Company's 30-plus-year commitment results in major milestone, surpassing $200 million in contributions for treatment and research
, /PRNewswire/ -- Aflac, a leading provider of supplemental health insurance and long-term supporter of families facing childhood cancer and blood disorders, is honoring National Childhood Cancer and Sickle Cell Disease Awareness Month by announcing that the company has surpassed the $200 million level of contributions to this cause. Primary supporter of the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta, Aflac, its employees and its independent sales agents have been donating to the Center since 1995.
On Sept. 5, during National Childhood Cancer and Sickle Cell Disease Awareness Month, patients, families and staff from the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta were honored at the Aflac Kickoff Game in Atlanta. Aflac recently surpassed $200 million in donations to help families facing childhood cancer and blood disorders. "Aflac's more than three-decade relationship with the Aflac Cancer and Blood Disorders Center has resulted in many incredible achievements, including the center's evolution into one of the nation's most advanced childhood cancer and sickle cell centers in America," Aflac Chairman and CEO Dan Amos said. "I could not be prouder of our company, our employees and our independent sales agents, who have contributed more than $131 million from their commission checks over the years. As a company whose mission is to help people when they need us most, I cannot think of a more appropriate cause than to help children cope with these terrible diseases."
To commemorate this milestone, the company has produced a video focusing on how childhood cancer treatment has evolved over the past 30 years, resulting in a current five-year survival rate of 85 percent.1 The video will appear on local television stations across the nation as well as on Aflac's social media channels.
As part of the activities around National Childhood Cancer and Sickle Cell Disease Awareness Month, Aflac sponsored the Aflac Kickoff Game that aired Sept. 5 on the ABC Network, signaling the start of the 2026 college football season. Now in its fourth year, the Aflac Kickoff Game's Kickoff for a Cause philanthropic initiative has generated more than $1.2 million to support children and families in the community. This year's theme, "More Than a Name, More Than a Game," demonstrated how Aflac's commitment extends beyond its name through its support of patients and caregivers at the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta. As part of celebrating more than $200 million in contributions to the Center since 1995, Aflac hosted 200 current and former patients, family members and staff at the game between the Auburn University Tigers and the Baylor Bears at Mercedes-Benz Stadium and recognized them during the game with special in-stadium honors.
"The impact of the $200 million milestone for Aflac cannot be overstated for the children and families at the Aflac Cancer and Blood Disorders Center," said Shari Barkin, MD, MSHS, Pediatrician-in-Chief at Children's Healthcare of Atlanta and Chair of the Department of Pediatrics at Emory University. "Aflac has been an incredible partner for more than three decades, helping us to advance the treatment we provide our patients. Thanks in part to their incredible support, the Aflac Cancer and Blood Disorders Center is one of the leading pediatric cancer and blood disorders programs in the country, caring for more than 500 new cancer patients and more than 5,000 children with sickle cell disease, hemophilia and other blood disorders annually."
In keeping with its mission of support to pediatric cancer and blood disorders patients and siblings, the Aflac Childhood Cancer Foundation awarded 12 grants to Child Life programs across the country this month. Child Life programs help children and families cope with the emotional, developmental and psychological challenges of cancer treatment and hospitalization. In pediatric cancer centers, Child Life specialists help ensure that children can continue to learn, play, express emotions and maintain a sense of normalcy during intensive medical care. Ninety-five grants totaling $176,500 have been awarded since 2019.
This year's recipients are James and Connie Maynard Children's Hospital; WVU Medicine; Children's Miracle Network at KU Medical Center; Whip Pediatric Cancer; Seattle Children's Hospital; Phoenix Children's Hospital; Mayo Clinic Children's Hospital; Children's of Alabama; Good Samaritan University Hospital; Dell Children's Medical Center; Rady Children's Health of Orange County; and Upstate Golisano Children's Hospital.
September also marks the 10th anniversary of the Aflac Childhood Cancer Foundation's $6.2 million partnership with Children's Miracle Network, a nonprofit organization that raises funds for 170 children's hospitals across the United States and Canada, many of which have assisted in the distribution of My Special Aflac Duck® to children facing cancer and sickle cell disease. The award-winning robotic companion is designed to address psychosocial needs of pediatric patients by helping with communication, understanding treatment through medical play, and providing comfort and distraction through art, music and more. Nearly 50,000 children ages 3 and up across the U.S., Japan and Northern Ireland have received the cuddly companion free of charge since 2018.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.2 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.3 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
Frequently Asked Questions
Q: What does Aflac's $200 million milestone represent?
A: The milestone reflects more than three decades of support from Aflac, its employees and its independent sales agents for childhood cancer and blood disorder treatment, research, patient care and family support programs. Since 1995, these contributions have helped advance the work of the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta and support initiatives benefiting pediatric patients and their families across the country.
Q: How does Aflac support children with cancer and sickle cell disease beyond financial contributions?
A: In addition to funding treatment, research and patient support programs, Aflac helps improve the patient experience through initiatives such as My Special Aflac Duck®, a robotic companion designed to provide comfort, encourage communication and support medical play for children facing cancer and sickle cell disease. Aflac also supports awareness campaigns, family-centered events, Child Life programs and partnerships with organizations such as Children's Miracle Network hospitals to help children and families throughout their treatment journey.
Q: Why does Aflac focus on childhood cancer and sickle cell disease?
A: Childhood cancer and sickle cell disease can have life-changing physical, emotional and financial impacts on children and their families. For decades, supporting these patients has been central to Aflac's commitment to helping people when they need it most. Through investments in treatment, research, Child Life programs, patient support initiatives and innovations such as My Special Aflac Duck®, Aflac works to improve outcomes and quality of life for children facing these serious illnesses while supporting the families who care for them.
1 Childhood Cancer | American Cancer Society ; Childhood Cancer Key Statistics | American Cancer Society, accessed August 31, 2026
2 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
3 As of March 31, 2025, Aflac estimates based on company data
Media contact: Jon Sullivan, 706-763-4813 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac | Aflac New York | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
HB Wealth Management LLC raised its stake in shares of Aflac Incorporated (NYSE:AFL – Free Report) by 7.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 71,812 shares of the financial services provider’s stock after purchasing an additional 4,736 shares during the period. HB Wealth Management LLC’s holdings in Aflac were worth $8,420,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whipplewood Advisors LLC bought a new stake in shares of Aflac in the 1st quarter valued at about $25,000. Groupe la Francaise bought a new position in shares of Aflac during the first quarter worth about $25,000. Quarry LP bought a new position in shares of Aflac during the fourth quarter worth about $25,000. Archer Investment Corp acquired a new position in shares of Aflac in the second quarter worth approximately $26,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Aflac in the second quarter worth approximately $27,000. 67.44% of the stock is owned by institutional investors and hedge funds.
Trending Headlines about Aflac Here are the key news stories impacting Aflac this week:
Positive Sentiment: Aflac partnered with actor Ben Affleck and its iconic duck for a new advertising campaign, including branded billboards and social-media activity in Los Angeles. The campaign could increase consumer awareness and support future policy sales, although its direct financial impact is uncertain. Ben Affleck and the Aflac Duck Unite for New Ad Campaign Positive Sentiment: Aflac remains attractive to income-focused and defensive investors. The company pays a quarterly dividend of $0.61 per share, equivalent to $2.44 annually, with an approximately 2.1% yield and a payout ratio near 26%. A recent dividend-focused article also recognized Aflac’s long record of annual increases. Safe High-Yield Dividend Stocks Neutral Sentiment: The Ben Affleck billboard activity appears to be a planned publicity campaign rather than actual vandalism. It may generate short-term brand engagement, but no revenue, earnings guidance or other measurable financial benefit was announced. Ben Affleck Aflac Advertising Campaign Negative Sentiment: Japan Post Holdings, a major Aflac shareholder, sold 13,500 shares for approximately $1.58 million on September 2 and has reported several similar sales in recent weeks. The latest transaction reduced its stake by only about 0.03% and was executed under a pre-arranged Rule 10b5-1 plan, limiting its significance, but the repeated selling may create a modest supply overhang. Aflac Major Shareholder SEC Filing Insider Buying and Selling at Aflac In related news, major shareholder Post Holdings Co. Ltd. Japan sold 13,500 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $117.19, for a total transaction of $1,582,065.00. Following the transaction, the insider owned 50,687,690 shares in the company, valued at $5,940,090,391.10. The trade was a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 468,015 shares of company stock valued at $54,991,090. Insiders own 0.80% of the company’s stock. Analysts Set New Price Targets A number of research firms have weighed in on AFL. Jefferies Financial Group reissued a “hold” rating and set a $108.00 target price (up from $100.00) on shares of Aflac in a research report on Friday, July 10th. TD Cowen restated a “hold” rating and issued a $110.00 price target (up from $101.00) on shares of Aflac in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. dropped their price target on shares of Aflac from $117.00 to $116.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods increased their price objective on shares of Aflac from $120.00 to $125.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings raised shares of Aflac from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, August 21st. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Aflac presently has an average rating of “Hold” and an average price target of $116.62.
View Our Latest Report on AFL
Aflac Stock Down 0.1% Shares of Aflac stock opened at $117.09 on Monday. The stock’s 50-day moving average is $121.49 and its 200 day moving average is $116.28. Aflac Incorporated has a one year low of $104.66 and a one year high of $130.22. The firm has a market cap of $58.70 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.89 and a beta of 0.59. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.12 and a quick ratio of 0.12.
Aflac (NYSE:AFL – Get Free Report) last issued its earnings results on Thursday, August 6th. The financial services provider reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.01). Aflac had a return on equity of 13.27% and a net margin of 26.91%.The business had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the previous year, the firm posted $1.78 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that Aflac Incorporated will post 7.04 EPS for the current year.
Aflac Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th were paid a $0.61 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $2.44 annualized dividend and a dividend yield of 2.1%. Aflac’s payout ratio is currently 26.15%.
About Aflac (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
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The long-awaited partnership brings Ben Affleck and the Aflac Duck together on screen for the first time in a series of advertisement spots directed by Affleck.
, /PRNewswire/ -- Two famous names have long been blurred together in pop culture: Aflac and Affleck. Today, the coincidence gets an official title card as Aflac, the leading provider of supplemental health insurance in the U.S.1 and Artists Equity, the artist-led studio founded by Ben Affleck, Matt Damon and Gerry Cardinale, officially unveil a new partnership to bring The Man and The Duck to the screen together for the first time.
First teased last week through graffiti-tagged billboards across Los Angeles that Affleck marked up himself, the new 360-brand campaign features Affleck and the Aflac Duck in a series of commercials that combine entertainment and education to help Affleck and consumers understand what the Aflac name stands for: Providing added financial protection for expenses health insurance doesn't cover.
"Few brands have the recognition, trust and cultural relevance to create a partnership like this," said Aflac President Virgil Miller. "That's the power of the Aflac brand. Bringing together Aflac, Ben Affleck and Artists Equity creates an opportunity to reach consumers in a memorable way while reinforcing who we are as a company and the value we provide every day. It's a bold collaboration that elevates the strength, relevance and momentum of our brand."
The first spot, "Green Room," opens in a backstage green room before a shoot where the Aflac Duck and Aflac's longtime partners, coaches Nick Saban, Deion "Coach Prime" Sanders and Dawn Staley, give Affleck an impromptu crash course on what Aflac actually does and how supplemental coverage helps Americans when they need it most.
"Americans have been making the connection between Aflac and Affleck for years. Some ideas require a leap of imagination. This one was sitting right in front of us," said Aflac Senior Vice President and Chief Marketing Officer Garth Knutson. "We think consumers are going to love it, but more importantly, we hope it inspires millions of Americans to take a fresh look at Aflac and the ways we can help with expenses health insurance doesn't cover."
Driven by consumers playfully linking the Aflac and Affleck names for years, Aflac and Artists Equity decided it was time to lean into it. The outcome is a new campaign that turns the name confusion into an entertaining way to spotlight a serious topic: The financial challenges that accompany a health event and how Aflac can help provide supplemental financial protection.
"What started as a coincidental word play ended up being a true connection between an iconic brand and an iconic man. Up until this point, Affleck and Aflac have just been two ships passing in the cultural night," said Brandon Pierce, Co-President of Advertising at Artists Equity. "We saw this as a once-in-a-lifetime opportunity to bring the low-hanging fruit to life by creating an authentic campaign that's just downright entertaining, and will feel to audiences like, 'Wait, how has this never existed before?' when it hits the airwaves."
"Green Room" will air during College GameDay ahead of the Aflac Kickoff Game, taking place this Saturday, September 5. Produced and created by Artists Equity and directed by Affleck and Co-President of Advertising at Artists Equity Brandon Pierce, "Green Room" marks the beginning of a long-term creative partnership between Artists Equity and Aflac. Through a series of campaign commercials and supporting content rolling out across linear, digital and social platforms into next year, the organizations will work together to bring greater attention to the importance of supplemental insurance for Americans nationwide.
Built on a shared desire to connect with consumers in a meaningful way, Affleck and Artists Equity immersed themselves in Aflac's business, positioning Affleck as a strategic partner in the brand's marketing rather than just a recognizable face. Together, Artists Equity and Aflac have reimagined the brand's iconic campaigns for a new era, reinforcing Aflac's position as the leading provider of supplemental insurance in the U.S.
"Audiences have long decided that most advertising is built to be skipped, so we make advertising the way a studio makes a film: Attention has to be earned, which means we need to entertain," said Josh Jefferis, Co-President of Advertising at Artists Equity. "Aflac already has one of the most recognizable brand icons ever created. Our job was to build a story worthy of the Aflac Duck, one with a costar who could keep up with the iconic quack. The Aflac team has been incredible to work with, and this is just the beginning."
Watch the new commercial here and see the extended story here.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Media contact: Adrienne Bentley, [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
ABOUT ARTISTS EQUITY
Artists Equity is an independent, artist-led studio reimagining the relationship between talent, studio, brands, and distributors. Across Scripted, Unscripted, and Brand Studio divisions, the company prioritizes talent through an innovative model that allows all parties to realize the value they bring to a project. It was co-founded in November 2022 by Ben Affleck, Matt Damon, and Gerry Cardinale of RedBird Capital. Artists Equity's latest scripted film is the Netflix global chart-topper The Rip, starring Affleck, Damon, Steven Yeun, and Teyana Taylor. Other titles include The Accountant 2, The Instigators, Unstoppable, and Air, as well as the upcoming Animals, directed by Affleck, who stars alongside Kerry Washington, Gillian Anderson, and Steven Yeun. Artists Equity's documentaries include the acclaimed Kiss the Future, Believers: Boston Red Sox, The Merchants of Joy, and The Python Hunt. Its Brand Studio division has produced four consecutive Super Bowl campaigns for Dunkin', and one for Stella Artois. Artists Equity has multi-year film deals with Sony Pictures for theatrical and Netflix for streaming.
WWHQ | 1932 Wynnton Road | Columbus, GA 31999
View original content to download multimedia:https://www.prnewswire.com/news-releases/affleck-and-aflac-it-was-only-a-matter-of-time-302870597.html
The long-awaited partnership brings Ben Affleck and the Aflac Duck together on screen for the first time in a series of advertisement spots directed by Affleck.
, /PRNewswire/ -- Two famous names have long been blurred together in pop culture: Aflac and Affleck. Today, the coincidence gets an official title card as Aflac, the leading provider of supplemental health insurance in the U.S.1 and Artists Equity, the artist-led studio founded by Ben Affleck, Matt Damon and Gerry Cardinale, officially unveil a new partnership to bring The Man and The Duck to the screen together for the first time.
Ben Affleck appears alongside the Aflac Duck in Aflac's new campaign.
Ben Affleck, Dawn Staley, Coach Prime, Nick Saban and the Aflac Duck appear in "Green Room," the first commercial in Aflac's new campaign, developed in partnership with Artists Equity. First teased last week through graffiti-tagged billboards across Los Angeles that Affleck marked up himself, the new 360-brand campaign features Affleck and the Aflac Duck in a series of commercials that combine entertainment and education to help Affleck and consumers understand what the Aflac name stands for: Providing added financial protection for expenses health insurance doesn't cover.
"Few brands have the recognition, trust and cultural relevance to create a partnership like this," said Aflac President Virgil Miller. "That's the power of the Aflac brand. Bringing together Aflac, Ben Affleck and Artists Equity creates an opportunity to reach consumers in a memorable way while reinforcing who we are as a company and the value we provide every day. It's a bold collaboration that elevates the strength, relevance and momentum of our brand."
The first spot, "Green Room," opens in a backstage green room before a shoot where the Aflac Duck and Aflac's longtime partners, coaches Nick Saban, Deion "Coach Prime" Sanders and Dawn Staley, give Affleck an impromptu crash course on what Aflac actually does and how supplemental coverage helps Americans when they need it most.
"Americans have been making the connection between Aflac and Affleck for years. Some ideas require a leap of imagination. This one was sitting right in front of us," said Aflac Senior Vice President and Chief Marketing Officer Garth Knutson. "We think consumers are going to love it, but more importantly, we hope it inspires millions of Americans to take a fresh look at Aflac and the ways we can help with expenses health insurance doesn't cover."
Driven by consumers playfully linking the Aflac and Affleck names for years, Aflac and Artists Equity decided it was time to lean into it. The outcome is a new campaign that turns the name confusion into an entertaining way to spotlight a serious topic: The financial challenges that accompany a health event and how Aflac can help provide supplemental financial protection.
"What started as a coincidental word play ended up being a true connection between an iconic brand and an iconic man. Up until this point, Affleck and Aflac have just been two ships passing in the cultural night," said Brandon Pierce, Co-President of Advertising at Artists Equity. "We saw this as a once-in-a-lifetime opportunity to bring the low-hanging fruit to life by creating an authentic campaign that's just downright entertaining, and will feel to audiences like, 'Wait, how has this never existed before?' when it hits the airwaves."
"Green Room" will air during College GameDay ahead of the Aflac Kickoff Game, taking place this Saturday, September 5. Produced and created by Artists Equity and directed by Affleck and Co-President of Advertising at Artists Equity Brandon Pierce, "Green Room" marks the beginning of a long-term creative partnership between Artists Equity and Aflac. Through a series of campaign commercials and supporting content rolling out across linear, digital and social platforms into next year, the organizations will work together to bring greater attention to the importance of supplemental insurance for Americans nationwide.
Built on a shared desire to connect with consumers in a meaningful way, Affleck and Artists Equity immersed themselves in Aflac's business, positioning Affleck as a strategic partner in the brand's marketing rather than just a recognizable face. Together, Artists Equity and Aflac have reimagined the brand's iconic campaigns for a new era, reinforcing Aflac's position as the leading provider of supplemental insurance in the U.S.
"Audiences have long decided that most advertising is built to be skipped, so we make advertising the way a studio makes a film: Attention has to be earned, which means we need to entertain," said Josh Jefferis, Co-President of Advertising at Artists Equity. "Aflac already has one of the most recognizable brand icons ever created. Our job was to build a story worthy of the Aflac Duck, one with a costar who could keep up with the iconic quack. The Aflac team has been incredible to work with, and this is just the beginning."
Watch the new commercial here and see the extended story here.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Media contact: Adrienne Bentley, [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
ABOUT ARTISTS EQUITY
Artists Equity is an independent, artist-led studio reimagining the relationship between talent, studio, brands, and distributors. Across Scripted, Unscripted, and Brand Studio divisions, the company prioritizes talent through an innovative model that allows all parties to realize the value they bring to a project. It was co-founded in November 2022 by Ben Affleck, Matt Damon, and Gerry Cardinale of RedBird Capital. Artists Equity's latest scripted film is the Netflix global chart-topper The Rip, starring Affleck, Damon, Steven Yeun, and Teyana Taylor. Other titles include The Accountant 2, The Instigators, Unstoppable, and Air, as well as the upcoming Animals, directed by Affleck, who stars alongside Kerry Washington, Gillian Anderson, and Steven Yeun. Artists Equity's documentaries include the acclaimed Kiss the Future, Believers: Boston Red Sox, The Merchants of Joy, and The Python Hunt. Its Brand Studio division has produced four consecutive Super Bowl campaigns for Dunkin', and one for Stella Artois. Artists Equity has multi-year film deals with Sony Pictures for theatrical and Netflix for streaming.
Not all Dividend Aristocrats are created equal, and three companies spanning payroll processing, supplemental insurance, and integrated energy have quietly stacked 25-plus years of annual raises through completely different cash engines.
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Dividend Aristocrats get lumped together as if they are one defensive blob of consumer staples names, but the label actually spans wildly different business models. The three companies below sit in payroll processing, supplemental insurance and integrated energy, and each has stacked annual dividend increases well past the 25-year bar the headline demands.
The CEO of Aflac (NYSE:AFL | AFL Price Prediction) explicitly cited “43 consecutive years of dividend increases” on the company’s Q2 2026 call, and the payment histories for the other two on this list reach back to 1999 with step-ups nearly every year since.
That is the point: Aristocrat status is a discipline that cuts across sectors.
Automatic Data Processing: Payroll’s Compounding Machine Automatic Data Processing (NASDAQ:ADP) currently yields 2.42% at a share price of $281.16. The forward annualized dividend sits at $6.80 after the quarterly rate stepped up from $1.54 to $1.70 earlier this year. The dividend history file shows a clean progression of annual increases in the regular quarterly rate from $0.07625 in 1999 to $1.70 in 2026, which comfortably clears the 25-year threshold.
