performance 98,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,consumer s,effect,Performance,Customers 100,7,as a result more costs have been shifted to japanese consumer s who in turn have become increasingly interested in insurance products that help them manage those costs,become increasingly interested in insurance products that help them manage those costs f,effect,Performance,Unclassified 102,17,aflac japans cancer insurance products provide a lump sum benefit upon initial diagnosis of cancer and fixed daily benefits for subsequent hospitalization and outpatient treatments due to cancer as well as cancer related surgical and convalescent care benefits,cancer insurance products provide a lump sum benefit upon initial diagnosis of cancer and fixed daily benefits for subsequent hospitalization and outpatient treatments,effect,Performance,Employees 105,17,aflac japans cancer insurance products provide a lump sum benefit upon initial diagnosis of cancer and fixed daily benefits for subsequent hospitalization and outpatient treatments due to cancer as well as cancer related surgical and convalescent care benefits,cancer related surgical and convalescent care benefits,cause,Performance,Employees 106,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,income support insurance,effect,Performance,Investors 107,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,income support,effect,Performance,Investors 108,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,provides fixed benefit amounts in,effect,Performance,Employees 109,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,unable to work,effect,Performance,Employees 111,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,significant illness or injury,cause,Non-Performance,Non-performance 112,18,income support insurance aflac japans income support ins urance provides fixed benefit amounts in the event that a policyholder is unable to work due to significant illness or injury and was developed to supplement the disability coverage within japans social security system,developed to supplement the disability coverage within japans social security system,effect,Performance,Employees 113,19,beginning in 2013 aflac japan began to curtail sales of ways and child endowment first sector savings type products due to persistent low interest rates in japan and in particular the relatively large capital commitment required by such product s and their lower profitability in such an environment,aflac japan began to curtail sales of ways and child endowment first sector savings type products,effect,Performance,Customers 115,19,beginning in 2013 aflac japan began to curtail sales of ways and child endowment first sector savings type products due to persistent low interest rates in japan and in particular the relatively large capital commitment required by such product s and their lower profitability in such an environment,persistent low interest rates in japan,cause,Performance,Investors 116,19,beginning in 2013 aflac japan began to curtail sales of ways and child endowment first sector savings type products due to persistent low interest rates in japan and in particular the relatively large capital commitment required by such product s and their lower profitability in such an environment,in particular the relatively large capital commitment required by such product s,cause,Performance,Society 117,19,beginning in 2013 aflac japan began to curtail sales of ways and child endowment first sector savings type products due to persistent low interest rates in japan and in particular the relatively large capital commitment required by such product s and their lower profitability in such an environment,their lower profitability in such an environment,cause,Performance,Investors 118,20,however based on aflac japans size of annualized premiums in force and diversified distribution network the company does not believe that aflac japans m arket leading position has been significantly impacted by increased competition furthermore the company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers ,aflac japans size of annualized premiums in force and diversified distribution network,cause,Performance,Investors 119,20,however based on aflac japans size of annualized premiums in force and diversified distribution network the company does not believe that aflac japans m arket leading position has been significantly impacted by increased competition furthermore the company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers ,company does not believe that f,effect,Performance,Unclassified 122,20,however based on aflac japans size of annualized premiums in force and diversified distribution network the company does not believe that aflac japans m arket leading position has been significantly impacted by increased competition furthermore the company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers ,m rk,effect,Non-Performance,Non-performance 124,20,however based on aflac japans size of annualized premiums in force and diversified distribution network the company does not believe that aflac japans m arket leading position has been significantly impacted by increased competition furthermore the company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers ,position has been significantly impacted by increased competition,effect,Performance,Investors 125,20,however based on aflac japans size of annualized premiums in force and diversified distribution network the company does not believe that aflac japans m arket leading position has been significantly impacted by increased competition furthermore the company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers ,company believes the continued development and maintenance of operating efficiencies will allow aflac japan to offer affordable products that appeal to consumers,effect,Performance,Customers 126,21,the company believes aflac japan will remain a leading provider of cancer and medical insurance coverage in japan principally due to its experience in the market well known brand low cost operations expansive marketing system and product exp ertise,company believes aflac japan will remain a leading provider of cancer and medical insurance coverage in japan,effect,Performance,Investors 128,21,the company believes aflac japan will remain a leading provider of cancer and medical insurance coverage in japan principally due to its experience in the market well known brand low cost operations expansive marketing system and product exp ertise,experience in the market well known brand low cost operations expansive marketing system and product exp ertise,cause,Performance,Investors 129,22,hospital indemnity products provide policyholders fixed dollar benefits triggered by hospitalization due to accident or sickness ,hospital indemnity products provide policyholders fixed dollar benefits triggered by hospitalization,effect,Performance,Customers 131,22,hospital indemnity products provide policyholders fixed dollar benefits triggered by hospitalization due to accident or sickness ,accident or sickness,cause,Non-Performance,Non-performance 132,23,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business due to the timing of open enrollment for many employers ,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business,effect,Performance,Investors 134,23,seasonality in recent years new annualized premium sales are generally higher in the fourth quarter for aflac us group business due to the timing of open enrollment for many employers ,the timing of open enrollment for many employers,cause,Performance,Employees 136,24,as a result approximately half of total new annualized premium sales for aflac us are generated in the fourth quarter,approximately half of total new annualized premium sales for af lac,effect,Performance,Investors 138,24,as a result approximately half of total new annualized premium sales for aflac us are generated in the fourth quarter,us are generated in the fourth quarter,effect,Performance,Investors 139,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,profitability erosion,cause,Performance,Investors 140,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,major medical carriers,cause,Performance,Unclassified 141,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,facing in,cause,Performance,Unclassified 142,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,core lines of business pany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments,cause,Non-Performance,Non-performance 144,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,leverage their core benefit offerings,cause,Performance,Employees 146,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,bundling and,cause,Non-Performance,Non-performance 147,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,discount ing,effect,Non-Performance,Non-performance 151,25,however given the profitability erosion some major medical carriers are facing in their core lines of business the co mpany has seen a more competitive landscape as these carriers seek entry into aflacs supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share,gain market share,effect,Performance,Investors 152,26,in response to the covid 19 global pandemic aflac japan is implementing paperless initiatives in order to promote a flexible working style not limited by time or place and aflac us announced actions taken for its emp loyees including a commitment to cover the costs of covid 19 testing and extended paid leave in certain circumstances,covid 19 global pandemic aflac japan is implementing paperless initiatives,cause,Performance,Society 154,26,in response to the covid 19 global pandemic aflac japan is implementing paperless initiatives in order to promote a flexible working style not limited by time or place and aflac us announced actions taken for its emp loyees including a commitment to cover the costs of covid 19 testing and extended paid leave in certain circumstances,promote a flexible working style not limited by time or place and aflac us announced actions taken for its emp loyees including a commitment to cover the costs of covid 19 testing and extended paid leave in certain circumstances,effect,Performance,Society 155,27, investment and markets risk factors difficult conditions in global capital markets and the economy including those caused by the novel coronavirus covid 19 could have a material adverse effect on the companys investments capital position revenue profitability and liquidity and harm the companys business,investment and markets risk factors difficult conditions in global capital markets and the economy,cause,Performance,Society 156,27, investment and markets risk factors difficult conditions in global capital markets and the economy including those caused by the novel coronavirus covid 19 could have a material adverse effect on the companys investments capital position revenue profitability and liquidity and harm the companys business,those caused by,cause,Performance,Unclassified 157,27, investment and markets risk factors difficult conditions in global capital markets and the economy including those caused by the novel coronavirus covid 19 could have a material adverse effect on the companys investments capital position revenue profitability and liquidity and harm the companys business,coronavirus covid,cause,Non-Performance,Non-performance 158,27, investment and markets risk factors difficult conditions in global capital markets and the economy including those caused by the novel coronavirus covid 19 could have a material adverse effect on the companys investments capital position revenue profitability and liquidity and harm the companys business,have a material adverse effect on the companys investments capital position revenue profitability and liquidity,effect,Performance,Investors 159,27, investment and markets risk factors difficult conditions in global capital markets and the economy including those caused by the novel coronavirus covid 19 could have a material adverse effect on the companys investments capital position revenue profitability and liquidity and harm the companys business,harm the companys business,effect,Non-Performance,Non-performance 160,28,weak global financial markets impact the value of the companys existing investment portfolio influence opportunities for new investments and may contr ibute to generally weak economic fundamentals which can have a negative impact on its results of operations and financial positions,weak global financial markets impact the value of,cause,Performance,Investors 161,28,weak global financial markets impact the value of the companys existing investment portfolio influence opportunities for new investments and may contr ibute to generally weak economic fundamentals which can have a negative impact on its results of operations and financial positions,investment portfolio influence,cause,Non-Performance,Non-performance 162,28,weak global financial markets impact the value of the companys existing investment portfolio influence opportunities for new investments and may contr ibute to generally weak economic fundamentals which can have a negative impact on its results of operations and financial positions,opportunities for new investments,effect,Performance,Unclassified 164,28,weak global financial markets impact the value of the companys existing investment portfolio influence opportunities for new investments and may contr ibute to generally weak economic fundamentals which can have a negative impact on its results of operations and financial positions,weak economic,cause,Performance,Investors 166,28,weak global financial markets impact the value of the companys existing investment portfolio influence opportunities for new investments and may contr ibute to generally weak economic fundamentals which can have a negative impact on its results of operations and financial positions,can have a negative impact on its results of operations and financial positions,effect,Performance,Society 169,29,global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention,volati lity,cause,Non-Performance,Non-performance 171,29,global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention,in early 2020,cause,Performance,Investors 172,29,global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention,the effects of the covid 19 global pandemic,cause,Performance,Society 173,29,global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention,since stabilized,effect,Non-Performance,Non-performance 175,29,global capital markets experienced extreme volatility in early 2020 due to the effects of the covid 19 global pandemic but have since stabilized due to central bank and government intervention,central bank and government intervention,cause,Non-Performance,Non-performance 176,30,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,companys investment portfolio,effect,Non-Performance,Non-performance 177,30,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,creditworthiness and valuation of investment assets,effect,Performance,Investors 178,30,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,availability of new investments has been and may continue to be adversely affected,effect,Performance,Unclassified 180,30,the companys investment portfolio including the creditworthiness and valuation of investment assets and availability of new investments has been and may continue to be adversely affected as a result of market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration ,market developments related to the covid 19 pandemic and uncertainty regarding its ultimate severity and duration,cause,Performance,Society 181,31,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risk s as the world experiences an unprecedented shock to economic activity,extreme ati,cause,Non-Performance,Non-performance 184,31,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risk s as the world experiences an unprecedented shock to economic activity,of market liquidity credit rating,cause,Non-Performance,Non-performance 185,31,while conditions have improved the companys investments remain vulnerable to extreme asset price volatility lack of market liquidity credit rating downgrades payment defaults asset restructurings increased losses and other risk s as the world experiences an unprecedented shock to economic activity,downgrades payment defaults asset restructurings increased losses and other risk s as the world experiences an unprecedented shock to economic activity,effect,Performance,Society 186,32,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,investments most exposed to the negative impacts of an economic downturn,cause,Performance,Society 188,32,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy,effect,Performance,Unclassified 189,32,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,others involving large,effect,Non-Performance,Non-performance 191,32,the company has evaluated its holdings and identified those investments most exposed to the negative impacts of an economic downturn as a result of covid 19 including but not limited to investments in businesses facing an immediate and severe impact such as travel and lodging leisure non emergency medical energy and others involving large gatherings of people,of people,effect,Non-Performance,Non-performance 192,33,interest rates have declined in response to the pandemic and a prolonged reduction in interest rates globally could result in new investments generating lowe r yields than in prior periods,interest rates have declined,effect,Performance,Unclassified 193,33,interest rates have declined in response to the pandemic and a prolonged reduction in interest rates globally could result in new investments generating lowe r yields than in prior periods,prolonged reduction in interest rates,cause,Performance,Unclassified 195,33,interest rates have declined in response to the pandemic and a prolonged reduction in interest rates globally could result in new investments generating lowe r yields than in prior periods,new investments generating lowe r yields than in prior periods,effect,Performance,Investors 196,34,market volatility and recessionary pressures could result in significant realized or u nrealized losses due to severe price declines driven by increases in interest rates or credit spreads defaults in payment of principal or interest or credit rating downgrades,market volatility and recessionary pressures could result in significant realized or u nrealized losses,effect,Performance,Investors 198,34,market volatility and recessionary pressures could result in significant realized or u nrealized losses due to severe price declines driven by increases in interest rates or credit spreads defaults in payment of principal or interest or credit rating downgrades,severe price declines driven by increases in interest rates or credit spreads defaults in payment of principal or interest or credit rating downgrades,cause,Performance,Unclassified 199,35,the additional government debt from fiscal stimulus actions could adversely impact the japan sovereign credit profile which could in turn lead to volatility in japanese capital and currency markets ,additional government debt from fiscal stimulus actions could adversely impact apan,cause,Non-Performance,Non-performance 202,35,the additional government debt from fiscal stimulus actions could adversely impact the japan sovereign credit profile which could in turn lead to volatility in japanese capital and currency markets ,volatility in japanese capital and currency markets,effect,Non-Performance,Non-performance 203,36,it is possible that lenders or debt investors may also become concerned if the company incurs large investment losses or if the level of the companys business activity decreases due to a market downturn or there are further adverse economic trends in the us or japan specifically or generally in developed markets,lenders or debt investors may also become concerned if the company incurs large investment losses,effect,Performance,Investors 204,36,it is possible that lenders or debt investors may also become concerned if the company incurs large investment losses or if the level of the companys business activity decreases due to a market downturn or there are further adverse economic trends in the us or japan specifically or generally in developed markets,if the level of the companys business activity,effect,Performance,Customers 206,36,it is possible that lenders or debt investors may also become concerned if the company incurs large investment losses or if the level of the companys business activity decreases due to a market downturn or there are further adverse economic trends in the us or japan specifically or generally in developed markets,market downturn,cause,Non-Performance,Non-performance 207,36,it is possible that lenders or debt investors may also become concerned if the company incurs large investment losses or if the level of the companys business activity decreases due to a market downturn or there are further adverse economic trends in the us or japan specifically or generally in developed markets,are further adverse economic trends in the us or japan