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Stock Performance Graph

The following graph compares the five-year performance of the Company's common stock to the Standard &

Poor's 500 Index (S&P 500) and the Standard & Poor's Life and Health Insurance Index (S&P Life and Health). The

Standard & Poor's Life and Health Insurance Index includes: Aflac Incorporated, Lincoln National Corporation, MetLife

Inc., Principal Financial Group Inc., Prudential Financial Inc., Torchmark Corporation and Unum Group.

Performance Graphic Index

December 31,

2011 2012 2013 2014 2015 2016

Aflac Incorporated

100.00 126.36 162.90 152.66 153.45 182.78

S&P 500

100.00 116.00 153.58 174.60 177.01 198.18

S&P Life & Health Insurance

100.00 114.59 187.33 190.98 178.93 223.41

Copyright

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2017 Standard & Poor’s, a division of The McGraw-Hill Companies Inc. All rights reserved. (

www.researchdatagroup.com/S&P.htm)

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