Coverage is the reason income investors keep buying it. FY2026 diluted EPS came in at $11.04 against a $6.64 trailing dividend, and operating cash flow was $5.44 billion against just $196.6 million of capex. The balance sheet is investment-grade quiet, return on equity runs at 72.2%, and management funds buybacks on top of the dividend. CFO Peter Hadley described capital return this way: “this deliberate return of capital to shareholders comes in addition to our longstanding commitment to growing our dividend and to the levels of investment that we are making in our business.”
The bull case: Boring in the best way. ADP is guiding FY2027 to 5% to 6% revenue growth and 9% to 11% adjusted EPS growth, with client retention already at 92.1% and Retirement Services crossing $1 billion in annual revenue for the first time. That is the profile of a compounder that funds larger dividends year after year.
The risk: valuation. At 26 times trailing earnings and 23 times forward, ADP is priced as a premium compounder, and any slip in bookings growth or margin cadence would compress the multiple faster than the dividend can grow.
Aflac: Supplemental Insurance With a 43-Year Increase Streak Aflac trades at $117.24 and yields 2.08% on a quarterly dividend of 61 cents, with an annualized forward rate of $2.44. The recent step-up from 58 cents to 61 cents per quarter is the increase that extends the record in 2026. CEO Dan Amos was direct on the Q2 call: “We treasure our 43 consecutive years of dividend increases and remain committed to extending this record in 2026.”
Dividend safety here starts with capital. TTM diluted EPS is $9.27 against a $2.38 dividend per share, so payout coverage is roughly a quarter of earnings. Aflac Japan reported a pre-tax margin of 34.3% in the quarter, holding-company unencumbered liquidity was $3.3 billion, adjusted leverage stayed 21.8% within the 20 to 25% target, and regulatory capital was an estimated ESR of 226% in Japan and combined RBC slightly above 600%. That is a capital fortress by any insurance standard.
The bull case: Aflac converts capital strength into steady buybacks and dividend hikes. CFO Max Broden confirmed “we’ve repurchased $983 million of our own stock and paid dividends of $309 million in Q2.” Combined shareholder returns reached $1.3 billion in the second quarter and $2.6 billion for the first six months. Adjusted ROE ex-currency was 16.6%, and dental and vision inside the US group business grew 47% in the second quarter.
The risk: The yen. Aflac’s largest earnings engine reports in yen, so a stronger dollar directly compresses reported revenue and EPS, and US group disability claims have been running hotter than plan, pressuring the segment’s margin.
Chevron: Integrated Energy With the Highest Yield in the Bundle Chevron (NYSE:CVX) is the higher-yielding piece of this trio at 3.36%, with a quarterly dividend of $1.78 (annualized forward $7.12) and shares at $211.78. The payment history shows a clear climb in the quarterly rate from 65 cents in 2000 to $1.78 in 2026, with successive annual step-ups more than sufficient to clear the 25-year bar.
Coverage in the current cycle looks excellent. Q2 2026 delivered adjusted earnings of $12 billion, or $6.06 per share, with adjusted free cash flow of $15.4 billion and cash flow from operations excluding working capital of nearly $20 billion. Chevron reduced debt by more than $8 billion in the quarter, taking net debt to CFFO to 0.6x. Interest coverage on the trailing basis is 13.7x, and structural cost cuts hit $3 billion of annual run-rate savings, achieved six months early.
The bull case: Chevron has bolted contracted cash flow onto its commodity base. Project Kilby is a 20-year take-or-pay power purchase agreement with Microsoft for 2.67 gigawatts of firm behind-the-meter capacity, and management describes it as delivering “mid-teens returns and long duration contracted cash flows that are independent of commodity price cycles.” Wirth added: “Consistent with our longstanding financial priorities, we intend to reward our shareholders today tomorrow and long into the future.” Chevron has now returned more than $5 billion to shareholders for 16 consecutive quarters.
The risk: Commodity cycles. This is where CVX diverges sharply from ADP and AFL. Chevron’s cash flow rides Brent, and the EIA’s May 2026 Short-Term Energy Outlook shows OPEC surplus capacity and non-OPEC supply growth that can cap prices even as demand climbs. Management set 2030 targets “at flat commodity prices that are lower than today,” which acknowledges that softer oil prices would slow buybacks before slowing the dividend.
3 Streaks, 3 Different Cash Engines The Dividend Aristocrat badge means the same thing at all three companies: management has raised the dividend every year for at least 25 years and treats that record as untouchable. What backs the checks is completely different. ADP compounds off recurring payroll fees and 92%+ client retention. Aflac funds the payout with a fortress-capital insurance book and yen-denominated earnings. Chevron underwrites the highest yield in the bundle with integrated oil cash flow, now supplemented by contracted cash flows independent of commodity price cycles.
Owning all three is how an income portfolio gets diversification inside the Aristocrat label rather than three flavors of the same defensive name (for readers who want to push the streak even further, we ranked ten companies with 50-plus years of consecutive raises by valuation in a free Dividend Kings report).
Contact [email protected] for any questions or corrections.
, /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) announced today that Senior Executive Vice President and Aflac Incorporated Chief Financial Officer Max K. Brodén will participate in a fireside chat at the 2026 KBW Insurance Conference on September 10, 2026, at 9:50 a.m. ET.
The presentation will be webcast live. Please click on the following link at least 15 minutes prior to the presentation to allow time to register or sign in.
A replay of the presentation will be available within 24 hours after the conclusion of the live event using the same web address.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.
FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "strategy," "may," "should," "estimate," "intend," "project," "future," "will," "assume," "potential," "target," "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:
difficult conditions in global capital markets and the economy, including inflation defaults and credit downgrades of investments global fluctuations in interest rates and exposure to significant interest rate risk concentration of business in Japan limited availability of acceptable Japanese yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate differing interpretations applied to investment valuations significant valuation judgments in determination of expected credit losses recorded on the Company's investments decreases in the Company's financial strength or debt ratings decline in creditworthiness of other financial institutions the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners deviations in actual experience from pricing and reserving assumptions ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025 subsidiaries' ability to pay dividends to the Parent Company inherent limitations to risk management policies and procedures operational risks of third-party vendors tax rates applicable to the Company may change failure to comply with restrictions on policyholder privacy and information security extensive regulation and changes in law or regulation by governmental authorities competitive environment and ability to anticipate and respond to market trends catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events ability to protect the Aflac brand and the Company's reputation ability to effectively manage key executive succession changes in accounting standards level and outcome of litigation or regulatory inquiries allegations or determinations of worker misclassification in the United States Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667 or [email protected]
Media contact - Ines Gutzmer, 762.207.7601 or [email protected]
SPARTANBURG, S.C.--(BUSINESS WIRE)-- #WeAreAFL--AFL, a global manufacturer of fiber optic cable and connectivity solutions, today announced that its Fujikura 100S Core Alignment Splicer has been named a Platinum Honoree in the 2026 ISE Network Innovators' Awards. The 100S earned the recognition for features that cut splice preparation time and help technicians build skill on the job, including a dual-fiber system that loads two fibers at once and Splice Coach, which delivers real-time guidance during the s.
Biondo Investment Advisors LLC bought a new position in shares of Aflac Incorporated (NYSE:AFL – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 71,250 shares of the financial services provider’s stock, valued at approximately $8,354,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Aflac by 64.4% in the 4th quarter. Brighton Jones LLC now owns 14,570 shares of the financial services provider’s stock valued at $1,507,000 after buying an additional 5,708 shares in the last quarter. Bison Wealth LLC boosted its stake in shares of Aflac by 4.3% in the 4th quarter. Bison Wealth LLC now owns 4,402 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 183 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Aflac in the 2nd quarter valued at approximately $280,000. Sei Investments Co. grew its holdings in shares of Aflac by 11.2% during the 2nd quarter. Sei Investments Co. now owns 150,334 shares of the financial services provider’s stock valued at $15,854,000 after purchasing an additional 15,105 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in shares of Aflac by 1.6% during the second quarter. Main Street Financial Solutions LLC now owns 11,953 shares of the financial services provider’s stock worth $1,261,000 after buying an additional 192 shares during the last quarter. Institutional investors and hedge funds own 67.44% of the company’s stock.
Wall Street Analysts Forecast Growth Several research firms have recently weighed in on AFL. Mizuho set a $116.00 price target on Aflac in a report on Monday, August 10th. TD Cowen reissued a “hold” rating and issued a $110.00 price objective (up from $101.00) on shares of Aflac in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Aflac from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $138.00 price target (up from $130.00) on shares of Aflac in a research note on Monday, August 10th. Finally, UBS Group restated a “neutral” rating and set a $124.00 price objective (up from $114.00) on shares of Aflac in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Aflac currently has an average rating of “Hold” and an average target price of $116.62.
Read Our Latest Stock Analysis on Aflac Aflac Stock Performance Shares of Aflac stock opened at $116.12 on Monday. The firm has a market capitalization of $58.22 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.87 and a beta of 0.60. Aflac Incorporated has a 12 month low of $104.66 and a 12 month high of $130.22. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $121.55 and its 200 day simple moving average is $116.15.
Aflac (NYSE:AFL – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.75 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.01). The company had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.11 billion. Aflac had a return on equity of 13.27% and a net margin of 26.91%.The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 EPS. As a group, analysts anticipate that Aflac Incorporated will post 7.04 EPS for the current year.
Aflac Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Aflac’s dividend payout ratio is currently 26.15%.
Aflac News Roundup Here are the key news stories impacting Aflac this week:
Positive Sentiment: Aflac’s quarterly dividend is $0.61 per share, or $2.44 annualized, providing a yield of roughly 2.1%. The company has a long record of dividend growth and a relatively low payout ratio of about 26%, supporting its appeal as a defensive income stock. Neutral Sentiment: Recent earnings were mixed: quarterly revenue of $4.22 billion exceeded analyst expectations of $4.11 billion, but earnings per share of $1.75 narrowly missed the $1.76 consensus. Revenue declined 1% year over year and EPS fell from $1.78 in the prior-year quarter, limiting fundamental momentum. Neutral Sentiment: Wall Street’s overall view remains cautious, with a consensus rating of “Hold” and an average price target near $116.62. Some analysts remain constructive, including Piper Sandler with a $138 target, while others maintain neutral or underweight ratings. Negative Sentiment: Wolfe Research initiated coverage with an “underperform” rating and a $103 price target, implying meaningful downside from recent trading levels. The call adds to existing concerns from Barclays and JPMorgan, which also have cautious ratings or targets. Wolfe Research Starts Aflac at Underperform Negative Sentiment: Japan Post Holdings, Aflac’s major shareholder, sold another 12,700 shares on August 19 for approximately $1.49 million, following sales of 14,200 shares on August 18 and 13,900 shares on August 17. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and represent only a small reduction in its stake, but the repeated selling may weigh on investor sentiment. Aflac SEC Insider Filing Insider Activity In related news, Director Joseph L. Moskowitz sold 600 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $124.10, for a total transaction of $74,460.00. Following the sale, the director owned 32,710 shares of the company’s stock, valued at approximately $4,059,311. This represents a 1.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Post Holdings Co. Ltd. Japan sold 12,700 shares of Aflac stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $117.05, for a total value of $1,486,535.00. Following the transaction, the insider directly owned 50,817,790 shares of the company’s stock, valued at $5,948,222,319.50. The trade was a 0.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 497,625 shares of company stock worth $58,356,483. Insiders own 0.80% of the company’s stock.
Aflac Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
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EP Wealth Advisors LLC purchased a new stake in Aflac Incorporated (NYSE:AFL – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 23,428 shares of the financial services provider’s stock, valued at approximately $2,747,000.
A number of other institutional investors also recently modified their holdings of the business. Whipplewood Advisors LLC bought a new stake in shares of Aflac during the 1st quarter worth $25,000. Groupe la Francaise bought a new position in Aflac in the first quarter valued at about $25,000. Quarry LP bought a new position in Aflac in the fourth quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. bought a new position in Aflac in the second quarter valued at about $27,000. Finally, Nalls Sherbakoff Group LLC acquired a new position in Aflac during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 67.44% of the company’s stock.
Trending Headlines about Aflac Here are the key news stories impacting Aflac this week:
Positive Sentiment: Aflac’s quarterly dividend is $0.61 per share, or $2.44 annualized, providing a yield of roughly 2.1%. The company has a long record of dividend growth and a relatively low payout ratio of about 26%, supporting its appeal as a defensive income stock. Neutral Sentiment: Recent earnings were mixed: quarterly revenue of $4.22 billion exceeded analyst expectations of $4.11 billion, but earnings per share of $1.75 narrowly missed the $1.76 consensus. Revenue declined 1% year over year and EPS fell from $1.78 in the prior-year quarter, limiting fundamental momentum. Neutral Sentiment: Wall Street’s overall view remains cautious, with a consensus rating of “Hold” and an average price target near $116.62. Some analysts remain constructive, including Piper Sandler with a $138 target, while others maintain neutral or underweight ratings. Negative Sentiment: Wolfe Research initiated coverage with an “underperform” rating and a $103 price target, implying meaningful downside from recent trading levels. The call adds to existing concerns from Barclays and JPMorgan, which also have cautious ratings or targets. Wolfe Research Starts Aflac at Underperform Negative Sentiment: Japan Post Holdings, Aflac’s major shareholder, sold another 12,700 shares on August 19 for approximately $1.49 million, following sales of 14,200 shares on August 18 and 13,900 shares on August 17. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and represent only a small reduction in its stake, but the repeated selling may weigh on investor sentiment. Aflac SEC Insider Filing Wall Street Analyst Weigh In A number of research firms have recently commented on AFL. UBS Group reissued a “neutral” rating and issued a $124.00 target price (up from $114.00) on shares of Aflac in a report on Wednesday, July 8th. Morgan Stanley lifted their price target on shares of Aflac from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Keefe, Bruyette & Woods upped their price objective on shares of Aflac from $120.00 to $125.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 11th. Mizuho set a $116.00 price objective on shares of Aflac in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. cut their target price on shares of Aflac from $117.00 to $116.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Aflac presently has a consensus rating of “Hold” and a consensus target price of $116.62. View Our Latest Research Report on Aflac
Insider Transactions at Aflac In related news, major shareholder Post Holdings Co. Ltd. Japan sold 63,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $118.12, for a total value of $7,441,560.00. Following the completion of the transaction, the insider owned 51,169,435 shares in the company, valued at $6,044,133,662.20. This trade represents a 0.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 497,625 shares of company stock valued at $58,356,483. 0.80% of the stock is owned by company insiders.
Aflac Price Performance Shares of AFL opened at $116.12 on Friday. Aflac Incorporated has a 12-month low of $104.66 and a 12-month high of $130.22. The business has a 50-day simple moving average of $121.55 and a two-hundred day simple moving average of $116.12. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.29. The stock has a market cap of $58.22 billion, a PE ratio of 12.45, a PEG ratio of 1.87 and a beta of 0.60.
Aflac (NYSE:AFL – Get Free Report) last posted its earnings results on Thursday, August 6th. The financial services provider reported $1.75 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.01). Aflac had a net margin of 26.91% and a return on equity of 13.27%. The firm had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the business posted $1.78 earnings per share. Aflac’s revenue for the quarter was down 1.0% compared to the same quarter last year. Analysts anticipate that Aflac Incorporated will post 7.04 earnings per share for the current fiscal year.
Aflac Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $2.44 annualized dividend and a dividend yield of 2.1%. Aflac’s dividend payout ratio is currently 26.15%.
Aflac Company Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
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B. Metzler seel. Sohn & Co. AG bought a new stake in shares of Aflac Incorporated (NYSE:AFL – Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 39,389 shares of the financial services provider’s stock, valued at approximately $4,618,000.
Several other institutional investors and hedge funds have also made changes to their positions in AFL. DNB Asset Management AS grew its stake in Aflac by 51.3% in the 4th quarter. DNB Asset Management AS now owns 168,003 shares of the financial services provider’s stock worth $18,526,000 after acquiring an additional 56,975 shares during the period. Employees Retirement System of Texas acquired a new stake in shares of Aflac during the fourth quarter worth $3,743,000. Atlas Wealth LLC purchased a new stake in shares of Aflac in the first quarter valued at $1,802,000. D.A. Davidson & CO. grew its position in shares of Aflac by 77.3% in the fourth quarter. D.A. Davidson & CO. now owns 63,646 shares of the financial services provider’s stock valued at $7,018,000 after purchasing an additional 27,751 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Aflac by 4.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,072,717 shares of the financial services provider’s stock valued at $118,256,000 after purchasing an additional 46,262 shares during the last quarter. 67.44% of the stock is currently owned by hedge funds and other institutional investors.
Aflac Stock Performance Aflac stock opened at $116.12 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.12 and a quick ratio of 0.12. Aflac Incorporated has a 12 month low of $104.66 and a 12 month high of $130.22. The company has a fifty day moving average price of $121.55 and a two-hundred day moving average price of $116.12. The company has a market cap of $58.22 billion, a PE ratio of 12.45, a P/E/G ratio of 1.87 and a beta of 0.60.
Aflac (NYSE:AFL – Get Free Report) last issued its earnings results on Thursday, August 6th. The financial services provider reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.01). Aflac had a return on equity of 13.27% and a net margin of 26.91%.The business had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period last year, the company posted $1.78 earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. Research analysts expect that Aflac Incorporated will post 7.04 earnings per share for the current year. Aflac Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, August 19th. Aflac’s dividend payout ratio is presently 26.15%.
Insiders Place Their Bets In other Aflac news, Director Joseph L. Moskowitz sold 600 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $124.10, for a total value of $74,460.00. Following the sale, the director directly owned 32,710 shares in the company, valued at approximately $4,059,311. This trade represents a 1.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Post Holdings Co. Ltd. Japan sold 12,700 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $117.05, for a total transaction of $1,486,535.00. Following the completion of the sale, the insider directly owned 50,817,790 shares in the company, valued at approximately $5,948,222,319.50. This trade represents a 0.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 497,625 shares of company stock worth $58,356,483 over the last quarter. 0.80% of the stock is currently owned by company insiders.
Key Headlines Impacting Aflac Here are the key news stories impacting Aflac this week:
Positive Sentiment: Aflac’s quarterly dividend is $0.61 per share, or $2.44 annualized, providing a yield of roughly 2.1%. The company has a long record of dividend growth and a relatively low payout ratio of about 26%, supporting its appeal as a defensive income stock. Neutral Sentiment: Recent earnings were mixed: quarterly revenue of $4.22 billion exceeded analyst expectations of $4.11 billion, but earnings per share of $1.75 narrowly missed the $1.76 consensus. Revenue declined 1% year over year and EPS fell from $1.78 in the prior-year quarter, limiting fundamental momentum. Neutral Sentiment: Wall Street’s overall view remains cautious, with a consensus rating of “Hold” and an average price target near $116.62. Some analysts remain constructive, including Piper Sandler with a $138 target, while others maintain neutral or underweight ratings. Negative Sentiment: Wolfe Research initiated coverage with an “underperform” rating and a $103 price target, implying meaningful downside from recent trading levels. The call adds to existing concerns from Barclays and JPMorgan, which also have cautious ratings or targets. Wolfe Research Starts Aflac at Underperform Negative Sentiment: Japan Post Holdings, Aflac’s major shareholder, sold another 12,700 shares on August 19 for approximately $1.49 million, following sales of 14,200 shares on August 18 and 13,900 shares on August 17. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and represent only a small reduction in its stake, but the repeated selling may weigh on investor sentiment. Aflac SEC Insider Filing Analyst Upgrades and Downgrades AFL has been the topic of several recent analyst reports. Barclays reiterated an “underweight” rating and set a $99.00 price objective (up from $98.00) on shares of Aflac in a report on Friday, August 7th. Piper Sandler reiterated an “overweight” rating and issued a $138.00 price target (up from $130.00) on shares of Aflac in a report on Monday, August 10th. Wall Street Zen cut shares of Aflac from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Wolfe Research assumed coverage on Aflac in a report on Wednesday. They set an “underperform” rating and a $103.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their price objective on Aflac from $120.00 to $125.00 and gave the stock a “market perform” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $116.62.
Check Out Our Latest Stock Analysis on Aflac
Aflac Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
Featured Articles Five stocks we like better than Aflac Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding AFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aflac Incorporated (NYSE:AFL – Free Report).
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Advisors Capital Management LLC acquired a new position in shares of Aflac Incorporated (NYSE:AFL – Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 8,891 shares of the financial services provider’s stock, valued at approximately $1,043,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC increased its position in Aflac by 64.4% during the 4th quarter. Brighton Jones LLC now owns 14,570 shares of the financial services provider’s stock worth $1,507,000 after purchasing an additional 5,708 shares in the last quarter. Bison Wealth LLC lifted its stake in shares of Aflac by 4.3% during the fourth quarter. Bison Wealth LLC now owns 4,402 shares of the financial services provider’s stock valued at $455,000 after buying an additional 183 shares during the period. WINTON GROUP Ltd acquired a new stake in Aflac during the second quarter worth approximately $280,000. Sei Investments Co. boosted its position in Aflac by 11.2% during the second quarter. Sei Investments Co. now owns 150,334 shares of the financial services provider’s stock worth $15,854,000 after acquiring an additional 15,105 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in Aflac by 1.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,953 shares of the financial services provider’s stock worth $1,261,000 after acquiring an additional 192 shares during the period. Hedge funds and other institutional investors own 67.44% of the company’s stock.
