We celebrated a significant milestone in 2005: Aflac's golden anniversary. When our doors first opened in November 1955, I don't think anyone could have contemplated what Aflac would look like a half century later. After all, the company was simply the dream of John, Paul, and Bill Amos, who shared a desire to start an insurance company. To many, it may have seemed like an impossible dream. But the vision of our founders has more than just stood the test of time. We've had an incredibly rewarding five decades, marked by steady, profitable growth. And in growing our business, we've touched millions of lives. The privilege of enriching the lives of policyholders, sales associates, employees and shareholders remains our greatest priority.

We know that a snapshot in time reveals a slice of life. Life brings change, and with it comes happiness, joy, and at times, uncertainty or even crisis. Often a medical crisis extends further than one would think, and not only jeopardizes health, but also compounds the problem by jeopardizing financial security. That's where we come in. Aflac's mission is to help provide financial security by quickly paying cash benefits when illnesses or accidents interrupt life. This gives our policyholders a chance to resume life where they left off as soon as possible.

2005 was a year like most: We faced both challenge and opportunity. In Japan, our main challenge continued to be investing effectively and prudently in a low-interest-rate environment, while maintaining our leading position in a competitive market.