Aflac Incorporated (NYSE:AFL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:00 am ET


Aflac Incorporated (NYSE:AFL) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the Aflac Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised, today's conference is being recorded.

I would now like to turn the call over to Mr. David Young, Vice President of Aflac Investor and Rating Agency Relations. Thank you, sir. You may begin. Sir, could you check your mute button, please?

David Young

Thank you, Fran. Good morning, and welcome to Aflac Incorporated Second Quarter Call. As always, we have posted our earnings release and financial supplement to This morning, we will be hearing remarks about the quarter as well as our operations in Japan and the United States amid the COVID-19 pandemic. Dan Amos, Chairman and CEO of Aflac Incorporated, will begin by discussing the impact of the pandemic and our ongoing response. Fred Crawford, President and COO of Aflac Incorporated, will then touch briefly on conditions in the second quarter before providing perspective on claims exposure to COVID-19. Max Broden, Executive Vice President and CFO of Aflac Incorporated, will conclude our prepared remarks with a summary of second quarter financial results and current capital and liquidity. Joining us this morning during the Q&A portion are members of our executive management team in the U.S., Teresa White, President of Aflac U.S.; Eric Kirsch, Global Chief Investment Officer and President of Aflac Global Investments; Rich Williams, Chief Distribution Officer; Al Riggieri, Global Chief Risk Officer and Chief Actuary; and Steve Beaver, CFO of Aflac U.S. We are also joined by members of our executive management team in Tokyo at Aflac Life Insurance Japan; Charles Lake, Chairman and Representative Director, President of Aflac International; Masatoshi Koide, President and Representative Director; Todd Daniels, Director and CFO; and Koji Ariyoshi, Director and Head of Sales and Marketing.

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 the company's investor site,, and includes reconciliations of certain non-U.S. GAAP measures.

I'll now hand the call over to Dan. Dan?

Daniel Paul Amos

Thank you, David, and good morning. Shortly, I will provide an overview of the quarter and how we performed [Technical Issues] is in their families, the people who are on the front lines fighting the spread of COVID-19 and those who are providing essential services, including our own employees. As I shared with you last quarter, the guiding focus of our actions has centered on the healthy and safety of our employees, distribution partners and policyholders we serve. You'll recall last quarter that we ramped up our work-at-home staffing models in both Japan and the United States. We saw a little in the way