...Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 Aflac Incorporated (Exact name of registrant as specified in its charter) Georgia (State or other jurisdiction of incorporation or organization) 58-1167100 (I.R.S. Employer Identification No.) 1932 Wynnton Road, Columbus, Georgia (Address of principal executive offices) 31999 (ZIP Code) Registrant’s telephone number, including area code: 706.323.3431 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, $.10 Par Value Name of each exchange on which registered New York Stock Exchange Tokyo Stock Exchange Securities registered pursuant to Section 12(g) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. None Yes ¨ Yes ¨ No No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
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...AFLAC Part 1 a. Info (Brief, few paragraphs) Aflac is different from health insurance; it's insurance for daily living. They pay for doctors and hospitals in case of a major event occurring. It pays cash benefits to help with daily costs when injured or sick. This help benefits you in that it directly helps your family and you with those unforeseen costs, even if you have another insurance coverage. Aflac pays you benefits even when you're healthy. Having a range of products to fit most budgets makes Aflac affordable. http://www.aflac.com/individuals/aflacts.aspx http://www.aflac.com/aboutaflac/corporateoverview/missionandvalues.aspx http://www.aflac.com/aboutaflac/pressroom/pressreleasestory.aspx?rid=633 b. Competition Aflac has several companies that offer similar benefits that compete with them. Allstate is the largest competitor. Colonial Insurance Company is another disability insurance provider which competes. The best thing about Aflac is it offers more options than others, such as hospital indemnity options. The main competition is in accidents, having cancer, and dealing with cardiac problems for benefits. http://www.answers.com/Q/Who_are_the_main_competitors_of_AFLAC_Inc Part 2 a. Market Share Market cap at 27.1B in U.S. Currency http://investors.aflac.com/financial-analyst-briefing-material b. Developments Aflac has over 1700 agents working for them. c. Goals Aflac is big on Smartgreen and is committed to maintaining and...
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...battling cancer, the surmounting cost of cancer treatment can put a severe strain on the family and cause the family to seek other means of covering health costs such as: savings accounts, loans, employers or friends. This ordeal propelled the brothers into wanting to help others and therefore, started their own health and life insurance company which is better known today as AFLAC. At the end of the first full year of operation, the company 6,426 policies and just over $388,00 in total assets (NATC,13). Since the 1950’s the company has seen significant growth due to it’s continued dedication to providing products that are needed and service that is unsurpassed. In 1964, Paul Amos introduced “cluster selling,” a virtually new concept in insurance marketing.”(NATC, 13) By the mid sixties the company was selling insurance in 11 states and covered 37 states by the 1970s. The company continued to grow through the 80s up through the present and has since implemented marketing for several different policies. Aflac has a presence in all 50 United States and in Guam, and in Puerto Rico and the Virgin Islands. Aflac Japan insures approximately one out of every four Japanese households. Assets at year-end 2010 totaled more than $101 billion with annual revenues of more than $20.7...
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...AFLAC CASE ANALYSIS Aflac is Fortune 500 insurance company founded which was founded in 1955 by three brothers, Bill, Paul and John Amos. “Since its beginning Aflac has believed that the best way to succeed in our business is to value people. Treating employees with care, dignity and fairness are founding principles of Aflac” Today, Aflac employs more than 4,500 people and has more than 71,000 licensed independent agents throughout the United States and Japan according to the New York Stock Exchange business summary. Its principal business is supplemental health and life insurance. Aflac’s insurance business sells cancer plans, care plans, medical/sickness riders, living benefit life plans, general medical indemnity plans, and ordinary life insurance. Despite the insurance industry unemployment rate which was at 3.3 percent in March 2008 which is consistently below the national and state levels in other industries. Aflac has managed to deliver quality service to its 4,500 employees by focusing on reward programs. Aflac reflects many of the basic functions of human resources, such as diversity, training, and recruiting. Aflac offers not only extrinsic rewards to its employees but intrinsic rewards to its employees The Company uses its own products and services to enhance the total compensation for its employees by focusing on providing value adding programs that would improve employee job satisfaction, support organizational initiatives and provide opportunities for professional...
