Company Website:
http://www.ambest.com
OLDWICK, N.J. -- (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161202005671/en/
Contacts:
A.M. Best
Kate Steffanelli, +1 908-439-2200, ext. 5063
Senior
Financial Analyst
kate.steffanelli@ambest.com
or
Christopher
Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Joseph
Zazzera, MBA, +1 908-439-2200, ext. 5797
Director
joseph.zazzera@ambest.com
or
Jim
Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com
Source: A.M. Best
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