Aflac Incorporated Announces $25 Million Commitment to Invest in LISC's Black Economic Development Fund

COLUMBUS, Ga., Dec. 10, 2020 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) announced today its $25 million commitment to invest in the Black Economic Development Fund introduced by the Local Initiatives Support Corporation (LISC).

The Black Economic Development Fund (the "Fund") is a mission-oriented investment fund with the primary objective of supporting Black-led financial institutions, anchor institutions and business transactions to strengthen the Black community in rural and urban communities. The ultimate goal is to help close the racial wealth gap. The Fund expects to begin initial deployment of capital in the first quarter of 2021, taking an industry-agnostic approach across a diverse set of borrowers and geographies with a variety of products and investment durations.

This announcement follows Chairman and CEO of Aflac Incorporated Daniel P. Amos' recent signing of the CEO Action for Diversity & Inclusion™ pledge, reaffirming Aflac's longstanding commitment to building productive, diverse and inclusive workplaces—principles that underscore Aflac's long-time commitment to fostering a diverse and inclusive corporate culture and workforce.

Chairman and CEO of Aflac Incorporated Daniel P. Amos commented, "The concept of diversity, equality and inclusion is not new at Aflac; it is a topic about which we at Aflac have been passionate for decades. Aflac has a long history of inclusiveness dating back to the U.S. Civil Rights movement when our principal founder, John Amos, actively worked with leaders engaged in issues of equality and fairness. We are proud to continue that good work and thrilled to take part in LISC's Black Economic Development Fund. We view this as much more than just a financial investment; rather, we see it as an investment in society to help support schools, housing and small businesses within Black communities. Aflac's founding principles have evolved into what is now known internally at Aflac as 'The Aflac Way,' a collection of guiding principles that reflects Aflac's corporate culture: treating all of its constituents, both internal and external—with dignity, respect and fairness. Our investment in the Black Economic Development Fund speaks to that ideology, and it is our honor to be a part of it."

"It's encouraging to see corporations like Aflac extend their commitment to diversity and equality by investing their assets in communities of color," said George Ashton, managing director of LISC Strategic Investments. "Aflac's investment in the Black Economic Development Fund will help fuel broad social and economic benefits that will have a lasting impact on businesses, jobs, and economic growth throughout the country. With this investment, Aflac is setting the standard for its peers to do the same."

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company, helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. Fortune magazine recognized Aflac as one of the 100 Best Companies to Work for in America for 20 consecutive years. For 14 consecutive years, Aflac has been recognized by Ethisphere as one of the World's Most Ethical Companies. In 2020, Fortune included Aflac Incorporated on its list of World's Most Admired Companies for the 19th time, and Bloomberg added Aflac Incorporated to its Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. To learn how to get help with expenses health insurance doesn't cover, get to know us at aflac.com.

Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667 or [email protected]

Media contact – Ines Gutzmer, 762.207.7601 or [email protected]

ABOUT LISC

With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1979, LISC has invested $22 billion to build or rehab more than 419,000 affordable homes and apartments and develop 70.3 million square feet of retail, community and educational space.

For more information on the Black Economic Development Fund, please visit https://www.liscstrategicinvestments.org or contact [email protected].

Investor or media inquiries – Catherine Carlstedt, [email protected]

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target," "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

• the effects of COVID-19 and any resulting economic effects and government interventions on the Company's business and financial results
• ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
• events related to the Japan Post investigation and other matters
• competitive environment and ability to anticipate and respond to market trends
• difficult conditions in global capital markets and the economy
• deviations in actual experience from pricing and reserving assumptions
• ability to continue to develop and implement improvements in information technology systems
• defaults and credit downgrades of investments
• exposure to significant interest rate risk
• concentration of business in Japan
• limited availability of acceptable yen-denominated investments
• tax rates applicable to the Company may change
• failure to comply with restrictions on policyholder privacy and information security
• interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems
• catastrophic events including, but not necessarily limited to, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events
• ability to protect the Aflac brand and the Company's reputation
• extensive regulation and changes in law or regulation by governmental authorities
• foreign currency fluctuations in the yen/dollar exchange rate
• decline in creditworthiness of other financial institutions
• significant valuation judgments in determination of amount of impairments taken on the Company's investments
• U.S. tax audit risk related to conversion of the Japan branch to a subsidiary
• subsidiaries' ability to pay dividends to the Parent Company
• decreases in the Company's financial strength or debt ratings
• inherent limitations to risk management policies and procedures
• concentration of the Company's investments in any particular single-issuer or sector
• differing judgments applied to investment valuations
• ability to effectively manage key executive succession
• changes in accounting standards
• level and outcome of litigation
• allegations or determinations of worker misclassification in the United States

SOURCE Aflac Incorporated