Aflac’s Kirsch Doubles Down on Dollar as $1 Billion Bet Pays Off
Friday, May 22nd, 2015
Aflac Inc., the provider of supplemental health insurance whose largest market is Japan, is pushing further into dollar-denominated assets after a $1 billion bet on risky debt paid off.
Eric Kirsch, the insurer’s chief investment officer, is seeking to invest in high-yield debt, commercial loans and private equity as he expects the dollar to remain strong against the yen for the next one to two years, he said Thursday at an analyst briefing. A billion-dollar transfer from high-grade corporate bonds to junk debt and bank loans boosted investment income by about $19 million, he said.
