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AFLAC Inc. (AFL): A Structural Analysis of Competitive Durability, Capital Allocation, and Sovereign Risk
Slide Deck I. Executive Summary AFLAC Inc. (AFL) stands at a critical strategic juncture, operating as a distinct anomaly within the global insurance sector: a U.S.-domiciled corporation that derives the overwhelming majority of its economic value—approximately 70% of pretax adjusted earnings and 77% of assets—from the Japanese market.1 For decades, this geographic arbitrage allowed AFLAC […]
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