Analyst Ratings Changes Several research analysts have weighed in on the company. Weiss Ratings downgraded Aflac from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, August 7th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $108.00 price objective (up from $100.00) on shares of Aflac in a research report on Friday, July 10th. Barclays reiterated an “underweight” rating and issued a $99.00 target price (up from $98.00) on shares of Aflac in a research note on Friday, August 7th. Keefe, Bruyette & Woods increased their target price on Aflac from $120.00 to $125.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. decreased their price target on Aflac from $117.00 to $116.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $116.62.
Get Our Latest Analysis on Aflac Insiders Place Their Bets In other news, major shareholder Post Holdings Co. Ltd. Japan sold 12,700 shares of Aflac stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $117.05, for a total value of $1,486,535.00. Following the completion of the transaction, the insider directly owned 50,817,790 shares of the company’s stock, valued at approximately $5,948,222,319.50. The trade was a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joseph L. Moskowitz sold 600 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $124.10, for a total transaction of $74,460.00. Following the sale, the director directly owned 32,710 shares of the company’s stock, valued at approximately $4,059,311. This represents a 1.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 497,625 shares of company stock worth $58,356,483 over the last three months. 0.80% of the stock is owned by corporate insiders.
Aflac Trading Down 0.0% NYSE:AFL opened at $116.12 on Friday. The company has a market cap of $58.22 billion, a PE ratio of 12.45, a P/E/G ratio of 1.87 and a beta of 0.60. The business’s 50 day moving average is $121.55 and its two-hundred day moving average is $116.12. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.29. Aflac Incorporated has a 52 week low of $104.66 and a 52 week high of $130.22.
Aflac (NYSE:AFL – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.01). Aflac had a net margin of 26.91% and a return on equity of 13.27%. The firm had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter last year, the firm posted $1.78 earnings per share. Aflac’s revenue was down 1.0% compared to the same quarter last year. On average, analysts predict that Aflac Incorporated will post 7.04 EPS for the current year.
Aflac Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Aflac’s dividend payout ratio is 26.15%.
More Aflac News Here are the key news stories impacting Aflac this week:
Positive Sentiment: Aflac’s quarterly dividend is $0.61 per share, or $2.44 annualized, providing a yield of roughly 2.1%. The company has a long record of dividend growth and a relatively low payout ratio of about 26%, supporting its appeal as a defensive income stock. Neutral Sentiment: Recent earnings were mixed: quarterly revenue of $4.22 billion exceeded analyst expectations of $4.11 billion, but earnings per share of $1.75 narrowly missed the $1.76 consensus. Revenue declined 1% year over year and EPS fell from $1.78 in the prior-year quarter, limiting fundamental momentum. Neutral Sentiment: Wall Street’s overall view remains cautious, with a consensus rating of “Hold” and an average price target near $116.62. Some analysts remain constructive, including Piper Sandler with a $138 target, while others maintain neutral or underweight ratings. Negative Sentiment: Wolfe Research initiated coverage with an “underperform” rating and a $103 price target, implying meaningful downside from recent trading levels. The call adds to existing concerns from Barclays and JPMorgan, which also have cautious ratings or targets. Wolfe Research Starts Aflac at Underperform Negative Sentiment: Japan Post Holdings, Aflac’s major shareholder, sold another 12,700 shares on August 19 for approximately $1.49 million, following sales of 14,200 shares on August 18 and 13,900 shares on August 17. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and represent only a small reduction in its stake, but the repeated selling may weigh on investor sentiment. Aflac SEC Insider Filing Aflac Company Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
Featured Articles Five stocks we like better than Aflac Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
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BlackRock Inc. purchased a new position in shares of Aflac Incorporated (NYSE:AFL – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,915,032 shares of the financial services provider’s stock, valued at approximately $4,093,787,000. BlackRock Inc. owned approximately 6.86% of Aflac as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in AFL. Whipplewood Advisors LLC purchased a new stake in shares of Aflac during the first quarter worth $25,000. Groupe la Francaise purchased a new position in Aflac in the first quarter valued at $25,000. Quarry LP acquired a new position in Aflac during the 4th quarter worth $25,000. Nalls Sherbakoff Group LLC acquired a new position in Aflac during the 4th quarter worth $29,000. Finally, Evergreen Advisors LLC purchased a new stake in Aflac during the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 67.44% of the company’s stock.
Insider Buying and Selling In other news, Director Joseph L. Moskowitz sold 600 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $124.10, for a total value of $74,460.00. Following the completion of the sale, the director directly owned 32,710 shares of the company’s stock, valued at approximately $4,059,311. This represents a 1.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Post Holdings Co. Ltd. Japan sold 14,100 shares of Aflac stock in a transaction on Friday, August 14th. The shares were sold at an average price of $121.43, for a total transaction of $1,712,163.00. Following the completion of the transaction, the insider directly owned 50,858,590 shares in the company, valued at $6,175,758,583.70. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 523,833 shares of company stock valued at $61,339,113. 0.80% of the stock is owned by company insiders.
Analysts Set New Price Targets A number of equities research analysts have issued reports on the company. Barclays reaffirmed an “underweight” rating and issued a $99.00 price target (up from $98.00) on shares of Aflac in a research report on Friday, August 7th. Keefe, Bruyette & Woods upped their target price on shares of Aflac from $120.00 to $125.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 11th. Wall Street Zen cut shares of Aflac from a “hold” rating to a “sell” rating in a report on Saturday. Mizuho set a $116.00 price target on shares of Aflac in a research note on Monday, August 10th. Finally, Morgan Stanley boosted their price target on shares of Aflac from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $117.58. View Our Latest Report on Aflac
Aflac Price Performance Shares of AFL opened at $121.74 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.12 and a quick ratio of 0.12. Aflac Incorporated has a 1-year low of $104.66 and a 1-year high of $130.22. The stock has a market cap of $61.03 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.96 and a beta of 0.60. The firm has a fifty day moving average price of $121.60 and a 200 day moving average price of $116.04.
Aflac (NYSE:AFL – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.01). Aflac had a return on equity of 13.27% and a net margin of 26.91%.The firm had revenue of $4.22 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same period in the previous year, the business posted $1.78 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Aflac Incorporated will post 7.04 EPS for the current year.
Aflac Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be paid a $0.61 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $2.44 dividend on an annualized basis and a yield of 2.0%. Aflac’s payout ratio is currently 26.15%.
Aflac Company Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
See Also Five stocks we like better than Aflac The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding AFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aflac Incorporated (NYSE:AFL – Free Report).
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AMG National Trust Bank purchased a new stake in shares of Aflac Incorporated (NYSE: AFL) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 25,311 shares of the financial services provider's stock, valued at approximately $2,968,000. Several other institutional investors have also
BIP Wealth LLC acquired a new position in Aflac Incorporated (NYSE:AFL – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 51,542 shares of the financial services provider’s stock, valued at approximately $6,043,000.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Aflac by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 57,142,072 shares of the financial services provider’s stock valued at $6,301,056,000 after buying an additional 6,759,169 shares during the period. Dimensional Fund Advisors LP grew its holdings in Aflac by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,550,855 shares of the financial services provider’s stock worth $499,216,000 after acquiring an additional 67,650 shares during the period. Norges Bank acquired a new stake in Aflac during the fourth quarter worth about $420,078,000. Amundi raised its position in Aflac by 22.6% during the first quarter. Amundi now owns 3,268,209 shares of the financial services provider’s stock valued at $358,555,000 after acquiring an additional 603,426 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Aflac by 161.9% during the first quarter. First Trust Advisors LP now owns 3,184,801 shares of the financial services provider’s stock valued at $349,405,000 after acquiring an additional 1,968,738 shares in the last quarter. Hedge funds and other institutional investors own 67.44% of the company’s stock.
Aflac Stock Performance Shares of NYSE:AFL opened at $121.38 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.12 and a quick ratio of 0.11. Aflac Incorporated has a 1 year low of $104.66 and a 1 year high of $130.22. The firm has a market capitalization of $60.85 billion, a PE ratio of 13.01, a P/E/G ratio of 1.95 and a beta of 0.60. The business’s 50 day moving average price is $121.36 and its 200-day moving average price is $115.82.
Aflac (NYSE:AFL – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.75 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.01). The firm had revenue of $4.22 billion during the quarter, compared to analyst estimates of $4.11 billion. Aflac had a net margin of 26.91% and a return on equity of 13.27%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.78 earnings per share. As a group, equities research analysts expect that Aflac Incorporated will post 7.04 earnings per share for the current fiscal year.
Aflac Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be given a dividend of $0.61 per share. The ex-dividend date is Wednesday, August 19th. This represents a $2.44 dividend on an annualized basis and a yield of 2.0%. Aflac’s dividend payout ratio (DPR) is presently 26.15%.
Analyst Upgrades and Downgrades AFL has been the subject of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $138.00 target price (up from $130.00) on shares of Aflac in a report on Monday. Wall Street Zen downgraded shares of Aflac from a “hold” rating to a “sell” rating in a report on Saturday. UBS Group restated a “neutral” rating and set a $124.00 price target (up from $114.00) on shares of Aflac in a research report on Wednesday, July 8th. Weiss Ratings cut shares of Aflac from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, August 7th. Finally, TD Cowen reiterated a “hold” rating and issued a $110.00 price objective (up from $101.00) on shares of Aflac in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $117.58.
Read Our Latest Stock Report on AFL
Insider Buying and Selling In other Aflac news, major shareholder Post Holdings Co. Ltd. Japan sold 63,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $118.12, for a total transaction of $7,441,560.00. Following the transaction, the insider owned 51,169,435 shares of the company’s stock, valued at approximately $6,044,133,662.20. The trade was a 0.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 620,033 shares of company stock worth $72,650,201 in the last quarter. Company insiders own 0.80% of the company’s stock.
Aflac Company Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
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Key Takeaways Aflac's Japan and U.S. businesses are benefiting from solid product demand and premium persistency.Japan sales rose 7%, while U.S. sales increased 2.8% in the first half of 2026.Disciplined expenses and improved benefit trends are supporting growth across Aflac's core markets. Aflac Incorporated (AFL - Free Report) is well-poised to grow, driven by strong product demand and high premium persistency across its key markets, stronger underwriting discipline and effective cost management.
Aflac — with a market capitalization of $60.7 billion — offers supplemental health and life insurance products in Japan and the United States. Its shares climbed 9.8% in the year-to-date period compared with 12.4% growth of the industry.
Courtesy of solid prospects, this Zacks Rank #3 (Hold) stock is worth retaining at the moment.
AFL’s Growth DriversAflac Japan remains an important growth engine, with product innovation helping the company reach new customer segments. The refreshed Tsumitasu savings-type life insurance and Anshin Palette medical insurance continued to generate strong year-over-year sales growth. Japan sales increased 7% year over year in the first half of 2026, while Tsumitasu accounted for about 20% of total sales and is helping attract younger customers and support cross-selling of cancer and medical coverage.
In the United States, Aflac is benefiting from continued demand for group voluntary benefits, dental and vision products. In the first half of 2026, sales increased 2.8% year over year, while net earned premiums grew 2.9%. The company is maintaining a focus on profitable growth, supported by strong premium persistency of 79.4% and continued momentum in its group business.
Aflac is also benefiting from disciplined expense management and favorable benefit trends across its core markets. In the second quarter, Aflac Japan’s expense ratio was 20.2%, near the low end of its 20%-23% outlook for 2026, while its benefit ratio stood at 64%, which improved 250 basis points year over year. In the U.S. segment, the expense ratio was 36.1%, which improved 20 basis points year over year. It expects the unit’s expense ratio to be within the range of 36%-39% in 2026. The benefit ratio came in at 49.5%, within the company’s 48%-52% target range for 2026.
AFL maintains a strong financial position and concluded second-quarter 2026 with $6.1 billion in cash and cash equivalents and maintains a strong times-interest-earned ratio of 24.91X versus the industry’s 21.73X. Shareholder rewards remain a priority for the company. In the first six months of 2026, Aflac repurchased 17.5 million shares worth $2 billion.
Where Do Estimates for AFL Stand?The Zacks Consensus Estimate for AFL’s 2026 earnings is pegged at $7.04 per share. Furthermore, the consensus mark for revenues is pegged at $17 billion for 2026. AFL missed earnings estimates in three of the past four quarters and beat once, with an average surprise of 6.6%.
AFL’s Key RisksThere are some factors, however, that investors should keep a careful eye on.
Operating cash flow has remained under pressure, declining 17.8% in 2023, 15.1% in 2024 and 5.6% in 2025. While the metric rebounded in first-half 2026, rising 9.3% year over year, the company will need to sustain this momentum for a meaningful turnaround.
Aflac’s shares trade at a forward P/E of 16.3X, above both its five-year median of 13.13X and the industry average of 13.7X. The elevated multiple suggests limited upside in the near term as investors may hesitate to extend further premium valuations amid an uneven earnings recovery.
Better-Ranked PlayersSome better-ranked stocks in the insurance space are Hippo Holdings Inc. (HIPO - Free Report) , Slide Insurance Holdings, Inc. (SLDE - Free Report) and The Hanover Insurance Group, Inc. (THG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Hippo Holdings’ current-year earnings is pinned at $2.46 per share and has witnessed two upward revisions in the past 30 days against no movement in the opposite direction. HIPO beat earnings estimates in each of the trailing four quarters, with the average surprise being 521.8%. The consensus estimate for current-year revenues is pegged at $581.9 million, implying 24.2% year-over-year growth.
The Zacks Consensus Estimate for Slide Insurance Holdings’ current-year earnings is pinned at $3.91 per share and has witnessed two upward revisions in the past 30 days against one movement in the opposite direction. SLDE beat earnings estimates in each of the trailing four quarters, with the average surprise being 36.9%. The consensus estimate for current-year revenues is pegged at $1.5 billion, implying 33% year-over-year growth.
The Zacks Consensus Estimate for Hanover Insurance Group’s current-year earnings is pinned at $20.15 per share and has witnessed five upward revisions in the past 30 days against no movement in the opposite direction. THG beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.3%. The consensus estimate for current-year revenues is pegged at $7 billion, implying 4.6% year-over-year growth.
SPARTANBURG, S.C.--(BUSINESS WIRE)-- #WeAreAFL--AFL, an industry-leading manufacturer of fiber optic cables, connectivity, equipment and related services announces the launch of AFL Integria, a division dedicated to delivering integrated infrastructure solutions across Canada. With more than 1.25 million Canadian homes connected through its work, AFL Integria is the country's end-to-end connectivity partner, handling everything from network engineering and construction to premise installation and multi-dwe.
The Zacks Accident and Health Insurance industry is expected to benefit from an increase in underwriting exposure. Aflac Incorporated (AFL - Free Report) , Globe Life (GL - Free Report) , Trupanion (TRUP - Free Report) and Employers Holdings, Inc. (EIG - Free Report) are expected to benefit from increasing demand for group insurance and prudent underwriting standards. However, higher inflation, as well as rising medical costs, could offset the positives. The industry has been witnessing soft pricing over the past several quarters, and this is not expected to change anytime soon. Nonetheless, a rise in claims of lower severity is likely to favor pricing. Also, the increasing adoption of technology in operations will help the industry function smoothly. The industry is witnessing a rise in demand for embedded insurance and supplemental health products.
Per a CBIZ report, the industry has maintained its profitability streak, reflecting solid reserves, prudent claims management, stable loss trends and fewer claims.
About the Industry The Zacks Accident and Health (A&H) insurance industry comprises companies providing workers’ compensation insurance, mainly to employers operating in hazardous industries. Insurers provide group, individual and voluntary supplemental products, including employer-funded workers’ compensation that protects employees without reducing their pay. Claims are covered by insurers or state funds. Such coverage supports employee morale and productivity while reducing employers’ claim costs. Growing awareness of these benefits strengthens the industry’s outlook. Per Business Research Insight, the A&H Insurance market, worth about $300 billion in 2024, is projected to expand to about $420 billion by 2033—reflecting a CAGR of about 3.8%.
4 Trends Shaping the Future of the Accident & Health Insurance Industry Pricing Pressure to Continue: Workers’ compensation pricing is likely to remain under pressure due to inflation, rising medical expenses and an aging population. Although inflation is projected at 2.4% by the Fed, the Centers for Medicare and Medicaid predicts healthcare spending to grow 5.4% annually through 2028, increasing demand for supplemental health coverage. Per a report in Commercial Risks, AM Best expects favorable loss development and lower claim frequency, alongside insurers’ efforts to retain market share, to constrain rate increases and potentially limit premium growth. Nevertheless, recovering commercial and industrial activity should support demand. SpendEdge projects workers’ compensation pricing to increase at a 5.3% CAGR between 2022 and 2026, while CBIZ forecasts a more modest 2% rise.
Persistent medical inflation: Medical inflation remains a major challenge for Accident & Health insurers. Aon projects global medical costs to rise by approximately 9.8% in 2026, outpacing general inflation in many markets. Higher hospital wages, diagnostic expenses, provider fees, healthcare utilization, and costly medicines are driving this increase. The resulting pressure extends beyond claims costs, forcing insurers to balance profitability with adequate benefits and affordable premiums—without weakening coverage or limiting customers’ access to essential healthcare.
Improvement in Claims Frequency: Improved workplace conditions and stronger safety measures have reduced claim frequency, supporting Accident & Health insurers’ performance. Growth has also been driven by employers offering broader benefits. Effective workers’ compensation policies provide better care for injured employees while improving productivity, morale and retention and reducing claims costs and financial stress. Expanding underwriting exposure, conservative reserves and safer workplaces continue to benefit the industry. However, an aging workforce presents a developing risk. The Bureau of Labor Statistics expects the number of workers aged 75 and older to increase by 96.5% over the next decade, potentially raising both claim frequency and severity.
Increasing Adoption of Technology: The industry is witnessing accelerated adoption of technology in operations, including the use of artificial intelligence. AI, data analytics, automation, cloud computing and blockchain should help insurers gain a competitive edge. Telemedicine is also gaining traction, in turn, saving costs. Machine learning and predictive analytics enable real-time risk profiling. Policies are increasingly bundling telehealth services. Per a CBIZ report, industry data reveals that artificial intelligence could reduce workers’ compensation claim expense by about 45%. Nonetheless, higher spending on technological advancements will result in escalated expense ratios.
Zacks Industry Rank Indicates Bleak Prospects The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all member stocks, indicates dull near-term prospects. The Zacks Accident and Health Insurance industry, housed within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #214 which places it in the bottom 13% of the 246 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s position in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential. Current year estimates have declined 3.2% in a year.
Before we present a few stocks one can have in their portfolio, given their business advancement endeavors, it’s worth taking a look at the industry’s performance and current valuation.
Industry Versus Sector and S&P 500 The Accident and Health Insurance industry has outperformed its sector but underperformed the Zacks S&P 500 composite in the past six months. The stocks in this industry have collectively gained 12.6% in the past six months versus the Finance sector’s increase of 8.5%. The Zacks S&P 500 composite has risen 13.5% over the same period.
6-Months Price Performance
Current Valuation On the basis of a trailing 12-month price-to-book (P/B), commonly used for valuing insurance stocks, the industry is currently trading at 1.81X compared with the Zacks S&P 500 composite’s 7.38X and the sector’s 4.51X.
Over the past five years, the industry has traded as high as 2.14X, as low as 0.97X and at the median of 1.76X.
Price-to-Book (P/B) Ratio (TTM)
Price-to-Book (P/B) Ratio (TTM)
4 Accident & Health Insurance Stocks in Focus We are presenting four Zacks Rank #3 (Hold) stocks from the Zacks Accident and Health Insurance industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Aflac: This Columbus, GA-based company offers voluntary supplemental health and life insurance products and operates through Aflac Japan and Aflac U.S. The top line benefits from strategic growth investments, robust persistency rates and enhanced productivity. Aflac introduces products and upgrades existing ones to address the changing needs of its customers, as well as integrates digital solutions into its offerings to align with the ongoing trend of digitization. This, in turn, should support its profit margins. The Argus buyout will provide it with a platform to build the company’s network of dental and vision products and further strengthen its U.S. segment.
AFL delivered a trailing four-quarter earnings surprise of 6.56% on average. The Zacks Consensus Estimate for 2026 implies a year-over-year decrease of 5.9% and has moved south in the past 30 days. The consensus estimate for 2027 earnings implies an 8.7% year-over-year increase but has moved south in the past 30 days. The expected long-term earnings growth rate is pegged at 9.2%.
Price and Consensus: AFL
Globe Life: Based in McKinney, TX, Globe Life is an insurance holding company providing individual life and supplemental health insurance to lower-middle to middle-income households throughout the United States. This insurer has been witnessing a positive trend in revenues, driven by premium growth in its Life Insurance and Health Insurance segments and net investment income.
The strong performance of the American Income and Liberty National divisions should drive the top line in the future. Liberty National is likely to continue to benefit from improved productivity and agent count. GL’s expansion initiatives to capture heavily populated and less penetrated areas should drive growth in the future. Net life sales, as well as net health sales, are expected to grow in the mid-teens for Liberty National.
The Zacks Consensus Estimate for 2026 and 2027 earnings indicates an 8.1% and 5.2% year-over-year increase, respectively. The consensus estimate for 2026 earnings has moved up 0.4%, but the same for 2027 has moved down 0.7% in the past 30 days.
