AFLAC - Insurance Company - Complete History and Analysis of Insurance Giant with Investment Recommendations

Essay by mace20University, Bachelor'sA+, April 2004

download word file, 10 pages 5.0

History of the Firm

In 1955, the American Family Life Assurance Company, know as AFLAC, was founded by brothers John Paul and Bill Amos. The firm's home was in Columbus, Georgia, where the corporate office is still located today. AFLAC was primarily a life insurance company until it introduced a cancer expense policy in 1958. In the 1980's the company began to expand its lines of business to include accident/disability, short-term disability, hospital intensive care, hospital confinement indemnity, long-term care, specified health event, and dental coverage.

Since it's beginning the firm has grown rapidly. AFLAC is a component of the Standard & Poor's 500 Index and the New York Stock Exchange. In 2001 the company received an "A+ (Superior)" rating from A.M. Best and has a feature topic in many global business magazines and journals. Both Standard & Poor's, and Fitch Ratings rate AFLAC "AA" for financial stability. The success of the company is prided on the fact that even today the mission statement, which is "To combine aggressive strategic marketing with quality products and services at affordable prices to provide the best insurance value for consumers," is still followed very closely as it was nearly 50 years ago.

Also, AFLAC believes in offering quality products and services at affordable prices and utilize new technology to better serve its policyholders, handling most claims within three days, building better value for its shareholders, and providing an enriching and rewarding workplace for its employees. Corporate responsibility is very important to AFLAC, thus the company is involved in many philanthropic endeavors.

AFLAC Incorporated is an international holding company based in Columbus, Georgia. Today the firm conducts business operations in all 50 United States and Puerto Rico as well as in Japan. AFLAC has more than 48,000 licensed agents worldwide. In its geographical...