Latest news with #Aflac
Yahoo
a day ago
- Business
- Yahoo
How this CEO built a 35-year reign at Aflac without burning out
As Berkshire Hathaway CEO Warren Buffett prepares to retire, Aflac's longtime CEO, Dan Amos, is poised to become the longest-serving chief executive in the Fortune 250. Amos has led Aflac for 35 years and has spent more than five decades at the company his family founded. In an era of executive churn, where the average tenure of a Fortune 500 CEO is approximately seven years, Amos stands out not just for his longevity, but for how he has sustained it. Under his leadership, the supplemental life insurance company has grown into a $55.7 billion business with nearly $19 billion in annual revenue.'I enjoy what I do,' Amos tells Fortune. 'If you don't enjoy it, you can't do it for very long.' That passion appears to have fueled a rare and remarkable run. But Amos' rise wasn't preordained, despite his last name, he says. The son of Paul Amos, one of three brothers who cofounded American Family Life Assurance Company of Columbus in 1955, he joined Aflac in 1973 as a commission-only sales rep, determined to prove himself on merit. After graduating from the University of Georgia, he joined the company in 1973 as a commission-only sales rep, determined to prove himself on performance alone. 'I went on a total commission basis to the company because I felt like everybody would say, 'He got handed the opportunity,' which is right. I don't deny that,' Amos admits. 'But when I went into sales, they couldn't say much because they looked at my track record and saw what happened.' In his first year, he inherited a sales territory generating $600,000 in annual premiums. Within a decade, that figure had grown to $11 million. He became president in 1983, COO in 1987, and CEO in 1990. Those early years shaped his leadership philosophy: set clear goals, track outcomes, and lead with accountability. 'You set these goals to achieve, and then when you've done it, it's something you could reflect and say, 'That was a great year,''' he says. While many of his peers chased aggressive global expansion, Amos made a contrarian call, scaling back Aflac's operations to just two countries: the U.S. and Japan. 'We found there was more life insurance in force in the U.S. and Japan than the rest of the world combined,' he recalls. 'So I asked, 'Why do we need to be anywhere else?'' That clarity of focus has served the company well. Today, Aflac is a household name, aided by the now-iconic duck mascot and consistent returns. Amos says his staying power has just as much to do with how he leads behind the scenes. His days start at 7 a.m. with meetings involving the Japan team, include a midday break for exercise, and often end with Sunday night check-ins. He surrounds himself with a trusted executive team—his general counsel among them—and expects directness. 'I spend all my time hiring the right people,' Amos adds. 'I set guardrails, and within those, they're empowered to lead.' That trust wasn't always there. In his early years, Amos admits he micromanaged everything until one moment made him pause. But one day, he realized, 'If I've got to do this, why do I need them? And I just stopped.' Today, that philosophy extends beyond his direct reports. Amos says he deliberately diversified Aflac's board to better reflect the customers it serves. 'I don't want it to be a bunch of 60-year-old white guys. I know how they think,' he explains. 'I want to make sure I know how African American females in their 30s think because they're potential policyholders.' His guiding principle, in a nutshell, is to evolve or risk irrelevance. 'If you don't adapt, you'll run off. Not changing is the kiss of death,' he says. Technology and remote work have only reinforced that mindset, he adds. 'You can work from anywhere now, and people believe you're actually working,' says Amos. 'That didn't used to be the case.' Despite no immediate plans to step down, Amos is candid about the toll of leadership.'I don't think people realize that you're never off,' he says. 