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Press Release

Aflac Completes Acquisition of Group Benefits

Issued by Aflac

Nov. 2, 2020

COLUMBUS, Ga., Nov. 2, 2020 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) announced today that its insurance subsidiaries American Family Life Assurance Company of Columbus (Aflac of Columbus) and American Family Life Assurance Company of New York (Aflac of New York) have completed the acquisition of Zurich North America's U.S. Corporate Life and Pensions (Group Benefits) business, including the assets and employees of Benefit Harbor Insurance Services supporting the acquired group life, disability and absence management products.

As announced in March 2020, Aflac of Columbus and Aflac of New York are reinsuring, on an indemnity basis, Zurich North America's U.S. in-force group life and disability policies with annualized premium of approximately $120 million. Aflac of Columbus and Aflac of New York also acquired assets needed to support the group life and disability business, along with an absence management platform.

The acquisition is consistent with Aflac Incorporated's strategy of buy-to-build, which deploys capital into growth initiatives while limiting the capital at risk. Funding of the transaction, along with required capital in support of assumed businesses, came from internal capital. The total consideration is less than $200 million, including capital in support of the business. Aflac expects modest run-rate dilution over the near-term as it continues to build the business to scale.

"We are excited as we welcome new team members to the Aflac family and enhance our value proposition to agents, brokers and employers," said Teresa L. White, president of Aflac U.S. "This strategic buy-to-build transaction aligns with our vision of being the number one distributor of benefit solutions supporting the U.S. workforce. We believe this acquisition will also enhance cross-selling opportunities and improve both persistency and account penetration with our core supplemental business."

Richard L. Williams, Jr., executive vice president and chief distribution officer of Aflac U.S., added, "This further enhances Aflac's value proposition to be on the front page of benefits enrollment leveraging the power of Aflac's brand and broad distribution of associates and broker partners. With our national expansion into network dental and vision in 2021 and now true group benefits, Aflac continues to deepen the relationships with employers and policyholders."

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