Aflac Incorporated (AFL) Presents at KBW Insurance Conference 2026 Transcript

SA Transcripts 162.16K Followers Follow Aflac Incorporated ( AFL ) KBW Insurance Conference 2026 September 10, 2026 9:50 AM EDT Company Participants Max Broden - Senior EVP & CFO Conference Call Participants Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division Presentation Ryan Krueger Keefe, Bruyette, & Woods, Inc., Research Division Good morning, everyone. I'm Ryan Krueger from KBW, and we're going to get started with the next session. It's great to have Max Broden, the CFO of Aflac, up on stage with me. Also wanted to recognize David Young from Investor Relations and Capital Markets at Aflac in the front row. Unfortunately, Ben Affleck, their new spokesman, was unable to join us for the fireside this year, maybe next year. Question-and-Answer Session Ryan Krueger Keefe, Bruyette, & Woods, Inc., Research Division So yes, maybe just to start -- I just want to start with Japan. Certainly, hard to not notice that interest rates are the highest they've been there in 25 years. And you had done some investment repositioning in the second quarter. I think you had indicated maybe more in the third quarter. So hoping to get some sense of, kind of, how much more opportunity there could be to do investment repositioning and take advantage of these higher rates? Max Broden Senior EVP & CFO Yes. So in Japan, we find ourselves in a situation, obviously, with the yen yield curve being as steep as it is, both in terms of the level of the steepness, but also the absolute levels of yields that we haven't seen for a very, very long period of time. So what we have sort of been looking at for quite some time, and we've been able to execute on in the second quarter is a number of repositioning trades. We, at Aflac, we hold a pretty significant U.S. dollar