'I could be on top of Mount Everest with a phone, and someone could reach me.' The added challenge of constantly being on call, according to Amos, is that CEOs don't have the luxury of telling their teams and shareholders they don't want to be reached. Still, Amos says he's learned when to draw boundaries. He has never missed one of his son's high school football games and says he encourages employees to prioritize family. He credits his wife with being a grounding force. 'If you're together as a team, it works out pretty well,' he says. After more than three decades at the top, Amos' advice to aspiring CEOs is simple but pointed: 'Go for it.' But he caveats that it's not the daily grind that defines great leaders. It's how they show up when things go sideways. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
2 days ago
- Business
- New York Post
Mysterious international cyberhackers known as ‘Scattered Spider' now targeting airline industry: FBI
A shadowy crew of international cyberhackers known as 'Scattered Spider' are now believed to be targeting the airline industry, the FBI warned in a new alert. The mysterious gang, which has been linked to data breaches at insurance giant Aflac and several major retailers in the United Kingdom in recent years, now has its sights set on air travel, the feds said in an urgent warning posted online over the weekend. 'The FBI has recently observed the cybercriminal group Scattered Spider expanding its targeting to include the airline sector,' the agency said. 'These actors rely on social engineering techniques, often impersonating employees or contractors to deceive IT help desks into granting access.' Advertisement 4 The international cybergang 'Scattered Spider' has hacked major corporations and is now targeting airlines, the FBI said. Getty Images 4 The airline industry is next in line for the cyberhackers 'Scattered Spider,' the FBI warned this weekend. John McAdorey – 'They target large corporations and their third-party IT providers, which means anyone in the airline ecosystem, including trusted vendors and contractors, could be at risk,' the FBI said. Advertisement The underground digital crooks — believed to be led by young hackers in the US and the UK — have wreaked havoc in recent years, stealing data from corporations and sometimes extorting them, the Cybersecurity & Infrastructure Security Agency, part of the Department of Homeland Security, said in a 2023 security alert about the group. 4 In an urgent alert on Friday, the FBI said an international cybergroup 'Scattered Spider' plans to disrupt airlines. dima – Earlier this month, Scattered Spider was suspected to be behind a major data breach at Aflac, potentially exposing Social Security numbers, insurance claims and health information of tens of millions of customers. The crew was also believed to be behind similar breaches at Erie Insurance and Philadelphia Insurance Companies, and was linked to hacks at Marks & Spencer and other UK retailers. Advertisement Scattered Spider drew particular notoriety in September 2023 when the group broke into and locked up the networks of casino operators Caesars Entertainment and MGM Resorts International, and demanded hefty ransom payments. Caesars was forced to pay about $15 million to restore its network. 4 'Scattered Spider' has been linked to data breaches at Aflac and at several Las Vegas casinos as far back as 2021. Christopher Sadowski Last year, federal prosecutors in Los Angeles charged five reputed members between the ages of 20 and 23 with allegedly hacking into 12 separate companies between September 2021 and April 2023. Advertisement Now, the FBI says Scattered Spider might be turning its sinister talents on the airlines. 'Once inside, Scattered Spider actors steal sensitive data for extortion and often deploy ransomware,' the agency's alert on Friday said. 'The FBI is actively working with aviation and industry partners to address this activity and assist victims. Early reporting allows the FBI to engage promptly, share intelligence across the industry, and prevent further compromise.'
