COLUMBUS, Ga., Nov. 14 /PRNewswire-FirstCall/ -- Aflac Incorporated announced today that Aflac Chairman and CEO Daniel P. Amos has decided to forgo the "golden parachute" components in his employment contract.

The first compensation component relates to a change-in-control provision. Under his original employment contract, Mr. Amos would have been entitled to receive three years of salary and bonus in the event of a change in control. By eliminating this provision of his contract, Mr. Amos is forgoing approximately $13 million of potential cash compensation. The second compensation component relates to severance compensation (salary and bonus) following termination of Mr. Amos' employment contract, which had provided for severance compensation of up to $13 million in cash.

About Mr. Amos' decision, Aflac Incorporated board member Robert B. "Ben" Johnson, chairman of the Compensation Committee, said: "The Compensation Committee believes that Mr. Amos' decision to forgo the 'golden parachute' components in his employment contract sends the correct message to Aflac shareholders. I want to emphasize that Mr. Amos reached this conclusion entirely independent of the board of directors. He felt strongly that there are no circumstances under which he would accept payment in the event of a change of control or severance. The members of Aflac's Compensation Committee, and in fact the entire board of directors, are proud of his decision. We believe it exemplifies Mr. Amos' strong leadership and an unwavering commitment to Aflac's shareholders."

For more than 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. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine's list of America's Most Admired Companies for seven years and in Fortune magazine's list of the 100 Best Companies to Work For in America for ten consecutive years. Aflac has been recognized three times by both Fortune magazine's list of the Top 50 Employers for Minorities and Working Mother magazine's list of the 100 Best Companies for Working Mothers and has also been included in Ethisphere magazine's list of the World's Most Ethical Companies for two consecutive years. Aflac Incorporated 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.

SOURCE Aflac Incorporated

CONTACT: Analyst and investors, Kenneth S. Janke Jr., +1-800-235-2667 - option 3, FAX: +1-706-324-6330, kjanke@aflac.com, or Media, Laura Kane, +1-706-596-3493, lkane@aflac.com, or Jon Sullivan, +1-706-573-7610, jsullivan@aflac.com, FAX: +1-706-320-2288, all of Aflac Incorporated