Aflac facts for kids
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Aflac Building, Columbus, Georgia, U.S.
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| Public | |
| Traded as | |
| Industry | Insurance Human resources services |
| Founded | November 17, 1955 (as American Family Life Insurance Company of Columbus) |
| Founders |
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| Headquarters | Aflac Building Columbus, Georgia, U.S. |
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Area served
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Key people
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| Products | Supplemental health & life insurance |
| Revenue |  US$18.93 billion (2024) |
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Operating income
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US$6.417 billion (2024) |
| US$5.443 billion (2024) |
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| Total assets |  US$117.6 billion (2024) |
| Total equity | US$26.10 billion (2024) |
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Number of employees
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12,694 (2024) |
Aflac Incorporated is an American insurance company. It is known for providing "supplemental insurance" in the United States. This type of insurance pays cash directly to you if you have a covered accident or illness. Aflac was started in 1955 and has its main office in Columbus, Georgia. The company helps over 50 million people around the world.
In 2009, Aflac bought another company called Continental American Insurance Company. This allowed them to sell supplemental insurance to both individuals and groups. By mid-2012, Aflac had many sales agencies in Japan and licensed sales people in the U.S.
Contents
How Aflac Started: A Brief History
Aflac was founded by three brothers: John, Paul, and William Amos. They started the company in Columbus, Georgia, in 1955. Its first name was American Family Life Insurance Company of Columbus.
Changing the Company Name
In 1964, the company's name changed to American Family Life Assurance Company of Columbus. Later, in 1990, the company started using the shorter name "Aflac." This is an acronym, which means it's made from the first letters of its longer name.
Going Public and Helping People
Aflac became a public company in 1974. This meant its shares could be bought and sold on the New York Stock Exchange. In its first year, Aflac signed up 6,426 policyholders. Aflac was also a pioneer in offering cancer insurance starting in 1958.
Insurance Through Work
From 1964, Aflac began to focus on selling insurance at workplaces. This often involved employers offering policies that employees could pay for through payroll deductions. By 2003, most Aflac policies in the U.S. were set up this way.
What Aflac Does: Business and Services
Aflac operates in the United States and Japan. Its main offices are in a tall building in Columbus, Georgia. This building is the tallest in the city. As of mid-2015, the company had over $103 billion in assets. It insured more than 50 million people worldwide.
Aflac is the largest provider of certain types of insurance in the U.S. It is also a very large insurance company in Japan.
Types of Insurance Aflac Offers
In the United States, Aflac offers several kinds of insurance policies. These include:
- Accident insurance
- Cancer/Specified Disease insurance
- Dental insurance
- Hospital Confinement Indemnity insurance
- Life insurance
- Short Term Disability insurance
- Vision insurance
Aflac also helps with other financial services. These include flexible spending accounts for medical or dependent care. They also offer human resources services for laws like HIPAA.
Aflac's Ranking
Aflac is a large company, ranked 137th on the Fortune 500 list. This list shows the biggest companies in the United States by how much money they make.
Understanding Cancer Policies
Some groups have looked closely at cancer insurance policies. They have noted that these policies might pay back less money to policyholders compared to other types of insurance. For example, a study by the U.S. General Accounting Office found that some policies paid back as little as 35% of the money paid in. Aflac stated its cancer insurance paid back 62.4%.
In comparison, in New York State, most major medical policies are required to pay back a higher percentage. New York State does not allow stand-alone cancer policies unless the buyer already has basic health coverage. Some experts suggest that people might get more benefit from buying lower-deductible standard insurance instead.
The Famous Aflac Duck
Since December 1999, Aflac has become much more famous because of its TV commercials. These ads feature the Aflac Duck. The duck loudly quacks the company's name, "Aflac!" to people who don't seem to understand what the company does.
How the Duck Idea Started
An advertising agency in New York City created the duck idea. One of their art directors realized that the company's name sounded a lot like a duck's quack. The Aflac Duck has appeared in over 30 commercials. The duck is so popular that it's on Madison Avenue's Walk of Fame.
Celebrities and the Duck
Many famous people have appeared in Aflac ads with the duck. These include Chevy Chase, Yogi Berra, and Yao Ming. Even future First Lady of the United States, Melania Trump, was in an ad in 2005. The duck has also appeared with cartoon characters like Bugs Bunny and Daffy Duck. In 2005, the Aflac company logo was changed to include the duck.
The Voice of the Duck
The duck's voice was originally done by comedian Gilbert Gottfried. He was known for voicing other characters like Iago in Disney's Aladdin. In 2011, Gottfried was no longer the voice of the Aflac duck. This happened after he made jokes on social media about a big earthquake and tsunami in Japan. Aflac said his comments were not funny and didn't represent the company's feelings.
Aflac then looked for a new voice for the duck. They even had commercials asking people to send in their auditions. In April 2011, Daniel McKeague became the new voice of the Aflac duck. His first commercial aired in May 2011. In 2018, the Aflac duck even appeared in the opening credits of the DuckTales cartoon reboot.
Aflac's Good Deeds: Helping the Community
Aflac is involved in many good causes. They have partnered with Children's Healthcare of Atlanta. Through this partnership, Aflac has given over $100 million to help with childhood cancer research and treatment.
Aflac employees also volunteer with many charities. These include Habitat for Humanity International, the Easter Seals, and the United Way. The company also tries to reduce its impact on the environment. They work with the Clean Air Campaign to encourage employees to use different ways to get to work, like carpooling or public transport.
Partnership with Macy's
Since 2001, Aflac has worked with Macy's department stores. They sell special Aflac holiday plush ducks in Macy's stores. The money made from selling these ducks goes to children's cancer facilities. Over $3 million has been raised from these duck sales since 2001. Aflac has also had a presence in the Macy's Thanksgiving Day Parade from 2011 to 2019.
Awards and Recognition
Aflac has received many awards and honors over the years:
- Aflac has been on Fortune's list of the 100 Best Companies to Work For for 20 years in a row.
- It has also been on Fortune's America's Most Admired Companies list for 19 years as of 2020.
- Ethisphere magazine has named Aflac a World's Most Ethical Company since 2007.
- Aflac has been on the Dow Jones Sustainability Index North America for six years in a row. This index recognizes companies that are good at being sustainable.
- In 2016, Latina Style magazine named Aflac one of the 50 Best Companies for Latinas to work for in the United States.
- Black Enterprise magazine has listed Aflac among the Top 40 Best Companies for Diversity for 10 years.
Images for kids
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The Aflac Building in Columbus, Georgia.
