Aflac Incorporated announced the completion of the conversion of its Aflac Japan branch to a subsidiary, Aflac Life Insurance Japan Ltd., which has assumed the business of Aflac Japan. As part of the transaction, Aflac Incorporated also formed a wholly owned U.S. subsidiary, Aflac Holdings LLC, which is a parent company to the Japan subsidiary Aflac Life Insurance Japan Ltd.

Commenting on the announcement, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos said: "I am very pleased that we completed Aflac Japan's conversion to a subsidiary on time and within budget. This new corporate structure aligns with more widely accepted global regulatory frameworks; enhances financial and business flexibility, particularly related to transparency and visibility of cash flows and capital management; and has been developed to be consistent with our current financial strength ratings and enterprise risk management framework."

Also commenting on the announcement, President and Representative Director of Aflac Life Insurance Japan Ltd. Masatoshi Koide said: "The conversion of Aflac Japan from a branch to a subsidiary reaffirms Aflac's long-term commitment to serving our policyholders in Japan. We are pleased with this new corporate structure that both aligns Aflac with global regulatory trends and lays a foundation for continued long-term success in Japan."