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
Questions & Answers with the CEO
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QYou have now been chief executive officer of Aflac Incorporated for 15 years. When you think back on those 15 years, what comes to mind?

AI guess the first thing that comes to mind as I think back over the last 15 years is the great record of success we have been able to generate at Aflac U.S. and Aflac Japan, and as a result, for Aflac Incorporated. In fact, during each of the last 15 years we have produced at least a 15% increase in the internal performance measure of earnings that we use to manage our business. That is a track record that I am very proud of, and it is one that I would like to extend as long as possible. We have already given earnings guidance for 2005 and 2006 of a 15% increase before the effect of currency translation. I believe those goals are realistic and achievable. My overriding objective is to maintain strong earnings growth for a long period of time because I believe that is what drives shareholder value. I plan to be here for a long time, and I look forward to many good years to come.

QAs chairman and CEO, what do you see as your role in championing Aflac's success?

AI see my role as creating a singular, straightforward vision for Aflac — one that is both attainable and challenging — and most importantly, one that contains a philosophy that everyone embraces. Obviously, carrying out a successful vision is not a job for one person. So I work hard to put the right people in the right positions to accomplish the right tasks, and then I work to align our sales force and corporate employees to bring our vision to life. I have every confidence that Aflac is focused on the right mission and that we are strongly positioned to grow our business.

QTwo major milestones in Aflac's history are closely tied: Aflac Japan's 30th anniversary in 2004 and the 50th anniversary of Aflac's founding in 2005. As you reflect on the experiences leading up to these milestones, what events and memories stand out most in your mind?

ALooking back, the thrill of our success in both the United States and Japan has simply never faded. Aflac's 30 years in Japan and 50 years in the United States speak volumes about the success of, and need for, our products. I often think back on our early days in the United States and the personal sacrifices and financial obstacles that our founders had to overcome. And I recall our modest start in Japan as we worked to obtain our insurance license and bridge the cultural and language differences we faced. But in both markets, we started with products that help consumers, and we believed in the value of those products. This belief has not changed in the slightest. But when I look back, it's not the number of years that stands out in my mind at all. It's the fact that Aflac's products have helped so many people.

QWhy is it so important to bring greater definition to Aflac's brand?

AEffective branding shows how Aflac differs from the traditional insurance category. Research has shown that people identified with Aflac as an insurance company, but many consumers were not clear on how Aflac products could help them get the most out of each day and each moment. With tremendous help from the Aflac Duck, Aflac has an incredible 90% name recognition. But we need to do more to define Aflac and to make it clear to consumers exactly how we can bring peace of mind and financial support when it's needed most. We believe improving the understanding of Aflac will translate into greater relevancy and greater demand.


Dan Amos pictured with his dog, a Boykin Spaniel named Drue.
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