Faced with write-downs in its hybrid debt investments, supplemental medical insurer Aflac Inc. (AFL) has discussed raising capital through a share offering but has discarded the idea for now.

"It has been discussed at the board level, more so [when the stock was trading] at $18 and $16," said Daniel P. Amos, chairman and chief executive officer, speaking at an investment conference sponsored by Sanford Bernstein, that was Web cast Wednesday. "We are in a stronger position now."

Amos said the company is "constantly monitoring" the situation. "At this point in time we think we are strong enough. It will enhance shareholder value more by not doing it than by doing it."

Aflac has been hit hard by worries that its $8 billion or so in perpetual debentures issued by E.U. banks could lose money if banks defer interest payments.

Shares of Aflac closed down 7.9% Wednesday at $33.56 and were inactive in after-market trading. Shares of Aflac have lost almost half their value in the last year amid a general downturn for insurers.

-By Lavonne Kuykendall, Dow Jones Newswires; (312) 750 4141; lavonne.kuykendall@dowjones.com