Price and Consensus: GL
Trupanion: Headquartered in Seattle, WA, Trupanion is a provider of insurance for cats and dogs in the United States, Canada, Continental Europe and Australia. It operates in a total addressable market worth $34.1 billion, which is a large but underpenetrated market. This pet insurer is well-poised to grow, courtesy of its heightened focus on pets’ health and well-being in an underpenetrated pet insurance market, product launches, extended operating boundaries and a solid capital position. This pet insurer continues to invest in areas where it believes it can achieve high internal rates of return. Improving pricing should add to its upside.
The Zacks Consensus Estimate for 2026 and 2027 suggests a 28.9% and an 18.1% increase, respectively, on a year-over-year basis. TRUP delivered a trailing four-quarter earnings surprise of 53.03%, on average. It has a Growth Score of A. The consensus estimate for 2026 earnings has moved 4 cents north but the same for 2027 has moved 3 cents south in the past 30 days. The expected long-term earnings growth rate is pegged at 23.6%.
Price and Consensus: TRUP
Employers Holdings: Based in Henderson, NV, Employers Holdings is the 19th largest provider of workers' compensation insurance to small businesses in the low-to-medium hazard industries. EIG should continue to benefit from a solid presence in attractive markets and prudent underwriting. Its multiple distribution channels provide competitive advantages.
The consensus estimate for 2026 and 2027 earnings suggests a 139.8% and 5.2% increase, respectively, on a year-over-year basis. The consensus estimate for 2026 earnings has moved nearly 2.3% north in the past 30 days.
Company recently launched book, "Beyond Words," leads learning initiative designed to promote kindness and compassion through reading
Aflac is expanding its support for children with cancer and blood disorders through social-emotional learning resources. Aflac is providing free books for educators and matching donations to support social-emotional learning-focused classroom projects on DonorsChoose. , /PRNewswire/ -- As an extension of Aflac's long-term commitment to children and families facing cancer and blood disorders, the company today announced a new initiative to help U.S. educators teach students kindness and empathy through one of the most powerful tools available: reading. According to the International Journal on Studies in English Language and Literature (IJSELL), kindness can be explicitly and implicitly developed through sharing and discussing stories presented in children's literature.1
"Beyond Words," published
Renowned Educator Ron Clark The company is providing educators with complimentary copies of "Beyond Words," an original children's book created by Aflac and written by bestselling children's author Sheri Fink. Published in late 2025, "Beyond Words" tells the story of Buddy the bear, whose friend is returning to the classroom after a stay in the hospital. Buddy uses imaginary space travel to find the words and actions he can take to welcome his friend back to school. Through the book's pages, children learn that sometimes empathy is more about what you do than what you say — or, beyond words.
This dual-pronged program includes a collaboration with DonorsChoose — an education nonprofit ensuring every U.S. public school student has the classroom resources they need to learn, grow and thrive — as well as renowned educator and bestselling author Ron Clark. Aflac is committing $25,000 to match donations for social-emotional learning projects that include books.
"A resource like 'Beyond Words' is exactly what teachers need to help their students express compassion in a healthy and productive way. Through exciting illustrations and vibrant colors, the book not only says, but models empathy and kindness," said Ron Clark, cofounder, The Ron Clark Academy. "As an educator, I know that reading, combined with passion and a desire to learn, is among the most effective learning tools we have to support the development of social-emotional skills in our students."
This initiative represents the latest chapter in Aflac's decades-long commitment to support families navigating childhood cancer and sickle cell disease. For more than 30 years, Aflac has contributed more than $200 million — a number that continues to grow — to help fund crucial research and advocacy through its partnership with the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta. That commitment expanded in 2018 with My Special Aflac Duck®, a robotic companion that has brought comfort to more than 47,000 children with cancer and sickle cell disease across the U.S., Japan and Northern Ireland. With "Beyond Words," Aflac continues to recognize that promoting emotional support — expressed through acts of compassion — is a vital part of caring for these children.
"We understand that healing requires more than medicine, and children facing health challenges like cancer or blood disorders are particularly vulnerable from an emotional standpoint, as well as their physical health," said Ines Gutzmer, senior vice president and chief communications officer at Aflac. "We're working with DonorsChoose and Ron Clark to share the empathetic message of 'Beyond Words' and provide educators with additional resources to help their students develop emotional intelligence that will serve them throughout their lives."
Educators can request free copies of "Beyond Words" and the corresponding Conversation Companion that includes helpful guidance on how to use the book for good at Aflac.com/BeyondWords while supplies last. This site also directs donors to eligible DonorsChoose social-emotional learning projects where they can contribute to Aflac's $25,000 match.
"Partners like Aflac help close critical fundraising gaps helping teachers to access the resources that their students need to learn," said Bianca Carbajal, Manager of Corporate and Foundation Giving at DonorsChoose. "We're grateful to Aflac for their meaningful contribution and look forward to seeing the impact that 'Beyond Words' will have on children and families."
For more information about "Beyond Words," visit Aflac.com/BeyondWords. One hundred percent of net proceeds from the book's sales benefit the research and treatment of childhood cancer and blood disorders through the Aflac Childhood Cancer Foundation.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.2 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.3 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
ABOUT DONORSCHOOSE
DonorsChoose is an education nonprofit ensuring every US public school student has the classroom resources they need to learn, grow, and thrive. Founded by a teacher in 2000, DonorsChoose connects educators with a nationwide community of supporters who believe investing in students today will transform tomorrow. Educators request the materials they know their students need, and donors can choose the classroom, community, or cause they want to support. Since its founding, donors have supported 90% of US public schools. Every request is vetted, resources are delivered to classrooms, and donors can see the impact of their support through transparent reporting and updates from students and teachers. Raising $1.9 billion for classrooms, DonorsChoose has earned top ratings from Charity Navigator, GuideStar, and CharityWatch for their transparency, trust, and impact. Learn more at www.donorschoose.org.
Frequently Asked Questions
What is "Beyond Words"?
"Beyond Words" is an original children's book created by Aflac and written by bestselling author Sheri Fink. The story follows Buddy the bear as he learns how to welcome a classmate back to school after a hospital stay, demonstrating that empathy is often expressed through actions as much as words.
What is the goal of Aflac's new initiative with DonorsChoose and Ron Clark?
Aflac's initiative aims to help educators teach kindness, empathy and emotional intelligence through reading. By providing free copies of "Beyond Words" and supporting social-emotional learning projects on DonorsChoose, the company hopes to encourage meaningful conversations and compassionate behaviors among students.
How does this initiative connect to Aflac's philanthropic mission?
The initiative reflects Aflac's broader commitment to supporting children and families affected by cancer and blood disorders. In addition to funding research, treatment and support programs, Aflac is helping address the emotional and social challenges these children may face when returning to school and interacting with peers.
How does the DonorsChoose partnership work?
Aflac is providing $25,000 in matching funds for eligible DonorsChoose social-emotional learning projects that include books. Donors who support qualifying projects can have their contributions matched until the funding is exhausted.
How can educators receive free copies of "Beyond Words"?
Educators can request complimentary copies of "Beyond Words" and the accompanying Conversation Companion guide at Aflac.com/BeyondWords while supplies last. The resources are designed to help teachers facilitate discussions about empathy and kindness in the classroom.
1 IJSELL, Teach Kindness: Using Children's Literature to Foster Empathy and Understanding, 2.pdf accessed 7-23-26
2 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
3 As of March 31, 2025, Aflac estimates based on company data
Media contact: Stephanie A. Wilken, 706-905-5818 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
A Boring Dividend Growth Strategy Becomes a Solid Defensive PlayAflac NYSE: AFL reported second-quarter 2026 net earnings of $1.63 per diluted share and adjusted earnings of $1.75 per diluted share, as the insurer cited continued sales momentum in Japan and growth in its U.S. group insurance operations. Chief Financial Officer Max Brodén said adjusted earnings increased 1.1% year over year to $1.80 per diluted share excluding foreign-currency effects.
Chairman and Chief Executive Officer Dan Amos said the quarter extended a “solid financial start” to the year, supported by operating execution, investment income and capital generation. The company returned $1.3 billion to shareholders during the quarter through $983 million of stock repurchases and $309 million in dividends. For the first six months of 2026, shareholder returns totaled $2.6 billion.
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3 Overlooked Stocks Positioned for the Next Market RotationAmos said Aflac remains committed to extending its record of 43 consecutive annual dividend increases in 2026.
Japan Sales Decline Against Strong Comparison Aflac Japan recorded sales of ¥11 billion in the second quarter, down 5.6% from a year earlier, reflecting a difficult comparison following the prior-year launch of Miraito Cancer Insurance. First-half sales, however, rose 7%, and Amos said the company expects full-year Japan sales to exceed 2025 levels.
MarketBeat Week in Review – 06/08 - 06/12The company cited strong growth from its refreshed Tsumitasu savings-type life product and its Anshin Palette medical insurance product, introduced in December 2025. Tsumitasu accounted for about 20% of total sales, according to Masatoshi Koide, president and representative director of Aflac Life Insurance Japan.
Koide said Tsumitasu has helped broaden Aflac’s customer base among younger consumers and has supported sales of cancer and medical products alongside the savings product. Koichiro Yoshizumi, executive vice president of sales and marketing at Aflac Life Insurance Japan, said concurrent sales of cancer and medical coverage with Tsumitasu have exceeded the company’s initial 25% target.
While medical insurance sales declined sequentially from the first quarter, Yoshizumi said momentum has remained stronger than expected and should continue through the second half. The first-quarter result benefited from extensive preparation surrounding the late-December product launch, he said.
Japan premium persistency was 92.7%, unchanged from the prior quarter. Brodén said the company has experienced elevated lapse-and-reissue activity on recently introduced products, particularly Miraito, but expects that activity to normalize now that the cancer product has been in the market for more than a year.
Japan net earned premiums declined 3.7% in yen terms. Underlying earned premiums, excluding reinsurance, paid-up policies and deferred profit liability effects, declined 1.4%. The Japan benefit ratio was 64%, down 250 basis points year over year. The expense ratio was 20.2%, down 40 basis points despite inflation pressures in Japan. Japan’s pretax margin increased 230 basis points to 34.3%. Brodén said the company now expects Japan’s full-year benefit ratio to land at the high end of its 60% to 63% guidance range, excluding the annual third-quarter actuarial assumption review. He attributed the higher year-to-date ratio partly to fewer lapses of older policies, which carry larger accumulated reserves and would otherwise provide a greater benefit-ratio reduction when they lapse.
U.S. Group Business Gains Momentum In the U.S., Aflac reported a 2.6% year-over-year increase in sales and a 2.3% increase in net earned premiums. Premium persistency improved 20 basis points to 79.4%, while the U.S. pretax margin was 20.9%.
President Virgil Miller said the company’s group life, absence and disability business, together with dental and vision products and group voluntary benefits, generated sales growth of 7.1% in the second quarter. Earned premiums for those group products rose 13%.
Dental and vision sales increased 47%, driven heavily by Aflac’s agency force, Miller said. He added that the company plans to focus in the second half on increasing broker adoption of network dental products while continuing to pair dental and vision sales with voluntary-benefits offerings.
Aflac expects 2026 U.S. net earned premium growth to come in slightly below its previous 3% to 6% guidance range, compared with its earlier expectation for growth at the low end of that range. Brodén said the company still expects its 2025-2027 net earned premium compound annual growth rate to remain within the 3% to 6% range.
The U.S. benefit ratio rose 220 basis points year over year to 49.5%, primarily because of increased incurred group disability claims following favorable results in the prior quarter. The U.S. expense ratio fell 20 basis points to 36.1%.
Portfolio Repositioning and Capital Management Aflac repositioned $4.8 billion of its investment portfolio through switch trades during the quarter. Global Chief Investment Officer Brad Dyslin said the activity was concentrated in Japan and involved harvesting foreign-exchange gains on U.S. dollar assets to offset losses on older, lower-yielding bonds, including Japanese government bonds.
Brodén said the transactions are expected to increase net investment income by more than $50 million on an annualized run-rate basis, while having a limited effect on capital. The company also said the trades improved asset-liability management, reduced the risk of future Financial Services Agency impairments and strengthened portfolio quality.
Aflac ended the quarter with $3.3 billion in unencumbered liquidity, or $2.3 billion above its $1 billion minimum balance. Adjusted leverage was 21.8%, within the company’s 20% to 25% target range. Its estimated regulatory economic solvency ratio was 226%, or 240% including the Undertaking-Specific Parameter, while combined risk-based capital was slightly above 600%.
The company also revised its internal Japan reinsurance target to permit cessions of up to 30% of Financial Services Agency reserves, replacing a prior target of up to 10% of U.S. GAAP assets. Brodén said the expanded capacity is intended to reduce risk, improve balance-sheet efficiency and support higher returns on equity, though the timing and size of future transactions will vary.
Amos said Aflac will continue evaluating acquisition opportunities but will apply a “strenuous test” before pursuing a deal. He said the company has been encouraged by the progress of smaller businesses it previously acquired and would consider larger opportunities if they made financial and strategic sense.
About Aflac (NYSE:AFL)Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac's product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
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Key Takeaways Aflac's Q2 adjusted EPS fell 1.7% year over year as revenues declined 7% despite topping estimates.AFL's U.S. business posted revenue and sales growth, backed by higher premiums and strong policy persistency.AFL returned $1.3 billion to shareholders and reaffirmed its 2026 benefit, expense and margin outlook. Aflac Incorporated (AFL - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $1.75, which missed the Zacks Consensus Estimate by 1.1%. The bottom line decreased 1.7% year over year.
Adjusted revenues totaled $4.2 billion, which declined 7% year over year. The top line surpassed the consensus mark by 0.9%.
AFL's quarterly earnings were affected by lower net investment income and unfavorable foreign exchange movements. Nevertheless, the downside was partly offset by improved U.S. sales and continued strong policy persistency.
Aflac Incorporated Price, Consensus and EPS SurpriseAFL’s Q2 PerformanceAdjusted net investment income declined 9.6% year over year to $937 million.
Net benefits and claims were $1.9 billion, which declined 7.9% year over year. Total acquisition and operating expenses decreased 4.4% year over year to $1.3 billion.
Pre-tax earnings increased 21% year over year to $995 million.
Inside Aflac’s SegmentsAflac Japan: The segment’s adjusted revenues dipped 12.6% year over year to $2.2 billion in the second quarter and missed the Zacks Consensus Estimate by 0.9%. Net earned premiums of $1.5 billion slipped 12.7% year over year and missed the consensus mark by 1.5%.
Adjusted net investment income decreased 11.9% year over year to $616 million. The unit’s pretax adjusted earnings declined 6.2% to $741 million and missed the consensus mark by 3.4%.
New annualized premium sales fell 5.6% to $123 million due to a high prior-year sales base for Miraito cancer insurance, partly offset by strong growth in the refreshed Tsumitasu savings-type life insurance and Anshin Palette.
Aflac U.S.: Adjusted revenues of $1.8 billion grew 2.5% year over year and beat the Zacks Consensus Estimate by 0.3%. Net earned premiums advanced 2.3% year over year to $1.5 billion, attributable to higher sales and sustained strong persistency. The metric beat the consensus mark by 0.2%.
Adjusted net investment income totaled $208 million, up 0.5% year over year. Pretax adjusted earnings of the segment decreased 4.6% year over year to $370 million. The metric beat the consensus mark of $ 357.6 million.
The unit's sales rose 2.6% year over year to $349 million, driven by strong group voluntary benefits and network dental and vision product sales.
AFL’s Q2 Financial PositionAflac exited the second quarter with total investments and cash of $103 billion, down from the 2025-end level of $103.8 billion. Total assets declined to $116 billion from $116.5 billion as of 2025-end.
Adjusted debt amounted to $7.8 billion, up from $7.7 billion recorded as of Dec. 31, 2025. Adjusted debt to adjusted capitalization, excluding accumulated other comprehensive income, was 21.8%, which improved 40 basis points (bps) from the 2025-end level.
Total shareholders' equity rose to $30.3 billion from $29.5 billion as of 2025-end.
Adjusted book value per share increased 6.2% year over year to $55.01. Adjusted return on equity, excluding foreign currency impacts, remained flat year over year at 16.6%.
AFL’s Capital DeploymentAflac returned $1.3 billion to shareholders in the second quarter of 2026 through $983 million in share repurchases and $309 million in dividends.
AFL’s 2026 OutlookAflac still expects a benefit ratio of 60-63% for the Aflac Japan unit in 2026. The metric for the Aflac U.S. unit is still projected to be in the 48-52% range.
The expense ratio for Aflac Japan is still estimated to be 20-23%. The same for Aflac U.S. is reiterated to be in the band of 36-39%.
Underlying earned premiums are projected to witness a year-over-year decline of 1-2% for the Japan unit in 2026. Net earned premiums for the U.S. unit are anticipated to be at the lower end of the 3-6% range.
The pretax profit margin for Aflac Japan is still estimated to be between 33% and 36%, and the same for Aflac U.S. is projected to be in the range of 17-20% for 2026.
Zacks RankAFL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersSeveral companies in the insurance space, including Globe Life Inc. (GL - Free Report) , Lincoln National Corporation (LNC - Free Report) and MetLife, Inc. (MET - Free Report) , have already reported their results for the June quarter of 2026. Here’s how they have performed:
Globe Life reported second-quarter 2026 net operating income of $3.61 per share, which lagged the Zacks Consensus Estimate of $3.67 by 1.6% but rose 10% year over year on higher insurance underwriting income. Operating revenues increased 8% to $1.60 billion, beating the consensus estimate by 0.6%, driven by higher premium revenues, stronger underwriting income and increased investment income. GL’s Premium growth reflected continued strength across its life and health insurance businesses.
Lincoln National Corporation reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. LNC’s adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%. The quarterly earnings were supported by higher net investment income and lower expenses. Improved profitability in the Life Insurance and Retirement Plan Services segments also contributed to the upside. Nevertheless, these gains were partly offset by lower sales in the Annuities and Group Protection segments.
MetLife reported second-quarter 2026 adjusted operating earnings per share of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. The top line missed the consensus mark by 1.4%. MetLife’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside.
Aflac (AFL - Free Report) came out with quarterly earnings of $1.75 per share, missing the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $1.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.13%. A quarter ago, it was expected that this insurer would post earnings of $1.8 per share when it actually produced earnings of $1.75, delivering a surprise of -2.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Aflac, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $4.22 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.89%. This compares to year-ago revenues of $4.54 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Aflac shares have added about 13.9% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Aflac?While Aflac has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Aflac was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.77 on $4.16 billion in revenues for the coming quarter and $7.06 on $16.79 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Solana Company (HSDT - Free Report) , another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Solana Company's revenues are expected to be $3.8 million, up 9400% from the year-ago quarter.
Aflac (AFL - Free Report) reported $4.22 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 6.9%. EPS of $1.75 for the same period compares to $1.78 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $4.19 billion, representing a surprise of +0.89%. The company delivered an EPS surprise of -1.13%, with the consensus EPS estimate being $1.77.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Aflac performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Benefit /Premium - Aflac Japan: 64% versus 61.7% estimated by three analysts on average.Total Adjusted Expenses/Total Adjusted Revenue - Aflac U.S.: 36.1% compared to the 37% average estimate based on three analysts.Total Benefit /Premium - Aflac U.S.: 49.5% versus the three-analyst average estimate of 49.2%.Total Adjusted Expenses/Total Adjusted Revenue - Aflac Japan: 20.2% versus the three-analyst average estimate of 20.7%.Total adjusted revenues- Aflac U.S.: $1.77 billion versus the three-analyst average estimate of $1.77 billion. The reported number represents a year-over-year change of +2.5%.Total adjusted revenues- Aflac Japan: $2.16 billion versus the three-analyst average estimate of $2.18 billion. The reported number represents a year-over-year change of -12.6%.Total adjusted revenues- Aflac U.S.- Total net earned premiums: $1.54 billion compared to the $1.54 billion average estimate based on three analysts. The reported number represents a change of +2.3% year over year.Total adjusted revenues- Aflac Japan- Other income: $8 million compared to the $7.91 million average estimate based on three analysts. The reported number represents a change of -33.3% year over year.Revenues- Other income (loss): $34 million versus the four-analyst average estimate of $29.44 million. The reported number represents a year-over-year change of +13.3%.Revenues- Net investment income: $984 million compared to the $918.03 million average estimate based on four analysts. The reported number represents a change of -9% year over year.Revenues- Total net earned premiums: $3.25 billion compared to the $3.25 billion average estimate based on four analysts. The reported number represents a change of -6.3% year over year.Total adjusted revenues- Corporate and other: $291 million versus $295.96 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -13.4% change.View all Key Company Metrics for Aflac here>>>
Shares of Aflac have returned +3.4% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
The company logo for Aflac is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 3, 2019. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - Health and life insurer Aflac (AFL.N), opens new tab missed analysts' estimates for second-quarter profit on Thursday, hurt by a stronger dollar as well as weakness in its Japan unit.
The company posted an adjusted profit of $1.75 per share, compared with analysts' average estimate of $1.77, according to data compiled by LSEG.
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Here are more details:
The weaker yen/dollar exchange rate had a negative 5-cent impact on adjusted profit, the company said.
The Columbus, Georgia-based company reported total revenue of $4.1 billion for the quarter, compared with analysts' estimate of $4.16 billion.
Aflac provides accident and pet insurance plans through its units in the U.S. and Japan.
It also offers supplemental insurance to help cover out-of-pocket costs, including specialized coverage for critical illnesses, dental care and ophthalmological requirements.
Quarterly net premiums earned by its Japan unit fell 12.7% to $1.5 billion.
