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2019 ESG REPORT

A LETTER FROM Dan Amos

To our friends, family and valued shareholders,

This year marks my 30th year as CEO of Aflac Incorporated. Since 1990 and even before, Aflac has been continually evolving and adapting to ensure we have the ability to meet and exceed our customers' expectations. But there is one aspect of our business that is and will continue to be top priority, and that's being a good corporate citizen.

While corporations' approach to doing the right thing has become more of a focal point for investors in recent years, it has been a central part of Aflac's activities for as long as I can remember. It reflects our commitment to environmental enhancement, social responsibility and strong corporate governance, or in short, ESG.

Aflac Chairman and CEO Dan Amos introduces new
ESG site

Let's be clear: Profits and shareholder returns determine whether our company is or is not successful. But, all things being equal, I believe employees, investors and customers would rather do business with a company that is also a good corporate citizen.

I think it's important to note that since August 1990, even while embracing this approach, the company's total return to shareholders — including reinvested cash dividends — has exceeded 8,900%. This significantly exceeds the S&P Life & Health, S&P 500 and the Dow Jones Industrial Average. This also proves that, yes, you can be successful at business and also be a good corporate citizen. And we as a company are proud of it.

We will work hard to continue to achieve both because, ultimately, we believe this is a more sustainable approach to business and one that will continue to increase shareholder value.

So much has occurred over the last 30 years, and it is outlined in our Corporate Social Responsibility Report that you can read on aflac.com. As Aflac's ESG program continues to mature, look to this ESG Hub as a source of information that holds us accountable.

Dan Amos

Chairman and Chief Executive Officer

Aflac Incorporated

In this document, we may refer to Aflac Incorporated's businesses collectively as "Aflac" or the "Company," the Company's U.S. businesses as "Aflac U.S." and the Company's Japan businesses as "Aflac Japan."