Aflac Incorporated (NYSE: AFL) |
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Aflac Incorporated's Comment on Competition and Industry Peers
Aflac competes against several voluntary supplemental insurance carriers on a
national and regional basis. We believe our policies, premium rates, and sales
commissions are competitive by product type. Moreover, we believe that Aflac products
are distinct from competitive offerings given our product focus (including features,
benefits, and our claims service model), distribution capabilities, and brand
awareness. For many companies with which we compete, voluntary supplemental insurance
products are sold as a secondary business. However, a growing number of major
medical and life insurance carriers are entering into the voluntary supplemental
insurance market. For Aflac, supplemental insurance products are our primary business
and are sold via a large distribution network of independent sales associates
and brokers. Aflacs advertising campaigns have increased our name awareness and
understanding by consumers and businesses of the value our products provide.
Both private and publicly-traded insurers offer major medical insurance for
hospitalization and medical expenses. Much of this insurance is sold on a group
basis to accounts that are both fully and self-insured. The federal and state
governments also pay substantial costs of medical treatment through various
programs. Major medical insurance generally covers a substantial portion of
the medical expenses incurred by an insured. Aflac policies are designed to
provide coverage that supplements major medical insurance by paying cash directly
to the policyholder to use for expenses their major medical insurance is not
designed to cover. Thus, we do not compete directly with major medical insurers.
Any reduction of coverage, increase in employee participation costs, or increased
deductibles and copayments by major medical commercial or government insurance
carriers could favorably affect our business opportunities. With the implementation
of the ACA, we anticipate a larger burden of the cost of care will be borne
by some consumers, potentially creating a favorable impact on key markets for
Aflac products. We also expect the ACA potentially will result in a more competitive
landscape for Aflac, as major medical carriers face profitability erosion in
some of their core lines of business and seek competitive entry into Aflacs
supplemental product segments to offset this impact.
In 1974, Aflac was granted an operating license to sell life insurance in Japan,
making Aflac the second non-Japanese life insurance company to gain direct access
to the Japanese insurance market. Through 1981, we faced limited competition
for cancer insurance policy sales. However, Japan has experienced two periods
of deregulation since we entered the market. The first came in the early 1980s,
when nine mid-sized insurers, including domestic and foreign companies, were
allowed to sell cancer insurance products for the first time. In 2001, all life
and non-life insurers were allowed to sell stand-alone cancer and medical insurance
products as well as other stand-alone health insurance products. As a result,
the number of insurance companies offering stand-alone cancer and medical insurance
has more than doubled since the market was deregulated in 2001. However, based
on our growth of annualized premiums in force and agencies, we do not believe
that our market-leading position has been significantly impacted by increased
competition. Furthermore, we believe the continued development and maintenance
of operating efficiencies will allow us to offer affordable products that appeal
to consumers. Aflac is the largest life insurer in Japan in terms of individual
policies in force.
Overall company Market Share Q3 2024 |
*Market share is calculated based on total revenue.
News about Aflac Incorporated Contracts |
December 4, 2023
Afla...
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Profile
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Over The Past 5 Days
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Profile
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Unitedhealth Group Incorporated
Profile
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This Quarter
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Profile
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Utg Inc
Profile
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This Year
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Voya Financial Inc
Profile
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This Year
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White Mountains Insurance Group ltd
Profile
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Over The Past 5 Days
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Profile
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Financial Institutions Inc Share Performance
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30 Days
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Financial Institutions Inc
Profile
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Partners Bancorp Share Performance
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One Year
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Profile
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Sources: Aflac Incorporated and all companies mentioned above in this report
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