Yahoo
6 days ago
- Business
- Yahoo
Aflac Incorporated to Release Second Quarter Results and CFO Video Update on August 5, 2025 and Host Webcast on August 6, 2025
COLUMBUS, Ga., June 27, 2025 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) announced today that it will release second quarter 2025 financial results after the market closes on Tuesday, August 5, 2025. At that time, earnings materials, including the quarterly earnings release and financial supplement, will be available, along with a financial update video from Senior Executive Vice President and Chief Financial Officer Max Brodén, on the company's Investor Relations website, Aflac Incorporated will also webcast a conference call scheduled for 8:00 a.m. (ET) on Wednesday, August 6. During the webcast, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos, along with Brodén, will discuss the company's quarterly results. Virgil Miller, President of Aflac Incorporated and Aflac U.S., will join them to answer questions during the webcast with other members of executive management from the U.S. and Japan. To listen to the conference call, please register at five to seven minutes prior to the scheduled start time. ABOUT AFLAC INCORPORATEDAflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for nearly seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 19 consecutive years (2025) and Fortune's World's Most Admired Companies for 24 years (2025). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2024) for 11 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at or Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at under "Sustainability." 1 LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667, or dyoung@ Media contact – Ines Gutzmer, 762.207.7601 or igutzmer@ View original content to download multimedia: SOURCE Aflac Incorporated Sign in to access your portfolio
The Hill
6 days ago
- Business
- The Hill
Missing in the Republican tax bill: A real answer to the US medical debt crisis
America is drowning in medical debt. It is a reality for nearly one in 12 adults, with at least $220 billion owed nationwide. This burden cuts across income, gender, geography and profession. Medical debt doesn't care about your politics; it quietly undermines families and the broader economy. Creating targeted tax incentives — both credits and deductions — for consumers should be on the table. Whether you cheer or groan, a Republican tax bill, approved by Congress, and signed by President Trump is likely to happen. Whatever emerges from the legislative sausage-making, the status quo is about to shift. And beauty to some is ugliness to others. The Republicans tout market-friendly reforms, such as expanding Health Savings Accounts and updating Individual Coverage Health Reimbursement Accounts. These tools use tax incentives to nudge Americans toward smarter health care spending. These are good for middle class, mostly healthy consumers, but not for low-income Americans. There will likely be steep Medicaid cuts and trims to Affordable Care Act subsidies. That means millions at or near the poverty line could lose coverage, driving up medical debt and forcing many into bare bones plans with high out-of-pocket costs and limited provider networks. The think tank Third Way estimates that proposed Medicaid cuts alone could push 2.8 million more Americans into medical debt, adding $26 billion to the nation's tab — a 10 percent jump. Is there a way to bridge this divide? Yes — if Congress is willing to think creatively. Supplemental 'gap' insurance plans, like those from Aflac, FlexBenefits or Colonial Penn, are designed to cover what primary insurance doesn't. Yet these plans are almost always paid for with after-tax dollars, and individuals receive no tax credits for buying. Why not change that? Let's make these plans tax-deductible for those who pay for their own health insurance. This isn't a radical idea — it's how health insurance deductions evolved for the self-employed over decades, growing from a 25 percent deduction in the 1980s to 100 percent by 2003. Back then, a typical plan cost $150–$300 a month with a $1,000 deductible. Today, premiums can run $500–$1,500 a month, with deductibles of $5,000 or more, plus co-pays and out-of-network charges. For $50–$100 a month, consumers can buy a comprehensive gap plan that covers up to $5,000 for accidents or illness, and even more for serious conditions like cancer or heart attack. If these plans were tax-deductible or — for lower-income Americans — came with a refundable tax credit enrollment would soar. Are all gap plans equal? No. Should there be minimum standards? Perhaps. But we need to start somewhere. What would it cost? If 10 million low-income Americans received a $500 tax credit for gap insurance, the price tag would be about $5 billion. Not everyone would sign up immediately, but those who do would see fewer medical bills leading to bankruptcy or collections and would avoid the 'private recession' of high-interest credit card debt. Freeing families from medical debt boosts consumer spending, increases sales tax revenue, and helps people get better jobs — raising state and federal tax receipts in the process. If 20 million Americans got a tax deduction — at a 25 percent tax rate — for a $1,000-a-year gap plan, the cost would also be $5 billion, phased in over time. This would further reduce medical debt, improve preventive care, and ease mental health burdens — key drivers of health care costs. There's a cost, but also a payoff: less cost-shifting by providers, more consumer spending, and a healthier, more productive workforce. When the self-employed could finally deduct health insurance in the 1990s, more farmers, tradespeople and blue-collar workers bought coverage. Tax incentives work. Make gap plans tax-advantaged, and millions more will buy them. It gives consumers new tools to manage out-of-pocket costs and encourages smarter health care choices. Reducing medical debt through tax incentives should be a bipartisan cause. It's smart politics for both parties. All it takes is a few leaders willing to think differently about rewarding responsible consumer behavior — no matter what income. Under current law, businesses can deduct disability insurance and, in some cases, life insurance as overhead. But accident and illness coverage doesn't get the same break. Accident insurance isn't deductible under an Health Savings Accounts or Individual Coverage Health Reimbursement Accounts, though it is under a Section 125 plan. Isn't it time to fix that? Jeff Smedsrud is a longtime advocate for market-centric health insurance reforms who started seven companies in the health insurance space, focusing on niche markets.
