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]
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.
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