Morgan Stanley is out with its report today on Aflac (NYSE: AFL), downgrading AFL from Overweight to Equal-weight.
In a note to clients, Morgan Stanley writes, "With an RBC ratio of 520%, the consensus view is that Aflac is flush with excess capital – as much as $2.0 billion by some estimates. Our review of its Japan SMR leads us to a different conclusion – its ratio of 512% (old method: 919%) is less robust, both in absolute and relative terms, and we expect the de-risking initiatives being executed could place further pressure on the ratio. We expect this will limit capital management opportunities for the company. We downgrade AFL to EW."
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