This report does not constitute a rating action. The financial strength rating (A+/Stable) and issuer credit rating (A+/Stable/--) on Japan-based Aflac Life Insurance Japan Ltd. (Aflac Japan) reflect S&P Global Ratings'view that the insurer is a core subsidiary of U.S.-based insurance group, Aflac. Our ratings on the core subsidiaries of the Aflac group are constrained by our ratings on Japan (A+/Stable/A-1). This is because the majority of the Aflac group's assets and earnings are from Japan. We expect Aflac Japan to maintain its status as a core company of the Aflac group. This is because the Japanese operations comprise the majority of the group's operating earnings and are the primary generator of its revenue and cash flow. We expect