specifically or generally in developed markets,cause,Performance,Society 208,37,in an economic downturn characterized by higher unemployment lower family income lower corporate earnings lowe r business investment and lower consumer spending the demand for financial and insurance products could be adversely affected,higher unemployment lower family income lower corporate earnings lowe r business investment,cause,Performance,Investors 209,37,in an economic downturn characterized by higher unemployment lower family income lower corporate earnings lowe r business investment and lower consumer spending the demand for financial and insurance products could be adversely affected,lower consumer spending the demand for financial and insurance products,cause,Performance,Customers 210,37,in an economic downturn characterized by higher unemployment lower family income lower corporate earnings lowe r business investment and lower consumer spending the demand for financial and insurance products could be adversely affected,could be adversely affected,effect,Performance,Employees 211,38,prolonged periods of l ow interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the invest ment portfolio,prolonged periods of l ow interest rates,cause,Non-Performance,Non-performance 212,38,prolonged periods of l ow interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the invest ment portfolio,also heighten the risk associated with future increases in interest rates,effect,Performance,Unclassified 214,38,prolonged periods of l ow interest rates also heighten the risk associated with future increases in interest rates because an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the invest ment portfolio,an increasing proportion of the companys investment portfolio include investments that bear lower rates of return than the embedded book yield of the invest ment portfolio,cause,Performance,Society 216,39,as discussed in item 1 business beginning in 2013 aflac japan began to curtail sales of first sector savings type products due to persistent low interest rates in japan,japan began to curtail sales of first sector savings type products,effect,Performance,Customers 218,39,as discussed in item 1 business beginning in 2013 aflac japan began to curtail sales of first sector savings type products due to persistent low interest rates in japan,persistent low interest rates in japan,cause,Performance,Investors 219,40,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatilit y could adversely impact aflac japans operations and its financial condition and thereby aflacs overall financial performance ,potential deterioration in japans credit quality or access to markets the overall economy of japan,cause,Performance,Society 220,40,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatilit y could adversely impact aflac japans operations and its financial condition and thereby aflacs overall financial performance ,an increase in japanese market volatilit y could adversely impact aflac japans operations and its financial condition,cause,Performance,Investors 222,40,any potential deterioration in japans credit quality or access to markets the overall economy of japan or an increase in japanese market volatilit y could adversely impact aflac japans operations and its financial condition and thereby aflacs overall financial performance ,aflacs overall financial performance,effect,Performance,Investors 224,41,further because of the concentration of the companys business in japan and its need for long dated yen denominated assets the company has a substantial concentration of jgbs in its investment portfolio,concentration of the companys business in japan and its need for long dated yen denominated assets,cause,Performance,Society 225,41,further because of the concentration of the companys business in japan and its need for long dated yen denominated assets the company has a substantial concentration of jgbs in its investment portfolio,substantial concentration of jgbs in its investment portfolio,effect,Performance,Unclassified 226,42,the company has increased us dollar risk exposure in japan as the comprehensive hedging program may not always correlate to the underlying us dollar denominated assets thereby increasing earnings volatility,increased us dollar risk exposure,cause,Performance,Unclassified 227,42,the company has increased us dollar risk exposure in japan as the comprehensive hedging program may not always correlate to the underlying us dollar denominated assets thereby increasing earnings volatility,may not always correlate to the underlying us dollar denominated assets,cause,Non-Performance,Non-performance 229,42,the company has increased us dollar risk exposure in japan as the comprehensive hedging program may not always correlate to the underlying us dollar denominated assets thereby increasing earnings volatility,increasing earnings volatility,effect,Performance,Investors 230,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,risk experience,cause,Non-Performance,Non-performance 231,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,as expected,cause,Performance,Unclassified 232,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,more favorable than expected the need f or yen to pay expenses,cause,Performance,Investors 234,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,claims would,cause,Non-Performance,Non-performance 236,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,remain at,cause,Non-Performance,Non-performance 237,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,or below expected levels,effect,Non-Performance,Non-performance 239,43,as an example of the latter if the companys actual insurance risk experience in japan is as expected or more favorable than expected the need f or yen to pay expenses and claims would correspondingly remain at or below expected levels thereby diminishing operational requirements to convert us dollar denominated investments to yen,diminishing operational requirements to convert us dollar denominated investments to yen,effect,Performance,Customers 242,44,as a result periods of unusually volatile currency exchange rates could result in limitations on dividends available to the parent company ,unusually volatile currency exchange rates,cause,Performance,Unclassified 243,44,as a result periods of unusually volatile currency exchange rates could result in limitations on dividends available to the parent company ,result in limitations on dividends available to the parent company,effect,Performance,Investors 244,45,however if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements,significant strengthening of yen,cause,Performance,Unclassified 246,45,however if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements,cash strain at the parent company,effect,Performance,Investors 248,45,however if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements,cash collateral,cause,Non-Performance,Non-performance 249,45,however if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements,potentially cash settlement requirements,cause,Non-Performance,Non-performance 250,46,as such valuations may include inputs and assumptions that are less observable or require greater estimation and valuation methods that are more sophisticated thereby resulting in valu es that may be greater or less than the value at which the investments may be ultimately sold,valuations may include inputs and assumptions that are less observable,cause,Performance,Employees 251,46,as such valuations may include inputs and assumptions that are less observable or require greater estimation and valuation methods that are more sophisticated thereby resulting in valu es that may be greater or less than the value at which the investments may be ultimately sold,require greater estimation and valuation methods that are more sophisticated,cause,Performance,Employees 253,46,as such valuations may include inputs and assumptions that are less observable or require greater estimation and valuation methods that are more sophisticated thereby resulting in valu es that may be greater or less than the value at which the investments may be ultimately sold,resulting in valu es that may be greater or less than the value at which the investments may be ultimately sold,effect,Performance,Employees 255,47,dur ing periods of market turbulence created by political instability economic uncertainty government interventions or other factors the company may experience significant changes in the volatility of its derivative valuations,ing periods of market turbulence created by political instability economic uncertainty government interventions,cause,Performance,Unclassified 256,47,dur ing periods of market turbulence created by political instability economic uncertainty government interventions or other factors the company may experience significant changes in the volatility of its derivative valuations,other factors,cause,Non-Performance,Non-performance 258,47,dur ing periods of market turbulence created by political instability economic uncertainty government interventions or other factors the company may experience significant changes in the volatility of its derivative valuations,experience significant changes in the volatility of its derivative valuations,effect,Non-Performance,Non-performance 259,48,nrsros may change their ratings or outlook on an insurers ratings due to a variety of factors including but not limited to competitive position profitability cash generation and othe r sources of liquidity capital levels quality of the investment portfolio and perception of management capabilities,nrsros may change their ratings or outlook on an insurers ratings,effect,Performance,Investors 261,48,nrsros may change their ratings or outlook on an insurers ratings due to a variety of factors including but not limited to competitive position profitability cash generation and othe r sources of liquidity capital levels quality of the investment portfolio and perception of management capabilities,competitive position profitability cash generation and othe r sources of liquidity capital levels quality of the investment portfolio and perception of management capabilities,cause,Non-Performance,Non-performance 262,49,downgrades of the comp anys credit ratings could give its derivative counterparties the right to require early termination of derivatives transactions or delivery of additional collateral thereby adversely affecting the companys liquidity,downgrades of the comp anys credit ratings could give its derivative counterparties the right to require early termination of derivatives transactions,cause,Performance,Society 264,49,downgrades of the comp anys credit ratings could give its derivative counterparties the right to require early termination of derivatives transactions or delivery of additional collateral thereby adversely affecting the companys liquidity,delivery of additional collateral,cause,Non-Performance,Non-performance 266,49,downgrades of the comp anys credit ratings could give its derivative counterparties the right to require early termination of derivatives transactions or delivery of additional collateral thereby adversely affecting the companys liquidity,adversely affecting the companys liquidity,effect,Non-Performance,Non-performance 267,50,additionall y sales through the bank channel in japan could be adversely affected as a result of their reliance on and sensitivity to ratings levels ,additionall y sales,effect,Performance,Investors 268,50,additionall y sales through the bank channel in japan could be adversely affected as a result of their reliance on and sensitivity to ratings levels ,in apan could be adversely affected,effect,Performance,Unclassified 271,50,additionall y sales through the bank channel in japan could be adversely affected as a result of their reliance on and sensitivity to ratings levels ,reliance on,cause,Non-Performance,Non-performance 272,50,additionall y sales through the bank channel in japan could be adversely affected as a result of their reliance on and sensitivity to ratings levels ,sensitivity to ratings levels,cause,Non-Performance,Non-performance 273,51,negative events or developments affecting any particular single issuer industry group of related industries asset class or geographic sector may have an adverse impact on a particular holding or set of holdings which may increase risk of loss from defaults due to non payment of interest or pr incipal,negative events or developments affecting any particular single issuer industry group of related industries asset class or geographic sector may have an adverse impact on a particular holding or set of holdings which may increase risk of loss from defaults,effect,Performance,Unclassified 275,51,negative events or developments affecting any particular single issuer industry group of related industries asset class or geographic sector may have an adverse impact on a particular holding or set of holdings which may increase risk of loss from defaults due to non payment of interest or pr incipal,non payment of interest or pr incipal,cause,Performance,Employees 277,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,the evolving and highly uncertain nature of this event,cause,Non-Performance,Non-performance 278,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,fluctuations in infection and death rates,cause,Performance,Employees 279,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,in the united,effect,Performance,Society 281,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,japan and other regions of the world,effect,Non-Performance,Non-performance 282,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,global efforts to develop and distribute a,effect,Performance,Employees 284,52,due to the evolving and highly uncertain nature of this event including fluctuations in infection and death rates in the united states japan and other regions of the world and global efforts to develop and distribute a vaccine the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,the covid 19 pandemic could impact the companys business financial condition results of operations capital position liquidity or prospects in a number of ways,effect,Performance,Society 285,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio,effect,Performance,Society 286,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,effects of the,effect,Non-Performance,Non-performance 287,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,pan demic,cause,Non-Performance,Non-performance 289,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,the response of,effect,Non-Performance,Non-performance 290,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,governmental entities,cause,Non-Performance,Non-performance 292,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,health authorities,cause,Non-Performance,Non-performance 294,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,private entities,cause,Non-Performance,Non-performance 295,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,on the us japan,effect,Non-Performance,Non-performance 296,53,there can be no assurance that governmental interventions in the us and japan will be effective to mitigate adverse impacts on financial markets and the companys investment portfolio and the effects of the pandemic and the response of governmental entities public health authorities and private entities on the us japan and global economies cannot be predicted,global economies cannot be predicted,effect,Non-Performance,Non-performance 298,54,the pace and magnitude of changes to levels of unemployment the significant government responses to date and the continuing effort to contain the impact of covid 19 in the us among other factors introduces significant uncertainty about the severity and duration of the pandemics effects on the us economy,the impact of,effect,Non-Performance,Non-performance 299,54,the pace and magnitude of changes to levels of unemployment the significant government responses to date and the continuing effort to contain the impact of covid 19 in the us among other factors introduces significant uncertainty about the severity and duration of the pandemics effects on the us economy,covid 19,cause,Performance,Society 300,54,the pace and magnitude of changes to levels of unemployment the significant government responses to date and the continuing effort to contain the impact of covid 19 in the us among other factors introduces significant uncertainty about the severity and duration of the pandemics effects on the us economy,significant uncertainty about the severity and duration of the pandemics effects on the us economy,effect,Performance,Society 302,55,as a result of the covid 19 pandemic the company may face increased costs associated with claims under its policies customers experiencing difficulty paying premiums or policies being designate d as no lapse for periods of time ,covid 19 pandemic,cause,Performance,Society 303,55,as a result of the covid 19 pandemic the company may face increased costs associated with claims under its policies customers experiencing difficulty paying premiums or policies being designate d as no lapse for periods of time ,company may face increased costs associated with claims under its policies customers experiencing difficulty paying premiums or policies being designate d as no lapse for periods of time,effect,Performance,Customers 304,56,in particular aflac us may experience higher lapses because a higher concentration of its policies in force are associated with small business and the correlation of lapse rates to unemployment,aflac us may experience higher lapses,cause,Performance,Investors 306,56,in particular aflac us may experience higher lapses because a higher concentration of its policies in force are associated with small business and the correlation of lapse rates to unemployment,a higher concentration of its policies in force are associated with small business and the correlation of lapse rates to unemployment,effect,Performance,Customers 307,57,the company cannot predict with certainty the impact of these events on its distribution channels and financial results but the impact to date has been more acute for aflac us due to the higher number of confirmed covid 19 cases and deaths in the us to date compared with japan both in absolute terms and in proportion to national populations as well as the historically lower rate of persistency in the aflac us business,company cannot predict with certainty the impact of these events on its distribution channels and financial results but the impact to date has been more acute for aflac us,effect,Performance,Society 309,57,the company cannot predict with certainty the impact of these events on its distribution channels and financial results but the impact to date has been more acute for aflac us due to the higher number of confirmed covid 19 cases and deaths in the us to date compared with japan both in absolute terms and in proportion to national populations as well as the historically lower rate of persistency in the aflac us business,the higher number of confirmed covid 19 cases and deaths in the us to date compared with japan both in absolute terms and in proportion to national populations,cause,Performance,Society 310,57,the company cannot predict with certainty the impact of these events on its distribution channels and financial results but the impact to date has been more acute for aflac us due to the higher number of confirmed covid 19 cases and deaths in the us to date compared with japan both in absolute terms and in proportion to national populations as well as the historically lower rate of persistency in the aflac us business,the historically lower rate of persistency in the aflac us business,cause,Performance,Investors 311,58,additionally as the japan and us employment mar kets continue to evolve there is risk that the companys practices regarding attracting developing and retaining employees may not be fully effective,risk that the companys practices regarding attracting developing and retaining employees may not be fully effective,effect,Performance,Employees 313,59,the company is in a continual state of upgrading and enhancing its business systems and has increased the pace of such enhancements in recent years particula rly during the covid 19 pandemic given the growing importance of virtual sales to both aflac japan and aflac us,in a continual state of upgrading and enhancing its business systems,cause,Performance,Society 314,59,the company is in a continual state of upgrading and enhancing its business systems and has increased the pace of such enhancements in recent years particula rly during the covid 19 pandemic given the growing importance of virtual sales to both aflac japan and aflac us,increased the pace of such enhancements in recent years particula r,effect,Performance,Unclassified 316,59,the company is in a continual state of upgrading and enhancing its business systems and has increased the pace of such enhancements in recent years particula rly during the covid 19 pandemic given the growing importance of virtual sales to both aflac japan and aflac us,growing importance of