Summary
Aflac Incorporated (AFL) filed an 8-K on August 21, 2019, to address recent media reports in Japan and provide an update on a voluntary review of its postal channel sales. The company is proactively investigating these sales practices. While the review is ongoing, Aflac states that should any inconsistencies with compliance standards be identified, they will be addressed immediately. This disclosure emphasizes Aflac's commitment to its policyholders and its dedication to transparency. The company reiterated its ongoing support for policyholders and highlighted its extensive network of over 9,500 agencies and distribution channels for its cancer insurance. Investors are advised that Aflac will provide further disclosures through its standard channels if any significant compliance issues or impacts to its alliance are identified as a result of this review.
Key Highlights
- 1Aflac is conducting a voluntary, rigorous review of its postal channel sales in Japan.
- 2The review was prompted by recent media reports and is ongoing.
- 3Aflac is committed to addressing any identified practices inconsistent with its compliance standards immediately.
- 4The company reaffirmed its commitment to policyholders and its broad distribution network.
- 5Aflac pledges transparency and will disclose significant findings through public investor disclosures.
- 6No specific compliance issues or financial impacts have been identified or disclosed at this time.