Trupanion, Aflac to withdraw from development in Japan

Aflac (AFL) and Trupanion (TRUP) confirmed a commitment to a strategic alliance in North America: “Since the establishment of a strategic business alliance in November 2020, Aflac Incorporated and Trupanion have shared a common belief that employers should consider a package of benefits for their employees to address the increasing number of consumers whose pets are a vital part of their families. Our collaboration addresses the growing need for solutions that help pet owners manage rising veterinary care costs. Together, we have launched a suite of high-quality pet medical insurance products available at U.S. worksites. After testing this alignment in Japan, a key market for Aflac, a decision was made to withdraw from development in Japan, and instead the companies are focusing on the larger, underpenetrated North American pet insurance market. Aflac Incorporated’s $200 million investment in Trupanion and our distribution alliance underscores our mutual commitment to unlock the significant, long-term potential of this category and our belief in the products offered by Trupanion, the largest provider of pet medical insurance in North America. Our corporate worksite solution addresses increased interest to provide employees with comprehensive benefits for their pets, just as Aflac has helped provide financial protection for policyholders for nearly seven decades.”