AFL · CIK 0000004977
What AFLAC INC told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for AFL. More may follow as additional filings are processed.
In its own words
What could break it.
Currency (FX)
- Japan / JPY concentration — primary operating market; large portion of investment reinvestment deployed in Japanese yen-denominated instrumentsmedium
Japan is one of Aflac's two primary operating markets and a large portion of annual investment reinvestment is deployed in Japanese yen-denominated instruments; limited availability of long-dated JPY fixed income (beyond JGBs) and yen interest rate levels negatively affect net investment income and could materially affect results.
“A large portion of the cash available for reinvestment each year is deployed in Japanese yen-denominated instruments and subject to the low level of Japanese yen interest rates. Lack of availability of acceptable Japanese yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity. The Company aims to match both the duration and currency of its assets with its liabilities. This is very difficult for Aflac Japan and Aflac Re due to the lack of available long-dated Japanese yen-denominated fixed income instruments beyond JGBs.”
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