virtual sales to both,effect,Performance,Unclassified 317,59,the company is in a continual state of upgrading and enhancing its business systems and has increased the pace of such enhancements in recent years particula rly during the covid 19 pandemic given the growing importance of virtual sales to both aflac japan and aflac us,aflac japan,cause,Non-Performance,Non-performance 319,59,the company is in a continual state of upgrading and enhancing its business systems and has increased the pace of such enhancements in recent years particula rly during the covid 19 pandemic given the growing importance of virtual sales to both aflac japan and aflac us,aflac us,cause,Non-Performance,Non-performance 320,60,interrup tion 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 whether due to actions by the company or others including third party providers and participants in the companys distribution channels could delay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,interrup tion in telecommunication information technology and other operational systems,effect,Non-Performance,Non-performance 321,60,interrup tion 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 whether due to actions by the company or others including third party providers and participants in the companys distribution channels could delay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems,effect,Non-Performance,Non-performance 323,60,interrup tion 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 whether due to actions by the company or others including third party providers and participants in the companys distribution channels could delay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,actions by the company or others including third party providers and participants in the companys distribution channels could delay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it,cause,Performance,Customers 328,60,interrup tion 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 whether due to actions by the company or others including third party providers and participants in the companys distribution channels could delay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,loss of customers and revenues and otherwise adversely affect the companys business,effect,Performance,Customers 329,61,in times of market stress unanticipated market movements or unanticipated claims ex perience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,market stress unanticipated market movements,cause,Performance,Investors 330,61,in times of market stress unanticipated market movements or unanticipated claims ex perience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,unanticipated claims ex perience resulting from greater than expected morbidity mortality longevity or persistency,cause,Performance,Investors 331,61,in times of market stress unanticipated market movements or unanticipated claims ex perience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,effect,Performance,Employees 332,62,inadequate oversight of aflacs third party suppliers due to the lack of policies procedures training and governance may lead to financial loss or damage to the aflac brand ,inadequate oversight of aflacs third party suppliers,cause,Non-Performance,Non-performance 334,62,inadequate oversight of aflacs third party suppliers due to the lack of policies procedures training and governance may lead to financial loss or damage to the aflac brand ,financial loss or damage to the aflac brand,effect,Performance,Investors 335,63,in preparing the companys financial statements the company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates due to numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates,effect,Performance,Unclassified 337,63,in preparing the companys financial statements the company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates due to numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,cause,Performance,Investors 338,64,compliance with new privacy and security laws requirements and new regulations may result in cost increases due to necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,compliance with new privacy and security laws requirements and new regulations may result in cost increases,effect,Performance,Unclassified 340,64,compliance with new privacy and security laws requirements and new regulations may result in cost increases due to necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,cause,Performance,Society 341,65,in addition despite the security measures the company has in place to ensure compliance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer vir uses misplaced or lost data programming andor human errors or other similar events,security measures,cause,Non-Performance,Non-performance 342,65,in addition despite the security measures the company has in place to ensure compliance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer vir uses misplaced or lost data programming andor human errors or other similar events,company has in place to ensure compliance with applicable laws,cause,Performance,Unclassified 345,65,in addition despite the security measures the company has in place to ensure compliance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer vir uses misplaced or lost data programming andor human errors or other similar events,companys facilities and systems,effect,Non-Performance,Non-performance 346,65,in addition despite the security measures the company has in place to ensure compliance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer vir uses misplaced or lost data programming andor human errors or other similar events,those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism,effect,Non-Performance,Non-performance 348,65,in addition despite the security measures the company has in place to ensure compliance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer vir uses misplaced or lost data programming andor human errors or other similar events,misplaced or lost data programming or human errors or other similar events,cause,Non-Performance,Non-performance 350,66,there is also a risk that any particular regulators or enforcem ent authoritys interpretation of a legal or regulatory issue may change over time to the companys detriment,a risk that any particular regulators or enforcem ent authoritys interpretation of a legal or regulatory issue may change over time to the companys detriment,effect,Performance,Employees 351,67,in addition changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys inter pretation of an issue changing cause the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective ,changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys inter pretation of an issue,cause,Performance,Society 353,67,in addition changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys inter pretation of an issue changing cause the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective ,the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective,effect,Performance,Society 354,68,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materially increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,compliance with applicable laws and regulations is time consuming and personnel intensive,cause,Performance,Employees 355,68,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materially increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,changes in these laws and regulations may materially increase the companys direct and indirect compliance and other expenses of doing business,cause,Performance,Employees 357,68,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materially increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,having a material adverse effect on the companys financial condition and results of operations,effect,Non-Performance,Non-performance 358,69,a failure to meet evolving customer demands through innovative product development effective distribution channels and con tinuous investment in the companys technology could result in lower revenues and less favorable policy terms and conditions which could adversely affect the companys operating results,failure to meet evolving customer demands through innovative product development effective distribution channels and con tinuous investment in the companys technology,cause,Performance,Society 360,69,a failure to meet evolving customer demands through innovative product development effective distribution channels and con tinuous investment in the companys technology could result in lower revenues and less favorable policy terms and conditions which could adversely affect the companys operating results,in lower revenues and less favorable policy terms and conditions which could adversely affect the companys operating results,effect,Performance,Investors 362,70,as a result the companys ability to effectively compete to retain or acquire new business may be impaired and its business financial condition or results of operations may be adversely affected ,companys ability to effectively compete to retain or acquire new business may be impaired,effect,Performance,Customers 363,70,as a result the companys ability to effectively compete to retain or acquire new business may be impaired and its business financial condition or results of operations may be adversely affected ,its business financial condition or results of operations may be adversely affected,effect,Non-Performance,Non-performance 364,71,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,catastrophic events,cause,Non-Performance,Non-performance 366,71,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,climate change,cause,Non-Performance,Non-performance 367,71,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,could adversely affect the companys financial condition and results of operations,effect,Performance,Society 368,71,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,well as the availability of the companys infrastructure and systems,effect,Performance,Employees 369,72,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,claims resulting from natural or man made catastrophic events,cause,Performance,Unclassified 371,72,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition,effect,Performance,Investors 373,72,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,affect its ability to write new business,effect,Performance,Customers 374,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,such events,cause,Non-Performance,Non-performance 376,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,or required premium,effect,Non-Performance,Non-performance 377,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,grace periods,cause,Non-Performance,Non-performance 379,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,volatility in lapse rates and premium persistency,effect,Non-Performance,Non-performance 380,74,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales as sociates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,perception of unfavorable business practices lack of commitment to sustainability efforts,cause,Non-Performance,Non-performance 381,74,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales as sociates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,attention to societal impacts or financial weakness with respect to the company its alliance partners sales as,cause,Performance,Society 382,74,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales as sociates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,so cia,effect,Non-Performance,Non-performance 386,74,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales as sociates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,effect,Performance,Customers 387,75,additionally as the japan and us employment markets continue to evolve there is risk that the companys practices regarding attracting developing and retaining employees may not be fully effective,risk that the companys practices regarding attracting developing and retaining employees may not be fully effective,effect,Performance,Employees 388,76,although the minor data leakage issues the company has experienced to date have not had a material effect on its business th ere is no assurance that the companys security systems or processes will prevent or mitigate future break ins tampering security breaches or other cyber attacks,minor data leakage issues,cause,Non-Performance,Non-performance 390,76,although the minor data leakage issues the company has experienced to date have not had a material effect on its business th ere is no assurance that the companys security systems or processes will prevent or mitigate future break ins tampering security breaches or other cyber attacks,have not had a material effect on its business th,effect,Non-Performance,Non-performance 391,76,although the minor data leakage issues the company has experienced to date have not had a material effect on its business th ere is no assurance that the companys security systems or processes will prevent or mitigate future break ins tampering security breaches or other cyber attacks,no assurance that the companys security systems or processes will prevent or mitigate future break ins tampering security breaches or other cyber attacks,effect,Performance,Society 392,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,interruption in telecommunication information technology and other operational systems,effect,Non-Performance,Non-performance 393,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,failure to maintain the security confidentiality or privacy of sensitive data residing on such systems,effect,Non-Performance,Non-performance 395,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation,cause,Performance,Customers 396,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,ability to compete,cause,Performance,Employees 397,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,regulatory sanctions,effect,Non-Performance,Non-performance 399,77,interruption in telecommunication information technology and other operational systems o r a failure to maintain the security confidentiality or privacy of sensitive data residing on such systems whether due to actions by the company or others including third party providers and participants in the companys distribution channels could del ay or disrupt the companys ability to do business and service its customers seriously harm the companys brand reputation and ability to compete effectively subject it to regulatory sanctions and other claims lead to a loss of customers and revenues and otherwise adversely affect the companys business ,loss of customers and revenues and otherwise adversely affect the companys business,effect,Performance,Customers 400,78,in times of market stress unanticipated market movements or unantici pated claims experience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,market stress unanticipated market movements,cause,Performance,Investors 401,78,in times of market stress unanticipated market movements or unantici pated claims experience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,unantici pated claims,cause,Non-Performance,Non-performance 402,78,in times of market stress unanticipated market movements or unantici pated claims experience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,resulting from greater than expected morbidity mortality longevity or persistency,cause,Performance,Investors 403,78,in times of market stress unanticipated market movements or unantici pated claims experience resulting from greater than expected morbidity mortality longevity or persistency the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,the effectiveness of the companys risk management strategies may be limited resulting in losses to the company,effect,Performance,Employees 404,79,under difficult or less liquid m arket conditions the companys risk management strategies may be ineffective or more difficult or expensive to execute because other market participants may be using the same or similar strategies to manage risk,under difficult or less liquid m arket conditions,cause,Non-Performance,Non-performance 405,79,under difficult or less liquid m arket conditions the companys risk management strategies may be ineffective or more difficult or expensive to execute because other market participants may be using the same or similar strategies to manage risk,the companys risk management strategies may be ineffective or more difficult or expensive to execute,effect,Non-Performance,Non-performance 407,79,under difficult or less liquid m arket conditions the companys risk management strategies may be ineffective or more difficult or expensive to execute because other market participants may be using the same or similar strategies to manage risk,other market participants may be using the same or similar strategies to manage risk,cause,Non-Performance,Non-performance 408,80,inadequate oversight of aflacs third party suppliers due to the lack of policies procedures training and governance may lead to financial loss or damage to the aflac brand ,inadequate oversight of aflacs third party suppliers,cause,Non-Performance,Non-performance 410,80,inadequate oversight of aflacs third party suppliers due to the lack of policies procedures training and governance may lead to financial loss or damage to the aflac brand ,financial loss or damage to the aflac brand,effect,Performance,Investors 411,63,in preparing the companys financial statements the company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates due to numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates,effect,Performance,Unclassified 413,63,in preparing the companys financial statements the company estimates the amount of tax that will become payable but the companys effective tax rate may be different than estimates due to numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,numerous factors including accounting for income taxes the mix of earnings from japan and the us the results of tax audits adjustments to the value of uncertain tax positions changes to estimates and o ther factors,cause,Performance,Investors 414,64,compliance with new privacy and security laws requirements and new regulations may result in cost increases due to necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,compliance with new privacy and security laws requirements and new regulations may result in cost increases,effect,Performance,Unclassified 416,64,compliance with new privacy and security laws requirements and new regulations may result in cost increases due to necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,necessary systems changes new limitations or constraints on the companys business models the development of new administrative processes and the effects of potential noncompliance by the companys business associates,cause,Performance,Society 417,81,in addition despite the security measures the company has in place to ensure compli ance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer viruses misplaced or lost data programming andor human errors or other similar events,security measures the company has in place to ensure com p,cause,Performance,Society 421,81,in addition despite the security measures the company has in place to ensure compli ance with applicable laws and rules the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandalism or theft computer viruses misplaced or lost data programming andor human errors or other similar events,the companys facilities and systems and those of the companys third party providers and participants in its distribution channels may be vulnerable to security breaches acts of vandal ism or theft computer viruses misplaced or lost data programming,effect,Performance,Employees 424,82,there is also a risk that any particular regulators or enforcement au thoritys interpretation of a legal or regulatory issue may change over time to the companys detriment,a risk that any particular regulators or enforcement au thoritys interpretation of a legal or regulatory issue may change over time to the companys detriment,effect,Performance,Employees 425,83,in addition changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys interpretati on of an issue changing cause the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective ,changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys interpretati on of an issue,cause,Performance,Society 427,83,in addition changes in the overall legal or regulatory environment may even absent any particular regulators or enforcement authoritys interpretati on of an issue changing cause the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective ,the company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective,effect,Performance,Society 428,84,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materi ally increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,compliance with applicable laws and regulations is time consuming and personnel intensive,cause,Performance,Employees 429,84,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materi ally increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,changes in these laws and regulations