Joseph W. Smith Jr. To Retire at Year-end, W. Jeremy "Jerry" Jeffery To Be Chief Investment Officer
October 18 2006 - 5:56PM
PR Newswire (US)
COLUMBUS, Ga., Oct. 18 /PRNewswire-FirstCall/ -- Aflac Incorporated
today announced that Joseph W. Smith Jr., senior vice president,
investments; and chief investment officer, will retire from Aflac
on December 31, 2006. Smith will be succeeded as chief investment
officer by W. Jeremy "Jerry" Jeffery. Jeffery is currently senior
vice president, investments; and deputy chief investment officer.
Smith, a graduate of the University of Alabama, joined Aflac's
investment department as assistant vice president in June 1985 and
was promoted to vice president in 1986. In 1991, Smith was named
senior vice president; and chief investment officer. He is a
chartered financial analyst and a member of the Association for
Investment Management Research. Prior to joining Aflac last year,
Jeffery, a graduate of Yale University, had a 23-year career with
Morgan Stanley, where he focused on diverse fixed income strategies
affecting a wide range of industries. During his last 10 years at
Morgan Stanley, he served as executive director, Fixed Income
Institutional Sales. Jeffery joined Aflac in 2005. Commenting on
the announcement, Aflac President and Chief Financial Officer Kriss
Cloninger said: "It's been a pleasure to have worked with Joe for
many years, and I am grateful for his leadership, dedication and
contributions to Aflac. Joe has effectively led a global investment
team that has produced very strong returns over a long period of
time. He leaves a legacy of an innovative investment approach and a
portfolio that is one of the strongest in our industry. At the same
time, I am confident that our investment success will continue
under Jerry's leadership. At Morgan Stanley, Jerry spent more than
a decade working with Aflac's investment team to identify
investments that fit our unique needs. Jerry's extensive knowledge
and experience, in addition to his long-term working relationship
with Aflac, has already benefited the continuity of our investment
strategy." For 50 years, Aflac products have given policyholders
the opportunity to direct cash where it is needed most when a
life-interrupting medical event causes financial challenges. Aflac
is the number one provider of guaranteed- renewable insurance in
the United States and the number one insurance company in terms of
individual insurance policies in force in Japan. Aflac's insurance
products provide protection to more than 40 million people
worldwide. Aflac has been included in both in Fortune magazine's
listing of America's Most Admired Companies and Forbes magazine's
Platinum 400 List of America's Best Big Companies for five
consecutive years. In January 2005, Aflac was included in Fortune
magazine's list of the 100 Best Companies to Work For in America
for the seventh consecutive year. Aflac was also included in
Fortune magazine's list of the Top 50 Employers for Minorities in
August 2005, and in September 2005, Aflac Japan was named the Life
Insurance Company of the Year at the Asia Insurance Industry
Awards, sponsored by the Asia Insurance Review. Aflac Incorporated
(NYSE:AFL) is a Fortune 500 company listed on the New York Stock
Exchange under the symbol AFL. To find out more about Aflac, visit
aflac.com. The Private Securities Litigation Reform Act of 1995
provides a "safe harbor" to encourage companies to provide
prospective information, so long as those informational statements
are identified as forward-looking and are accompanied by meaningful
cautionary statements identifying important factors that could
cause actual results to differ materially from those included in
the forward-looking statements. We desire to take advantage of
these provisions. This document contains cautionary statements
identifying important factors that could cause actual results to
differ materially from those projected herein, and in any other
statements made by company officials in communications with the
financial community and contained in documents filed with the
Securities and Exchange Commission (SEC). Forward-looking
statements are not based on historical information and relate to
future operations, strategies, financial results or other
developments. Furthermore, forward- looking information is subject
to numerous assumptions, risks, and uncertainties. In particular,
statements containing words such as "expect," "anticipate,"
"believe," "goal," "objective," "may," "should," "estimate,"
"intends," "projects," "will," "assumes," "potential," "target," or
similar words as well as specific projections of future results,
generally qualify as forward-looking. Aflac undertakes no
obligation to update such forward-looking statements. We caution
readers that the following factors, in addition to other factors
mentioned from time to time could cause actual results to differ
materially from those contemplated by the forward-looking
statements: legislative and regulatory developments; assessments
for insurance company insolvencies; competitive conditions in the
United States and Japan; new product development and customer
response to new products and new marketing initiatives; ability to
attract and retain qualified sales associates; ability to
repatriate profits from Japan; changes in U.S. and/or Japanese tax
laws or accounting requirements; credit and other risks associated
with Aflac's investment activities; significant changes in
investment yield rates; fluctuations in foreign currency exchange
rates; deviations in actual experience from pricing and reserving
assumptions including, but not limited to, morbidity, mortality,
persistency, expenses, and investment yields; level and outcome of
litigation; downgrades in the company's credit rating; changes in
rating agency policies or practices; subsidiary's ability to pay
dividends to parent company; ineffectiveness of hedging strategies
used to minimize the exposure of our shareholders' equity to
foreign currency translation fluctuations; catastrophic events; and
general economic conditions in the United States and Japan. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO ) Analyst
and investor contact - Kenneth S. Janke Jr., 800.235.2667 - option
3, FAX: 706.324.6330, or Media contact - Laura Kane, 706.596.3493,
FAX: 706.320.2288, or
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO
http://photoarchive.ap.org/ DATASOURCE: Aflac Incorporated CONTACT:
Analysts and investors, Kenneth S. Janke Jr., +1-800-235-2667
option 3, or fax, +1-706-324-6330, or , or Media, Laura Kane,
+1-706-596-3493, or fax, +1-706-320-2288, or Web site:
http://www.aflac.com/
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