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Aflac To Exchange Two Lloyds Banking Group Securities, Enhance Risk-Based Capital Ratio
Date:11/24/2009

COLUMBUS, Ga., Nov. 24 /PRNewswire-FirstCall/ -- Aflac Incorporated (NYSE: AFL) announced today that the Lloyds Banking Group plc has accepted the exchange of two of its investment securities owned by Aflac. The exchange offer program was announced by Lloyds on November 3, 2009, and the exchanges are expected to settle on December 1, 2009.

When the transaction settles, Aflac will have exchanged its investment in Lloyds TSB Bank plc yen-denominated, Upper Tier II perpetual securities (par value of $222 million at September 30, 2009) into yen-denominated, Lower Tier II fixed-maturity securities. The company will also have exchanged its holdings of Bank of Scotland plc yen-denominated, Upper Tier II perpetual securities (par value of $188 million at September 30, 2009) into yen-denominated, Lower Tier II fixed-maturity securities. The newly issued securities are enhanced capital notes, which convert to common equity if the published Lloyds Banking Group's consolidated core Tier I capital ratio falls below 5%.

Previously, the company had communicated its expectation to book an impairment charge of $100 million in the fourth quarter of 2009, $32 million of which was related to the impairment of one of its Lloyds holdings. As a result of the securities exchanges announced today, which are considered to be sales and purchases of assets, Aflac now expects to incur an estimated after-tax realized investment loss of $66 million on two of its Lloyds holdings in the fourth quarter of 2009. The realized loss of $66 million will be reflected in the company's generally accepted accounting principles (GAAP) and statutory accounting statements.

Aflac did not exchange its HBOS plc yen-denominated, Upper Tier II perpetual securities (par value of $471 million at September 30, 2009). In addition, the company continues to
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