The company's U.S. unit earned net premiums of $1.5 billion for the second quarter, up 2.3% from a year earlier.
Aflac's U.S. sales rose 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary products and network dental and vision products.
Reporting by Sneha S K in Bengaluru; Editing by Diti Pujara
Our Standards: The Thomson Reuters Trust Principles., opens new tab
, /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) today reported its second quarter results.
For the Quarter
Total revenues were $4.1 billion, which was a 1.0% decrease year over year. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Adjusted earnings* were $883 million, compared with $957 million a year ago, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75. The annualized return on average shareholders' equity was 10.9%. The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.6%. The company returned $1.3 billion to shareholders, consisting of $983 million in share repurchase and $309 million in dividends. Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and for the first six months. These results reflect execution of our strategy, driving long-term value for shareholders. In Japan, we have secured new opportunities through successful product initiatives including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (life insurance). In the U.S., our focus is on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.
"We continue to pursue more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board set us on a path to extend this record in 2026. We intend to continue our balanced approach of investing in growth and driving long-term value."
AFLAC INCORPORATED CONSOLIDATED RESULTS
AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
2Q26
2Q25
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Net earnings
825
599
37.7 %
Adjusted earnings*
883
957
(7.7) %
Net earnings per share (diluted)
1.63
1.11
46.8 %
Adjusted earnings per share (diluted)*
1.75
1.78
(1.7) %
Total shareholders' equity
30,312
27,200
11.4 %
Total liabilities and shareholders' equity
115,961
124,736
(7.0) %
Total revenues were $4.1 billion in the second quarter of 2026, compared with $4.2 billion in the second quarter of 2025. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Net earnings in the second quarter of 2026 included net investment losses of $153 million, or $0.30 per diluted share, compared with net investment losses of $421 million, or $0.78 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $238 million; $77 million of current expected credit losses (CECL); impairments of $11 million; offset by an $87 million gain from an increase in the fair value of equity securities; and net gains of $86 million on certain derivatives and foreign currency activities.
Adjusted earnings* in the second quarter were $883 million, compared with $957 million in the second quarter of 2025, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75 in the quarter. The average yen/dollar exchange rate in the second quarter of 2026 was 159.45, or 9.3% weaker than the average rate of 144.60 in the second quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.05 impact on adjusted earnings per share.
Shareholders' equity was $30.3 billion, or $60.35 per share, at June 30, 2026, compared with $27.2 billion, or $50.86 per share, at June 30, 2025. Shareholders' equity at the end of the second quarter included a cumulative increase of $10.4 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $5.6 billion at June 30, 2025 and a net unrealized loss on investment securities and derivatives of $2.8 billion, compared with a net unrealized loss of $1.8 billion at June 30, 2025. Shareholders' equity at the end of the second quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.3 billion at June 30, 2025.
For the first six months of 2026, total revenues were up 12.0% to $8.5 billion, compared with $7.6 billion in the first half of 2025. Net earnings were $1.8 billion, or $3.61 per diluted share, compared with $628 million, or $1.16 per diluted share, for the first six months of 2025. Adjusted earnings for the first half of 2026 were $1.8 billion, or $3.50 per diluted share, compared with $1.9 billion, or $3.43 per diluted share, in 2025. For the first six months, the average exchange rate was 158.14, or 6.2% weaker than the rate of 148.32 a year ago. Excluding the negative impact of $0.07 per share from the weaker yen/dollar exchange rate, adjusted earnings per diluted share increased 4.1% to $3.57 for the first six months of 2026.
Shareholders' equity excluding accumulated other comprehensive income (AOCI), or adjusted book value,* was $27.6 billion, or $55.01 per share at June 30, 2026, compared with $27.7 billion, or $51.78 per share, at June 30, 2025. Adjusted book value excluding foreign currency remeasurement* was $20.7 billion, or $41.22 per share at June 30, 2026, compared with $23.0 billion, or $42.97 per share, at June 30, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the second quarter was 16.6%.
AFLAC JAPAN
AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
2Q26
2Q25
% Change
Total net earned premiums
¥ 245
¥ 255
(3.7) %
$ 1,537
$ 1,761
(12.7) %
Yen-denominated investment income
30
36
(14.9) %
190
246
(22.8) %
U.S. dollar-denominated investment income
70
67
4.2 %
438
464
(5.6) %
Adjusted net investment income
98
101
(2.9) %
616
699
(11.9) %
Total adjusted revenues
345
357
(3.6) %
2,161
2,472
(12.6) %
Total benefits and claims, net
157
169
(7.5) %
983
1,172
(16.1) %
Total adjusted expenses
70
74
(5.6) %
437
509
(14.1) %
Pretax adjusted earnings
118
114
3.4 %
741
790
(6.2) %
Change in
bps
Premium persistency (12-mo. rolling)
92.7 %
93.7 %
(100)
Total benefits and claims, net / Total net earned premiums
64.0 %
66.5 %
(250)
Total adjusted expenses / Total adjusted revenues
20.2 %
20.6 %
(40)
Pretax adjusted earnings / Total adjusted revenues
34.3 %
32.0 %
230
In yen terms, Aflac Japan's net earned premiums were ¥245.1 billion for the quarter, or 3.7% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income decreased 2.9% to ¥98.3 billion, primarily due to reduced call income and lower dollar-denominated floating-rate income partially offset by higher income on U.S. dollar-denominated assets due to the weakening of the yen and higher dollar-denominated fixed-rate income. Total adjusted revenues in yen declined 3.6% to ¥344.6 billion. Pretax adjusted earnings in yen for the quarter increased 3.4% on a reported basis to ¥118.2 billion, primarily driven by favorable benefits. Pretax adjusted earnings decreased 2.1% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 34.3%, compared with 32.0% a year ago.
For the first six months, net earned premiums in yen were ¥491.8 billion, or 3.8% lower than a year ago. Adjusted net investment income increased 0.4% to ¥191.0 billion. Total adjusted revenues in yen were down 2.6% to ¥685.4 billion. Pretax adjusted earnings were ¥237.3 billion, or 5.8% higher than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 34.6%, compared with 31.9% a year ago.
In dollar terms, net earned premiums decreased 12.7% to $1.5 billion in the second quarter. Adjusted net investment income decreased 11.9% to $616 million. Total adjusted revenues declined by 12.6% to $2.2 billion. Pretax adjusted earnings declined 6.2% to $741 million.
For the first six months, net earned premiums in dollars were $3.1 billion, or 9.6% lower than a year ago. Adjusted net investment income decreased 6.1% to $1.2 billion. Total adjusted revenues were down 8.7% to $4.3 billion. Pretax adjusted earnings were $1.5 billion, or 0.8% lower than a year ago.
For the quarter, total new annualized premium sales (sales) decreased 5.6% to ¥19.6 billion, or $123 million, reflecting a high prior-year sales baseline for Miraito cancer insurance following its launch in March 2025, partially offset by strong growth in the refreshed Tsumitasu savings-type life insurance and Anshin Palette, the new medical insurance product launched in December 2025. For the first six months, sales increased 7.0% to ¥37.3 billion, or $235 million.
AFLAC U.S.
AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 1,539
$ 1,504
2.3 %
Adjusted net investment income
208
207
0.5 %
Total adjusted revenues
1,771
1,728
2.5 %
Total benefits and claims, net
762
712
7.0 %
Total adjusted expenses
639
628
1.8 %
Pretax adjusted earnings
370
388
(4.6) %
Change
in bps
Persistency rate (12-mo. rolling)
79.4 %
79.2 %
20
Total benefits and claims, net / Total net earned premiums
49.5 %
47.3 %
220
Total adjusted expenses / Total adjusted revenues
36.1 %
36.3 %
(20)
Pretax adjusted earnings / Total adjusted revenues
20.9 %
22.5 %
(160)
Aflac U.S. net earned premiums increased 2.3% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income increased 0.5% to $208 million. Total adjusted revenues were up 2.5% to $1.8 billion. Pretax adjusted earnings were $370 million, 4.6% lower than a year ago, primarily driven by higher benefits. The pretax adjusted profit margin for the U.S. segment was 20.9%, compared with 22.5% a year ago.
For the first six months, net earned premiums increased 2.9% to $3.1 billion. Adjusted net investment income remained flat at $409 million. Total adjusted revenues were up 2.9% to $3.6 billion. Pretax adjusted earnings were $733 million, 1.7% lower than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 21.6% a year ago.
Aflac U.S. sales increased 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary benefits and network dental and vision products. For the first six months, total new sales increased 2.8% to $667 million.
CORPORATE AND OTHER
CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 176
$ 206
(14.6) %
Adjusted net investment income
114
128
(10.9) %
Total adjusted revenues
291
336
(13.4) %
Total benefits and claims, net
106
126
(15.9) %
Interest expense
62
51
21.6 %
Other adjusted expenses
133
139
(4.3) %
Total benefits and adjusted expenses
301
316
(4.7) %
Pretax adjusted earnings
(10)
20
(150.0) %
For the quarter, total adjusted revenues decreased 13.4% to $291 million. Pretax adjusted earnings were a loss of $10 million, compared with a $20 million gain last year, primarily driven by lower adjusted net investment income from reduced short-term income and reduced hedge benefits that were partially offset by higher fixed-rate income. Higher interest expense and runoff impacts from closed blocks of business also contributed to the net loss for the quarter.
For the first six months, total adjusted revenues decreased 11.9% to $583 million. Pretax adjusted earnings were a loss of $10 million, compared with a gain of $63 million a year ago.
SHAREHOLDER DIVIDEND
The board of directors declared the third quarter dividend of $0.61 per share, payable on September 1, 2026 to shareholders of record at the close of business on August 19, 2026.
*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.
A copy of Aflac's financial supplement for the quarter can be found at investors.aflac.com.
Aflac Incorporated will webcast its second quarter 2026 earnings conference call on Friday, August 7, 2026 at 8:00 a.m. (ET) .
Note: Tables within this document may not foot due to rounding.
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Benefits and claims, net
1,852
2,010
(7.9)
Total acquisition and operating expenses
1,270
1,328
(4.4)
Earnings before income taxes
995
822
21.0
Income taxes
170
223
Net earnings
$ 825
$ 599
37.7 %
Net earnings per share – basic
$ 1.64
$ 1.12
46.4 %
Net earnings per share – diluted
1.63
1.11
46.8
Shares used to compute earnings per share (000):
Basic
504,123
536,688
(6.1) %
Diluted
505,578
538,425
(6.1)
Dividends paid per share
$ 0.61
$ 0.58
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 8,463
$ 7,558
12.0 %
Benefits and claims, net
3,684
3,955
(6.9)
Total acquisition and operating expenses
2,559
2,636
(2.9)
Earnings before income taxes
2,220
967
129.6
Income taxes
376
339
Net earnings
$ 1,844
$ 628
193.6 %
Net earnings per share – basic
$ 3.63
$ 1.16
212.9 %
Net earnings per share – diluted
3.61
1.16
211.2
Shares used to compute earnings per share (000):
Basic
508,572
540,676
(5.9) %
Diluted
510,150
542,629
(6.0)
Dividends paid per share
$ 1.22
$ 1.16
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
JUNE 30,
2026
2025
% Change
Assets:
Total investments and cash
$ 103,003
$ 111,769
(7.8) %
Deferred policy acquisition costs
8,948
9,296
(3.7)
Other assets
4,010
3,671
9.2
Total assets
$ 115,961
$ 124,736
(7.0) %
Liabilities and shareholders' equity:
Policy liabilities
$ 64,348
$ 78,904
(18.4) %
Notes payable and lease obligations
8,729
8,933
(2.3)
Other liabilities
12,572
9,699
29.6
Shareholders' equity
30,312
27,200
11.4
Total liabilities and shareholders' equity
$ 115,961
$ 124,736
(7.0) %
Shares outstanding at end of period (000)
502,257
534,809
(6.1) %
NON-U.S. GAAP FINANCIAL MEASURES
This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company's business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:
Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity. Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income. Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income. Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 825
$ 599
37.7 %
Items impacting net earnings:
Adjusted net investment (gains) losses
106
377
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(48)
(19)
Adjusted earnings
883
957
(7.7) %
Current period foreign currency impact1
27
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 910
$ 957
(4.9) %
Net earnings per diluted share
$ 1.63
$ 1.11
46.8 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.21
0.70
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.09)
(0.04)
Adjusted earnings per diluted share
1.75
1.78
(1.7) %
Current period foreign currency impact1
0.05
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 1.80
$ 1.78
1.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 1,844
$ 628
193.6 %
Items impacting net earnings:
Adjusted net investment (gains) losses
3
1,301
Other and non-recurring (income) loss
—
53
Income tax (benefit) expense on items excluded
from adjusted earnings
(63)
(119)
Adjusted earnings
1,784
1,863
(4.2) %
Current period foreign currency impact1
35
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 1,819
$ 1,863
(2.4) %
Net earnings per diluted share
$ 3.61
$ 1.16
211.2 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.01
2.40
Other and non-recurring (income) loss
—
0.10
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.12)
(0.22)
Adjusted earnings per diluted share
3.50
3.43
2.0 %
Current period foreign currency impact1
0.07
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 3.57
$ 3.43
4.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 153
$ 421
(63.7) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Impact of interest from derivatives associated with
notes payable1
—
—
Adjusted net investment (gains) losses
$ 106
$ 377
(71.9) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 984
$ 1,081
(9.0) %
Items impacting net investment income:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Adjusted net investment income
$ 937
$ 1,036
(9.6) %
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 104
$ 1,384
(92.5) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Impact of interest from derivatives associated with
notes payable1
—
4
Adjusted net investment (gains) losses
$ 3
$ 1,301
(99.8) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 1,940
$ 2,036
(4.7) %
Items impacting net investment income:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Adjusted net investment income
$ 1,839
$ 1,949
(5.6) %
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
SIX MONTHS ENDED JUNE 30,
2026
2025
U.S. GAAP ROE - Net earnings1
12.3 %
4.7 %
Impact of excluding unrealized foreign currency translation gains (losses)
(2.2)
(0.8)
Impact of excluding unrealized gains (losses) on securities and derivatives
(1.0)
(0.2)
Impact of excluding effect of changes in discount rate assumptions
4.0
0.7
Impact of excluding pension liability adjustment
—
—
Impact of excluding AOCI
0.9
(0.3)
U.S. GAAP ROE - less AOCI
13.2
4.4
Differences between adjusted earnings and net earnings2
(0.4)
8.7
Adjusted ROE - reported
12.8
13.1
Impact of excluding gains (losses) associated with foreign currency remeasurement3
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(6.3) %
(1.1) %
Adjusted net investment income4
(9.6)
(7.6)
Total benefits and expenses
(6.5)
(1.5)
Adjusted earnings
(7.7)
(4.9)
Adjusted earnings per diluted share
(1.7)
1.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
SIX MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(4.2) %
(0.9) %
Adjusted net investment income4
(5.6)
(4.3)
Total benefits and expenses
(4.5)
(1.2)
Adjusted earnings
(4.2)
(2.4)
Adjusted earnings per diluted share
2.0
4.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
GLOSSARY OF OPERATIONAL MEASURES
The Company defines the operational measures included in this document as follows:
Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings. Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "strategy," "may," "should," "estimate," "intend," "project," "future," "will," "assume," "potential," "target," "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:
difficult conditions in global capital markets and the economy, including inflation defaults and credit downgrades of investments global fluctuations in interest rates and exposure to significant interest rate risk concentration of business in Japan limited availability of acceptable Japanese yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate differing interpretations applied to investment valuations significant valuation judgments in determination of expected credit losses recorded on the Company's investments decreases in the Company's financial strength or debt ratings decline in creditworthiness of other financial institutions the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners deviations in actual experience from pricing and reserving assumptions ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025 subsidiaries' ability to pay dividends to the Parent Company inherent limitations to risk management policies and procedures operational risks of third-party vendors tax rates applicable to the Company may change failure to comply with restrictions on policyholder privacy and information security extensive regulation and changes in law or regulation by governmental authorities competitive environment and ability to anticipate and respond to market trends catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events ability to protect the Aflac brand and the Company's reputation ability to effectively manage key executive succession changes in accounting standards level and outcome of litigation or regulatory inquiries allegations or determinations of worker misclassification in the United States Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or [email protected]
Media contact - Ines Gutzmer, 762.207.7601 or [email protected]
Aflac Wellness Matters ® survey reveals wellness paradox:
health confidence up, preventive care down
Gen Z (76%) and millennials (63%) use AI for health support
before seeking professional medical care
Younger generations (43% of Gen Z and 39% of millennials) spend
more on self-care and wellness but are less likely to have a primary care doctor
Growing reliance on emergency room and urgent care suggests shift
from preventive to reactive wellness as more than 2 in 5 Americans
primarily use these services for healthcare needs
, /PRNewswire/ -- August is National Wellness Month, a time to emphasize the importance of healthy routines, sustainable health habits and preventive care. Key findings from the fourth annual Wellness Matters survey1 released by Aflac Incorporated, the leading provider of supplemental health insurance in the U.S.2 and a pioneer in cancer insurance for more than seven decades, reveal younger generations — 76% of Gen Z and 63% of millennials — are turning first to artificial intelligence (AI) for health support in lieu of seeking professional medical care. A wellness paradox is emerging as Americans — particularly younger generations — feel more confident and in control of their health than ever before, yet they have never been less likely to see a doctor.
Primary care shift: digital first, doctor second
Young Americans are taking a digital-first approach to healthcare, with three-quarters of Gen Z and more than half of millennials using AI instead of seeking professional medical support and expertise typically provided by a human physician, therapist, dietician, personal trainer, sleep coach and others, compared to 47% of Americans overall. According to the survey, 18% of Gen Z and 14% of millennials admit that they will only schedule a doctor's appointment after exhausting AI or online tools for answers to health questions or when health concerns escalate, compared to 3% of Gen X and 2% of baby boomers. On-demand access to social media, health influencers and online search is helping Gen Z and millennials feel more informed and confident on health matters, but they are equally passive when it comes to making preventive care appointments. Furthermore, the feeling of being healthy, logistics and frustration associated with doctor's appointments are the biggest barriers to proactive healthcare for young Americans. Gen Z (42%) and millennials (47%) worry frequently or always about increasing healthcare costs, in line with 50% of Americans overall. According to the survey:
Nearly two-thirds of Gen Z (65%) and millennials (61%) admit to delaying or skipping routine checkups and screenings, significantly higher than Gen X (47%) and baby boomers (33%). 35% of Gen Z and 29% of millennials don't get checkups or screenings on time because they feel healthy, compared to 1 in 4 (24%) Americans overall. 2 in 5 (41%) Gen Z canceled or decided not to schedule an appointment because the wait time was too long, compared to 34% overall. 51% of Gen Z and 48% of millennials say the biggest hurdle to preventive care appointments is logistics, driven by scheduling difficulties, the time it takes for the appointment and challenges taking off work — compared to 43% overall. Gen Z and millennials trust influencers and social media at much higher rates than other generations (23% of Gen Z and 17% of millennials say they trust influencers for health information, compared to 4% of Gen X and 1% of baby boomers; 28% of Gen Z and 20% of millennials trust social media, compared to 6% of Gen X and 4% of baby boomers). 45% of Gen Z and 54% of millennials are consulting online search, medical websites (38%, 40%) and social media (32%, 34%) to manage their health at much higher rates than they consult doctors, nurses or other health professionals (22%, 31%). "Young Americans are replacing in-person preventive care with the convenience and speed of digital health support," said Aflac Incorporated Chief Human Resources Officer and Chief Administrative Officer Matthew Owenby. "The use of AI and other digital-first healthcare resources isn't inherently negative, as it ultimately depends on how the information is used. What is alarming is the rate that Gen Z is delaying or forgoing preventive care, greatly lessening the opportunity for early detection or a critical health diagnosis from a medical professional."
Self-care surge
While often bypassing traditional care, ironically, Gen Z and millennials are spending more on self-care than any other generation. In fact, Gen Z (43%) and millennials (39%) are far more likely to spend at least $100 per month across categories than Gen X (10%) and baby boomers (6%). Categories include vitamins and supplements, organic foods, salon services, mental health therapy, wellness retreats and more. They are much less likely to have a primary doctor (48% of Gen Z and 58% of millennials, compared to 79% of Gen X and 87% of baby boomers) but more likely to have a mental health therapist (25% Gen Z and 29% millennials, compared to 17% Gen X and 7% baby boomers). Gen Z and millennials actively invest in health and wellness, with 1 in 4 having a network of three or more health and wellness professionals, compared to 11% of Gen X and 7% of baby boomers. U.S. Hispanics and Asians (34%) and African Americans (30%) are more likely than Caucasians (23%) to spend at least $100 per month across several wellness categories, especially organic foods, salon services and meal delivery. Despite this, they are also more likely to be reactive when it comes to professional healthcare.
Use of emergency rooms and urgent care signals a reactive approach to health
Holding consistent year over year, more than 2 in 5 Americans primarily use emergency and urgent care for their healthcare needs. However, use of emergency and urgent care is up this year for Gen Z, U.S. Hispanics, African Americans and Asian Americans, indicating a significant shift from proactive to reactive healthcare. According to the survey, Gen Z (62%, compared to 51% in 2025), U.S. Hispanics (52%, compared to 44% in 2025), African Americans (57%, compared to 47% in 2025) and Asian Americans (55%, compared to 45% in 2025) seek medical attention from an emergency room or urgent care. Men (48%) seek emergency/urgent care more than women (39%).