may materi ally increase the companys direct and indirect compliance and other expenses of doing business,cause,Performance,Employees 431,84,compliance with applicable laws and regulations is time consuming and personnel intensive and changes in these laws and regulations may materi ally increase the companys direct and indirect compliance and other expenses of doing business thus having a material adverse effect on the companys financial condition and results of operations ,having a material adverse effect on the companys financial condition and results of operations,effect,Non-Performance,Non-performance 433,85,as a result the companys ability to effectively compete to retain or acquire new business may be impaired and its business financial condition or results of operations may be adversely affected ,companys ability to effectively compete to retain or acquire new business may be impaired,effect,Performance,Customers 434,85,as a result the companys ability to effectively compete to retain or acquire new business may be impaired and its business financial condition or results of operations may be adversely affected ,its business financial condition or results of operations may be adversely affected,effect,Non-Performance,Non-performance 435,86,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,catastrophic events,cause,Non-Performance,Non-performance 437,86,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,climate change,cause,Non-Performance,Non-performance 438,86,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,could adversely affect the companys financial condition and results of operations,effect,Performance,Society 439,86,catastrophic events including as a result of climate change could adversely affect the companys financial condition and results of operations as well as the availability of the companys infrastructure and systems ,well as the availability of the companys infrastructure and systems,effect,Performance,Employees 440,87,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,claims resulting from natural or man made catastrophic events,cause,Performance,Unclassified 442,87,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition,effect,Performance,Investors 444,87,claims resulting from natural or man made catastrophic events could cause substantial volatility in the companys financial results for any fiscal quarter or year and could materially reduce its profitability or harm the companys financial condition as well as affect its ability to write new business,affect its ability to write new business,effect,Performance,Customers 445,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,such events,cause,Non-Performance,Non-performance 447,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,or required premium,effect,Non-Performance,Non-performance 448,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,grace periods,cause,Non-Performance,Non-performance 450,73,in addition such events may lead to periods of voluntary or required premium grace periods which may lead to volatility in lapse rates and premium persistency ,volatility in lapse rates and premium persistency,effect,Non-Performance,Non-performance 451,88,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales associates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,perception of unfavorable business practices lack of commitment to sustainability efforts,cause,Non-Performance,Non-performance 452,88,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales associates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,attention to societal impacts,cause,Non-Performance,Society 453,88,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales associates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,financial weakness with respect to the company its alliance partners sales associates or,cause,Performance,Society 454,88,the perception of unfavorable business practices lack of commitment to sustainability efforts and attention to societal impacts or financial weakness with respect to the company its alliance partners sales associates or other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,other distribution partners could create doubt regarding the companys ability to honor the commitments it has made to its policyholders,effect,Performance,Customers 455,89,maintaining the companys stature as a trustworthy insurer and responsible corporate citizen which helps support the strength of the companys brand is critical to the companys reputation and the failure or perceived failure to do so could a dversely affect the companys brand value financial condition and results of operations,maintaining the companys stature as a trustworthy insurer and responsible corporate citizen,cause,Performance,Employees 456,89,maintaining the companys stature as a trustworthy insurer and responsible corporate citizen which helps support the strength of the companys brand is critical to the companys reputation and the failure or perceived failure to do so could a dversely affect the companys brand value financial condition and results of operations,failure or perceived failure to do so,cause,Non-Performance,Non-performance 458,89,maintaining the companys stature as a trustworthy insurer and responsible corporate citizen which helps support the strength of the companys brand is critical to the companys reputation and the failure or perceived failure to do so could a dversely affect the companys brand value financial condition and results of operations,dversely affect the companys brand value financial condition and results of operations,effect,Performance,Society 459,90,however a substantial legal liability or a significant federal state or other regulatory action against the company as well as regulatory inquiries or investigations could harm the companys reputation result in changes in operations result in material fines or penalties result in significant costs due to legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,substantial legal liability,effect,Non-Performance,Non-performance 460,90,however a substantial legal liability or a significant federal state or other regulatory action against the company as well as regulatory inquiries or investigations could harm the companys reputation result in changes in operations result in material fines or penalties result in significant costs due to legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,significant federal state or other regulatory action against,effect,Non-Performance,Non-performance 461,90,however a substantial legal liability or a significant federal state or other regulatory action against the company as well as regulatory inquiries or investigations could harm the companys reputation result in changes in operations result in material fines or penalties result in significant costs due to legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,company s,effect,Non-Performance,Non-performance 463,90,however a substantial legal liability or a significant federal state or other regulatory action against the company as well as regulatory inquiries or investigations could harm the companys reputation result in changes in operations result in material fines or penalties result in significant costs due to legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,in changes in operations result in material fines or penalties result in significant costs,effect,Performance,Unclassified 465,90,however a substantial legal liability or a significant federal state or other regulatory action against the company as well as regulatory inquiries or investigations could harm the companys reputation result in changes in operations result in material fines or penalties result in significant costs due to legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,legal fees settlements or judgme nts against the company or otherwise have a material adverse effect on the companys business financial condition and results of operations,cause,Performance,Society 467,91,a n allegation or determination that independent agents in the companys us sales force have been misclassified as independent contractors could result in changes in the companys operations and us business model result in material fines or penalties r esult in significant costs due to legal fees settlements or judgments against the company or otherwise have a material adverse effect on the companys business results of operation financial condition and liquidity,determination that independent agents in the s us sales force have been misclassified as independent contractors could result in changes in the companys operations and us business model result in material fines or penalties r esult in significant costs,effect,Performance,Society 470,91,a n allegation or determination that independent agents in the companys us sales force have been misclassified as independent contractors could result in changes in the companys operations and us business model result in material fines or penalties r esult in significant costs due to legal fees settlements or judgments against the company or otherwise have a material adverse effect on the companys business results of operation financial condition and liquidity,legal fees settlements or judgments against the company or otherwise have a material adverse effect on the companys business results of operation financial condition and liquidity,cause,Performance,Society 471,92,in 2020 both aflac japan and aflac us experienced a significant decrease in sales due to the effects of the pandemic and related government responses,both aflac japan and aflac us experienced a significant decrease in sales,effect,Performance,Investors 473,92,in 2020 both aflac japan and aflac us experienced a significant decrease in sales due to the effects of the pandemic and related government responses,the effects of the pandemic and related government responses,cause,Performance,Society 474,93,the pandemics impact on economic conditions have contributed to sales declines pressuring premium growth rates,pandemics impact on economic conditions,cause,Performance,Society 476,93,the pandemics impact on economic conditions have contributed to sales declines pressuring premium growth rates,sales declines pressuring premium growth rates,effect,Performance,Investors 477,94,while the smr is particularly sensitive to market volatility resulting from widening of credit spreads both smr and rbc are sensitive to credit downgrades and defaults,particularly sensitive to market volatility resulting from widening of credit spreads,cause,Non-Performance,Non-performance 478,94,while the smr is particularly sensitive to market volatility resulting from widening of credit spreads both smr and rbc are sensitive to credit downgrades and defaults,smr and rbc are sensitive to credit downgrades and defaults,effect,Non-Performance,Non-performance 480,95,as a result of market volatility the company has made tactical adjustments to its existing foreign currency hedging program in aflac japan to mitigate hedging cost and settlement risk while maintaining a strong smr,market volatility,cause,Non-Performance,Non-performance 481,95,as a result of market volatility the company has made tactical adjustments to its existing foreign currency hedging program in aflac japan to mitigate hedging cost and settlement risk while maintaining a strong smr,company has made tactical adjustments to its existing foreign currency hedging program in aflac japan to mitigate hedging cost and settlement risk while maintaining a strong smr flac,effect,Performance,Unclassified 483,96,prior to and con tinuing through the pandemic aflac japan has maintained a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange rates and therefore support smr ,has maintained a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange rates,cause,Performance,Unclassified 485,96,prior to and con tinuing through the pandemic aflac japan has maintained a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange rates and therefore support smr ,support smr,effect,Non-Performance,Non-performance 486,97,fundamental credit analysis and de risking activity in prior periods contributed to the current quality of the companys investments,fundamental credit analysis and de risking activity in prior periods,cause,Performance,Investors 488,97,fundamental credit analysis and de risking activity in prior periods contributed to the current quality of the companys investments,the current quality of the companys investments,effect,Performance,Employees 490,98,as a result net investment income may be ad versely impacted over time from lower reinvestment rates for fixed maturity investments and lower interest on floating rate assets,net investment income,cause,Performance,Investors 491,98,as a result net investment income may be ad versely impacted over time from lower reinvestment rates for fixed maturity investments and lower interest on floating rate assets,may be,effect,Non-Performance,Non-performance 492,98,as a result net investment income may be ad versely impacted over time from lower reinvestment rates for fixed maturity investments and lower interest on floating rate assets,ad versely impacted over time from lower reinvestment rates for fixed maturity investments,cause,Performance,Investors 493,98,as a result net investment income may be ad versely impacted over time from lower reinvestment rates for fixed maturity investments and lower interest on floating rate assets,lower interest on floating rate assets,cause,Performance,Investors 494,99,the company continues to make tactical adjustments to its investment portfolios in response to the crisis and continues to assess its investment strategy and asset allocation to identify additional tactical adjustments that may be necessary due to the continuing effects of the pandemic,make tactical adjustments,effect,Non-Performance,Non-performance 495,99,the company continues to make tactical adjustments to its investment portfolios in response to the crisis and continues to assess its investment strategy and asset allocation to identify additional tactical adjustments that may be necessary due to the continuing effects of the pandemic,investment portfolios,effect,Non-Performance,Non-performance 496,99,the company continues to make tactical adjustments to its investment portfolios in response to the crisis and continues to assess its investment strategy and asset allocation to identify additional tactical adjustments that may be necessary due to the continuing effects of the pandemic,continues to assess its investment strategy and asset allocation to identify additional tactical adjustments,effect,Non-Performance,Non-performance 499,99,the company continues to make tactical adjustments to its investment portfolios in response to the crisis and continues to assess its investment strategy and asset allocation to identify additional tactical adjustments that may be necessary due to the continuing effects of the pandemic,continuing effects of the pandemic,cause,Performance,Society 500,100,in 2020 aflac japan experienced a sales decline of 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japan post investigation,in 2020 aflac japan experienced a sales decline of 362 on a yen basis compared to 2019,effect,Performance,Investors 502,100,in 2020 aflac japan experienced a sales decline of 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japan post investigation,impact of the covid 19 pandemic,cause,Performance,Society 503,100,in 2020 aflac japan experienced a sales decline of 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japan post investigation,the continuing effects of the japan post investigation,cause,Performance,Society 504,101,in addition licensure of newly recruited agents has been delayed in some states due to the unavailability or difficulty of temp orary licenses or online training,licensure of newly recruited agents has been delayed in some states,effect,Performance,Unclassified 506,101,in addition licensure of newly recruited agents has been delayed in some states due to the unavailability or difficulty of temp orary licenses or online training,unavailability or difficulty of temp orary licenses or online training,cause,Performance,Employees 507,102,the traditional agent s ales team is also using virtual recruiting and training through video conferencing in order to maintain or increase the recruiting pipeline,traditional agent s ales team is also using virtual recruiting and training through video conferencing,cause,Performance,Employees 509,102,the traditional agent s ales team is also using virtual recruiting and training through video conferencing in order to maintain or increase the recruiting pipeline,maintain or increase the recruiting pipeline,effect,Non-Performance,Non-performance 510,103,the aflac us broker sales team is focused on product enhancements due to covid 19 as well as leveraging technolog y based solutions to drive enrollment,aflac us broker sales team is focused on product enhancements,effect,Performance,Investors 512,103,the aflac us broker sales team is focused on product enhancements due to covid 19 as well as leveraging technolog y based solutions to drive enrollment,covid 19,cause,Performance,Society 513,103,the aflac us broker sales team is focused on product enhancements due to covid 19 as well as leveraging technolog y based solutions to drive enrollment,leveraging technolog y based solutions to drive enrollment,cause,Performance,Investors 514,104,the federal reserve has also taken various actions in an effort to support the economy and markets in response to heightene d volatility and uncertainty,taken various actions,effect,Non-Performance,Non-performance 517,104,the federal reserve has also taken various actions in an effort to support the economy and markets in response to heightene d volatility and uncertainty,support the economy and markets,effect,Non-Performance,Non-performance 519,104,the federal reserve has also taken various actions in an effort to support the economy and markets in response to heightene d volatility and uncertainty,heightene d volatility and uncertainty,cause,Non-Performance,Non-performance 520,105,the increase in net earnings and net earnings per diluted share in 2020 primarily reflects a 14 billion benefit from the release of valuation allowances on deferred foreign tax credits which were allowed due to newly released us tax regulations,the increase in net earnings and net earnings per diluted share in 2020 primarily reflects a 14 billion benefit from the release of valuation allowances on deferred foreign tax credits which,effect,Performance,Investors 523,105,the increase in net earnings and net earnings per diluted share in 2020 primarily reflects a 14 billion benefit from the release of valuation allowances on deferred foreign tax credits which were allowed due to newly released us tax regulations,newly released us tax regulations,cause,Non-Performance,Non-performance 524,106,stressed conditions volatility and disruptions in global capital markets particular markets or financial asset classes can have an adverse effect on the company in part because the company has a large investment portfolio and its insurance liabilities and derivatives are sensitive to changing market factors,stressed conditions volatility and disruptions in global capital markets particular markets or financial asset classes can have an adverse effect on the company,effect,Performance,Unclassified 526,106,stressed conditions volatility and disruptions in global capital markets particular markets or financial asset classes can have an adverse effect on the company in part because the company has a large investment portfolio and its insurance liabilities and derivatives are sensitive to changing market factors,the company has a large investment portfolio and its insurance liabilities and derivatives are sensitive to changing market factors,cause,Performance,Society 528,107,however due to the aging population and decline in birthrate new opportunities for customer demographics are not as readily available,the aging population and decline in birthrate,cause,Performance,Investors 529,107,however due to the aging population and decline in birthrate new opportunities for customer demographics are not as readily available,new opportunities for customer demographics are not as readily available,effect,Performance,Unclassified 530,108,the company also anticipates that benefit and expense ratios will continue to experience some level of revenue pressure due to the impact of paid up policies and reduced sales in 2020,anticipates that benefit and expense ratios will continue to experience some level of revenue pressure,effect,Performance,Investors 532,108,the company also anticipates that benefit and expense ratios will continue to experience some level of revenue pressure due to the impact of paid up policies and reduced sales in 2020,impact of paid up policies and reduced sales in 2020,cause,Performance,Unclassified 533,109,segment the company expects the profit margins for the aflac us segment to decline in 2021 as benefit ratios stabilize expense ratios continue to be elevated in