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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Aflac Inc.

 Despite Japan's aging population and the rise in healthcare costs, supplemental health care insurance products remain attractive. However, due to the aging population and decline in birthrate, new opportunities for customer demographics are not as readily available.

Regulatory Environment Regulatory Environment

Aflac Japan Segment Aflac Japan Segment

s regulations, which are intended to protect policyholders, are subject to change. The Company is also subject to solvency regulations in the U. S. and Japan. The Company's solvency requirements in Japan are determined by the Financial Services Agency (FSA) . In Japan, the Company must maintain a minimum statutory solvency surplus ratio, as prescribed by the FSA. Japan's regulations, which are intended to protect policyholders, are subject to change. The Company is also subject to solvency regulations in the U.S. and Japan. The Company's solvency requirements in Japan are determined by the Financial Services Agency (FSA). In Japan, the Company must maintain a minimum statutory solvency surplus ratio, as prescribed by the FSA.

Title##: AFLAC INC: Financial Review for Investors

Announcement: AFL 10-K Annual Report