Aflac Incorporated (NYSE:AFL) Q4 2023 Earnings Conference Call February 1, 2024 8:00 AM ET

Company Participants

David Young - VP of Investor and Rating Agency Relations

Dan Amos - Chairman and CEO and President

Max Broden - EVP and CFO

Brad Dyslin - Global Chief Investment Officer, President of Aflac Global Investments

Masatoshi Koide - President and Representative Director, Aflac Life Insurance Japan

Koichiro Yoshizumi - EVP and Director of Sales and Marketing and Alliance Strategy

Virgil Miller - President, Aflac U.S.

Conference Call Participants

Tom Gallagher - Evercore ISI

Suneet Kamath - Jefferies

Jimmy Bhullar - JPMorgan

Wilma Burdis - Raymond James

Elyse Greenspan - Wells Fargo

John Barnidge - Piper Sandler

Joel Hurwitz - Dowling & Partners

Ryan Krueger - KBW

Josh Shanker - Bank of America

Operator

Good day, and welcome to the Aflac Incorporated Fourth Quarter Year End 2023 Earnings and 2024 Outlook Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to David Young, Vice President of Investor and Rating Agency Relations for Aflac Incorporated. Please go ahead.

David Young

Good morning and welcome. This morning, we will be hearing remarks about earnings for 2023 as well as our outlook for 2024.

First, Dan Amos, Chairman, CEO, and President of Aflac Incorporated will provide an overview of our results and operations in Japan and the United States. Then Max Broden, Executive Vice-President and CFO of Aflac Incorporated, will provide an update on our financial results and current capital and liquidity, as well as our outlook for 2024. These topics are also addressed in the materials we posted with our earnings release and financial supplement on investors.aflac.com.

In addition, Max provided his quarterly video update, which also includes information about the outlook for 2024. We also posted, under Financials, on the same site, updated slides of investment details related to our commercial real-estate and middle-market loans.

For Q&A, we are also joined by Virgil Miller, President of Aflac U.S.; Charles Lake, Chairman and Representative Director, President of Aflac International; Masatoshi Koide, President and Representative Director, Aflac Life Insurance Japan; and Brad Dyslin, Global Chief Investment Officer, President of Aflac Global Investments.

Before we begin, some statements in this teleconference are forward-looking within the meaning of federal securities laws. Although we believe these statements are reasonable, we can give no assurance that they will prove to be accurate because they are prospective in nature. Actual results could differ materially from those we discuss today. We encourage you to look at our annual report on Form 10-K for some of the various risk factors that could materially impact our results. As I mentioned earlier, the earnings release is available on investors.aflac.com and includes reconciliations of certain non- U.S. GAAP measures.