American Family Life Assurance Company of Columbus

Eric Kirsch serves as Executive Vice President and Global Chief Investment Officer, overseeing Aflac Global Investments from the firm's New York office. Kirsch joined Aflac in 2011 from JP Morgan Asset Management and reports directly to CEO Dan Amos. The investment team manages approximately $100 billion in general account assets, with allocation authority delegated across fixed income, real estate, and private credit sleeves.

Aflac Japan underwrites the majority of the company's premiums in yen, while the general account invests principally in dollar-denominated assets. This mismatch requires continuous hedging of yen-dollar currency exposure through cross-currency swaps and forwards. The structural result is that Aflac's investment team must evaluate every asset not only for its standalone return profile but for its post-hedge yield pickup or cost — a discipline few US-domiciled insurers face to the same degree.

The general account allocates across investment-grade corporate bonds, US Treasury and agency securities, Japanese government bonds, commercial real estate equity and mortgage loans, and private credit. The firm also operates a securities lending program that reinvests loan collateral in short-duration global instruments. Aflac has historically avoided large equity concentrations, reflecting the liability-driven nature of its insurance book.

Aflac is a publicly traded insurance holding company (NYSE: AFL) whose founding Amos family retains influence through board seats and foundation governance — Daniel P. Amos has served as CEO since 1990 — but the firm's investment operations follow the regulatory and capital framework of a regulated US insurer, not a family office. There is no separate family office vehicle publicly disclosed for the Amos family's personal capital.

Aflac's general account makes direct investments in bonds and loans and acquires real estate equity both directly and through separate-account structures. The firm has historically allocated less to third-party private fund commitments than peer insurers, preferring to build internal origination and asset management capabilities — a posture consistent with the complexity of managing a cross-currency balance sheet where third-party fund fees erode thin post-hedge spreads.

The Amos family's wealth derives from the founding and sustained equity ownership in Aflac Incorporated, which the three Amos brothers launched in 1955. Daniel P. Amos and his wife Kathelen Amos direct philanthropic activities through The Aflac Foundation Inc., which is funded by company contributions and personal family gifts, and focuses on pediatric cancer treatment and research.

Aflac has not publicly promoted a co-investment program alongside external general partners. Given the scale of its general account and its preference for direct ownership of real assets and credit instruments, the firm typically acts as a principal allocator rather than a co-investor in outside-led deal syndicates. Any co-investment activity would likely flow through the established Global Alternatives Real Estate Portfolio SP or similar wholly controlled vehicles.