Aflac (AFL) to Buyback Shares From Goldman Sachs (GS)

August 26, 2008 4:38 PM EDT

Aflac Incorporated (NYSE: AFL) has entered into an agreement with Goldman, Sachs & Co. (NYSE: GS) to repurchase Aflac's common shares. Aflac has paid Goldman Sachs $825 million to buy a variable number of shares throughout the term of the agreement. Goldman Sachs will deliver shares to Aflac in December 2008 and January 2009, with final settlement occurring upon termination of the agreement in February 2009. Aflac is acquiring these shares as a part of previously announced share repurchase authorizations by its board of directors.

Commenting on the announcement, Chairman and Chief Executive Officer Daniel P. Amos stated, "...We expect to achieve our goal for 2008 of a 14% to 15% increase in operating earnings per share, excluding the impact of foreign currency. Our objective for 2009 is to increase operating earnings per share 13% to 15%, excluding the impact of foreign currency. With the timing of the repurchase under this agreement occurring in late 2008 and early next year, we are even more confident we will achieve next year's earnings objective."[SM]

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• Goldman Sachs

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