Aflac Gives More Japan Post Deal Details

Aflac did not say how much Japan Post expects to pay for the Aflac stock.

Japan Post already distributes cancer insurance, individual variable annuities and other products for Aflac in Japan, and the companies seem to be indicating that they are making the deal mainly to support the stability of that distribution relationship.

Daniel Amos, Aflac's chairman, said in a statement that Aflac and Japan Post's insurance unit have paid about 13 billion yen in cancer claims — or the equivalent of more than $100 million in claims — since they formed a partnership in 2008.

"We look forward to continuing this relationship in a way that benefits both companies and their stakeholders,' Amos said.

The companies will be working on efforts to develop new products, and they will also continue to work together on cancer awareness, education and screening efforts, Aflac said.

— Read ACLI Praises U.S., E.U. Work On Japan PostGroups Unite To Blast Japan Postal Life Proposal, on ThinkAdvisor.

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