On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). We affirmed our 'A+' long-term issuer credit and financial strength ratings on U.S.-based insurance group Aflac Inc. on Feb. 20, 2024; we continue to view Aflac Japan as a core subsidiary of the Aflac group. We therefore affirmed our 'A+' ratings on Aflac Japan. The stable outlook reflects that on our ratings on Aflac group's other core subsidiaries. On Feb. 22, 2024, S&P Global Ratings affirmed its 'A+' long-term issuer credit and financial strength ratings on Aflac Life Insurance Japan Ltd. (Aflac Japan). The outlook remains stable. The stable outlook reflects that on our ratings on other core subsidiaries
