Eric M. Kirsch to Retire as Global Chief Investment Officer and President of Aflac Global Investments; Bradley E. Dyslin Named Successor

COLUMBUS, Ga., Oct. 25, 2022 /PRNewswire/ -- Aflac Incorporated today announced that Eric Kirsch, executive vice president and global chief investment officer; president of Aflac Global Investments, will retire from Aflac, effective March 31, 2023. Kirsch will be succeeded by Bradley Dyslin, deputy global chief investment officer; senior managing director; global head of credit and strategic investment opportunities. Dyslin will officially start his new role on January 1, 2023, with Kirsch serving as executive vice president in transition before retiring effective March 31, 2023.

Kirsch joined Aflac 11 years ago with a mandate to build a world-class global investment team. Leveraging his more than 30 years of asset management experience at the time, he was responsible for building a brand new investment platform in New York City that was globally integrated with a Tokyo-based investments team. Kirsch oversaw the design and growth of Aflac Global Investments, including hiring a high-quality leadership team and creating a disciplined approach to managing the general account emphasizing asset allocation, diversification, liquidity and risk management. Over his tenure, he was responsible for applying these practices to more than $120 billion of assets under management (AUM), consistently outperforming investment performance targets, while structuring a high-quality portfolio with a distinguished credit track record. Under Kirsch's leadership, Aflac Global Investments has established itself as a leading insurance asset manager across public and private assets, currency strategies, and alternatives, while incorporating ESG principles of investing. More recently under his leadership, Aflac Global Investments has established itself as a strategic partner to third-party asset managers through joint ventures and minority equity stakes, gaining access to specialty asset classes and business growth opportunities.  He was named a Top 30 Chief Investment Officer by Trusted Insight in 2014 and a Top Power 100 Power Player in Investment Management in 2015, 2016 and 2019 by Chief Investment Officer Magazine.

Dyslin, one of the original executives Kirsch hired when building out the investment platform, has more than 30 years of investment experience in insurance asset management. In early 2021, Dyslin was promoted to deputy global chief investment officer, recognizing his contributions to the platform and his leadership capabilities. He joined Aflac Global Investments in 2012 as managing director and global head of credit, responsible for over $93 billion of credit AUM globally. He implemented a new credit function with rigorous underwriting standards that led to significant improvement in portfolio quality, while becoming a core investment strength. In 2017, he expanded his role to co-lead the external management platform responsible for asset outsourcing and overseeing third-party managers. While in this role, assets managed by third parties increased to $12 billion, with a specialty focus on corporate and real estate loans that helped improve portfolio diversification and risk-adjusted new money yields. Under Dyslin's leadership, Aflac Global Investments has developed strategic partnerships with third-party asset managers, including joint ventures and equity ownership stakes. Prior to joining Aflac, he served in a variety of investment management roles at Principal Financial Group, Deutsche Asset Management and Hartford Investment Management.

Commenting on the announcement, Daniel P. Amos, Aflac Incorporated chairman and chief executive officer, said: "I am grateful for Eric's leadership, dedication, and contributions to Aflac over the last 11 years. Eric has successfully built a leading global investment team while managing a well-diversified portfolio that has mitigated risk and added substantial income resulting in substantial value for Aflac and its shareholders. At the same time, Eric has developed a superior leadership team, including Brad, who has done an equally remarkable job enhancing our investment function. I am especially pleased to have someone with Brad's expertise, experience, and leadership assume responsibility for Aflac Global Investments."

Also commenting on the announcement, Frederick J. Crawford, Aflac Incorporated president and chief operating officer, said: "Eric has distinguished himself as an outstanding partner and accomplished leader who has grounded our portfolio with a robust strategic asset allocation process. His ability to drive strong investment results and financial strategy has become the bedrock of our investment approach, garnering a strong reputation for excellence both as an individual and on behalf of Aflac. As part of his decade-long legacy, Eric leaves us with an excellent successor in Brad. Their collaboration over the years will ensure continuity and will result in a seamless transition, as Brad is the right person to lead Aflac Global Investment's teams and investment strategy into the future."

About his upcoming retirement, Kirsch added: "The opportunity to join Aflac 11 years ago with a mission to build out a global investments business has been one of the greatest and most rewarding challenges of my career. It has been my privilege to serve Aflac and its shareholders, and to have the opportunity to fulfill the mission with which Dan originally charged me. I am grateful for the extraordinary opportunity to lead such an accomplished, dedicated team of international colleagues who are as passionate as I am about finding investments that not only meet our objectives, but that represent our values. Brad's strong investment ability and leadership have made him an invaluable partner who I know will continue growing the success of Aflac Global Investments."

About his new role, Dyslin added: "I am grateful for the opportunity from Dan, Fred, and the Board to lead Aflac Global Investments. Working closely with Eric over the last 11 years has been a very rewarding experience. I am fortunate to be part of a talented team of global investment professionals committed to maintaining our legacy of strong performance, and I am confident Aflac Global Investments will continue growing our contribution to Aflac's overall success."

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of supplemental health insurance products.¹ Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In 2021, Aflac Incorporated was proud to be included as one of the World's Most Ethical Companies by Ethisphere for the 16th consecutive year. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."

¹ LIMRA 2021 U.S. Supplemental Health Insurance Total Market Report

ABOUT AFLAC GLOBAL INVESTMENTS

Aflac Global Investments refers to Aflac Asset Management LLC and Aflac Asset Management Japan Ltd., which are the asset management subsidiaries of Aflac Incorporated. Aflac Global Investments is responsible for managing the invested assets of Aflac Incorporated's insurance subsidiaries in Japan and the U.S. As of December 31, 2021, Aflac Global Investments managed more than $122 billion in general account assets and had 121 investment and support professionals who work at its offices in New York and Tokyo.

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target," "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

• difficult conditions in global capital markets and the economy, including those caused by COVID-19
• defaults and credit downgrades of investments
• exposure to significant interest rate risk
• concentration of business in Japan
• limited availability of acceptable yen-denominated investments
• foreign currency fluctuations in the yen/dollar exchange rate
• differing judgments applied to investment valuations
• significant valuation judgments in determination of expected credit losses recorded on the Company's investments
• decreases in the Company's financial strength or debt ratings
• decline in creditworthiness of other financial institutions
• concentration of the Company's investments in any particular single-issuer or sector
• the effects of COVID-19 and its variants (both known and emerging), and any resulting economic effects and government interventions, on the Company's business and financial results
• the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
• deviations in actual experience from pricing and reserving assumptions
• ability to continue to develop and implement improvements in information technology systems
• interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems
• subsidiaries' ability to pay dividends to the Parent Company
• inherent limitations to risk management policies and procedures
• the operational risks of third party vendors
• tax rates applicable to the Company may change
• failure to comply with restrictions on policyholder privacy and information security
• extensive regulation and changes in law or regulation by governmental authorities
• competitive environment and ability to anticipate and respond to market trends
• catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events
• ability to protect the Aflac brand and the Company's reputation
• ability to effectively manage key executive succession
• changes in accounting standards
• level and outcome of litigation
• allegations or determinations of worker misclassification in the United States

Analyst and investor contact - David A. Young, 706.596.3264 or 800.235.2667 or [email protected]

Media contact - Ines Gutzmer, 762.207.7601 or [email protected]

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SOURCE Aflac Incorporated