Aflac Inc. announced the completion of the conversion of its Aflac Japan branch to a subsidiary. We are rating Aflac Life Insurance Japan Ltd. 'A+' and withdrawing our rating on American Family Life Assurance Co. - Japan Branch at the company's request. The stable outlook reflects the outlook of the group and our view that Aflac's fundamental credit profile is consistent with our expectations. On April 2, 2018, S&P Global Ratings assigned its 'A+' long-term issuer credit and financial strength ratings to Aflac Life Insurance Japan Ltd. At the same time, we withdrew our 'A+' long-term issuer credit and financial strength ratings on American Family Life Assurance Co. - Japan Branch at the company's request. The outlook is stable. The
