Aflac Says Japan Post Sales Could Slump 50% Amid Scrutiny
- Reports of Japan Post misselling policies has hurt Aflac stock
- Aflac’s Japan unit has seen a ‘material’ decline in sales
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Aflac Inc. said sales through Japan Post Holdings Co. could drop by half this year as both companies investigate reports of improper selling of policies.
Aflac shares slumped 5.6% Wednesday after Mainichi reported that Japan Post mishandled about 104,000 policies. Aflac said in a regulatory filing Thursday that it continues to offer cancer coverage through Japan Post and has seen a “material” decline in sales, which are running at about 25% of normal daily volume. Aflac was down 0.2% to $48.88 at 11:03 a.m. in New York Thursday.