Cancer blind spots uncovered
Despite feeling confident in their health, many Americans lack knowledge around long-term health risks, particularly those associated with cancer. Understanding cancer risks and screening guidelines is key to preventive care, yet the survey uncovers alarming statistics:
46% of Americans don't know when they are supposed to begin cancer screenings. 51% of Gen Z feel it's unlikely they will be diagnosed with cancer in their lifetime, compared to 36% of millennials and 26% of Gen X. Nearly 90% of Gen Z diagnosed with cancer admit to avoiding a screening. 15% of Gen Z do not get regular checkups and screenings because they prefer research online and 11% prefer to self-diagnose. "As a leading provider of cancer insurance in the United States, Aflac often sees both the positive impact of early detection and the negative consequences of a delayed diagnosis," said Owenby. "Our policies are designed to help encourage proactive wellness visits, which could lead to a diagnosis or a clean bill of health. Fortunately, early detection can push five-year survival rates above 90% for many cancers, according to the American Cancer Society3."
Personal, human connection endures
Although younger generations are relying on technology, AI and social media for healthcare support and management, they trust healthcare professionals most for definitive, credible health information. Personal relationships are critical to healthcare conversations that drive preventive care and positive long-term care outlooks. Parents are top health advocates for younger generations (43% Gen Z, 35% millennials, compared to 28% overall). A family member or loved one's encouragement is cited as one of the top motivators for getting a cancer screening (20% Gen Z, 19% millennial, compared to 15% overall).
"The bottom line is that wellness does, in fact, matter," said Owenby. "Whether it is logistics, costs or other factors that prevent people from prioritizing their health and preventive care, Aflac wants to be part of solutions that can help lead to a healthier outlook for Americans."
Aflac Wellness Matters® survey results are available to American consumers, healthcare providers, families and health-related stakeholders, at no cost, to educate and inspire a healthier population. To learn more and find tips on how to take charge of your own health and encourage others to prioritize theirs, visit Aflac.com/WellnessMatters.
ABOUT THE 2026 AFLAC WELLNESS MATTERS® SURVEY
The 2026 Aflac Wellness Matters® study was conducted among a nationally representative sample of 2,000 employed U.S. adults ages 18-65 in March 2026 by Kantar Profiles on behalf of Aflac. The survey provides insight into healthcare attitudes, behaviors and influences of U.S. adults. It explores important issues such as preventive care, health screenings and how healthcare is prioritized.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.2 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.4 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 "Aflac. "2026 Wellness Matters Survey overview." Published Aug. 2026.
2 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report.
3 American Cancer Society: "Cancer Facts and Figures 2025."
4 As of March 31, 2025, Aflac estimates based on company data.
Media contact: Jon Sullivan, 706-763-4813 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac | Aflac New York | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
FAQs about the 2026 Aflac Wellness Matters® survey
Why are younger Americans prioritizing AI and digital health tools as their initial sources for health information?
Younger adults are increasingly turning to AI and digital resources because they provide convenient, on-demand access to health information.
According to the 2026 Aflac Wellness Matters® survey, 76% of Gen Z and 63% of millennials use AI before seeking professional medical care, and many report that online resources, health influencers and social media help them feel more informed and confident about health decisions.
What is the "wellness paradox" identified in the 2026 Aflac Wellness Matters® survey?
The "wellness paradox" is the growing disconnect between health confidence and preventive healthcare behaviors.
The 2026 Aflac Wellness Matters® survey found that many Americans, especially Gen Z and millennials, say they feel informed, confident and in control of their health, yet they are also more likely to delay routine checkups, preventive care visits and recommended health screenings.
Why are younger adults using emergency and urgent care more often?
The 2026 Aflac Wellness Matters® survey suggests that younger adults are adopting a more reactive approach to healthcare, often relying on emergency rooms and urgent care centers rather than preventive care and primary care visits. Use of emergency and urgent care increased among Gen Z compared with the previous year (2025), reflecting a broader shift from proactive to reactive healthcare behaviors.
Why are younger Americans delaying preventive care appointments?
Younger Americans are delaying preventive care for several reasons, including:
Feeling healthy Scheduling challenges Long wait times Concerns about healthcare costs According to the 2026 Aflac Wellness Matters® survey, two-thirds of Gen Z (65%) and more than half of millennials (61%) admit to delaying or skipping routine checkups and screenings, with many seeking answers from AI and online resources before consulting a healthcare professional.
Is AI replacing healthcare professionals?
No. The 2026 Aflac Wellness Matters® survey found that while many younger Americans use AI and digital tools as a first step when seeking health information, healthcare professionals remain the most trusted source for definitive, credible health information. The survey suggests that AI is often used before professional care, rather than as a replacement for it.
Personal relationships also continue to influence care decisions, with parents, family members and loved ones playing an important role in encouraging preventive care and recommended screenings.
Why is cancer screening awareness a concern for younger Americans?
Cancer screening awareness remains a concern because many younger adults underestimate their potential cancer risk and are less likely to prioritize preventive screenings.
The 2026 Aflac Wellness Matters® survey found that 51% of Gen Z believe a cancer diagnosis is unlikely in their lifetime, while nearly half of Americans (46%) do not know when they should begin cancer screenings. Understanding cancer risks and screening guidelines is a key part of preventive care and early detection.
Key Takeaways AFL is expected to post Q2 EPS of $1.77 on $4.2 billion in revenues when it reports on Aug. 6.AFL's Japan benefit-to-premium ratio is expected to improve to 61.7 from 66.5 a year earlier.AFL's Q2 estimates call for lower premiums, weaker investment income and a slight EPS decline year over year. Insurance provider Aflac Incorporated (AFL - Free Report) is set to report its second-quarter 2026 results on Aug. 6, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $1.77 per share on revenues of $4.2 billion.
The second-quarter earnings estimate witnessed one upward revision and two movements in the opposite direction over the past 60 days. The bottom-line projection indicates a year-over-year decline of 0.6%. The Zacks Consensus Estimate for quarterly revenues suggests a year-over-year decrease of 7.7%.
Image Source: Zacks Investment Research
For full-year 2026, the Zacks Consensus Estimate for Aflac’s revenues is pegged at $16.8 billion, implying a fall of 9.1% year over year. The consensus mark for 2026 EPS is pegged at $7.06, implying a 5.7% year-over-year decline.
Aflac beat earnings estimates in two of the past four quarters and missed twice, with the average surprise being 7.9%. This is depicted in the figure below.
Q2 Earnings Whispers for AflacOur proven model predicts a likely earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is precisely the case here.
AFL has an Earnings ESP of +0.90% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
What’s Shaping Aflac’s Q2 Results?The Zacks Consensus Estimate for second-quarter total net earned premiums indicates a 6.4% year-over-year decrease. While the consensus mark signals a 2.2% increase in net earned premiums in the Aflac U.S. unit, the same for the Aflac Japan unit suggests an 11.4% decline from the year-ago quarter.
Also, the consensus mark for net investment income predicts a 15.1% decline from the year-ago period.
The total benefit-to-premium ratio in Aflac U.S. is pegged at 49.2, up from 47.3 a year ago. The Zacks Consensus Estimate for pre-tax adjusted earnings from Aflac U.S. indicates a 7.8% year-over-year decline.
Nevertheless, the total benefit-to-premium ratio for Aflac Japan stands at 61.7, down from 66.5 in the year-ago period. Aflac Japan is likely to have witnessed a 2.9% decline in pre-tax adjusted earnings.
Other Stocks That Warrant a LookHere are some other companies worth considering from the broader Finance space, as our model shows that these, too, have the right combination of elements to beat on earnings this time around:
Skyward Specialty Insurance Group, Inc. (SKWD - Free Report) has an Earnings ESP of +1.39% and carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Skyward Specialty Insurance Group’s earnings for the to-be-reported quarter is pegged at $1.15 per share, indicating 29.2% year-over-year growth. The consensus estimate for revenues is pegged at $459.6 million. SKWD beat earnings estimates in each of the past four quarters, with the average surprise being 17%.
MetLife, Inc. (MET - Free Report) currently has an Earnings ESP of +0.66% and a Zacks Rank #3.
The Zacks Consensus Estimate for MetLife’s bottom line for the to-be-reported quarter is pegged at $2.30 per share, indicating 13.9% year-over-year growth. It beat earnings estimates in three of the past four quarters and missed once, with the average surprise being 2.4%. The consensus estimate for MET’s revenues is pegged at $19.3 billion.
Brookfield Asset Management Ltd. (BAM - Free Report) currently has an Earnings ESP of +1.14% and a Zacks Rank #3.
The Zacks Consensus Estimate for Brookfield Asset Management’s bottom line for the to-be-reported quarter is pegged at 44 cents per share, indicating 15.8% year-over-year growth. It beat earnings estimates in three of the past four quarters and missed once, with the average surprise being 2.9%. The consensus estimate for BAM’s revenues is pegged at $1.5 billion.
Wall Street analysts expect Aflac (AFL - Free Report) to post quarterly earnings of $1.77 per share in its upcoming report, which indicates a year-over-year decline of 0.6%. Revenues are expected to be $4.19 billion, down 7.7% from the year-ago quarter.
The current level reflects a downward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
That said, let's delve into the average estimates of some Aflac metrics that Wall Street analysts commonly model and monitor.
Analysts predict that the 'Revenues- Other income (loss)' will reach $29.44 million. The estimate suggests a change of -1.9% year over year.
The collective assessment of analysts points to an estimated 'Revenues- Net investment income' of $918.03 million. The estimate indicates a year-over-year change of -15.1%.
The consensus among analysts is that 'Revenues- Total net earned premiums' will reach $3.25 billion. The estimate indicates a change of -6.4% from the prior-year quarter.
Analysts forecast 'Total adjusted revenues- Corporate and other' to reach $295.96 million. The estimate indicates a year-over-year change of -11.9%.
According to the collective judgment of analysts, 'Total adjusted revenues- Aflac Japan' should come in at $2.18 billion. The estimate indicates a change of -11.8% from the prior-year quarter.
The combined assessment of analysts suggests that 'Total adjusted revenues- Aflac Japan- Total net earned premiums' will likely reach $1.56 billion. The estimate indicates a year-over-year change of -11.4%.
It is projected by analysts that the 'Total adjusted revenues- Aflac Japan- Net investment income' will reach $621.97 million. The estimate suggests a change of -12.4% year over year.
Analysts' assessment points toward 'Total adjusted revenues- Aflac U.S.- Other income' reaching $21.00 million. The estimate suggests a change of +23.5% year over year.
The average prediction of analysts places 'Total Benefit /Premium - Aflac Japan' at 61.7%. Compared to the present estimate, the company reported 66.5% in the same quarter last year.
Analysts expect 'Total Adjusted Expenses/Total Adjusted Revenue - Aflac U.S.' to come in at 37.0%. The estimate compares to the year-ago value of 36.3%.
Based on the collective assessment of analysts, 'Total Benefit /Premium - Aflac U.S.' should arrive at 49.2%. Compared to the current estimate, the company reported 47.3% in the same quarter of the previous year.
The consensus estimate for 'Total Adjusted Expenses/Total Adjusted Revenue - Aflac Japan' stands at 20.7%. The estimate is in contrast to the year-ago figure of 20.6%.
View all Key Company Metrics for Aflac here>>>
Over the past month, Aflac shares have recorded returns of +5.5% versus the Zacks S&P 500 composite's +0.2% change. Based on its Zacks Rank #3 (Hold), AFL will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Wall Street expects a year-over-year decline in earnings on lower revenues when Aflac (AFL - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis insurer is expected to post quarterly earnings of $1.77 per share in its upcoming report, which represents a year-over-year change of -0.6%.
Revenues are expected to be $4.19 billion, down 7.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.45% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Aflac?For Aflac, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.90%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that Aflac will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Aflac would post earnings of $1.8 per share when it actually produced earnings of $1.75, delivering a surprise of -2.78%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Aflac appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Aflac (AFL 0.40%) is an insurance company, but it sells what is known as supplemental insurance. These policies are meant to be bought alongside other insurance, paying out only in the event of very specific outcomes, like a cancer diagnosis. However, that isn't the biggest issue you need to monitor when you look at Aflac.
Aflac is different but similar Aflac sells its insurance products directly to consumers. A typical policy example is for cancer coverage. A customer will pay Aflac premiums and, if a cancer diagnosis is made, Aflac will pay a set dollar amount to help cover the customer's out-of-pocket expenses. Still, like all insurers, Aflac makes money if it collects more in premiums than it pays out in claims.
Image source: Getty Images.
But even when it pays claims, it still collects the premiums up front, creating what is known as "float." Until it has to pay out that cash to cover claims, Aflec gets to invest the float to generate income. So far, the business model is different but roughly similar to a typical insurance company. And Aflec has done well as a business, highlighted by its 43-year streak of annual dividend increases. The last hike was a solid 5.2% made at the start of 2026.
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There's a catch that investors need to know about The really big difference with Aflac is its geographic reach. The company generated $4.3 billion in revenue in the first quarter of 2026, but roughly $1.6 billion of that came from its Japanese operations. That's more than a third of the company's top line. That said, the company's Japanese business had pre-tax adjusted earnings of $759 million in the quarter, while the U.S. business produced pre-tax adjusted earnings of just $363 million. That means Japan accounts for roughly two-thirds of the company's pre-tax adjusted earnings.
AFL data by YCharts
If you own Aflac, you need to pay close attention to the relationship between the U.S. dollar and the Japanese yen. A significant change in either direction can materially impact the company's financial results. Obviously, the company has handled this issue well over the years, or it wouldn't have increased its dividend for 43 consecutive years. Notably, it aggressively repurchases its own stock, which helps sustain dividend growth. Fewer shares reduce the burden of the dividend and provide more room for future dividend increases.
Watch, but don't worry too much All in, the company's exposure to Japan probably isn't a good reason to avoid the stock. However, it is something that you'll want to know about and monitor. Aflac, with a roughly 2% dividend yield, is a steady dividend grower, but one that comes with some unique twists.
As market volatility and shifting economic conditions test investor resolve, high-quality dividend payers remain a cornerstone for long-term growth and income.
Josh Brown – the chief executive of Ritholtz Wealth Management – recently highlighted a trio of industry-leading insurance firms as top dividend stocks to own in 2026: The Travelers Companies, Chubb, and Aflac.
Known for their disciplined underwriting, resilient balance sheets, and decades-long track records of steadily growing payouts, these powerhouse names offer defensive stability paired with reliable income generation.
Here is a closer look at why these three insurance giants stand out in Brown’s vision for a winning dividend strategy.
Travelers has recently validated the bullish thesis with blockbuster Q2 earnings – delivering core EPS of $10.04, nearly double the consensus estimate set at $5.39.
A 14% year-on-year pop in investment income and reduced catastrophe losses resulted in a nearly 46% increase in the company’s quarterly net income to $2.2 billion.
Beyond rate dynamics, efficiency gains from its proprietary artificial intelligence (AI) underwriting platform, “Travis,” expanded underlying insurance margins.
Brown also recommends owning TRV stock because it is approaching “dividend aristocrat” status, with 22 consecutive years of payout increases.
He sees the post-earnings pop as proof of a self-funding growth engine, recommending long positions with raised stop-loss levels at $325.
Note that Travelers has also retired some 70% of its outstanding shares since 2006 – which makes it even more attractive to own in the back half of 2026.
As the largest US commercial insurer, Chubb leverages immense global scale across 54 countries to write profitable premium volume.
In Q1, the company’s operating earnings soared 85% on a year-over-year basis to $6.82 per share, while net income has nearly doubled from $5.3 billion in FY22 to $10.3 billion in FY25.
Crucially, the NYSE-listed firm’s $173 billion investment portfolio generates accelerating returns as maturing fixed-income assets are redeployed at higher interest rates.
Backed by 33 consecutive years of dividend hikes and a $4.08 annual dividend payout, CB shares show strong structural momentum.
Josh Brown also highlighted a rapid bullish gap-reversal pattern on the chart – noting that holding technical support above the $320 range positions the carrier for a breakout.
Aflac stock delivers defensive cash flow through its dominant supplemental health presence in the US and Japan, with Q1 sales coming in up 25.5% alongside margins expanding to 35%.
Generating up to $3 billion in annual free cash flow, the company consistently directs capital into share repurchases and cash payouts.
AFL has raised dividend payments for 43 straight years – the longest streak among Brown’s picks. At the time of writing, it yields nearly 2% and is hovering around an all-time high of $125.
Brown characterized Aflac’s chart as a clean, rising uptrend, pointing to solid technical support at its 50-day moving average ($117) and key trendline floor at $110 for long-term positioning.
That said, Wall Street currently rates AFL at Hold only, with the mean price target of roughly $116 indicating potential “downside” from current levels.
On January 1, 2026, we published The 3 Best Dividend Aristocrats to Buy in 2026, naming Aflac (NYSE: AFL | AFL Price Prediction), Lowe’s (NYSE: LOW), and Nordson (NASDAQ: NDSN) as the three most compelling names on the Aristocrat roster. Six months later, the scorecard shows two winners and one clear laggard. The S&P 500 has returned 9.5% year to date, providing a firm benchmark. One pick has crushed it, one has kept pace on total return, and one has pulled back hard. The Aristocrat thesis, however, holds across all three: each has raised its payout again in 2026, proving that the income compounding continues even when price action does not.
Here are the halftime scores, counting down from poorest performer to best.
3. Lowe’s Lowe’s earned the original nod on the strength of its home-improvement scale, its Total Home strategy, and a more than 60-year streak of dividend raises that qualifies it as a Dividend King. That thesis has run into a wall of housing softness. Shares closed at $220.49 on June 30, 2026, down 8.6% year to date. The dividend, however, keeps climbing. Lowe’s raised the quarterly payout from $1.20 to $1.25 with the July 22, 2026, ex-date, pushing the run rate to $4.80 per share annually for a 2.3% yield.
Operationally, the business has executed. Lowe’s beat consensus estimates in each of the past six quarters, including adjusted EPS of $3.03 versus a $2.97 estimate for the quarter reported May 20, 2026, on revenue of $23.08 billion, up 10.3% year over year. Comps have now been positive for four consecutive quarters. The stock is being punished by macro concerns, not on execution, and analysts have a $263.73 average price target. Lowe’s earns its spot from here as a rate-sensitive rebound candidate whose dividend keeps compounding while investors wait.
2. Aflac Aflac was the income anchor of the original three: steady supplemental-insurance cash flows in Japan and the United States, a fortress balance sheet, and 43 consecutive years of dividend increases. That anchor has held. Shares closed most recently at $117.25, up 6.3% since the start of the year, not far off the benchmark. Late last year, the board raised the quarterly payout 5.2% to $0.61, delivering a 2.1% current yield.
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The earnings scorecard is mixed. Q1 2026 adjusted EPS came in at $1.75, missing the $1.80 estimate, though revenue of $4.35 billion beat and rose 25.9% year over year. Yen weakness cost $0.02 of EPS at a 156.87 average rate, but Japan pretax margin expanded to 35.0% from 31.8% and buybacks retired 5.9% of the share count. At a 14x forward multiple with a 0.61 beta, Aflac remains a low-volatility income holding. It keeps its spot.
1. Nordson Nordson was the clear growth leader among the three picks, chosen for its precision-dispensing niche, the Ascend Strategy, and semiconductor exposure. It has delivered. Shares closed at $301.69 on June 30, up 25.5% year to date, more than doubling the S&P 500 return. The quarterly dividend was raised to $0.82 from $0.78, extending a 25-plus-year Aristocrat streak.
The Q2 fiscal 2026 report, delivered May 20, was a record: adjusted EPS of $2.86 on revenue of $740.85M, up 8.5% year over year, with 7% organic growth across all three segments and backlog up 18%. Advanced Technology Solutions grew 10.1%, aided by the semiconductor inflection and electronics dispense demand. Management raised full-year guidance to $2.93 billion to $3.01 billion in sales and $11.30 to $11.80 in adjusted EPS. CEO Sundaram Nagarajan called it “a strong first half of fiscal 2026, highlighted by record performance and ongoing momentum across our end markets.” At 26x forward earnings, the multiple has expanded, but with analysts targeting $319.12 and free cash flow conversion at 119%, Nordson still earns the top spot into the back half of the year.
The Halftime Verdict The January call landed. Nordson is the clear winner, more than doubling the S&P 500’s advance on record operating results and raised guidance. Aflac kept pace and kept raising. Lowe’s is the one to defend, but its earnings still beat, its comps went positive for a fourth straight quarter, and its dividend just went up again. That is the Aristocrat promise in action: the income compounds through the cycle, and Nordson’s precision-dispensing story remains the sharpest offensive weapon in this three-stock portfolio heading into the second half.
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COLUMBUS, Ga., June 30, 2026 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) announced today that it will release second quarter 2026 financial results after the market closes on Thursday, August 6, 2026.
Investors in Aflac Incorporated (AFL - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 24, 2026 $80.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Aflac shares, but what is the fundamental picture for the company? Currently, Aflac is a Zacks Rank #3 (Hold) in the Insurance - Accident and Health industry that ranks in the Top 30% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimate for the current quarter, while two have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.81 per share to $1.78 in that period.
Given the way analysts feel about Aflac right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
New "Fit Checks" campaign embeds cancer risk education directly into a wearable design to make early detection part of everyday life
, /PRNewswire/ -- Aflac, a pioneer and leader in cancer insurance for seven decades, today announced the launch of Fit Checks, an innovative new awareness campaign developed with fashion designer Rachel Zoe, transforming a familiar pattern into an interactive pathway to understanding cancer risk and educating on the importance of screenings.
