Aflac Incorporated announced that it priced $450 million of subordinated debentures with a coupon of 5.50% on September 19, 2012. The subordinated debentures will mature in 2052 and are redeemable in whole or in part after five years at a redemption price equal to their principal amount. The company intends to use the net proceeds from this offering for general corporate purposes.

Regarding the debt offering, Aflac Incorporated President and Chief Financial Officer Kriss Cloninger IIIcommented, "We have taken advantage of favorable market conditions to further strengthen our liquidity and capital position while enhancing our financial flexibility."

Morgan Stanley & Co. LLC, Goldman Sachs & Co., J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC served as joint book-running managers for the transaction.

Aflac Incorporated has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. You may obtain the registration statement and other documents that Aflac Incorporated has filed with the SEC that contain more complete information about Aflac Incorporated and this offering by contacting: Morgan Stanley & Co. LLC, Goldman Sachs & Co., J.P. Morgan Securities, LLC, Wells Fargo Securities, LLC 

Alternatively, these documents may be obtained by visiting the SEC website at www.sec.gov.