light of investments into us platforms and revenues face pressure due to the impact of the global pandemic on sales,expects the profit margins for the aflac us segment to decline in 2021,effect,Performance,Investors 534,109,segment the company expects the profit margins for the aflac us segment to decline in 2021 as benefit ratios stabilize expense ratios continue to be elevated in light of investments into us platforms and revenues face pressure due to the impact of the global pandemic on sales,benefit ratios ilize expense ratios continue to be elevated in light of investments into us platforms and revenues face pressure,effect,Performance,Employees 537,109,segment the company expects the profit margins for the aflac us segment to decline in 2021 as benefit ratios stabilize expense ratios continue to be elevated in light of investments into us platforms and revenues face pressure due to the impact of the global pandemic on sales,impact of the global pandemic on sales,cause,Performance,Society 538,110,amortized hedge costsincome represent costsincome incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the companys japan segment or in the corporate and other segment,amortized hedge costsincome represent costsincome incurred or recognized,effect,Non-Performance,Non-performance 540,110,amortized hedge costsincome represent costsincome incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the companys japan segment or in the corporate and other segment,using foreign currency derivatives to hedge certain foreign exchange risks in the companys japan segment or,cause,Performance,Investors 542,110,amortized hedge costsincome represent costsincome incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the companys japan segment or in the corporate and other segment,the corporate and other segment,cause,Non-Performance,Non-performance 543,111,the company considers adjusted book value important as it excludes aoci which fluctuates due to market move ments that are outside managements control,company considers adjusted book value important oci,effect,Non-Performance,Non-performance 547,111,the company considers adjusted book value important as it excludes aoci which fluctuates due to market move ments that are outside managements control,market move ments that are outside managements control,cause,Non-Performance,Non-performance 548,112,however investment gains and losses may be realized as a result of changes in the financial markets and the creditworthiness of specific issuers tax planning strategies andor general portfolio management and rebalancing ,investment gains and losses may be realized,effect,Performance,Investors 550,112,however investment gains and losses may be realized as a result of changes in the financial markets and the creditworthiness of specific issuers tax planning strategies andor general portfolio management and rebalancing ,changes in the financial markets and the creditworthiness of specific issuers tax planning strategies andor general portfolio management and rebalancing,cause,Performance,Unclassified 551,113,gains and losses are recognized as a result of valuing these derivatives net of the effects of hedge accounting ,gains and losses are recognized,effect,Performance,Investors 553,113,gains and losses are recognized as a result of valuing these derivatives net of the effects of hedge accounting ,valuing these derivatives net of the effects of hedge accounting,cause,Performance,Society 554,114,amortized hedge costs and income have fluctuated in recent periods due to changes in the previously mentioned factors,amortized hedge costs and income have fluctuated in recent periods,effect,Performance,Investors 556,114,amortized hedge costs and income have fluctuated in recent periods due to changes in the previously mentioned factors,changes in the previously mentioned factors,cause,Performance,Society 557,115,the system can result in periodic charges to the company as a result of insolvenciesbankruptcies that occur with other companies in the life insurance industry,system can result in periodic charges to the company,effect,Performance,Unclassified 559,115,the system can result in periodic charges to the company as a result of insolvenciesbankruptcies that occur with other companies in the life insurance industry,insolvenciesbankruptcies that occur with other companies in the life insurance industry,cause,Performance,Society 560,116,in 2020 the combined effective tax rate differs from the us statutory rate primarily due to the release of certain valuation allowances established on the companys deferred foreign tax credit benefits,2020 the combined effective tax rate differs from the us statutory rate,effect,Performance,Unclassified 562,116,in 2020 the combined effective tax rate differs from the us statutory rate primarily due to the release of certain valuation allowances established on the companys deferred foreign tax credit benefits,the release of certain valuation allowances established on the companys deferred foreign tax credit benefits,cause,Performance,Employees 563,117,the release of these valuation allowances was a result of the issuance of final and proposed regulations by the us treasury and i nternal revenue service in september 2020 and resulted in a one time income tax benefit of 14 billion in the third quarter of 2020,release of these valuation allowances,effect,Non-Performance,Non-performance 565,117,the release of these valuation allowances was a result of the issuance of final and proposed regulations by the us treasury and i nternal revenue service in september 2020 and resulted in a one time income tax benefit of 14 billion in the third quarter of 2020,issuance of final and proposed regulations by the us treasury and i nternal revenue service in sept ber 2020,cause,Performance,Investors 567,117,the release of these valuation allowances was a result of the issuance of final and proposed regulations by the us treasury and i nternal revenue service in september 2020 and resulted in a one time income tax benefit of 14 billion in the third quarter of 2020,resulted in a one time income tax benefit of 14 billion in the third quarter of 2020,effect,Performance,Investors 569,118,due to the size of aflac japan whose functional currency is the japanese yen fluctuations in the yendollar exchange rate can have a significant effect on the companys reported results,size of aflac japan whose functional currency is apanese,cause,Performance,Society 572,118,due to the size of aflac japan whose functional currency is the japanese yen fluctuations in the yendollar exchange rate can have a significant effect on the companys reported results,fluctuations in the yendollar exchange rate can have a significant effect on the companys reported results,effect,Performance,Unclassified 573,119, in 2020 aflac japan sales for protection type first sector and third sector products decreased 369 and total sales decreased 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japa n post investigation,aflac japan sales for protection type first sector and third sector products decreased 369,effect,Performance,Investors 574,119, in 2020 aflac japan sales for protection type first sector and third sector products decreased 369 and total sales decreased 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japa n post investigation,total sales decreased 362 on a yen basis compared to 2019,effect,Performance,Investors 576,119, in 2020 aflac japan sales for protection type first sector and third sector products decreased 369 and total sales decreased 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japa n post investigation,the impact of the covid 19 pandemic,cause,Performance,Society 577,119, in 2020 aflac japan sales for protection type first sector and third sector products decreased 369 and total sales decreased 362 on a yen basis compared to 2019 primarily due to the impact of the covid 19 pandemic and the continuing effects of the japa n post investigation,the continuing effects of the japa n post investigation,cause,Performance,Society 578,120,sales from aflac us were down 308 in 2020 as compared to 2019 due to social distancing efforts which eliminated face toface sales opportunities beginning in mid march 2020,sales from aflac us were down 308 in 2020,effect,Performance,Investors 580,120,sales from aflac us were down 308 in 2020 as compared to 2019 due to social distancing efforts which eliminated face toface sales opportunities beginning in mid march 2020,social distancing efforts which eliminated face toface sales opportunities beginning in mid march 2020,cause,Performance,Investors 581,121,adjusted net investment income increased in 2020 primarily due to higher income from us dollar denominated assets and lower hedge costs,adjusted net investment income increased in 2020,effect,Performance,Investors 583,121,adjusted net investment income increased in 2020 primarily due to higher income from us dollar denominated assets and lower hedge costs,higher income from us dollar denominated assets,cause,Performance,Investors 584,121,adjusted net investment income increased in 2020 primarily due to higher income from us dollar denominated assets and lower hedge costs,lower hedge costs,cause,Non-Performance,Non-performance 585,122,see non us gaap financial measures defined abov e in 2020 the benefit ratio to total premiums increased compared to the prior year primarily due to higher persistency resulting in an increase in future policy benefit reserves partially offset by the continued change in mix of first and third secto r business as first sector products become paid up,the benefit ratio to total premiums increased,effect,Performance,Investors 587,122,see non us gaap financial measures defined abov e in 2020 the benefit ratio to total premiums increased compared to the prior year primarily due to higher persistency resulting in an increase in future policy benefit reserves partially offset by the continued change in mix of first and third secto r business as first sector products become paid up,higher persistency resulting in an increase in future policy benefit reserves partially offset by the continued change in mix of first and third secto r business as first sector products become paid up,cause,Performance,Investors 588,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,the adjusted expense ratio increased,effect,Performance,Investors 589,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,decrease in total revenues,cause,Performance,Investors 590,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,increase in expenses related to the paperless and covid 19 initiatives,cause,Performance,Society 591,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,virtual s,cause,Non-Performance,Non-performance 594,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,remote workforce partially offset by lower dac amortization,effect,Performance,Unclassified 596,123,in 2020 the adjusted expense ratio increased mainly due to the decrease in total revenues and an increase in expenses related to the paperless and covid 19 initiatives which include the expansion of and enhancements to virtual desktops and telework terminals to support a remote workforce partially offset by lower dac amortization due to higher persistency,higher persistency,cause,Non-Performance,Non-performance 597,124,aflac japan experienced a sharp drop off in total sales beginning in the second quarter of 2020 and continuing into 2021 due to the impact of the covid 19 pandemic and continuing effects of the japan post investigation,aflac japan experienced a sharp drop off in total sales beginning in the second quarter of 2020 and continuing into 2021,effect,Performance,Investors 599,124,aflac japan experienced a sharp drop off in total sales beginning in the second quarter of 2020 and continuing into 2021 due to the impact of the covid 19 pandemic and continuing effects of the japan post investigation,impact of the covid 19 pandemic and continuing effects of the japan post investigation,cause,Performance,Society 600,125,the number of sales agencies has declined in recent years due to aflac japans focus on supporting agencies with strong management frameworks high productivity and more producing agents,the number of sales agencies has declined in recent years,effect,Performance,Society 602,125,the number of sales agencies has declined in recent years due to aflac japans focus on supporting agencies with strong management frameworks high productivity and more producing agents,aflac japans focus on supporting agencies with strong management frameworks high productivity and more producing agents,cause,Non-Performance,Non-performance 603,126,the decrease in the aflac japan new money yield in 2020 was primarily due to lower yields on floating rate asset classes,decrease in the aflac japan new money yield in 2020,effect,Performance,Investors 605,126,the decrease in the aflac japan new money yield in 2020 was primarily due to lower yields on floating rate asset classes,lower yields on floating rate asset classes,cause,Non-Performance,Non-performance 606,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,benefit ratio decreased in 2020,effect,Performance,Investors 607,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,reduced accidents wellness medical visits,effect,Performance,Unclassified 608,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,routine procedures,effect,Non-Performance,Non-performance 610,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,shelter inplace orders,cause,Non-Performance,Non-performance 611,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,heightened social distancing due,cause,Non-Performance,Non-performance 613,127,the benefit ratio decreased in 2020 compared with 2019 reflecting reduced accidents wellness medical visits and routine procedures due to shelter inplace orders and heightened social distancing due to covid 19,covid 19,cause,Performance,Society 614,128,the adjusted expense ratio increased in 2020 compared with 2019 primarily due to anticipated spending increases reflecting ongoing investments i n the us platform distribution and customer experience tpa related expenses from the acquisition of argus the voluntary separation plan and lower unit cost capitalization reflecting a decline in sales ,the adjusted expense ratio increased in 2020 compared with 2019,effect,Performance,Investors 616,128,the adjusted expense ratio increased in 2020 compared with 2019 primarily due to anticipated spending increases reflecting ongoing investments i n the us platform distribution and customer experience tpa related expenses from the acquisition of argus the voluntary separation plan and lower unit cost capitalization reflecting a decline in sales ,anticipated spending increases reflecting ongoing investments i n the us platform distribution and customer experience tpa related expenses from the acquisition of argus the voluntary separation plan and lower unit cost capitalization reflecting a decline in sales,cause,Performance,Society 617,129,the pretax adjusted profit margin decreased sli ghtly in 2020 when compared with 2019 due to higher expense ratios offset somewhat by lower benefit ratios,pretax adjusted profit margin decreased sli ghtly in 2020,effect,Performance,Investors 619,129,the pretax adjusted profit margin decreased sli ghtly in 2020 when compared with 2019 due to higher expense ratios offset somewhat by lower benefit ratios,higher expense ratios offset somewhat by lower benefit ratios,cause,Performance,Unclassified 620,130,the increase in interest expense in 2020 is primarily due to the issuance of additional senior notes in the first and second quarter of 2020,increase in interest expense in 2020 is primarily,effect,Performance,Investors 622,130,the increase in interest expense in 2020 is primarily due to the issuance of additional senior notes in the first and second quarter of 2020,issuance of additional senior notes in the first and second quarter of 2020,cause,Performance,Investors 623,131,generally declines in fair values can be a result of changes in interest rates yendollar exchange rate and changes in net spreads driven by a broad market move or a change in the issuers underlying credit quality,generally declines in fair values,effect,Performance,Investors 625,131,generally declines in fair values can be a result of changes in interest rates yendollar exchange rate and changes in net spreads driven by a broad market move or a change in the issuers underlying credit quality,changes in interest rates yendollar exchange rate,cause,Performance,Unclassified 626,131,generally declines in fair values can be a result of changes in interest rates yendollar exchange rate and changes in net spreads driven by a broad market move or a change in the issuers underlying credit quality,changes in net spreads driven by a broad market move or a change in the issuers underlying credit quality,cause,Performance,Investors 627,132,aflac japans investments in yen denominated privately issued securities consist primarily of non japanese issuers are rated investment grade at purchase and have longer maturities thereby allowing the company to improve asset liability matching and overall investment returns,non japanese issuers are rated investment grade at purchase and have longer maturities,cause,Performance,Employees 629,132,aflac japans investments in yen denominated privately issued securities consist primarily of non japanese issuers are rated investment grade at purchase and have longer maturities thereby allowing the company to improve asset liability matching and overall investment returns,the company to improve asset liability matching and overall investment returns,effect,Performance,Investors 630,133,us dollar program includes all us dollar denominated investments in aflac japan other than the investments in certain consolidated vies where the instrument is economically converted to yen as a result of a derivative in the consolidated vie,us dollar program includes all us dollar denominated investments in aflac japan,effect,Performance,Unclassified 631,133,us dollar program includes all us dollar denominated investments in aflac japan other than the investments in certain consolidated vies where the instrument is economically converted to yen as a result of a derivative in the consolidated vie,economically converted to yen,effect,Performance,Unclassified 633,133,us dollar program includes all us dollar denominated investments in aflac japan other than the investments in certain consolidated vies where the instrument is economically converted to yen as a result of a derivative in the consolidated vie,derivative in the consolidated vie,cause,Performance,Society 634,134,aflac japan maintain s a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange and therefore support smr ,aflac japan maintain s a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange,cause,Performance,Unclassified 636,134,aflac japan maintain s a collar program on a portion of its us dollar program to mitigate against more extreme moves in foreign exchange and therefore support smr ,support smr,effect,Non-Performance,Non-performance 638,135,in order to economically mitigate risks associated with the enterprise wide exposure to the yen and the level and volatility of hedge costs the parent company enters into foreign exchange forward and option contracts,economically mitigate risks associated with the enterprise wide exposure,effect,Performance,Customers 640,135,in order to economically mitigate risks associated with the enterprise wide exposure to the yen and the level and volatility of hedge costs the parent company enters into foreign exchange forward and option contracts,the yen,effect,Non-Performance,Non-performance 642,135,in order to economically mitigate risks associated with the enterprise wide exposure to the yen and the level and volatility of hedge costs the parent company enters into foreign exchange forward and option contracts,volatility of hedge costs the parent company enters into foreign exchange forward and option contracts,cause,Non-Performance,Non-performance 643,136,by buying us dollars and selling yen the parent company is effectively lowering its overall economic exposure to the yen while aflac japans us dollar exposure remains reduced as a result of aflac japans us dollar denominated hedge program that economically creates yen assets,lowering its overall economic exposure to the yen,effect,Performance,Unclassified 644,136,by buying us dollars and selling yen the parent company is effectively lowering its overall economic exposure to the yen while aflac japans us dollar exposure remains reduced as a result of aflac japans us dollar denominated hedge program that economically creates yen assets,dollar exposure,effect,Non-Performance,Non-performance 647,136,by buying us dollars and selling yen the parent company is effectively lowering its overall economic exposure to the yen while aflac japans us dollar exposure remains reduced as a result of aflac japans us dollar denominated hedge program that economically creates yen assets,aflac japans us dollar denominated hedge program