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...practices of Aflac were examined in the context of its effect on employee satisfaction. In 2015, Aflac made the list of 100 best companies to work for as it has done for the past ___years. The team examined the benefits provided to the employees and the workplace culture at Aflac in order to determine why the organization enjoyed a low-rate of employee turnover and why surveys showed that its employees were highly satisfied with working at Aflac. Aflac “strives to deliver quality services to its 4,500 employees while staying competitive in the insurance market” (Reed, 2015). The team determined that part of the employee satisfaction resulted from Aflac’s decision to not lay off its employees during economic downturns. Furthermore, employees are provided with growth opportunities because Aflac promotes from within. We also explored the salary structure and opportunities to earn a higher income Employees are positively impacted by policies that helps them balance their personal and work lives. Aflac has made it very easy for its employees to have a growing professional life while at the same time, enjoy their personal life. Aflac understands the importance of keeping its employees happy and has implemented policies that pushes the company towards those goals. In return, it has an employee base that considers it a great place to work and who works hard to maintain the company’s positive image to its customers. Introduction For 17 consecutive years, Aflac has made the...
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...Aflac is the company that I decided to analyze and their mission statement is “To combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumers.”. This is a very simple, strong and direct mission statement and from my research Aflac does a great job at reflecting its mission statement through its website. Their whole website is a systematic breakdown of their mission statement. Lets start with having aggressive strategic marketing, I think everyone can agree that the Aflac Duck is a very powerful and strong identity for Aflac and is one of the most strategic ways of marketing. The Aflac Duck is very prominent throughout the whole website and it even has its own “The Aflac Duck” page. This page can be viewed by (clicking here) to see all of the details. This form of marketing has been very successful for both this company and made purchasing insurance more fun for its customers....
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...2014 Semester: August 2, 2014 Title of Assignment: Case Analysis: AFLAC Insurance Table of Contents Executive Summary In light of the current economic situation, employee benefits have become a major concern and are surfacing in many conversations of HR professionals. Human capital is by far an organization’s most valuable asset and at that a huge expense. In an attempt to keep cost low, to remain competitive, many organizations are forced to either reduce or completely disregard certain elements of their total rewards programs. This has not always been an easy decision, because on the flip side of the coin, the availability and quality of a company's benefits remains one of the major factors affecting an employee's morale, influences their decision to remain in the business and more so can determine whether or not a qualified employee accepts a job in the first place. What if a certain organization offered rewards that incurs next to nothing or absolutely no costs at all for the employees, and allows them to receive a benefit which cost couple of hundreds of dollars a year? At Aflac insurance company, the reality of this is attainable. Aflac has long understood the importance of rewarding employees with meaningful benefits, handsomely pays off. Not only does this strategy drive company success, it helps the company ascertain and achieve its goals. In her case study, author Sandra Reed outlines that Aflac believes that an organization can create a competitive advantage...
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...Aflac Good afternoon. During Aflac’s first year in business, 1955, the company signed 6,426 policyholders. In 1958, they decided to implement cancer insurance policies, pretty new to the industry at the time. Currently, Aflac is the number one secondary health insurance provider in the United States. In fact, by 2003, 98% of Aflac policies in the United States were issued on a payroll deduction basis. Aflac was founded by three brothers: John, Paul, and Bill Amos. The company was originally named American Family Life Insurance Company of Columbus. In 1964, it changed its name to Aflac (using the acronym of the original name). Today Aflac’s primary focus is on secondary health insurance policies. Many people do not realize what secondary health insurance is. It is a benefit you can receive through your work or on your own. It is useful if you miss work due to an illness or an accident because Aflac will pay you cash benefits and help with health bills if necessary. Aflac also focuses on timely responses with their clients regarding claims in a professional, sensitive manner. Many people know of Aflac because of its commercials that began airing in the year 2000 starring their signature duck. Celebrities also have appeared in these commercials, including professional basketball star Yao Ming, baseball legend Yogi Berra, and singer Wayne Newton. Aflac also has an array of medical policies to fit your needs. Their policies include areas such as accident, juvenile...
