Over 50 million individuals worldwide are insured by AFLAC. This number is steadily rising as more and more people enjoy the confidence and security of knowing that they are insured against illness, personal injury and other risks. AFLAC is a Fortune 500 company with assets totaling over $117 billion in 2011 and revenues averaging $22.2 billion annually.
AFLAC leads the industry in terms of the number of individual policies issued and in force in Japan. It insures one out of four Japanese households overall. In the U.S., AFLAC operates in 50 states as well as in the Virgin Islands and Puerto Rico. The company has also made a commitment to promoting a healthy environment and socially responsible corporate governance. In fact, AFLAC, along with its employees and independent brokers and agents raised over $75 million for the AFLAC Cancer and Blood Disorder Center of Children's Healthcare of Atlanta.
The AFLAC story begins with three brothers John, Paul, and Bill Amos who, despite not knowing anything about insurance, believed that every American should have financial protection when an accident or an illness strikes. This belief pushed them to create a company that offers support for customers facing a medical situation. AFLAC has now grown to be the number one insurer in Japan, and the number one provider of supplemental coverage in the U.S. In 1955, the brothers launched the American Family Life Insurance Company which was later changed to the American Family Life Assurance Company of Columbus (or AFLAC), with John B. Amos serving as its first president and chairman.
As early as 1958, AFLAC has started developing its innovative cancer expense policy. It also pioneered the style of selling insurance in clusters in 1964 as it made product presentations to employee groups. AFLAC is the third company that was licensed to sell its products in Japan in 1974. The Japan business makes up over 75 percent of the insurer's annual revenue. It was also in 1974 when the company was listed on the New York stock exchange.
AFLAC released its first nationwide advertising campaign in the U.S. in 1991, which aimed to increase brand recognition. The campaign signaled a decade-long business growth. It was also during the 1990s when AFLAC Japan and U.S. pulled together to raise funds for the American Red Cross, which was used to establish Corporate America's Helping Hands Fund, providing assistance to the earthquake victims in Kobe, Japan in 1994.
In the U.S., AFLAC focused its philanthropic initiatives towards childhood cancer and provided funds for the construction of the AFLAC Cancer Center at Egleston Children's Hospital. The company was named as one of Fortune's 100 Best Companies to Work For in 1998 and has remained on the list for years after that.
AFLAC has had many milestones in its years of operation, and is now at the helm of health reform laws in the U.S. The company, however, reassured its customers that it has taken measures to ensure that the new health care regime will not have a negative impact on their coverage.
The Patient Protection and Affordable Care Act gave rise to a number of questions and concerns among policy-holders. AFLAC is advising its customers that the need for health care insurance has become even more relevant under the new rules. AFLAC's products offer peace of mind as well as financial security that will protect you and your loved ones against the financial strain that can be caused by an illness or an accident. The company supports health care reform especially those that can ensure that all Americans have access to a comprehensive, adequate, and affordable insurance coverage. Most of AFLAC's premiere products are designed to help its policy-holders cope with their day to day expenses and their out-of-pocket expenses that are related to illnesses or accidents. These are the expenses that will not be covered by their main insurance coverage.
The policies of AFLAC pay in cash. And since hard currency is always needed during times of sickness and injury, AFLAC's products will surely continue to be in high demand.