that economically creates yen assets,cause,Performance,Investors 648,137,legislation enacted regarding the framework of the life insurance policyholder protection corporation lippc included government fiscal measures supporting the lipp c in november 2016 japans diet passed legislation that again extends the governments fiscal support of the lippc through march 2022,legislation enacted regarding the framework of the life insurance policyholder protection corporation p,cause,Performance,Employees 650,137,legislation enacted regarding the framework of the life insurance policyholder protection corporation lippc included government fiscal measures supporting the lipp c in november 2016 japans diet passed legislation that again extends the governments fiscal support of the lippc through march 2022,measures p,cause,Non-Performance,Non-performance 652,137,legislation enacted regarding the framework of the life insurance policyholder protection corporation lippc included government fiscal measures supporting the lipp c in november 2016 japans diet passed legislation that again extends the governments fiscal support of the lippc through march 2022,passed legislation that again extends the governments fiscal support of the lippc through march 2022,effect,Performance,Society 654,138,as a result of policyholder aging claims payments are expected to gradually increase over the life of a policy ,policyholder aging claims,cause,Non-Performance,Non-performance 655,138,as a result of policyholder aging claims payments are expected to gradually increase over the life of a policy ,payments are expected to gradually increase over the life of a policy,effect,Performance,Customers 656,139,regulatory restrictions aflac japan aflac japan is required to meet certain financial criteria as governed by japanese corporate law in order to provide dividends to the parent company,regulatory restrictions aflac japan flac japan is required to meet certain financial criteria as governed by japanese corporate law,cause,Non-Performance,Non-performance 659,139,regulatory restrictions aflac japan aflac japan is required to meet certain financial criteria as governed by japanese corporate law in order to provide dividends to the parent company,provide dividends to the parent company,effect,Performance,Customers 660,140,aflac japans smr is sensitive to interest rate credit spread and foreign exchange rate changes therefore the company continues to evaluate alternatives for reducin g this sensitivity including the reduction of subsidiary dividends paid to the parent company and parent company capital contributions,aflac japans smr is sensitive to interest rate credit spread and foreign exchange rate changes,cause,Performance,Investors 662,140,aflac japans smr is sensitive to interest rate credit spread and foreign exchange rate changes therefore the company continues to evaluate alternatives for reducin g this sensitivity including the reduction of subsidiary dividends paid to the parent company and parent company capital contributions,company continues to evaluate alternatives for reducin g this sensitivity including the reduction of subsidiary dividends paid to the parent company and parent company capital contributions,effect,Performance,Unclassified 663,141,the prepara tion of financial statements in conformity with us gaap requires the company to make estimates based on currently available information when recording transactions resulting from business operations,prepara tion of financial statements in conformity with us gaap requires,cause,Performance,Investors 664,141,the prepara tion of financial statements in conformity with us gaap requires the company to make estimates based on currently available information when recording transactions resulting from business operations,the company to make estimates based on currently,effect,Performance,Society 666,141,the prepara tion of financial statements in conformity with us gaap requires the company to make estimates based on currently available information when recording transactions resulting from business operations,information when recording transactions resulting from business operations,effect,Performance,Society 667,142,the application of these critical accounting estimates determines the values at which 94 of the companys assets and 82 of its liabilities are reported as of december 31 2020 and thus has a direct effect on net earnings and shareholders equity ,the application of these critical accounting estimates determines the values at which 94 of the companys assets and 82 of its liabilities are reported as of december 31 2020,cause,Performance,Society 669,142,the application of these critical accounting estimates determines the values at which 94 of the companys assets and 82 of its liabilities are reported as of december 31 2020 and thus has a direct effect on net earnings and shareholders equity ,has a direct effect on net earnings and shareholders equity,effect,Performance,Investors 670,143,when revenues are reported the related amounts of benefits and expenses are charged against such revenues so that profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force,related amounts of benefits and expenses are charged against such revenues,cause,Performance,Employees 672,143,when revenues are reported the related amounts of benefits and expenses are charged against such revenues so that profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force,profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force,effect,Performance,Customers 673,144,this geographic dispersion and the nature of the companys benefit structure mitigate the risk of a significant unexpected increase in claims payments due to loc alized epidemics and events of a catastrophic nature,this geographic dispersion and the nature of the companys benefit structure mitigate the risk of a significant unexpected increase in claims payments,effect,Performance,Employees 675,144,this geographic dispersion and the nature of the companys benefit structure mitigate the risk of a significant unexpected increase in claims payments due to loc alized epidemics and events of a catastrophic nature,loc alized epidemics and events of a catastrophic nature,cause,Non-Performance,Non-performance 676,145,for aflac us the companys annual reviews in 2020 and 2019 indicated no need to strengt hen liabilities associated with policies in the us the growth of the future policy benefits liability in yen for aflac japan and in dollars for aflac us has been due to the aging of the companys in force block of business and the addition of new business,no treng,effect,Non-Performance,Non-performance 679,145,for aflac us the companys annual reviews in 2020 and 2019 indicated no need to strengt hen liabilities associated with policies in the us the growth of the future policy benefits liability in yen for aflac japan and in dollars for aflac us has been due to the aging of the companys in force block of business and the addition of new business,the growth of the future policy benefits liability in ye,effect,Performance,Employees 681,145,for aflac us the companys annual reviews in 2020 and 2019 indicated no need to strengt hen liabilities associated with policies in the us the growth of the future policy benefits liability in yen for aflac japan and in dollars for aflac us has been due to the aging of the companys in force block of business and the addition of new business,aging of the companys in force block of business and the addition of new business,cause,Performance,Customers 682,146,under the guidance of these regulations the company recognized a one time income tax benefit of 14 billion due to the release of previously established valuation allowances related to deferred foreign tax credit benefits,company recognized a one time income tax benefit of 14 billion,effect,Performance,Investors 684,146,under the guidance of these regulations the company recognized a one time income tax benefit of 14 billion due to the release of previously established valuation allowances related to deferred foreign tax credit benefits,the release of previously established valuation allowances related to deferred foreign tax credit benefits,cause,Performance,Unclassified 685,147,under the modified retrospective method the impact of a low discount ra te applied to long duration third sector liabilities is recognized at adoption while associated favorable morbidity margins are recognized over time thus driving a pronounced timing impact to us gaap equity ,the impact of a low discount ra te applied to long duration third sector liabilities is recognized at adoption while associated favorable morbidity margins are recognized over time,cause,Performance,Society 687,147,under the modified retrospective method the impact of a low discount ra te applied to long duration third sector liabilities is recognized at adoption while associated favorable morbidity margins are recognized over time thus driving a pronounced timing impact to us gaap equity ,driving a pronounced timing impact to us gaap equity,effect,Non-Performance,Non-performance 688,148,after adoption of asu 2018 12 the company also expects net earnings and net earnings per share which were 48 billion and 667 per diluted share respectively in 2020 to reflect larger quarterly fluctuations due to the new requirement to update assumptions for liability for future policy benefits,company also expects net earnings and net earnings per share which were 48 billion and 667 per diluted share respectively in 2020 to reflect larger quarterly fluctuations,effect,Performance,Investors 690,148,after adoption of asu 2018 12 the company also expects net earnings and net earnings per share which were 48 billion and 667 per diluted share respectively in 2020 to reflect larger quarterly fluctuations due to the new requirement to update assumptions for liability for future policy benefits,the new requirement to update assumptions for liability for future policy benefits,cause,Performance,Employees 691,149,as an example of the potential impact of the new guidance and for illustrative purposes only under the modified retrospective method and in a low interest rate environment the company would expect aoci which was 89 billion at december 31 2020 to significantly decline upon adoption and to thereafter reflect larger quarterly fluctuations due to the new requirement to adjust discount rates quarterly,company would expect aoci which,effect,Non-Performance,Non-performance 693,149,as an example of the potential impact of the new guidance and for illustrative purposes only under the modified retrospective method and in a low interest rate environment the company would expect aoci which was 89 billion at december 31 2020 to significantly decline upon adoption and to thereafter reflect larger quarterly fluctuations due to the new requirement to adjust discount rates quarterly,to significantly decline upon adoption,effect,Performance,Investors 694,149,as an example of the potential impact of the new guidance and for illustrative purposes only under the modified retrospective method and in a low interest rate environment the company would expect aoci which was 89 billion at december 31 2020 to significantly decline upon adoption and to thereafter reflect larger quarterly fluctuations due to the new requirement to adjust discount rates quarterly,to thereafter reflect larger quarterly fluctuations,effect,Performance,Investors 696,149,as an example of the potential impact of the new guidance and for illustrative purposes only under the modified retrospective method and in a low interest rate environment the company would expect aoci which was 89 billion at december 31 2020 to significantly decline upon adoption and to thereafter reflect larger quarterly fluctuations due to the new requirement to adjust discount rates quarterly,new requirement to adjust discount rates quarterly,cause,Performance,Investors 697,150,additionally as discussed in detail in the risk factors section titled lack of availability of acceptable yen denominated investments could adversely affect the compan ys results of operations financial position or liquidity there is a risk that losses realized on derivative settlements during periods of weakening yen may not be recouped through realization of the corresponding holding currency gains on the hedged u s dollar denominated investments if these investments are not ultimately sold and converted to yen,a risk that losses realized on derivative settlements during periods,effect,Non-Performance,Non-performance 698,150,additionally as discussed in detail in the risk factors section titled lack of availability of acceptable yen denominated investments could adversely affect the compan ys results of operations financial position or liquidity there is a risk that losses realized on derivative settlements during periods of weakening yen may not be recouped through realization of the corresponding holding currency gains on the hedged u s dollar denominated investments if these investments are not ultimately sold and converted to yen,weakening yen may not be recouped through realization of the corresponding holding currency gains on the hedged u s dollar denominated investments if these investments are not ultimately sold and converted to yen,effect,Performance,Unclassified 699,151,if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements ,experience a significant strengthening of yen,cause,Non-Performance,Non-performance 701,151,if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements ,cash strain at the parent company,effect,Performance,Investors 703,151,if the markets experience a significant strengthening of yen this could cause cash strain at the parent company as a result of cash collateral and potentially cash settlement requirements ,cash collateral and potentially cash settlement requirements,cause,Non-Performance,Non-performance 705,152,therefore reported amounts are affected by foreign currency fluctuations ,reported amounts are affected by,effect,Non-Performance,Non-performance 710,153,as a result the effect of currency fluctuations on the companys net assets is reduced,effect of currency fluctuations on the companys net assets is reduced,effect,Performance,Investors 711,154,some of the co nsolidated vies in aflac japans portfolio use foreign currency swaps to convert foreign denominated cash flows to yen the functional currency of aflac japan in order to minimize cash flow fluctuations,some of the co nsolidated vies in aflac japans portfolio use foreign currency swaps to convert foreign denominated cash flows to yen the functional currency of aflac japan,cause,Performance,Investors 713,154,some of the co nsolidated vies in aflac japans portfolio use foreign currency swaps to convert foreign denominated cash flows to yen the functional currency of aflac japan in order to minimize cash flow fluctuations,minimize cash flow fluctuations,effect,Performance,Investors 714,155,interest rate risk the companys primary interest rate exposure is to the impact of changes in interest rates on the fair value of its investments in debt securities,interest rate risk,effect,Performance,Unclassified 715,155,interest rate risk the companys primary interest rate exposure is to the impact of changes in interest rates on the fair value of its investments in debt securities,companys primary interest rate exposure,effect,Non-Performance,Non-performance 716,155,interest rate risk the companys primary interest rate exposure is to the impact of changes in interest rates on the fair value of its investments in debt securities,impact of changes in interest rates on the fair value of its investments in debt securities,cause,Performance,Unclassified 717,156,overall adequate profit margins exist in aflac japans aggregate block of business becau se of changes in the mix of business and favorable experience from mortality morbidity and expenses,overall adequate profit margins exist in af c,effect,Performance,Investors 719,156,overall adequate profit margins exist in aflac japans aggregate block of business becau se of changes in the mix of business and favorable experience from mortality morbidity and expenses,aggregate block of business,effect,Non-Performance,Non-performance 720,156,overall adequate profit margins exist in aflac japans aggregate block of business becau se of changes in the mix of business and favorable experience from mortality morbidity and expenses,changes in the mix of business and favorable experience from mortality morbidity and expenses,cause,Performance,Society 721,157,some of the companys largest global investment holdings are positions that were purchased many years ago and increased in size due to merger and consolidation activity among the issuing entities,some of the companys largest global investment holdings are positions that were purchased many years ago and increased in size,effect,Performance,Employees 723,157,some of the companys largest global investment holdings are positions that were purchased many years ago and increased in size due to merger and consolidation activity among the issuing entities,merger and consolidation activity among the issuing entities,cause,Non-Performance,Non-performance 724,158,in addition many of the companys largest hol dings are yen denominated therefore strengthening of the yen can increase its position in dollars and weakening of the yen can decrease its position in dollars ,many of the companys largest hol dings are yen denominated,cause,Performance,Employees 726,158,in addition many of the companys largest hol dings are yen denominated therefore strengthening of the yen can increase its position in dollars and weakening of the yen can decrease its position in dollars ,strengthening of the yen can increase its position in dollars,effect,Performance,Unclassified 727,158,in addition many of the companys largest hol dings are yen denominated therefore strengthening of the yen can increase its position in dollars and weakening of the yen can decrease its position in dollars ,weakening of the yen can decrease its position in dollars,effect,Performance,Unclassified 728,159,for the foreign currency swaps associated with the com panys vie investments for which it is the primary beneficiary the company bears the risk of foreign exchange andor credit loss due to counterparty default even though it is not a direct counterparty to those contracts,the company bears the risk of foreign exchange andor credit loss,effect,Performance,Unclassified 730,159,for the foreign currency swaps associated with the com panys vie investments for which it is the primary beneficiary the company bears the risk of foreign exchange andor credit loss due to counterparty default even though it is not a direct counterparty to those contracts,counterparty default,cause,Non-Performance,Non-performance 731,159,for the foreign currency swaps associated with the com panys vie investments for which it is the primary beneficiary the company bears the risk of foreign exchange andor credit loss due to counterparty default even though it is not a direct counterparty to those contracts,though it is not a direct counterparty to those contracts,cause,Performance,Society 732,160,if collateral posting agreements are not in place the counterparty risk associated with foreign currency forwards and foreign currency options is the risk that at expiry of the contract the counterparty is unable to deliver the agreed upon amount of yen at the agreed upon price or delivery date thus exposing the company to additional unhedged exposure to us dollars in the aflac japan investment portfolio see note 4 of the accompanying notes to the consolidated financial statements for more information,if collateral posting agreements are not in place,cause,Non-Performance,Non-performance 734,160,if collateral posting agreements are not in place the counterparty risk associated with foreign currency forwards and foreign currency options is the risk that at expiry of the contract the counterparty is unable to deliver the agreed upon amount of yen at the agreed upon price or delivery date thus exposing the company to additional unhedged exposure to us dollars in the aflac japan investment portfolio see note 4 of the accompanying notes to the consolidated financial statements for more information,counterparty is unable to deliver the agreed upon amount of yen at the agreed upon price or delivery date,cause,Non-Performance,Non-performance 736,160,if collateral posting agreements are not in place the counterparty risk associated with foreign currency forwards and foreign currency options is the risk that at expiry of the contract the counterparty is unable to deliver the agreed upon amount of yen at the agreed upon price or delivery date thus exposing the company to additional unhedged exposure to us dollars in the aflac japan investment portfolio see note 4 of the accompanying notes to the consolidated financial statements for more information,exposing the company to additional unhedged exposure to us dollars in the aflac japan investment portfolio see note 4,effect,Performance,Unclassified 737,160,if collateral posting agreements are