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...respectable brand images in their efforts to build brand reputation. One such company in the insurance industry is AFLAC. Understanding and applying the six pillars of the marketing code of ethics enables companies like AFLAC to grow a better business and a bigger bottom line. Maintaining this competitive advantage in the insurance industry also requires AFLAC to be ever more diligent in exploring new opportunities for green initiatives and philanthropic commitments. Company Background AFLAC is not a typical supplemental insurance company. “AFLAC products have given policyholders the opportunity to direct cash where it is needed most when a life interrupting medical event causes financial challenges” (Aflac, Incorporated, 2009, p. 1.). The company has increased historically annual dividends for more than 26 years and is a Fortune 500 company. The company has built a recognized reputation for ethical business practices in its industry. “AFLAC has been recognized by Ethisphere magazine as a World’s Most Ethical Companies for seven consecutive years” (Aflac Incorporated, 2013, p. 1.). Business media consistently rates the company as one of the most admired businesses for which to work. It has built this reputation through understanding and applying the six pillars of the marketing code of ethics. Application of the Six Pillars of the Marketing Code of Ethics AFLAC exhibits and practices the application of the six pillars of the marketing code of ethics in all facets of its business...
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...duties and functions a manager may decide to split the one job into two thus, creating a new job position. Also managers must meet productivity measures. If the company is in need of meeting demands or increasing sales a new position may be needed to meet these demands. When a company such as Aflac needs associates to represent its company one would assume that either the company is in need of increasing its sales force in the community because of an increase in demand for insurance or the company must hire new faces to help promote on account of a decline in sales. When companies desire to hire during times of economic recession one may believe this company is expecting an increase of demand as a result of economic growth. “Fortune 500 companies had a $2 trillion hoard of cash as end-2010” (Bayer, 2010, p. 62). “Consumer demand growth is slack, unemployment remains high, and the housing market is flat” (Bayer, 2010, p. 62). Bayer states, “No corporate executive is going to invest into new capacity, spend much on R&D, or hire new employees” (Bayer, 2010, p. 62). The problem is stimulating the demand will not do much for creating or increasing the supply. This may suggest Aflac is hiring to bring awareness of the company and its policies to the community. Outlining a Position “Job title Type of employment (full-time,...
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...[pic] Executive Summary The following report is an examination of the Far East Asian country of Japan. This report includes a look at the past, present, and future of Japan’s economic stance, cultural values, and business opportunities. Our group examined the relations between the Georgia-based insurance company AFLAC, and their Japanese counterparts. This report explains AFLAC’s strategic motives and successes they have found in doing business in Japan. It also identifies some of the weakness and threats that are in the near future if current practices are not altered. With over 70% of the revenue coming from the Japanese market, AFLAC should be concerned with any changes in economic forecasting for the country as it will be sure to have a direct effect on the future of AFLAC U.S. Japan has long been, and continues to be a major ally to the United States in terms of business relationships and cultural influences. Our report serves to outline some of the noteworthy things to consider when conducting business with the Japanese. Through an examination of AFLAC’s individual experiences in Japan, this report demonstrates the need for professional businesspersons to be aware of the countries cultural, personal, and business preferences. With the increase in the age gap of Japan’s population, in addition to the change of workforce demographics, it is becoming increasingly more important for U.S. businesses to consider expanding their products and/or services...
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...Starbucks is like working with friends. Besides their “Special Blend” package that is offered to all employees and contains assistance for diverse problems, ranging from adoption assistance to benefits for domestic partners (which includes same sex partnerships) to child and eldercare, Starbucks embraces diversity. Starbucks Coffee Company has earned a 100% rating for the 4th consecutive year on the Human Right’s Campaign’s (HRC) Corporate Equality Index ("Career Diversity," n.d.). As a National insurance provider, Aflac is reacting to a very diverse client market with the right mix of community involvement and its mix of diverse employees and agents. Aflac states on its website that combined with their product, their diverse employee base creates the environment to assist and guide their clients to some of their most challenging moments. To further develop and enforce the organization’s diversity policies, Aflac has a diversity council in place. Aflac, for example, has the largest on-site child-care in the State of Georgia and encourages parents to take off time (Parents Time Off (PTO) Initiative) to be with their children. Through their employee training programs, employees can choose their career path independently. Future leaders attend a three phased program that...
