Annual Report for 2004 Aflac
Financial Highlights
Our Mission and Philosophy
Cover Story
Composition of Aflac's Market in Japan and the United States
Message from Management
Q & A with the CEO
Aflac Japan
Aflac U.S.
Selected Financial Data
Management's Discussion and Analysis
Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Investor Information
Board of Directors and Management
Aflac Duck
Message from Management
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pop icon. Yet, our continued brand research has revealed that many people want us to further define the Aflac brand and the benefits of owning our products. As we move from a name awareness phase to a period of brand definition, we are looking for our advertising and communications to help educate potential consumers about how Aflac policies can benefit their lives. Our new commercials for 2005 not only feature the Aflac Duck, but also better define Aflac. The initial testing and research has shown that clearly communicating our new brand message can significantly increase the relevancy of our products to consumers. We believe that better defining the brand will help reinforce Aflac's position as the category leader.

We have made many significant changes to our U.S. business in the last two years. But one thing has not changed: The United States remains a very large and underpenetrated market that is well-suited to our products. I feel that 2004 was a transition year for Aflac U.S. because of the disruption from the dramatic build-out of our sales management infrastructure.

But I am convinced we have just scratched the surface of the U.S. market. A recent independent study found that 7% of those surveyed were covered by Aflac. An additional 8% indicated they were very likely to purchase our products if they were offered at their worksites. We believe this study suggests that as employers and workers cope with continually rising health care costs, they will increasingly look to Aflac as a solution.

Aflac – Moving at the Speed of Life

By keeping our finger on the pulse of consumers' needs and refining products based on those needs, we have been able to maintain our market leadership. We're distinguishing ourselves from other companies by focusing on what consumers need now. In doing so, we are emphasizing our dedication to helping people get the most out of life with financial assistance when they need it most. It's a point of view that drives the relevance of our products and services, the immediacy with which they are delivered, and the peace of mind they provide for consumers.

On a daily basis, we are charged with balancing the needs of several constituencies. No matter which of our constituencies you identify with — shareholder, policyholder, sales associate, or employee — we know you look to Aflac to provide value you can incorporate into your life each and every day. And in delivering that value, we realize that the speed of life will be different for each of you. With a resilient business model as our foundation for success, Aflac remains committed to serving you at your pace with relevant products, excellent customer service, and strong growth.

Daniel P. Amos
Daniel P. Amos
Chairman and Chief Executive Officer

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