Aflac Check for Cancer
Aflac X Rachel Zoe At the center of the campaign is a first-of-its-kind garment designed by Rachel Zoe that features a custom checkered pattern with a QR code seamlessly integrated into the design, turning everyday fashion into a health activation tool. The limited-edition garment, when scanned, connects consumers directly to CheckForCancerNow.com, a new website dedicated to increasing awareness of the value of cancer screenings.
"For too many people, cancer screenings remain something they'll get around to when it is convenient," said Virgil Miller, president, Aflac Incorporated and Aflac U.S. "Fit Checks is designed to change that by driving awareness from an unexpected place: the clothes we wear. By partnering with well-known designer and media star Rachel Zoe, we're creating a new way to meet people in unexpected places with a powerful message, spark action and make conversations about early detection a part of everyday life."
The campaign comes at a time when too many Americans continue to delay preventive care. According to the 2025 Aflac Wellness Matters Survey, roughly 3 in 5 Americans (59%) admit to avoiding important health screenings, while 9 in 10 Americans (94%) say they have delayed a checkup or recommended health screening. These findings reinforce the urgent need to make early detection more approachable, accessible and actionable.
"Fashion has always been a way for people to express themselves, but it can also be a powerful way to break through in culture and start important conversations," said Rachel Zoe. "What drew me to this campaign was the opportunity to create something that feels stylish and meaningful at the same time. If fashion can inspire people to check for cancer, we are making fashion not only wearable but purposeful as well."
To kick off Aflac's partnership with Zoe, the company has released, on social media, a brief video previewing the anticipated campaign which launches later this year, showing how her newly designed garment will signal a broader plea to encourage potentially lifesaving cancer screenings. Consumers can take the first step toward understanding their cancer risk by visiting CheckForCancerNow.com to learn more about early detection and why it is so important to check for cancer.
"Fashion occupies a unique place in culture, creating opportunities to reach people beyond traditional settings. Through Fit Checks, Aflac, a leading provider of cancer insurance in the United States and Japan, is leveraging that cultural relevance to make cancer awareness more visible, and to drive action," Miller said.
Fit Checks is part of Aflac's broader Check for Cancer movement, which aims to associate the checkered patterns people see every day with a movement to increase cancer screenings. The goal is to increase screenings in the U.S. by 10% over the next 10 years.
To learn more, visit www.CheckForCancerNow.com.
FAQs about the Check for Cancer initiative and Fit Checks campaign
What does Check for Cancer mean?
Check for Cancer is a national movement created by Aflac to help increase cancer screenings in the U.S. by 10% over 10 years. By transforming the checkered pattern into a powerful call to action, the movement helps encourage people to prioritize cancer screenings, because early detection can save lives.
At its core, Check for Cancer is about making cancer screenings a more visible and urgent priority, helping people learn about their risks, understand recommended screenings and take action earlier. Why is early detection so important?
Cancer can affect anyone. One in three people will be diagnosed with cancer in their lifetime, but when found early, many cancers have five-year survival rates above 90%.
That is why Aflac is encouraging people to learn about their risks and prioritize recommended screenings. The earlier cancer is found, the more options people may have and the better their chances of a positive outcome. What is Fit Checks?
Fit Checks is a Check for Cancer awareness campaign designed to help make cancer screening more urgent, accessible and hard to ignore. By leveraging fashion as a powerful vehicle to turn awareness into action, Fit Checks transforms the checkered pattern into a purposeful prompt to check for cancer. In partnership with celebrity fashion designer Rachel Zoe, Aflac created a first-of-its-kind garment with a QR code embedded in the print, making it easy for people to learn about their cancer risk on the spot. ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Media contact: Darcy Brito, 706-505-9762 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, New York 12211
Continental American Insurance Company | Columbia, SC
SPARTANBURG, S.C.--(BUSINESS WIRE)-- #WeAreAFL--AFL held its tenth annual Imagine That! fundraising campaign, supporting communities around the world where AFL operates. This year's campaign, themed "Impact the Pack: Refuel the Future," concluded with a $2,224,061 donation to organizations around the world including the United States, Canada, Mexico, Europe, Australia and New Zealand. All AFL locations participated in the campaign by encouraging associates to consider contributing financially to their comm.
SPARTANBURG, S.C.--(BUSINESS WIRE)--AFL, an industry-leading manufacturer of fiber optic cables, connectivity, equipment and related services, announces the launch of the FOCIS Flex3 Connector Inspection System and FlowScout® Quad OLTS Certification Test Set. Together, these solutions enable technicians to quickly confirm optical fiber network readiness for service, certify network performance, and accelerate job completion.
The FOCIS Flex3 Connector Inspection System is a compact, self-contained fiber inspection tool featuring a large high-definition touchscreen for intuitive use. At the touch of a button, it automatically focuses, centers, captures, analyzes, and saves end-face images. The handheld system supports IEC, IPC, AT&T, and user-defined auto-analysis for industry compliance. It stores up to 10,000 results and transfers data fast via USB or Bluetooth to AFL's FlexReporter software for comprehensive reporting.
The new FlowScout Quad OLTS certifier is a purpose-built Tier I optical loss test set for fast certification of multimode and single-mode fiber networks. It enables rapid, comprehensive testing, making it an effective, multifunctional tool for enterprise LAN, campus, and data center environments. For these large fiber projects, workflow software integration enables project creation, task assignment, real-time progress tracking, and automated reporting across distributed teams.
This handheld OLTS enables duplex testing for both multimode and single-mode fiber links, automatically providing pass/fail evaluations per industry standards or user limits. Its large color touchscreen and icon-based interface allow quick setup, operation, and documentation. FlowScout Quad OLTS includes AFL’s Wave ID for automatic wavelength identification and also functions as a standalone power meter or light source.
“Our goal is to remove complexity from fiber inspection and testing. With smartphone-like usability and operations, both products simplify how technicians inspect and test fiber networks in the field,” said Arun Jain, Director of Product and Marketing at AFL. “By eliminating manual steps and enabling pass/fail validation, they help teams complete jobs faster while ensuring that the standards required for today’s high-performance networks are met.”
With the introduction of the FOCIS Flex3 and FlowScout Quad OLTS, AFL now delivers a complete, end-to-end portfolio across all five key categories — splicing, OTDR, OLTS, cleaning, and inspection — giving customers everything they need for enterprise network turn-up and test from a single, trusted partner.
Click here to view AFL’s complete product line of test and inspection devices plus accessories.
For additional information about AFL, its products and services, visit www.AFLglobal.com.
About AFL
Founded in 1984, AFL is a global manufacturer providing end-to-end solutions to the energy, broadband, data center, AI and industrial markets. With products in over 130 countries, AFL specializes in fiber optic cable and hardware, transmission/compression and substation accessories, connectivity solutions, fusion splicers, and test and inspection equipment. Guided by Customer-Focused and Community-Centered values and a strong commitment to safety, the company operates manufacturing facilities worldwide and provides a comprehensive portfolio of services and solutions supporting network infrastructure, data centers, service providers, wireless and power grid modernization. For more information, visit www.AFLglobal.com.
This recognition is part of Aflac's broader Check for Cancer initiative to expand awareness of the importance of screening as the path for early detection
, /PRNewswire/ -- Aflac Incorporated, the leading provider of supplemental health insurance in the U.S.,1 is expanding its Check for Cancer initiative during Cancer Prevention and Early Detection Month by launching the Check for Cancer Champions program. In this inaugural edition, the program will feature six individuals who have demonstrated unwavering commitment to expanding awareness of the importance of cancer screening and the need to act, as preventive care and early detection can save lives.
Aflac Check for Cancer Champion, Ernie Johnson Jr.
Aflac Check for Cancer Champion, Adamari López
Aflac Check for Cancer Champion, David Pollack
Aflac Check for Cancer Champion, Dr. Heather Bittner Fagan
Aflac Check for Cancer Champion, Dr. Ryan Schoenfeld
Aflac Check for Cancer Champion, Brian Ryll The program comes at a critical time — according to American Cancer Society (ACS) statistics, 1 in 3 people will develop cancer in their lifetime,2 yet the 2025 Aflac Wellness Matters Survey® indicates that more than 90% of people have put off getting a checkup or a recommended health screening.3 ACS statistics further note that early detection can push survival rates above 90% for many types of cancer.4
The inaugural 2026 Check for Cancer Champions are united by a shared commitment to improving early detection and saving lives through action and advocacy. The honorees are:
Ernie Johnson Jr., Sports Broadcasting Hall of Fame member, two-time cancer survivor and advocate for men's health screenings Adamari López, Univision host, actor and breast cancer survivor who has used her platform to encourage women, particularly in the Hispanic community, to prioritize their health David Pollack, former NFL player and college football analyst who became an advocate for early detection after his wife Lindsey was diagnosed with cancer in 2025 Dr. Heather Bittner Fagan, practicing physician and recipient of ACS's Cancer Control Career Development Award, recognized for her leadership in cancer prevention and screening Dr. Ryan Schoenfeld, CEO of the Mark Foundation for Cancer Research, a global philanthropy that supports research that will transform the prevention, diagnosis and treatment of cancer Brian Ryll, President of the Professional Fire Fighters of New Hampshire and cancer prevention advocate "If there's one thing I've learned through two experiences with cancer, it's that I've been provided the opportunity and the responsibility to help the next person get through it," Ernie Johnson Jr. said. "I am humbled to be selected as one of Aflac's 2026 Check for Cancer Champions. It means the world to me."
The Check for Cancer Champions program is part of Aflac's Check for Cancer initiative, a bold, national movement to increase cancer screenings by 10% over 10 years. Aflac uses the familiar checkered pattern seen in everyday life as a powerful reminder to prioritize early detection through a simple call to action: See a check, get checked.
"Aflac is extremely pleased to honor Ernie, Adamari, David, Dr. Fagan, Dr. Schoenfeld and Brian as inaugural Check for Cancer Champions for the example they set in raising awareness of the importance of cancer screening and early detection," Aflac Incorporated and Aflac U.S. President Virgil Miller said. "Aflac is fully committed to the Check for Cancer initiative, and we realize that to move from initiative to movement, we need to bring more, powerful voices to the program. Each of these honorees has used their voice, expertise or experience to encourage others to prioritize preventive care, and we are grateful for the impact they are making in their communities and fields. That is the very definition of being a champion."
As part of the program, Aflac will make a $5,000 donation to a cancer nonprofit selected by each honoree. They will also be presented with a custom Check for Cancer jacket in recognition of their commitment and advocacy for individuals to have better health outcomes by prioritizing early detection.
On social media, when you tag @Aflac and include #CheckForCancer, Aflac will donate $5 to the Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta, up to $1 million.
Go to Aflac.com/CheckForCancer for more information.
About the Check for Cancer Champions:
Ernie Johnson Jr. is a two-time cancer survivor who has overcome non-Hodgkin's lymphoma and prostate cancer. He credits early detection as a key part of his recovery and has used his platform to advocate for regular cancer screenings, especially for prostate cancer. Johnson serves as a global ambassador for ZERO Prostate Cancer and has also supported childhood cancer initiatives, including the Aflac Cancer and Blood Disorders Center at Children's Healthcare of Atlanta. He has named the Love You Too Foundation as his charity of choice for Aflac's $5,000 donation.
Adamari López is a writer, actor, television host, mom and breast cancer survivor who has become a prominent advocate for early detection and proactive health care. Diagnosed at age 33, she has used her platform to encourage women, especially within the Hispanic community, to prioritize self-exams, routine screenings and regular checkups. López has named Susan G. Komen Puerto Rico as her charity of choice for Aflac's $5,000 donation.
David Pollack is a former NFL player, University of Georgia standout and college football analyst who became a vocal advocate for cancer awareness after his wife Lindsey was diagnosed with brain cancer in 2025. Throughout her treatment and recovery, Pollack used his platform to share updates, support others and raise awareness about the importance of early detection. He has named the V Foundation as his charity of choice for Aflac's $5,000 donation.
Dr. Heather Bittner Fagan is a practicing family physician in Claymont, Delaware, who has helped underserved communities for more than 20 years. She has made regional and national contributions to research on cancer screening in primary care and underserved populations. Dr. Fagan also serves as a consultant to ACS on lung cancer screening guidelines and has published extensively on cancer prevention. She has named Friends of the Helen F. Graham Cancer Center & Research Institute in Delaware as her charity of choice for Aflac's $5,000 donation.
Dr. Ryan Schoenfeld is CEO of The Mark Foundation for Cancer Research, a philanthropic organization focused on transforming the prevention, diagnosis and treatment of cancer. Under his leadership, the foundation recently spearheaded a landmark coalition of leading cancer research funders working together to accelerate the development of new screening tools for the world's most lethal and hard-to-detect cancers. Dr. Schoenfeld will accept the $5,000 award on behalf of The Mark Foundation for Cancer Research, which will apply the funds toward its Early Detection Award program.
Brian Ryll is president of the Professional Fire Fighters of New Hampshire. Under his leadership, the state of New Hampshire enacted Senate Bill 352 to provide nearly 4,000 professional firefighters with access to comprehensive early detection screenings. Backed by $5 million in state funding, screenings include multi-cancer early detection blood tests, diagnostic ultrasounds and low-dose lung CT scans, significantly improving the chances of identifying cancer at its earliest stages. He has named the Dana-Farber Cancer Institute as his charity of choice for Aflac's $5,000 donation.
FAQs about the Check for Cancer Champions program
What is Aflac's Check for Cancer Champions program?
Part of Aflac's broader Check for Cancer movement, the Check for Cancer Champions program recognizes individuals who help raise awareness of the importance of cancer screening, preventive care and early detection. The honor-based initiative celebrates leaders and advocates whose sustained commitment helps encourage more people to prioritize getting checked. Why is Aflac launching the Check for Cancer Champions program now?
Aflac launched the program at a critical time, as cancer remains a significant health concern, and many Americans continue to delay routine checkups and recommended screenings. With early detection shown to significantly improve survival rates for many cancers, the Check for Cancer Champions program reinforces the need for preventive care nationwide. How does the Check for Cancer Champions program support cancer advocacy?
Aflac is making a $5,000 donation to nonprofits — chosen by each Check for Cancer Champion — that support cancer-related initiatives. In addition, each honoree receives a custom Check for Cancer jacket in recognition of their advocacy and commitment to early detection. ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
Media contact: Jon Sullivan, 706-763-4813 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
D.A. Davidson & CO. increased its holdings in shares of Aflac Incorporated (NYSE:AFL – Free Report) by 77.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 63,646 shares of the financial services provider’s stock after acquiring an additional 27,751 shares during the quarter. D.A. Davidson & CO.’s holdings in Aflac were worth $7,018,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of AFL. True Wealth Design LLC increased its position in Aflac by 188.5% during the third quarter. True Wealth Design LLC now owns 225 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 147 shares during the period. Darwin Wealth Management LLC bought a new position in Aflac during the second quarter worth about $33,000. Westside Investment Management Inc. increased its position in Aflac by 100.0% during the third quarter. Westside Investment Management Inc. now owns 324 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 162 shares during the period. Board of the Pension Protection Fund bought a new position in Aflac during the fourth quarter worth about $44,000. Finally, JCIC Asset Management Inc. bought a new position in Aflac during the third quarter worth about $45,000. 67.44% of the stock is owned by institutional investors.
Insider Buying and Selling at Aflac In related news, major shareholder Post Holdings Co. Ltd. Japan sold 86,155 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $113.24, for a total transaction of $9,756,192.20. Following the completion of the sale, the insider directly owned 51,636,945 shares in the company, valued at $5,847,367,651.80. This represents a 0.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 572,632 shares of company stock worth $63,514,634. 0.80% of the stock is owned by corporate insiders.
Aflac Price Performance Shares of AFL stock opened at $116.20 on Wednesday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. Aflac Incorporated has a twelve month low of $96.95 and a twelve month high of $119.32. The company has a market cap of $59.86 billion, a P/E ratio of 16.89, a P/E/G ratio of 3.14 and a beta of 0.66. The business has a fifty day simple moving average of $111.31 and a 200 day simple moving average of $110.78.
Aflac (NYSE:AFL – Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $1.57 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.12). Aflac had a return on equity of 14.35% and a net margin of 21.24%.The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter in the prior year, the company earned $1.57 earnings per share. Aflac’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that Aflac Incorporated will post 7.28 EPS for the current fiscal year.
Analyst Ratings Changes AFL has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price target on shares of Aflac from $113.00 to $115.00 and gave the stock a “market perform” rating in a research report on Friday, April 10th. Wells Fargo & Company cut their target price on Aflac from $118.00 to $116.00 and set an “equal weight” rating for the company in a research report on Friday, April 10th. Mizuho set a $102.00 target price on Aflac and gave the company an “underperform” rating in a research report on Monday, April 13th. JPMorgan Chase & Co. upped their target price on Aflac from $101.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, January 5th. Finally, Barclays set a $101.00 target price on Aflac and gave the company an “underweight” rating in a research report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $111.82.
Read Our Latest Report on AFL
Aflac Profile (Free Report)
Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac’s product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.
Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.
Read More Five stocks we like better than Aflac Want to see what other hedge funds are holding AFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aflac Incorporated (NYSE:AFL – Free Report).
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, /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) today reported its first quarter results.
For the Quarter
Total revenues were $4.3 billion , which was a 27.9% increase year over year. Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago. Adjusted earnings* were $901 million, compared with $906 million a year ago, reflecting a decrease of 0.6%. Adjusted earnings per diluted share* increased 5.4% to $1.75. The annualized return on average shareholders' equity was 13.7%. The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.4%. The company returned $1.3 billion to shareholders, consisting of $1.0 billion in share repurchase and $315 million in dividends. Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter. These results reflect our focused execution of our strategy and thus creating long-term value for shareholders. We have attracted new business through successful product initiatives, including Anshin Palette (medical insurance), Miraito (cancer insurance), and Tsumitasu (life insurance) in Japan and group voluntary benefits, network dental and vision, as well as group life and disability in the U.S.
"We remain focused on more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board has set us on a path to extend this record when it increased the first quarter dividend 5.2% and declared the same dividend of $0.61 for the second quarter. We intend to continue our balanced approach of investing in growth and driving long-term value."
AFLAC INCORPORATED CONSOLIDATED RESULTS
AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
1Q26
1Q25
% Change
Total revenues
$ 4,346
$ 3,398
27.9 %
Net earnings
1,019
29
3,413.8 %
Adjusted earnings*
901
906
(0.6) %
Net earnings per share (diluted)
1.98
0.05
3,860.0 %
Adjusted earnings per share (diluted)*
1.75
1.66
5.4 %
Total shareholders' equity
29,961
26,338
13.8 %
Total liabilities & shareholders' equity
116,280
120,258
(3.3) %
Total revenues were $4.3 billion in the first quarter of 2026, compared with $3.4 billion in the first quarter of 2025. Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago. Net earnings in the first quarter of 2026 included net investment gains of $49 million, or $0.10 per diluted share, compared with net investment losses of $963 million, or $1.76 per diluted share a year ago. These net investment gains were driven by net gains of $164 million on certain derivatives and foreign currency activities offset by $61 million of current expected credit losses (CECL), impairments of $24 million; net losses from sales and redemptions of $16 million; and a $14 million loss from a decrease in the fair value of equity securities.
Adjusted earnings* in the first quarter were $901 million, compared with $906 million in the first quarter of 2025, reflecting a decrease of 0.6%. Adjusted earnings per diluted share* increased 5.4% to $1.75 in the quarter. Variable investment income ran $14 million below the company's long-term return expectations. The average yen/dollar exchange rate in the first quarter of 2026 was 156.87, or 2.8% weaker than the average rate of 152.40 in the first quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.02 impact on adjusted earnings per share.
Shareholders' equity was $30.0 billion, or $58.69 per share, at March 31, 2026, compared with $26.3 billion, or $48.55 per share, at March 31, 2025. Shareholders' equity at the end of the first quarter included a cumulative increase of $9.5 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $3.9 billion at March 31, 2025 and a net unrealized loss on investment securities and derivatives of $2.7 billion, compared with a net unrealized loss of $1.3 billion at March 31, 2025. Shareholders' equity at the end of the first quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.5 billion at March 31, 2025.
Shareholders' equity excluding AOCI (or adjusted book value*) was $28.1 billion, or $54.96 per share at March 31, 2026, compared with $28.2 billion, or $51.98 per share, at March 31, 2025. Adjusted book value excluding foreign currency remeasurement* was $21.8 billion, or $42.71 per share at March 31, 2026, compared with $23.1 billion, or $42.61 per share, at March 31, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the first quarter was 16.4%.