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...The Duck Who Could Make Business Sing National University Stephan Murillo In the year 1999, the insurance company Aflac was facing big problems. They noticed that customer retention and growth of business were not growing has quickly as they hoped and couldn’t find a way to boost their numbers. They wanted to rise to the level of competition, but in a manageable and unique way. From the struggles of competing came the Aflac duck. Not only would the new mascot be noticed by the right market in the United States, but across the world. International companies across the world in different industries have been using mascots for years. Aflac decided they wanted a memorable, but also stand out against the competition. According to the Daily Finance, Kaplan Thaler Group Advertising Company developed the duck concept when repeatedly saying the name Aflac and noticed is sounded like a duck call (Dailyfinance.com, 2014). When deciding how well the mascot may be received, the advertising agency should commit to a static group design (Malhotra, 2010). The design outlines using two commercials for one organization, one with the new design and the other, the old. From there, you survey the effectiveness of brand exposure and determine if it outweighs the traditional method. In actuality, the average rate of growth for the company before the use of the Duck was 10 to 15 percent, but since has quadrupled (Malhotra, 2010). If the same agency wanted to test the Duck mascot against...
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...TRAINING Training is defined as "the acquisition of knowledge, skills, and competencies as a result of the teaching of vocational or practical skills and knowledge that relate to specific useful competencies. In an organization environment, training is the process of enhancing the skills, capabilities and knowledge of employees for doing a particular job." Training is really important for the staff retention and satisfaction. Employees need to feel valuable and that they are growing and acquiring new skills useful for the company, but also for themselves. If a company doesn’t put enough efforts on developing adequate training plans, the most talented people just go away to another company that is able to offer them what they want. Even though companies are aware of training benefits, only 44% of companies have frameworks dedicated to coaching/mentoring, losing in this way also the possibility of reinforcing the relationship between manager and employees. To develop a useful training program is important to: orient new employees and outline expectations, train your staff members according to their job descriptions and requirements and find out what employees don’t know, and train to fill those gaps. In fact, it is fundamental that the training program is aligned both with individual and company’s needs, otherwise the company will not achieve the benefits of a training program. To understand better the following are the benefits of training: • Increased productivity:...
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... * Mary Ann T, Gibson Sotheby's Int'l Realty * Dick R, Greg Nanigian & Associates * Jenny L, Kforce * Phillip R, USTeleCenters * Cindy B, Sunday River * John C, Bridge Technical Talent * Philip G, Gillins Consulting Group * Christine S, Chaloner * Tim M, Apogee ITS * Greg Spurr S, Merrill Lynch * Dominic A, DPA Communications * Alex A, Baker Engineering & Controls, Inc. * Cathie B, NSK Inc * Sean B, Baystate Financial Services * Jonathan C, Raymond James & Associates * walker m, Martin Lawrence Gallery * Ben D, Morgan Stanley * Todd M, Morgan Stanley * Peter W, Boston Rowing Center * Mark G, Aflac * Nadia S, RDM * Abel J, Dynamic REI Properties * Lisiane J, Dynamic REI Properties * Alexandra P, JOHNLEONARD * Katrina A, JOHNLEONARD * Cathi C, Neighoborhood Health Plan * Tong Mei L, Financial services marketing company * Chuck G, IndigoVision * Charles F, New York Life * Jasmine J, Weichert Realtors, Metropolitan Boston Real Estate * Andrew R, Haworth * Justin T, Equinox * Jack M, Edward Jones * Peggy G, CrowdComfort * Douglas B, BHE Cloud Computing * Mariangel M, Mariangel Moreno * Helen W, MIT CIO Symposium * Jonathan M, Trilogy Financial * Steven S, Beacon Law Group, LLC * Carol S, Sanchez &...
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