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PROXY SUMMARY
This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of
the information that you should consider and you should read the entire Proxy Statement before voting. For more
complete information regarding the Company’s 2014 performance, please review the Company’s Annual Report on
Form 10-K. In this Proxy Statement, the terms “Company,” “we,” or “our” refer to Aflac Incorporated, and the term “Aflac”
refers to the Company’s subsidiary, American Family Life Assurance Company of Columbus, which operates in the
United States (“Aflac U.S.”) and as a branch in Japan (“Aflac Japan”).
2015 Annual Meeting of Shareholders
•
Date and Time:
Monday, May 4, 2015, at 10:00 a.m.
•
Place:
Columbus Museum (the Patrick Theatre), 1251 Wynnton Road, Columbus, Georgia
•
Record Date:
February 25, 2015
Voting Matters and Board Recommendations
Our Board’s Recommendation
Proposal 1: Election of Directors (beginning on page 9)
FOR each Director Nominee
Proposal 2: Advisory Vote to Approve Executive Compensation (page 58)
FOR
Proposal 3: Ratification of Independent Registered Public Accounting Firm (page 61)
FOR
2014 Business Highlights
In 2014, the Company delivered strong operating results. Business highlights included:
We met our operating earnings per diluted share objective for the 25
th
consecutive year. Operating earnings per
diluted share, excluding foreign currency effect, which we believe continues to be one of the best measures of
our performance and has been a key driver of shareholder value for many years, rose 3.9% over 2013.
We generated net earnings of $3.0 billion.
As of December 31, 2014, our capital ratios improved:
o
Risk-based capital (“RBC”) ratio was 945%;
o
Solvency margin ratio (“SMR”), the principal capital adequacy measure in Japan, was 857%.
Combined, we generated more than $2.5 billion in total new annualized premium sales in the United States and
Japan.
Our total operating revenues on a currency neutral basis rose 5.7% to $27.2 billion, reflecting solid growth in our
premium income and net investment income.
We repurchased approximately $1.2 billion (19.7 million) of the Company’s shares.
We generated an industry-leading return on equity of 17.9%; additionally, our operating return on shareholders’
equity excluding foreign currency effect (“OROE”) for the full year was 22.9%.
We increased the fourth quarter cash dividend by 5.4% and the annual dividend by 5.6%, with an objective to
grow the dividend at a rate that is generally in line with operating earnings per diluted share before foreign
currency effect. This marked the 32
nd
consecutive year in which we increased our dividend.
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