AFLAC JAPAN
AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)
1Q26
1Q25
% Change
1Q26
1Q25
% Change
Total net earned premiums
¥ 247
¥ 256
(3.8) %
$ 1,573
$ 1,681
(6.4) %
Yen-denominated investment income
31
34
(9.2) %
197
224
(12.1) %
U.S. dollar-denominated investment
income
64
56
13.9 %
409
369
10.8 %
Adjusted net investment income
93
89
4.0 %
591
586
0.9 %
Total adjusted revenues
341
346
(1.7) %
2,172
2,272
(4.4) %
Total benefits and claims, net
155
169
(7.9) %
990
1,105
(10.4) %
Total adjusted expenses
66
68
(2.2) %
423
445
(4.9) %
Pretax adjusted earnings
¥ 119
¥ 110
8.3 %
759
722
5.1 %
Change in
bps
Premium persistency (12-mo. rolling)
92.8 %
93.8 %
(100)
Total benefits and claims (net) / Net
earned premiums
62.9 %
65.8 %
(290)
Total adjusted expenses / Total
adjusted revenues
19.5 %
19.6 %
(10)
Pretax adjusted earnings / Total
adjusted revenues
35.0 %
31.8 %
320
In yen terms, Aflac Japan's net earned premiums were ¥246.7 billion for the quarter, or 3.8% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income increased 4.0% to ¥92.8 billion, primarily due to higher dollar-denominated fixed-rate income resulting from higher volume and higher variable net investment income. This was partially offset by lower dollar-denominated floating rate income due to lower volume and rates as well as reduced call income. Total adjusted revenues in yen declined 1.7% to ¥340.7 billion. Pretax adjusted earnings in yen for the quarter increased 8.3% on a reported basis to ¥119.1 billion, primarily driven by favorable benefits. Pretax adjusted earnings also increased 6.6% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 35.0%, compared with 31.8% a year ago.
In dollar terms, net earned premiums decreased 6.4% to $1.6 billion in the first quarter. Adjusted net investment income increased 0.9% to $591 million. Total adjusted revenues declined by 4.4% to $2.2 billion. Pretax adjusted earnings increased 5.1% to $759 million.
For the quarter, total new annualized premium sales (sales) increased 25.5% to ¥17.7 billion, or $113 million, primarily reflecting strong sales of Anshin Palette, the new medical insurance product launched in December, as well as Miraito, the newest cancer insurance product, and Tsumitasu.
AFLAC U.S.
AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)
1Q26
1Q25
% Change
Total net earned premiums
$ 1,555
$ 1,502
3.5 %
Adjusted net investment income
201
202
(0.5) %
Total adjusted revenues
1,779
1,721
3.4 %
Total benefits and claims, net
734
716
2.5 %
Total adjusted expenses
682
647
5.4 %
Pretax adjusted earnings
363
358
1.4 %
Change
in bps
Persistency rate (12-mo. rolling)
79.3 %
79.3 %
—
Total benefits and claims, net / Net earned premiums
47.2 %
47.7 %
(50)
Total adjusted expenses / Total adjusted revenues
38.3 %
37.6 %
70
Pretax adjusted earnings / Total adjusted revenues
20.4 %
20.8 %
(40)
Aflac U.S. net earned premiums increased 3.5% to $1.6 billion in the first quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income decreased 0.5% to $201 million. Total adjusted revenues were up 3.4% to $1.8 billion. Pretax adjusted earnings were $363 million, 1.4% higher than a year ago. The pretax adjusted profit margin for the U.S. segment was 20.4%, compared with 20.8% a year ago.
Aflac U.S. sales increased 2.9% in the quarter to $318 million, primarily benefiting from sales of group products.
CORPORATE AND OTHER
CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)
1Q26
1Q25
% Change
Total net earned premiums
$ 182
$ 198
(8.1) %
Adjusted net investment income
109
126
(13.5) %
Total adjusted revenues
292
326
(10.4) %
Total benefits and claims, net
109
124
(12.1) %
Interest expense
58
45
28.9 %
Other adjusted expenses
125
114
9.6 %
Total benefits and adjusted expenses
292
283
3.2 %
Pretax adjusted earnings
—
43
(100.0) %
For the quarter, corporate and other reported breakeven pretax adjusted earnings, down from a $43 million gain last year, driven by lower net investment income from reduced hedge benefits, higher interest expense and operating costs, and runoff impacts from closed blocks of business.
*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
A copy of Aflac's financial supplement for the quarter can be found on the "Investors" page at aflac.com.
Aflac Incorporated will webcast its quarterly conference call via the "Investors" page of aflac.com at 8:00 a.m. (ET) on April 30, 2026.
Note: Tables within this document may not foot due to rounding.
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31,
2026
2025
% Change
Total revenues
$ 4,346
$ 3,398
27.9 %
Benefits and claims, net
1,832
1,945
(5.8)
Total acquisition and operating expenses
1,289
1,308
(1.5)
Earnings before income taxes
1,225
145
744.8
Income taxes
206
116
Net earnings
$ 1,019
$ 29
3,413.8 %
Net earnings per share – basic
$ 1.99
$ 0.05
3,880.0 %
Net earnings per share – diluted
1.98
0.05
3,860.0
Shares used to compute earnings per share (000):
Basic
513,071
544,707
(5.8) %
Diluted
514,785
546,878
(5.9)
Dividends paid per share
$ 0.61
$ 0.58
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
MARCH 31,
2026
2025
% Change
Assets:
Total investments and cash
$ 103,192
$ 107,446
(4.0) %
Deferred policy acquisition costs
8,976
9,083
(1.2)
Other assets
4,112
3,729
10.3
Total assets
$ 116,280
$ 120,258
(3.3) %
Liabilities and shareholders' equity:
Policy liabilities
$ 66,782
$ 78,828
(15.3) %
Notes payable and lease obligations
7,908
7,751
2.0
Other liabilities
11,629
7,341
58.4
Shareholders' equity
29,961
26,338
13.8
Total liabilities and shareholders' equity
$ 116,280
$ 120,258
(3.3) %
Shares outstanding at end of period (000)
510,530
542,493
(5.9) %
NON-U.S. GAAP FINANCIAL MEASURES
This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company's business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:
Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity. Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income. Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income. Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31,
2026
2025
% Change
Net earnings
$ 1,019
$ 29
3,413.8 %
Items impacting net earnings:
Adjusted net investment (gains) losses
(103)
924
Other and non-recurring (income) loss
—
53
Income tax (benefit) expense on items excluded
from adjusted earnings
(15)
(100)
Adjusted earnings
901
906
(0.6) %
Current period foreign currency impact1
8
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 909
$ 906
0.3 %
Net earnings per diluted share
$ 1.98
$ 0.05
3,860.0 %
Items impacting net earnings:
Adjusted net investment (gains) losses
(0.20)
1.69
Other and non-recurring (income) loss
—
0.10
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.03)
(0.18)
Adjusted earnings per diluted share
1.75
1.66
5.4 %
Current period foreign currency impact1
0.02
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 1.77
$ 1.66
6.6 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED MARCH 31,
2026
2025
% Change
Net investment (gains) losses
$ (49)
$ 963
(105.1) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(15)
(7)
Amortized hedge income
18
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(57)
(65)
Impact of interest from derivatives associated with
notes payable1
—
4
Adjusted net investment (gains) losses
$ (103)
$ 924
(111.1) %
1
Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED MARCH 31,
2026
2025
% Change
Net investment income
$ 956
$ 955
0.1 %
Items impacting net investment income:
Amortized hedge costs
(15)
(7)
Amortized hedge income
18
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(57)
(65)
Adjusted net investment income
$ 902
$ 913
(1.2) %
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED MARCH 31,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(2.1) %
(0.6) %
Adjusted net investment income4
(1.2)
(0.7)
Total benefits and expenses
(2.3)
(0.9)
Adjusted earnings
(0.6)
0.3
Adjusted earnings per diluted share
5.4
6.6
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
GLOSSARY OF OPERATIONAL MEASURES
The Company defines the operational measures included in this document as follows:
Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings. Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "strategy," "may," "should," "estimate," "intend," "project," "future," "will," "assume," "potential," "target," "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:
difficult conditions in global capital markets and the economy, including inflation defaults and credit downgrades of investments global fluctuations in interest rates and exposure to significant interest rate risk concentration of business in Japan limited availability of acceptable Japanese yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate differing interpretations applied to investment valuations significant valuation judgments in determination of expected credit losses recorded on the Company's investments decreases in the Company's financial strength or debt ratings decline in creditworthiness of other financial institutions the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners deviations in actual experience from pricing and reserving assumptions ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025 subsidiaries' ability to pay dividends to the Parent Company inherent limitations to risk management policies and procedures operational risks of third-party vendors tax rates applicable to the Company may change failure to comply with restrictions on policyholder privacy and information security extensive regulation and changes in law or regulation by governmental authorities competitive environment and ability to anticipate and respond to market trends catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events ability to protect the Aflac brand and the Company's reputation ability to effectively manage key executive succession changes in accounting standards level and outcome of litigation or regulatory inquiries allegations or determinations of worker misclassification in the United States Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or [email protected]
Media contact - Ines Gutzmer, 762.207.7601 or [email protected]
Aflac (AFL - Free Report) came out with quarterly earnings of $1.75 per share, missing the Zacks Consensus Estimate of $1.8 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -2.89%. A quarter ago, it was expected that this insurer would post earnings of $1.71 per share when it actually produced earnings of $1.57, delivering a surprise of -8.19%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Aflac, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $4.24 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.05%. This compares to year-ago revenues of $4.32 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Aflac shares have added about 5.5% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Aflac?While Aflac has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Aflac was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.84 on $4.32 billion in revenues for the coming quarter and $7.27 on $17.29 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the top 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Trupanion (TRUP - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This provider of medical insurance covering cats and dogs is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents a year-over-year change of +333.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Trupanion's revenues are expected to be $379.7 million, up 11% from the year-ago quarter.
Aflac (AFL - Free Report) reported $4.24 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 1.8%. EPS of $1.75 for the same period compares to $1.66 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $4.33 billion, representing a surprise of -2.05%. The company delivered an EPS surprise of -2.89%, with the consensus EPS estimate being $1.80.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Aflac performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Benefit /Premium - Aflac Japan: 62.9% versus the three-analyst average estimate of 62.4%.Total Adjusted Expenses/Total Adjusted Revenue - Aflac U.S.: 38.3% versus 36.8% estimated by three analysts on average.Total Benefit /Premium - Aflac U.S.: 47.2% compared to the 49.4% average estimate based on three analysts.Total Adjusted Expenses/Total Adjusted Revenue - Aflac Japan: 19.5% versus the three-analyst average estimate of 20%.Total adjusted revenues- Aflac U.S.: $1.78 billion compared to the $1.77 billion average estimate based on three analysts. The reported number represents a change of +3.4% year over year.Total adjusted revenues- Aflac Japan: $2.17 billion compared to the $2.27 billion average estimate based on three analysts. The reported number represents a change of -4.4% year over year.Total adjusted revenues- Aflac U.S.- Total net earned premiums: $1.56 billion versus $1.55 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +3.5% change.Total adjusted revenues- Aflac Japan- Other income: $8 million versus the three-analyst average estimate of $7.63 million. The reported number represents a year-over-year change of +60%.Revenues- Other income (loss): $31 million versus $27.72 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +24% change.Revenues- Net investment income: $956 million compared to the $911.96 million average estimate based on four analysts. The reported number represents a change of +0.1% year over year.Revenues- Total net earned premiums: $3.31 billion versus $3.26 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -2.1% change.Total adjusted revenues- Corporate and other: $292 million compared to the $332 million average estimate based on two analysts. The reported number represents a change of -10.4% year over year.View all Key Company Metrics for Aflac here>>>
Shares of Aflac have returned +6% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Aflac CEO Dan Amos reflects on the company's rise from humble Southern roots to a $60 billion powerhouse — and the bold bet that defined his career: a “damn duck.”
Company brings services closer to home for more than 500,000 workers
, /PRNewswire/ -- Working with the Maine Department of Labor and the state's Paid Family Medical Leave (PFML) Bureau, Aflac, the leading provider of supplemental health insurance in the U.S.1 and contracted administrator for the Maine PMFL program, announced the opening of a new office in South Portland, Maine. This fully staffed facility provides high-quality claims administration services for over 500,000 eligible workers in the state of Maine and the public and private sector employers participating in the program. The Maine PFML program will begin issuing benefits for the program as of May 1.
"We are honored to have been selected as the administrator of this important program and are excited to open this local office, demonstrating our commitment to the people of Maine now and for the foreseeable future," said Scott Beeman, senior vice president, Aflac Group Life, Disability and Absence Solutions.
"The launch of Maine's Paid Family and Medical Leave program marks a transformative moment for workers and families across our state. We have all been working hard, and we are deeply appreciative of the partnership with Aflac to ensure a successful launch and implementation. Their commitment to standing up a local office and delivering high-quality service reflects the level of care that Maine workers deserve," said Luke Monahan, director, Maine Paid Family and Medical Leave program.
Eligible workers in Maine can receive up to 12 weeks of paid time off within a benefit year to care for a family member with a serious health condition; to bond with a child after birth, fostering or adoption; to care for their own medical needs; to deal with the transition of a family member impending military deployment; or for safe leave. The leave does not need to be taken all at once.
Updates about the Maine Paid Family and Medical Leave program are posted at www.maine.gov/paidleave.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
Group life, disability and absence services are provided by Continental American Insurance Company (CAIC); in New York, products and services are provided by American Family Life Assurance Company of New York; in California, coverage is offered by Continental American Life Insurance Company. Products may not be available in all states and may vary depending on state law.
1 LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data.
Media contact: Jon Sullivan, 706-763-4813 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, New York 12211
Continental American Insurance Company | Columbia, SC
Key Takeaways Aflac Q1 EPS missed estimates as revenues fell 1.9% on lower investment income and FX headwinds.Aflac Japan revenues declined, but new premium sales jumped 25.5% on strong product demand.Aflac U.S. posted revenues and premium growth, supported by higher group product sales. Aflac Incorporated (AFL - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $1.75, which missed the Zacks Consensus Estimate by 2.9%. However, the bottom line improved 5.4% year over year.
Adjusted revenues totaled $4.2 billion, which declined 1.9% year over year. The top line missed the consensus mark by 2.1%.
AFL’s quarterly performance was affected by lower net investment income and exchange rate. Nevertheless, the downside was partly offset by higher sales in the U.S. unit.
AFL’s Q1 PerformanceAdjusted net investment income declined 1.2% year over year to $902 million in the quarter under review.
Net benefits and claims totaled $1.8 billion, which declined 5.8% year over year. Total acquisition and operating expenses decreased 1.5% year over year to $1.3 billion.
Pre-tax earnings increased to $1.2 billion from $145 million in the prior-year quarter.
Inside Aflac’s SegmentsAflac Japan: The segment’s adjusted revenues dipped 4.4% year over year to $2.2 billion in the first quarter and missed the Zacks Consensus Estimate of $2.3 billion. Net earned premiums of $1.6 billion slipped 6.4% year over year and missed the consensus mark by 3.1%.
Adjusted net investment income increased 0.9% year over year to $591 million. The unit’s pretax adjusted earnings rose 5.1% to $759 million but missed the consensus mark of $800.9 million.
New annualized premium sales advanced 25.5% year over year to $113 million on the back of solid sales of Anshin Palette, Miraito and Tsumitasu.
Aflac U.S.: Adjusted revenues of $1.8 billion grew 3.4% year over year and beat the Zacks Consensus Estimate by 0.3%. Net earned premiums advanced 3.5% year over year to $1.6 billion, attributable to higher sales. The metric beat the consensus mark of $1.5 billion.
Adjusted net investment income totaled $201 million, which inched down 0.5% year over year in the quarter under review. Pretax adjusted earnings of the segment increased 1.4% year over year to $363 million. The metric beat the consensus mark of $359.1 million.
The unit’s sales totaled $318 million, up 2.9% year over year, on the back of higher sales of group products.
Financial Position (As of March 31, 2026)Aflac exited the first quarter with total investments and cash of $103.2 billion, down from the 2025-end level of $103.8 billion. Total assets of $116.3 billion decreased 0.2% from the year-end figure.
Adjusted debt amounted to $7.6 billion, down 1.2% from the figure as of Dec. 31, 2025. Adjusted debt to adjusted capitalization, excluding accumulated other comprehensive income, was 21.2%, which improved 20 basis points (bps) from the 2025-end level.
Total shareholders' equity of $30 billion advanced 1.6% from the 2025-end figure.
Adjusted book value per share increased 5.7% year over year to $54.96. Adjusted return on equity, excluding foreign currency impacts, was 16.4%, which improved 80 bps year over year.
AFL’s Capital DeploymentAflac bought back shares worth $1 billion in the first quarter of 2026. Management paid a dividend of $315 million in the same quarter.
AFL’s 2026 OutlookAflac still expects a benefit ratio of 60-63% for the Aflac Japan unit in 2026. The metric for the Aflac U.S. unit is still projected to be in the 48-52% range.
The expense ratio for Aflac Japan is still estimated to be 20-23%. The same for Aflac U.S. is reiterated to be in the band of 36-39%.
Underlying earned premiums were likely to witness a year-over-year decline of 1-2% for the Japan unit in 2026. Net earned premiums for the U.S. unit were likely to be at the lower end of the 3-6% range.
The pretax profit margin for Aflac Japan is still estimated to be between 33% and 36%, and the same for Aflac U.S. is projected to be in the range of 17-20% for 2026.
AFL’s Zacks RankAFL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?Several companies in the insurance space, including RenaissanceRe Holdings Ltd. (RNR - Free Report) , AMERISAFE, Inc. (AMSF - Free Report) and The Hartford Insurance Group, Inc. (HIG - Free Report) , have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2%. The bottom line improved from the year-ago quarter’s operating loss of $1.49. Total operating revenues declined 16.6% year over year to $2.6 billion. The top line missed the consensus mark by 10.6%. RNR’s quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. Improved combined ratio and fee income contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments.
AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million but missed the consensus estimate by 0.9%. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.
Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year, but missed the consensus mark by 2.1%. HIG’s weaker-than-expected results were caused by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.
Aflac remains a Buy despite a Q1 earnings miss, supported by organic policy growth, proven dividend increases, and robust balance sheet strength. Growth catalysts include new policy sales, expanding Asian market presence, and niche segments like pet insurance, though revenue trends remain uneven. Margins and expense ratios are favorable, with A-level credit ratings and conservative leverage, but forward P/E multiples signal some overvaluation and more muted near-term upside.
Key Takeaways Aflac is positioned for growth as sales rise in both Japan and the U.S. markets.Japan sales surged 25.5% in Q1 2026, while pretax profit margin climbed to 35%.Aflac faces risks from operating cash flow pressure and a premium forward P/E of 15.71X. Aflac Incorporated (AFL - Free Report) is well-poised to grow on the back of growing sales in both Japan and the U.S. markets and rising margin in Japan. Its shares climbed 4.7% in the year-to-date period compared with 5% growth of the industry.
Aflac — with a market cap of $59.1 billion — operates as a supplemental health and life insurance products provider. Based in Columbus, GA, it has strong footprints in the United States and Japan. Courtesy of solid prospects, this presently Zacks Rank #3 (Hold) stock is worth retaining at the moment.
Aflac’s U.S. segment continues to recover strongly, with sales rising 3% year over year to $1.6 billion in 2025 and 2.9% in to $318 million in the first quarter of 2026. Multiple acquisitions, product innovation, virtual channel growth and agent recruitment are expected to sustain momentum and reinforce its competitive positioning.
Meanwhile, sales in Japan jumped 16% to $498 million in 2025 and 25.5% to $113 million in the first quarter of 2026. Solid sales of Anshin Palette, Miraito and Tsumitasu are driving the numbers. The segment’s pretax profit margin is on the rise with 30.5% in 2023, 36% in 2024 and 36.7% in 2025. In the first quarter of 2026, pretax profit margin was at 35%, up from 31.8% in the year-ago period.
Furthermore, AFL’s benefit ratio from Japan business declined to 62.9% in the first quarter from 65% in the previous quarter. The company expects the metric to be within 60-63% in 2026. Aflac U.S. benefit ratio was 47.2% in the first quarter, while the full-year guidance is pegged at 48-52%.
Estimates for AflacThe Zacks Consensus Estimate for AFL’s current-year earnings is pegged at $7.12 per share, which witnessed one upward estimate revision in the past week against none in the opposite direction. The consensus mark for current-year revenues is pinned at $17.1 billion. Aflac’s earnings beat on estimates in two of the last four quarters and missed twice, the average being 7.9%.
Key RisksThere are a few factors that investors should keep an eye on.
Operating cash flow has remained under pressure, declining 23.2% in 2022, 17.8% in 2023, 15.1% in 2024 and 5.6% in 2025. While the metric rebounded sharply in first-quarter 2026, rising 64.3% year over year, the company will need to sustain this momentum for a meaningful turnaround.
Aflac’s shares trade at a forward P/E of 15.71X, above both its five-year median of 12.93X and the industry average of 12.91X, indicating the stock is priced at a premium and leaving less room for outsized upside from current levels.
Better-Ranked PlayersSome better-ranked stocks in the broader insurance space are Hamilton Insurance Group, Ltd. (HG - Free Report) , Slide Insurance Holdings, Inc. (SLDE - Free Report) and Radian Group Inc. (RDN - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Hamilton Insurance’s current-year earnings of $3.95 per share increased 49 cents over the past week. HG’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 84.8%. The consensus estimate for current-year revenues is pegged at $2.87 billion.
The consensus estimate for Slide Insurance’s current-year earnings is pegged at $3.51, which signals 4.5% year-over-year growth. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 41.8%. The consensus mark for Slide Insurance’s current-year revenues of $1.45 billion implies a 25.9% year-over-year jump.
The consensus estimate for Radian Group’s current-year earnings is pegged at $5.23 per share, which indicates 17.5% year-over-year growth. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 10.7%. The consensus estimate for RDN’s current-year revenues is pegged at $1.22 billion.