not in place the counterparty risk associated with foreign currency forwards and foreign currency options is the risk that at expiry of the contract the counterparty is unable to deliver the agreed upon amount of yen at the agreed upon price or delivery date thus exposing the company to additional unhedged exposure to us dollars in the aflac japan investment portfolio see note 4 of the accompanying notes to the consolidated financial statements for more information,consolidated financial statements for more information,effect,Performance,Society 738,161,equity risk market prices for equity securities are subject to fluctuation and consequently the amount realized in the subsequent sale of an investment may significantly differ from the reported market value ,equity risk market prices for equity securities are subject to fluctuation,cause,Performance,Unclassified 740,161,equity risk market prices for equity securities are subject to fluctuation and consequently the amount realized in the subsequent sale of an investment may significantly differ from the reported market value ,the amount realized in the subsequent sale of an investment may significantly differ from the reported market value,effect,Performance,Investors 741,162,fluctuation in the market price of a security may result from the relative price of alternative investments and general market conditions,fluctuation in the market price of a security,effect,Performance,Unclassified 743,162,fluctuation in the market price of a security may result from the relative price of alternative investments and general market conditions,the relative price of alternative investments and general market conditions,cause,Non-Performance,Non-performance 745,163,because of its inherent limitations internal contro l over financial reporting may not prevent or detect misstatements ,its inherent limitations,cause,Non-Performance,Non-performance 746,163,because of its inherent limitations internal contro l over financial reporting may not prevent or detect misstatements ,internal contro l over financial reporting may not prevent or detect misstatements,effect,Performance,Unclassified 747,164,also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of c ompliance with the policies or procedures may deteriorate,projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate,effect,Performance,Customers 749,164,also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of c ompliance with the policies or procedures may deteriorate,changes in conditions or that the degree of c ompliance with the policies or procedures may deteriorate,cause,Performance,Society 750,165,those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement whether due to error or fraud,the consolidated financial statements are free of material misstatement,effect,Performance,Society 752,165,those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement whether due to error or fraud,error or fraud,cause,Non-Performance,Non-performance 753,166,our audits inc luded performing procedures to assess the risks of material misstatement of the consolidated financial statements whether due to error or fraud and performing procedures that respond to those risks,our audits inc luded performing procedures to assess the risks of material misstatement of the consolidated financial statements,effect,Performance,Society 755,166,our audits inc luded performing procedures to assess the risks of material misstatement of the consolidated financial statements whether due to error or fraud and performing procedures that respond to those risks,error or fraud,cause,Non-Performance,Non-performance 756,166,our audits inc luded performing procedures to assess the risks of material misstatement of the consolidated financial statements whether due to error or fraud and performing procedures that respond to those risks,performing procedures that respond to those risks,cause,Non-Performance,Non-performance 758,167,due to the complexity of the valuation models specialized valuation skills and knowledge and subjective auditor judgment were needed to evaluate the valuation models and the inputs and assumptions used in the models to estimate fair value,the complexity of the valuation models,cause,Non-Performance,Non-performance 759,167,due to the complexity of the valuation models specialized valuation skills and knowledge and subjective auditor judgment were needed to evaluate the valuation models and the inputs and assumptions used in the models to estimate fair value,specialized valuation skills and knowledge and subjective auditor judgment were needed to evaluate the valuation models and the inputs and assumptions used in the models to estimate fair value,effect,Performance,Society 760,168,the company includes in earnings the realized currency exchange gains and losses resulting from foreign currency transactions,the realized currency exchange gains and losses resulting from,effect,Performance,Investors 761,168,the company includes in earnings the realized currency exchange gains and losses resulting from foreign currency transactions,foreign currency transactions,cause,Non-Performance,Non-performance 762,169,when revenues are reported the related amounts of benefits and expenses are charged against such revenues so that profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force ,related amounts of benefits and expenses are charged against such revenues,cause,Performance,Employees 764,169,when revenues are reported the related amounts of benefits and expenses are charged against such revenues so that profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force ,profits are recognized in proportion to premium revenues during the period the policies are expected to remain in force,effect,Performance,Customers 765,170,the company is the prima ry beneficiary of certain vies and therefore consolidates these entities in its financial statements ,the company is the prima ry beneficiary of certain vies,cause,Performance,Society 767,170,the company is the prima ry beneficiary of certain vies and therefore consolidates these entities in its financial statements ,consolidates these entities in its financial statements,effect,Performance,Investors 768,171,the company has the intent and ability to hold these loan receivables for th e foreseeable future or until they mature and therefore they are considered held for investment and are carried at amortized cost in the commercial mortgage and other loans line in its consolidated balance sheets ,the company has the intent and ability to hold these loan receivables for th e foreseeable future or until they mature,cause,Performance,Society 770,171,the company has the intent and ability to hold these loan receivables for th e foreseeable future or until they mature and therefore they are considered held for investment and are carried at amortized cost in the commercial mortgage and other loans line in its consolidated balance sheets ,they are considered held for investment and are carried at amortized cost in the commercial mortgage and other loans line in its consolidated balance sheets,effect,Performance,Unclassified 771,172,when assessing the effectiveness of the companys fair value hedges the company excludes the changes in fair value related to the difference between the spot and the fo rward rate on its foreign currency forwards the fair value not resulting from fluctuations in spot currency rates on the final notional exchange on cross currency swaps and the time value of money of foreign exchange options and interest rate swaptions,changes in fair value related to the difference between the spot and the fo rward rate on its foreign currency forwards,cause,Performance,Society 772,172,when assessing the effectiveness of the companys fair value hedges the company excludes the changes in fair value related to the difference between the spot and the fo rward rate on its foreign currency forwards the fair value not resulting from fluctuations in spot currency rates on the final notional exchange on cross currency swaps and the time value of money of foreign exchange options and interest rate swaptions,fair value not resulting from,effect,Performance,Unclassified 773,172,when assessing the effectiveness of the companys fair value hedges the company excludes the changes in fair value related to the difference between the spot and the fo rward rate on its foreign currency forwards the fair value not resulting from fluctuations in spot currency rates on the final notional exchange on cross currency swaps and the time value of money of foreign exchange options and interest rate swaptions,fluctuations in spot currency rates on the final notional exchange on cross currency swaps and the time value of money of foreign exchange options and interest rate swaptions,cause,Performance,Unclassified 774,173,however the company has identified certain available forsale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result a credit allowance has been calculated,identified certain available forsale fixed maturity securities where ortized,effect,Non-Performance,Non-performance 776,173,however the company has identified certain available forsale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result a credit allowance has been calculated,basis exceeds the present value of the cash flows,cause,Performance,Employees 778,173,however the company has identified certain available forsale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result a credit allowance has been calculated,credit related factors,cause,Non-Performance,Non-performance 780,173,however the company has identified certain available forsale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result a credit allowance has been calculated,credit allowance has been calculated,effect,Performance,Unclassified 781,174,financial statements and supplementary data as of december 31 2020 the company had commitments of approximately 22 billion of which 20 billion was a result of a new agreement with an external manager during the first quarter of 2020 to fund future middle mar ket loans,company had commitments of approximately 22 billion,effect,Non-Performance,Non-performance 783,174,financial statements and supplementary data as of december 31 2020 the company had commitments of approximately 22 billion of which 20 billion was a result of a new agreement with an external manager during the first quarter of 2020 to fund future middle mar ket loans,a new agreement with an external manager during the first quarter of 2020 to fund future middle mar ket loans mat,cause,Performance,Investors 785,175,for held tomaturity fixed maturity securities available forsale fixed maturity securities and loan receivables the company includes the change in present value due to the passage of time in the change in the allowance for credit losses,fixed maturity,effect,Non-Performance,Non-performance 786,175,for held tomaturity fixed maturity securities available forsale fixed maturity securities and loan receivables the company includes the change in present value due to the passage of time in the change in the allowance for credit losses,available forsale fixed maturity securities and loan receivables the company includes the change in present value,effect,Performance,Investors 788,175,for held tomaturity fixed maturity securities available forsale fixed maturity securities and loan receivables the company includes the change in present value due to the passage of time in the change in the allowance for credit losses,passage of time in the change in the allowance for credit losses,cause,Performance,Unclassified 789,176,the company continuously monitors the estimation methodology due to changes in portfolio composition changes in underwriting practices and significant events or conditions and makes a djustments as necessary,company continuously monitors the estimation methodology,effect,Non-Performance,Non-performance 791,176,the company continuously monitors the estimation methodology due to changes in portfolio composition changes in underwriting practices and significant events or conditions and makes a djustments as necessary,changes in portfolio composition changes in underwriting practices and significant events or conditions and makes a djustments as necessary,cause,Performance,Society 792,177,the companys held tomaturity fixed maturity portfolio includes japan government and agency securities of 233 billion amortized cost as of december 31 2020 that meet the requirements for zero credit loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement ,companys held tomaturity fixed maturity portfolio includes japan government and agency securities of 233 billion amortized cost as mber 31 2020 that meet the requirements for zero credit loss expectation,cause,Non-Performance,Non-performance 795,177,the companys held tomaturity fixed maturity portfolio includes japan government and agency securities of 233 billion amortized cost as of december 31 2020 that meet the requirements for zero credit loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement ,asset classes have been excluded from the current expected credit loss measurement,effect,Performance,Unclassified 796,178,the company granted certain loan modifications in its mml and tre portfolios due to covid 19 during the year ended december 31 2020,company granted certain loan modifications in its mml and tre portfolios,effect,Performance,Unclassified 798,178,the company granted certain loan modifications in its mml and tre portfolios due to covid 19 during the year ended december 31 2020,covid 19 during the year ended december 31 2020,cause,Performance,Investors 799,179,the nature of the modifications varied in scope and significance but generally a small proportion of modifications q ualified as tdr which is a situation where a company grants a concession to a borrower that a company would not otherwise have considered due to the borrowers financial difficulties,the nature of the modifications varied in scope and significance,effect,Performance,Society 800,179,the nature of the modifications varied in scope and significance but generally a small proportion of modifications q ualified as tdr which is a situation where a company grants a concession to a borrower that a company would not otherwise have considered due to the borrowers financial difficulties,a small proportion of modifications q ualified,effect,Non-Performance,Non-performance 802,179,the nature of the modifications varied in scope and significance but generally a small proportion of modifications q ualified as tdr which is a situation where a company grants a concession to a borrower that a company would not otherwise have considered due to the borrowers financial difficulties,company grants a concession to a borrower that a company would not otherwise have considered,effect,Performance,Customers 804,179,the nature of the modifications varied in scope and significance but generally a small proportion of modifications q ualified as tdr which is a situation where a company grants a concession to a borrower that a company would not otherwise have considered due to the borrowers financial difficulties,borrowers financial difficulties,cause,Non-Performance,Non-performance 805,180, the company designates nonaccrual status for a nonperforming debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest by the borrower ,company designates nonaccrual status for a nonperforming debt security or a loan that is not generating its stated interest rate,effect,Performance,Unclassified 807,180, the company designates nonaccrual status for a nonperforming debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest by the borrower ,nonpayment of periodic interest by the borrower,cause,Non-Performance,Non-performance 808,181,variable interest entities vies as a condition of its involvement or investment in a vie the company enters into certain protective rights and covenants that preclude changes in the structure of the vie that would alter the creditworthiness of the co mpanys investment or its beneficial interest in the vie,variable interest entities,cause,Non-Performance,Non-performance 812,181,variable interest entities vies as a condition of its involvement or investment in a vie the company enters into certain protective rights and covenants that preclude changes in the structure of the vie that would alter the creditworthiness of the co mpanys investment or its beneficial interest in the vie,enters into,cause,Non-Performance,Non-performance 813,181,variable interest entities vies as a condition of its involvement or investment in a vie the company enters into certain protective rights and covenants that preclude changes in the structure of the vie that would alter the creditworthiness of the co mpanys investment or its beneficial interest in the vie,certain protective rights and,effect,Non-Performance,Non-performance 814,181,variable interest entities vies as a condition of its involvement or investment in a vie the company enters into certain protective rights and covenants that preclude changes in the structure of the vie that would alter the creditworthiness of the co mpanys investment or its beneficial interest in the vie,coven ants that preclude changes in the structure of the vie that would alter the creditworthiness of the co mpanys investment or its beneficial interest in the vie,cause,Non-Performance,Non-performance 816,182,as the sole investor in these viesthe company has the power to direct the activities o f a variable interest entity that most significantly impact the entitys economic performance and is therefore considered to be the primary beneficiary of the vies that it consolidates,the sole investor in these viesthe company has the power to direct the activities o f a variable interest entity that most significantly impact the entitys economic performance,cause,Performance,Investors 818,182,as the sole investor in these viesthe company has the power to direct the activities o f a variable interest entity that most significantly impact the entitys economic performance and is therefore considered to be the primary beneficiary of the vies that it consolidates,considered to be the primary beneficiary of the vies that it consolidates,effect,Performance,Society 819,183,as such the company is not the primary benefic iary of these vies and is therefore not required to consolidate them ,company is not the primary benefic iary of these vies,cause,Performance,Society 821,183,as such the company is not the primary benefic iary of these vies and is therefore not required to consolidate them ,not required to consolidate them,effect,Non-Performance,Non-performance 822,184,derivative types foreign currency forwards and options are executed for the aflac japan segment in order to hedge the currency risk on the carrying value of certain us dollar denominated investments,derivative types foreign currency forwards and options are executed for the aflac japan segment,cause,Performance,Investors 824,184,derivative types foreign currency forwards and options are executed for the aflac japan segment in order to hedge the currency risk on the carrying value of certain us dollar denominated investments,hedge the currency risk on the carrying value of certain us dollar denominated investments,effect,Non-Performance,Non-performance 825,185,in situations where the maturity of the forwards and options is shorter than the underlying investment being hedged the company may enter into new forwards and op tions near maturity of the existing derivative in order to continue hedging the underlying investment,the maturity of the forwards and options is shorter than the underlying investment being hedged the company may enter into new forwards and op tions near maturity of the existing derivative,cause,Performance,Society 827,185,in situations where the maturity of the forwards and options is shorter than the underlying investment being hedged the company may enter into new forwards and op tions near maturity of the existing derivative in order to continue hedging the underlying investment,continue hedging the underlying investment,effect,Non-Performance,Non-performance 828,186,fore ign currency swaps are used primarily in the consolidated vies in the companys aflac japan portfolio to convert foreign denominated cash flows to yen the functional currency of aflac japan in order to minimize cash flow fluctuations,currency swaps are used primarily in the consolidated vies in,cause,Performance,Investors 829,186,fore ign currency swaps are used primarily in the consolidated vies in the companys aflac japan portfolio to convert foreign denominated cash flows to yen the functional currency of aflac japan in order to minimize cash flow fluctuations,companys aflac japan portfolio to convert foreign denominated cash flows to yen the functional currency of aflac japan,cause,Performance,Investors 831,186,fore ign currency swaps are used primarily in the consolidated vies in the companys aflac japan portfolio to convert foreign denominated cash flows to yen the functional currency of aflac japan in order to minimize cash flow fluctuations,minimize cash flow