Financial Services >> CEO Interviews >> April 1, 1998
DANIEL PAUL AMOS is president and chief executive officer of AFLAC
Incorporated and its primary subsidiary, American Family Life Assurance
Company of Columbus (AFLAC). AFLAC is a leading provider of supplemental
insurance at the work site in the United States and the largest foreign
insurer in Japan. AFLAC had over $25 billion in assets and over $7
billion in total revenues as of December 31, 1996. Mr. Amos joined
AFLAC in 1973, and worked in sales for 10 years. Mr. Amos was named
president of AFLAC in 1983, AFLAC chief operating officer in 1987, and
AFLAC Incorporated chief executive officer in 1990. Mr. Amos is
responsible for changing the company from a one-product company to a
supplemental health insurance company in both the U.S. and Japan.
AFLAC's founding product, cancer insurance, accounted for only 27% of
new sales in the U.S. in 1996. Newly developed products accounted for
the remaining 73%. The strategy of product broadening has been
successfully deployed in Japan; products introduced since 1992 (care,
living benefit life, and supplemental medical) accounted for more than
50% of new business in 1996. Continued broadening of products and
expansion of distribution systems are the cornerstone of AFLAC's
corporate strategy for both U.S. and Japan operations. Mr. Amos has
focused the company's attention on its profitable operations and has cut
costs by closing unproductive overseas markets. Mr. Amos became
responsible for AFLAC's Japan operation in 1987. AFLAC is the fourth
largest life insurance company in Japan in terms of policies in force.
AFLAC Japan currently insures over 23 percent of all Japanese
households. AFLAC products are offered to employees of 96 percent of
the companies listed on the Tokyo Stock Exchange. Mr. Amos is a
director of Synovus Financial Corporation and Georgia Power Company.
He serves as a member of the Consumer Affairs Advisory Committee of the
Securities and Exchange Commission. He is chairman of the board of The
Japan-America Society of Georgia and the University of Georgia
Foundation. He also serves on the board of trustees of Egleston
Children's Health Care System in Atlanta and the House of Mercy in
Columbus. Born in Pensacola, Fla., Mr. Amos holds a B.B.A. from the
University of Georgia in risk management and insurance. Mr. Amos has
received numerous awards and recognitions, including: the Silver Award
in Financial World magazine's 'CEO of the Year' competition, Executive
of the Year by the Georgia Securities Association, The Wall Street
Transcript Silver CEO in the life insurance category, and the University
of Georgia Business School's 'Distinguished Alumnus Award.' He is
married and has two children. Profile
bring us up to date if you would, tell us what the company is doing
today?
Mr. Amos: The company was started in the
