Aflac Incorporated : Fourth Quarter 2024 Investment Details

Published: 2025-02-05 17:08:10 ET AFL

Aflac Incorporated

Investments

February 5th, 2025

Commercial Real Estate Loan Portfolio

As of 12/31/2024

Portfolio Statistics

TRE

CML

Total

Net Book Value

$4.7bn

$1.5bn

$6.3bn

Book Yield

8.14%

3.44%

7.00%

Wtd Avg Spread

356bps

151bps

306bps

Average LTV

73%

47%

67%

Average Loan Rating

BBB-

A+

BBB

Unique Issuers

112

82

194

Largest Commitment

$177mm

$61mm

$177mm

Avg. Commitment

$46mm

$19mm

$39mm

Property

LTV

Occupancy

Type

TRE

CML

Total

TRE

CML

Total

Multifamily

76%

47%

70%

87%

95%

88%

Office

72%

63%

70%

65%

78%

68%

Retail

57%

48%

54%

86%

98%

91%

Hospitality

77%

N/A

77%

66%

N/A

66%

Industrial

66%

37%

43%

57%

98%

90%

Other

62%

58%

62%

56%

100%

58%

Portfolio Diversification

By Maturity Schedule

By Geography

By Property Type

6%

4%

5%

23%

12%

14%

9%

9%

43%

6%

7%

56%

26%

8%

9%

14%

24%

25%

2025

2027

East Central

South Atlantic

Multifamily

Hospitality

West Central

Pacific

Office

Industrial

2026

2028+

New England

Mountain

Retail

Other

Middle Atlantic

Various

Commercial Mortgage Loan (CML) Portfolio

Transitional Real Estate (TRE) Portfolio

2

Middle Market Loan Portfolio

As of 12/31/2024

Portfolio Statistics

Net Book Value

$4.3bn

Book Yield

10.03%

Wtd. Avg. Spread

526bps

Average Senior Leverage

5.1x

Average Loan Rating

B+

Unique Issuers

304

Largest Commitment

$36mm

Avg. Commitment

$16mm

Current Senior Leverage

% of Total

Average Rating

(by Book Value)

<4.0x

30%

B+

4.0x

- 5.0x

26%

BB-

5.0x

- 5.75x

19%

B+

>5.75x

25%

B+

Portfolio Diversification

By Maturity Schedule

By Sector

By Current EBITDA

13%

19%

24%

30%

36%

35%

24%

4%

11%

31%

6%

10%

15%

27%

6%

9%

Healthcare

Technology

<$15mm

$35-50mm

2025

2027

2026

2028+

Consumer Cyc Srv

Consumer Products

$15-$35mm

>$50mm

Food and Beverage

Automotive

Packaging

Other

Note: Other comprises 23 sectors, of which 11 have <1% exposure

3

Disclaimer

Aflac Incorporated published this content on February 05, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 05, 2025 at 22:05:47.074.