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Aflac Incorporated Announces Fourth Quarter Results, Sees 2008 RBC Ratio Above 450%, Affirms 2009 Operating EPS Target
Date:2/2/2009

rid securities." The company's holdings of these perpetual debentures, which have characteristics of both debt and equity investments, totaled $9.1 billion at amortized cost ($8.0 billion at fair value) at the end of December 31, 2008. Included in the company's investment in perpetual debentures are $6.5 billion at amortized cost ($6.2 billion at fair value) of Upper Tier II securities and $2.6 billion at amortized cost ($1.8 billion at fair value) of Tier I securities. At the end of 2008, 92% of the company's total perpetual debenture securities were rated A or higher. With the exception of the previously mentioned Icelandic bank securities that were written off in the fourth quarter of 2008, all of the perpetual debentures owned by Aflac were current on interest and principal payments at the end of the year.

On October 14, 2008, the Securities and Exchange Commission (SEC) issued a letter to the Financial Accounting Standards Board (FASB) on the topic of hybrid securities. The SEC's letter noted that due to the debt characteristics of hybrid securities, a debt impairment model could be used for filings subsequent to October 14, 2008, until the FASB further addresses whether a debt or equity impairment approach is most appropriate. With no action taken by the FASB in the fourth quarter, Aflac continued to apply its debt impairment model to its perpetual debenture investments, which Aflac has applied for reporting periods commencing after June 30, 2008. As such, no impairment charges of our perpetual debentures were warranted in the fourth quarter other than those related to previously mentioned Icelandic banks.

We believe that an analysis of operating earnings, a non-GAAP financial measure, is vitally important to an understanding of Aflac's underlying profitability drivers. We define operating earnings as the profits we derive from our operations before realized investment gains and losses, the impact from
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SOURCE Aflac Incorporated
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