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Aflac Inc SWOT & PESTLE Analysis

ID : 52796653| Oct 2020| 12 pages

COMPANY PROFILE -Aflac Inc

Business Sector :Insurance, Supplemental Insurance

Operating Geography :United States, Japan, Global

About Aflac Inc :

American Family Life Assurance Company, popularly known as Aflac, is an American insurance company which was founded in 1955. It is the largest provider of supplemental insurance in the United States and is headquartered in Columbus, Georgia. A wide range of insurance policies are underwritten by Aflac in the U.S., but the company is mainly popular for its payroll deduction insurance coverage. The coverage pays cash benefits when a policyholder stumbles upon an accident or illness. Continental American Insurance Company was acquired by Aflac for $100 million in 2009, which enabled it to sell supplemental insurance on individual and group platforms. The founders of the company include the Amos Brothers, in Columbus, Georgia. The Aflac acronym, was adopted by the company in 1990.
The company operates in Japan and the United States, while having its worldwide headquarters and corporate offices in an eighteen-story tower, in an area known as MidTown in east of Downtown Columbus, Georgia. Aflac’s tower is the tallest building in the city. In the United States, Aflac is the largest provider of guaranteed-renewable insurance. When measured by individual insurance policies in force, it is the largest insurance company in Japan. The company also offers several types of insurance policies in the United States. It is ranked on the 137th position in the Fortune 500 list of largest United States corporations by revenue. For 20 consecutive years, the company has also appeared on Fortune’s 100 Best Companies to work for, along with appearing on Fortune’s America’s Most Admired Companies list for 17 years. The Ethisphere magazine recognizes Aflac as the World’s Most Ethical Companies for 12 consecutive years. On 28th September 2020, Aflac ranked no.10 on LATINA Style’s List of 50 Best Companies for Latina’s to Work for in the United States. Aflac has around 11,700 employees as of early 2020.
Aflac’s Unique Selling Proposition or USP lies in it being the largest insurance company in Japan, while providing financial protection to more than 50 million people worldwide. The mission statement of Aflac reads “Our mission is simple: Help eradicate childhood cancer. You can make a difference, too.” Aflac’s Goal is “To provide customers with the best value in supplemental insurance products in the United States and Japan.”

Aflac Inc Revenue :


US$ 22,307 million – FY ended Dec 31st 2019 (year-on-year growth of 2.52%)
US$ 21,758 million – FY ended Dec 31st 2018

Competitive Analysis of Aflac Inc

SWOT
PESTLE
The SWOT analysis of Aflac Inc is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Leading supplemental insurance provider in the US and Japan
2. Consistent long-term growth strategy
3. Largest insurer in Japan in third sector insurance products
4. Diverse group of people in top management
5. High brand awareness through the company logo in Japan and the United States
6. Recognized for innovation in the insurance - Life and Health Industry Category
1. Concentration in Japan poses risk to its operations
2. Negative impact of ongoing Japan Post investigation
OpportunitiesThreats
1. Expansion of Aflac consulting shops in Japan
2. Pursuing various investment opportunities globally
3. Aging population increasing pressure on Japan's national health care system
1. Highly competitive industry could pose threat to market share or profitability
2. Lack of availability of yen-denominated investments
3. Deregulation and dependency on Japan Post
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Aflac Inc

Strength

1. Leading supplemental insurance provider in US and Japan: The company was founded in 1955 and has continued till date to provide the best services to the customers and has been able to gain their trust. It has been serving people for more than six decades and has helped more than 50 million people in the US and Japan. Aflac is known for its commitment to provide customers the confidence that comes from knowing that they have assistance in being prepared for whatever life brings. It has maintained its position of paying claims fairly and promptly and thus helping the customers when needed for eligible claims. Aflac has set a class apart from life insurance peers and carved its own niche. Looking through a product lens, the company does not sell many commodified life policies. By and large its underwriting is tied to supplemental benefits policies for specific diseases like cancer. The US based insurer currently underwrites around 80% of all cancer policies in Japan. With Aflac weaving what was considered ancillary business for many life insurers and turning it into the firm's core product, it has a pricing leverage over its peers, allowing it to price policies cheaper and still save substantial underwriting margins.

2. Consistent long-term growth strategy: Aflac has maintained a straightforward and consistent growth strategy in US and Japan for many years and it has worked very well for the company. Aflac develops relevant supplemental insurance products and then goes on to sell them through its expanded distribution channels. Few of its relevant products include protection against rising co-pays, high deductibles and other out of pocket expenses arising from medical event.. Aflac was one of the flagship firms to offer supplemental insurance in Japan and has attracted a tightly woven customer base. Instead of roping in customers through the pricey agent route, by and large Aflac sells its products directly to organizations as an added perk on the benefit lineup for their employees at no additional expense. This low-cost marketing strategy permits Aflac to price its policies at rates similar to or lower than competitors' while still saving a significant underwriting margin. Voluntary supplemental benefits aids in incentivizing client loyalty for the firm. As these benefits often represent a much smaller purchase and are often deducted through policyholders' paychecks, holders are much less likely to shop around for other policies based on price.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

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Opportunity

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Threats

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Major Competitors :

SWOT & PESTLE (combined)
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TABLE OF CONTENTS
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References used in Aflac Inc SWOT & PESTLE Analysis Report

1. ANNUAL REPORT PURSUANT TO SECTION 13 – http://d18rn0p25nwr6d.cloudfront.net/CIK-0000004977/c975ba72-e24b-412c-bc59-d5ae8fa9a3ec.pdf
2. Aflac's goal is to be transparent in its reporting. – http://esg.aflac.com/governance-social-environment?filters=environment
3, MORE THAN A PROMISE – Alfac Inc – https://s24.q4cdn.com/367535798/files/doc_financials/annual/2019/Aflac-2019.pdf
4. Aflac Japan 2019 – https://s24.q4cdn.com/367535798/files/doc_financials/annual/2019/Aflac-2019.pdf
5. Our 3 Favorite Insurance Stocks – https://www.morningstar.com/articles/700090/our-3-favorite-insurance-stocks
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Aflac Inc SWOT and PESTLE analysis has been conducted by Tej Narayan Shaw and reviewed by senior analysts from Barakaat Consulting.

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