Daily Mail
25-06-2025
- Business
- Daily Mail
US insurance giant Aflac reports cyberattack affecting 15M Americans
A massive cyberattack has exposed the sensitive personal details of Americans after hackers breached the system of Aflac. Aflac, one of the largest insurance company in the US, has over 50 million customers worldwide and around 15m in America. The breach identified on June 12 was carried out by a yet unknown hacking group that accessed files containing Social Security numbers, health claims and other private data. A 11 class-action lawsuits have been already filed against the company, accusing it of failing to protect user data. Aflac confirmed the breach in a statement filed with the US Securities and Exchange Commission on Friday, noting that the incident affected customers, beneficiaries, employees and agents. The company has not shared how many people were affected. 'Our business remains operational, and our systems were not affected by ransomware,' said Aflac in a press release. 'This attack, like many insurance companies are currently experiencing, was caused by a sophisticated cybercrime group.' The breach was contained within hours, according to Aflac, but the company admitted the scope of attack remains under investigation. The hackers performed the attack by manipulating individuals and sector-specific targeting into performing actions or divulging confidential information. Unlike malware or brute-force attacks, these tactics rely on psychological manipulation rather than technical vulnerabilities. This form of attack involves tricking employees, often help desk workers into revealing passwords or granting access, bypassing traditional security systems like firewalls. Alfac has hired a third party cybersecurity experts to review the breach and assess the damage. So far, the company says the data potentially accessed includes names, claims data, Social Security numbers, and health-related information. Aflac said it is offering free credit monitoring and identity theft protection to affected individuals. A dedicated call center was launched on June 20 to provide support and more details to those impacted by the incident. The Aflac hack followed a coordinated series of attacks on insurers beginning June 7, starting with Erie Insurance and Philadelphia Insurance Companies. The FBI has not commented publicly on the breach, but cybersecurity analysts suspect the attack was carried out by a group known as Scattered Spider. This group operates under a larger cybercriminal network known as The Com, according to Cyberscoop . The group, active since 2022, is known for attacking US companies in waves using identity-based tactics such as impersonating employees. John Hultquist, chief analyst at Google's Mandiant Intelligence, said the insurance industry is currently facing a surge in targeted intrusions. He noted the tactics used in the Aflac breach mirror recent attacks on Erie Indemnity and Philadelphia Insurance Companies. 'This was part of a cybercrime campaign against the insurance industry,' Aflac said in its press release. 'We regret that this incident occurred,' the company added, emphasizing its commitment to protecting customer data going forward. Security experts warn that breaches like this can have long term consequences for victims. With Social Security numbers and medical records exposed , individuals may at risk for fraud, scams or even medical identity theft. Steve Cagle, CEO of Clearwater, a healthcare cybersecurity firm, said Scattered Spider is known for bypassing even multi-factor authentication by tricking help desk personnel. 'This group's specialty is identity-based tactics,' he noted. Health and insurance records are among the most valuable data types on the black market, experts say. Scattered Spider has been linked to past attacks on tech companies, casinos, and retailers in both the US and UK. The group reportedly uses threats of violence and impersonation tactics to gain access to secure systems. Cyberattacks across the globe rose 44 percent last year, according to a January report by Check Point Research.