fluctuations,effect,Performance,Investors 833,187,in order to reduce investment income volatility from its v ariable rate investments the company enters into receive fixed pay floating interest rate swaps,reduce investment income,effect,Performance,Investors 835,187,in order to reduce investment income volatility from its v ariable rate investments the company enters into receive fixed pay floating interest rate swaps,from its,effect,Non-Performance,Non-performance 836,187,in order to reduce investment income volatility from its v ariable rate investments the company enters into receive fixed pay floating interest rate swaps,v ariable rate investments the company enters into receive fixed pay floating interest rate swaps,cause,Performance,Unclassified 837,188,swaptions are used to mitigate the adverse impact resulting from significant chan ges in the fair value of us dollar denominated available forsale securities due to fluctuation in interest rates,swaptions are used to mitigate the adverse impact resulting from significant chan ges in the fair value of us dollar denominated available forsale securities,effect,Performance,Society 839,188,swaptions are used to mitigate the adverse impact resulting from significant chan ges in the fair value of us dollar denominated available forsale securities due to fluctuation in interest rates,fluctuation in interest rates,cause,Performance,Unclassified 841,189,in order to maximize the efficiency of the collars while minimizing cost a collar strategy is used whereby the company purchases a long payer swaption the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap and sells a short receiver swaption the company sells an option that provides the coun terparty with the right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,maximize the efficiency of the collars,effect,Performance,Employees 842,189,in order to maximize the efficiency of the collars while minimizing cost a collar strategy is used whereby the company purchases a long payer swaption the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap and sells a short receiver swaption the company sells an option that provides the coun terparty with the right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap,cause,Performance,Unclassified 843,189,in order to maximize the efficiency of the collars while minimizing cost a collar strategy is used whereby the company purchases a long payer swaption the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap and sells a short receiver swaption the company sells an option that provides the coun terparty with the right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,short receiver swap,effect,Non-Performance,Non-performance 844,189,in order to maximize the efficiency of the collars while minimizing cost a collar strategy is used whereby the company purchases a long payer swaption the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap and sells a short receiver swaption the company sells an option that provides the coun terparty with the right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,the company sells an option that provides the coun terparty with the,cause,Performance,Society 845,189,in order to maximize the efficiency of the collars while minimizing cost a collar strategy is used whereby the company purchases a long payer swaption the company purchases an option that allows it to enter into a swap where the company will pay the fixed rate and receive the floating rate of the swap and sells a short receiver swaption the company sells an option that provides the coun terparty with the right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,right to enter into a swap where the company will receive the fixed rate and pay the floating rate of the swap,effect,Performance,Unclassified 846,190,bond purchase commitments result from repackaged bond structures that are consolidated vies whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated vie that issues the repackaged bond,bond purchase commitments,effect,Non-Performance,Non-performance 848,190,bond purchase commitments result from repackaged bond structures that are consolidated vies whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated vie that issues the repackaged bond,repackaged bond structures that are consolidated vies whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure,cause,Performance,Society 850,190,bond purchase commitments result from repackaged bond structures that are consolidated vies whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated vie that issues the repackaged bond,of all necessary legal agreements to,cause,Performance,Unclassified 851,190,bond purchase commitments result from repackaged bond structures that are consolidated vies whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated vie that issues the repackaged bond,support the consolidated vie that issues the repackaged bond,effect,Performance,Society 852,191,credit risk assumed through derivatives for the foreign currency and credit default swaps associated with the companys vie investments for which it is the primary beneficiary the company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts,credit risk assumed through derivatives,effect,Performance,Unclassified 853,191,credit risk assumed through derivatives for the foreign currency and credit default swaps associated with the companys vie investments for which it is the primary beneficiary the company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts,foreign currency and credit default swap,effect,Performance,Investors 854,191,credit risk assumed through derivatives for the foreign currency and credit default swaps associated with the companys vie investments for which it is the primary beneficiary the company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts,company bears the risk of loss,effect,Performance,Unclassified 856,191,credit risk assumed through derivatives for the foreign currency and credit default swaps associated with the companys vie investments for which it is the primary beneficiary the company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts,counterparty default,cause,Non-Performance,Non-performance 857,191,credit risk assumed through derivatives for the foreign currency and credit default swaps associated with the companys vie investments for which it is the primary beneficiary the company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts,though it is not a direct counterparty to those contracts,cause,Performance,Society 858,192, the company is a direct counterparty to the foreign currency swaps that it has entered into in connection w ith certain of its senior notes and subordinated debentures foreign currency forwards and foreign currency options and therefore the company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts ,the company is a direct counterparty to the foreign currency swaps that it has entered into in connection w ith certain of its senior notes and subordinated debentures foreign currency forwards and foreign currency options,cause,Performance,Society 860,192, the company is a direct counterparty to the foreign currency swaps that it has entered into in connection w ith certain of its senior notes and subordinated debentures foreign currency forwards and foreign currency options and therefore the company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts ,the company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts,effect,Performance,Society 861,193,the fair values of the foreign currency forwards and options are based on observable market inputs therefore they are classified as level 2,fair values of the foreign currency forwards and options are based on observable market inputs,cause,Performance,Investors 863,193,the fair values of the foreign currency forwards and options are based on observable market inputs therefore they are classified as level 2,they are classified as level 2,effect,Non-Performance,Non-performance 864,194,their fair values ar e based on observable market inputs therefore they are classified as level 2 ,fair values ar e based on observable market inputs,cause,Performance,Investors 866,194,their fair values ar e based on observable market inputs therefore they are classified as level 2 ,they are classified as level 2,effect,Non-Performance,Non-performance 868,195,as a result the fair value measurements incorpora te the credit risk of the collateral associated with the vie,fair value measurements in corpora,effect,Performance,Unclassified 870,195,as a result the fair value measurements incorpora te the credit risk of the collateral associated with the vie,te the credit risk of the collateral associated with the,effect,Non-Performance,Non-performance 872,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,methodology employed,cause,Non-Performance,Non-performance 873,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,the pricing,cause,Non-Performance,Non-performance 876,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,the long duration of these swaps,cause,Non-Performance,Non-performance 877,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,the need to extr apolate from short term observable data to derive and measure long term inputs,cause,Performance,Employees 881,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,and judgment s are required to value future cash flows,cause,Non-Performance,Non-performance 883,196,based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor the company determined that due to the long duration of these swaps and the need to extr apolate from short term observable data to derive and measure long term inputs certain inputs assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data,that cannot be corroborated by current inputs or current observable market data,cause,Performance,Investors 884,197,for the companys foreign exchange or cross currency swaps that are in a net asset position an increase in yen interest rates all other factors held constant will decrease the present value of the yen final settlement receivable receive leg thus decreasing the value of the swap as long as the derivative remains in a net asset position,all other factors held constant will decrease the present value of the yen final settlement receivable receive leg,cause,Performance,Unclassified 886,197,for the companys foreign exchange or cross currency swaps that are in a net asset position an increase in yen interest rates all other factors held constant will decrease the present value of the yen final settlement receivable receive leg thus decreasing the value of the swap as long as the derivative remains in a net asset position,decreasing the value of the swap as long as the derivative remains in a net asset position,effect,Performance,Unclassified 887,198,likewise holding all other factors constant an increase in us dollar interest rates will increase the swaps net value due to the decrease in the present value of the dollar final settlement payable pay leg,an increase in us dollar interest rates will increase the swaps net value,effect,Performance,Investors 889,198,likewise holding all other factors constant an increase in us dollar interest rates will increase the swaps net value due to the decrease in the present value of the dollar final settlement payable pay leg,the decrease in the present value of the dollar final settlement payable pay leg,cause,Performance,Unclassified 890,199,during the year there were impacts from lower utilization of healthcare services due to the covid 19 pandemic,impacts from lower utilization of healthcare services,effect,Performance,Society 892,199,during the year there were impacts from lower utilization of healthcare services due to the covid 19 pandemic,the covid 19 pandemic,cause,Performance,Society 893,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims,effect,Performance,Unclassified 895,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,reduced accidents wellness medical visits,cause,Performance,Unclassified 896,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,routine pr oced,cause,Non-Performance,Non-performance 897,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,shelter inplace orders,cause,Non-Performance,Non-performance 898,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,heightened social distancing,cause,Non-Performance,Non-performance 900,200,the decrease in current year incurred claims in 2020 primarily reflects a decrease in aflac us claims as a result of reduced accidents wellness medical visits and routine pr ocedures due to shelter inplace orders and heightened social distancing due to covid 19 offset somewhat by covid 19 claims,covid 19 offset somewhat by covid 19 claims,cause,Performance,Society 901,201,in february 2012 the parent company issued 350 million of senior notes through a u s,parent company issued 350 million of senior notes through,effect,Performance,Investors 902,201,in february 2012 the parent company issued 350 million of senior notes through a u s,a u s,cause,Non-Performance,Non-performance 903,202,for the companys yen denominated notes and loans the principal amount as stated in dollar terms will fluctuate from period to period due to changes in the yendollar exchange rate,the principal amount as stated in dollar terms will fluctuate from period to period,effect,Performance,Investors 905,202,for the companys yen denominated notes and loans the principal amount as stated in dollar terms will fluctuate from period to period due to changes in the yendollar exchange rate,changes in the yendollar exchange rate,cause,Performance,Unclassified 906,203,the company had previously established valu ation allowances on deferred foreign tax credits due to the uncertainty that previously existed,company had previously established valu ation allowances on deferred foreign tax credits,effect,Performance,Investors 908,203,the company had previously established valu ation allowances on deferred foreign tax credits due to the uncertainty that previously existed,uncertainty that previously existed,cause,Performance,Society 909,204,under the guidance of these regulations the company recognized a one time income tax benefit of 14 billion due to the release of these valuation allowances which were predominantly established on the companys deferred foreign tax credit benefits,company recognized a one time income tax benefit of 14 billion,effect,Performance,Investors 911,204,under the guidance of these regulations the company recognized a one time income tax benefit of 14 billion due to the release of these valuation allowances which were predominantly established on the companys deferred foreign tax credit benefits,the release of these valuation allowances which were predominantly established on the companys deferred foreign tax credit benefits,cause,Performance,Employees 912,205,the release of the valuation allowance on the anticipatory foreign tax credit is due to the regulations addressing the allocation of insurance expenses in the calculation of the foreign tax credit released september 29 2020,the release of the valuation allowance on the anticipatory foreign tax credit,effect,Performance,Unclassified 914,205,the release of the valuation allowance on the anticipatory foreign tax credit is due to the regulations addressing the allocation of insurance expenses in the calculation of the foreign tax credit released september 29 2020,regulations addressing the allocation of insurance expenses in the calculation of the foreign tax credit released september 29 2020,cause,Performance,Investors 915,206,the release of the valuation allowance on the deferred foreign tax credit is also due to the foreign tax credit regulations released september 29 2020,release of the valuation allowance on the deferred foreign tax credit,effect,Performance,Unclassified 917,206,the release of the valuation allowance on the deferred foreign tax credit is also due to the foreign tax credit regulations released september 29 2020,foreign tax credit regulations released september 29 2020,cause,Performance,Investors 918,207,amounts available for dividends management fees and other payments to the parent company by its insurance subsidiaries may fluctuate due to different accounting methods required by regulatory a uthorities,amounts available for dividends management fees and other payments to the parent company by its insurance subsidiaries may fluctuate,effect,Performance,Employees 920,207,amounts available for dividends management fees and other payments to the parent company by its insurance subsidiaries may fluctuate due to different accounting methods required by regulatory a uthorities,different accounting methods required by regulatory a uthorities,cause,Non-Performance,Non-performance 921,208,after the japan branch conversion as of april 1 2018 aflac japan is required to meet certain financial criteria as governed by japanese corporate law in order to provide dividends to the parent company,aflac japan is required to meet certain financial criteria as governed by japanese corporate law,cause,Performance,Society 923,208,after the japan branch conversion as of april 1 2018 aflac japan is required to meet certain financial criteria as governed by japanese corporate law in order to provide dividends to the parent company,provide dividends to the parent company,effect,Performance,Customers 924,209,profit remittances to the us could fluctuate due to changes in the amounts of japanese regulatory earnings,profit remittances to the us could fluctuate,effect,Performance,Investors 926,209,profit remittances to the us could fluctuate due to changes in the amounts of japanese regulatory earnings,changes in the amounts of japanese regulatory earnings,cause,Performance,Investors 928,210,in order to achieve these objectives the companys goal is to maintain a conservative well diversified and balanced portfolio o f high quality equity fixed income and money market securities,achieve these objectives,effect,Non-Performance,Non-performance 929,210,in order to achieve these objectives the companys goal is to maintain a conservative well diversified and balanced portfolio o f high quality equity fixed income and money market securities,the companys goal is to maintain a conservative well diversified and balanced portfolio o f high quality equity fixed income and money market securities,cause,Performance,Investors 930,211,the plan provides for salary reduction contributions by employees and provides for matching contributions which starting january 1 2018 the company increased to 100 of each employees contributions which were not in excess of 4 of the employees annual cash compensation as a result of tax reform,plan provides for salary reduction contributions by employees,effect,Performance,Employees 931,211,the plan provides for salary reduction contributions by employees and provides for matching contributions which starting january 1 2018 the company increased to 100 of each employees contributions which were not in excess of 4 of the employees annual cash compensation as a result of tax reform,the company increased to 100 of each employees contributions which were not in excess of 4 of the employees annual cash compensation,effect,Performance,Employees 933,211,the plan provides for salary reduction contributions by employees and provides for matching contributions which starting january 1 2018 the company increased to 100 of each employees contributions which were not in excess of 4 of the employees annual cash compensation as a result of tax reform,tax reform,cause,Non-Performance,Non-performance 934,212,a final order of liquidation was granted by a recognized judicial authori ty on march 1 2017 and as a result penn treaty is in the process of liquidation,final order of liquidation was granted by a recognized judicial authori t,cause,Performance,Investors 937,213,the company estimated and recognized the impact of its share of guaranty fund assessments resulting from the liquidation using a discounted rate of 425,company estimated and recognized the impact of its share of guaranty fund assessments resulting from the liquidation,effect,Performance,Society 938,213,the company estimated and recognized the impact of its share of guaranty fund assessments resulting from the liquidation using a discounted rate of 425,using a discounted rate of 425,cause,Performance,Unclassified 939,214,the audit committee report and compensation committee report to be included in such proxy statement shall be deemed to be furnished in this report and shall not be incorporated by reference into any filing under the securities act of 1933 as a result of such furnishing in items 10 and 11 respectively,shall not be incorporated by reference into any filing under the securities act of 1933,effect,Performance,Employees 941,214,the audit committee report and compensation committee report to be included in such proxy statement shall be deemed to be furnished in this report and shall not be incorporated by reference into any filing under the securities act of 1933 as a result of such furnishing in items 10 and 11 respectively,such furnishing in items 10 and 11 respectively,cause,Performance,Investors