Aflac Japan And Japan Post Holdings sign new agreement to expand -, GA News Weather & Sports

Aflac Japan And Japan Post Holdings sign new agreement to expand distribution

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Aflac Incorporated announced Friday, July 26, that Aflac Japan and Japan Post Holdings have entered into a new agreement, further expanding their partnership that was initially established in 2008.

Aflac Japan will remain the exclusive provider of cancer insurance distributed through post offices nationwide across Japan.

Through this alliance, Japan Post Holdings intends to expand the number of post offices that offer Aflac's cancer products, gradually increasing from 1,000 postal outlets to 20,000 outlets. Also, subject to regulatory approval, Japan Post Insurance (Kampo) will enter into an agency contract with Aflac Japan to begin distributing Aflac Japan's cancer insurance products at all of Kampo's 79 directly managed sales offices. Upon consultations with Japan Post group, Aflac Japan will consider developing an exclusive cancer product for both Japan Post and Kampo.

Japan Post group consists of Japan Post Holdings and its three operating subsidiaries: Japan Post Co., Ltd.; Japan Post Insurance Co., Ltd. (Kampo); and Japan Post Bank Co., Ltd. These subsidiaries provide universal postal services as well as a variety of financial products to post offices throughout Japan.

Commenting on the announcement, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos said: "We are very pleased that Japan Post Holdings chose Aflac Japan's cancer insurance products to sell through its vast number of post offices all across Japan. We believe their selection of our cancer products reflects the overall strength of the Aflac brand, our reputation for quality customer service, and the comprehensive support we provide to our customers and agents."

Also commenting on the announcement, Japan Post Holdings President and CEO Taizo Nishimuro said: "Aflac has a long track record as the leader in Japan's cancer insurance market, so from the Japan Post group's perspective, deepening cooperation with them will enhance the value of our post offices and improve convenience for our customers in all parts of the country. This partnership is of the utmost significance as it will bolster our earnings and increase the Japan Post group's corporate value in preparation for our IPO in the near future."

Source: Aflac Incorporated.

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