Aflac Inc., the provider of hospital indemnification and other voluntary insurance products, has said it will double its 401(k)  match in light of the tax bill signed by President Trump last week.

The company will increase its match from 50 percent to 100 percent of the first 4 percent employees defer to their retirement plan. It will also make a one-time contribution of $500 to all employees in the plan, as part of what the company says will be a $250 million overall investment by the company over the next three to five years.

"We are pleased that these tax reforms provide Aflac with an opportunity to increase our investments in initiatives that reflect our company values; providing for our employees in the long and short term, ensuring future growth for our company and giving back to the community," Aflac CEO Dan Amos said in a statement.