Aflac Global Investments Announces $2.1 Billion Strategic Partnership with Denham Capital to Accelerate Denham Sustainable Infrastructures Platform.

• Position: [IN THE NEWS] INSURANCE ADVOCATE

* Aflac Global Investments, the asset management subsidiary of Aflac Incorporated, announced a new partnership with Denham Capital--a global sustainable infrastructure, energy and resources investment firm--to expand the Denham Sustainable Infrastructure business. Aflac Global Investments has made a $2 billion commitment to Denham Sustainable Infrastructure to launch a new debt platform, which will invest primarily in the senior debt of sustainable infrastructure projects. Aflac has also committed $100 million toward Denham's second dedicated equity fund to support the acquisition, enhancement and development of sustainable infrastructure assets. Aflac Global Investments will hold a non-controlling 24.9% minority equity interest in Denham Sustainable Infrastructure.

The transaction with Denham Capital is part of Aflac's long-term growth strategy to identify unique investment opportunities that meet the objectives of Aflac's general account while taking tailored strategic equity stakes in asset managers to generate value for stakeholders. The agreement positions Denham Sustainable Infrastructure to become a leader in bringing both debt and equity investment capital to help satisfy the global demand for assets that support economic growth while protecting the environment.

Environmental, social, and governance (ESG) and the energy transition are at the core of Denham Sustainable Infrastructure's investment strategy. All investments are assessed against Denham Sustainable Infrastructure's screening and ESG scoring methodology, ensuring investments support climate change mitigation, natural resource conservation, pollution prevention and control, and digital connectivity.

Eric M. Kirsch, Aflac Incorporated executive vice president, global chief investment officer and president of Aflac Global Investments, said: "Part of Aflac Global Investments' long-term growth strategy is to identify and partner with successful third-party managers like Denham, which has a track record and is a leading asset manager of infrastructure assets. The nature of these asset classes will enable us to capture higher yields while providing enhanced credit protection, adding value to our portfolio and to our stakeholders, while advancing our ESG priorities. In addition, our equity stake enables Aflac to participate in the expected growth of an attractive asset management partner in a growing asset class while broadening our sustainability exposure and commitments."

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