A.M. Best Comments on Credit Ratings of Aflac Incorporated Following Recently Announced Organizational Restructuring
December 02 2016 - 02:32PM
Business Wire
A.M. Best has commented that the Financial Strength
Rating and the Long-Term Issuer Credit Ratings of American
Family Life Assurance Company of Columbus (Omaha, NE),
American Family Life Assurance Company of Columbus (Japan
Branch), American Family Life Assurance Company of New York
(Albany, NY) and Continental American Insurance Company
(Continental American) (Columbia, SC) remain unchanged following
the recently announced organizational restructuring. These
companies represent the life/health insurance subsidiaries of
Aflac Incorporated (Aflac) (Columbus, GA) [NYSE:AFL]. The
outlook of these Credit Ratings remains stable.
The comment follows Aflac’s publicly disclosed intent to pursue
the conversion of its Japan Branch operations to a Japan insurance
subsidiary over the course of the next twenty-four months. The
conversion is expected to provide greater legal and regulatory
transparency, as well as enhance business development opportunity,
reduce strategic risk and improve cash flows and capital management
within the organizational structure. A.M. Best believes that there
will not be a material impact to operations in either the United
States or Japan during the conversion process. Additionally, it is
anticipated that there will be little impact to financial leverage,
interest coverage, cash flow or liquidity. A.M. Best will closely
monitor the execution of the Japan Branch conversion as the key
milestones are achieved.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20161202005671/en/
A.M. BestKate Steffanelli, +1 908-439-2200, ext.
5063Senior Financial
Analystkate.steffanelli@ambest.comorChristopher
Sharkey, +1 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJoseph
Zazzera, MBA, +1 908-439-2200, ext.
5797Directorjoseph.zazzera@ambest.comorJim
Peavy, +1 908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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