Aflac Incorporated has entered into a significant financing agreement through the issuance and sale of Pre-Capitalized Trust Securities, known as "P-Caps," in partnership with major financial institutions including TD Securities, Goldman Sachs, Mizuho Securities, SMBC Nikko Securities, and Wells Fargo Securities. The arrangement, completed on August 27, 2025, involves two Delaware statutory trusts, Wynnton Funding Trust and Wynnton Funding Trust II. The trusts issued $1 billion each in P-Caps, redeemable in 2035 and 2055, respectively. These transactions allow Aflac to access up to $1 billion in aggregate principal amount of Senior Notes with varying interest rates over a period of ten and thirty years. The proceeds from these private placements will be invested in U.S. Treasury securities, providing Aflac with a contingent funding mechanism to support its financial strategies.
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