Business Description
Aflac Incorporated is an American insurance company that is the largest provider of supplemental insurance in the United States and a leading provider of medical and cancer insurance in Japan. Founded in 1955, the company specializes in policies that pay cash benefits directly to policyholders to help cover out-of-pocket expenses related to accidents or illnesses. Aflac operates primarily through two segments: Aflac U.S. and Aflac Japan.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Premiums Earned | 13,548,000 | 13,440,000 | 14,123,000 | 14,901,000 |
| Investment Income | 4,076,000 | 4,116,000 | 3,811,000 | 3,656,000 |
| Net Gains on Investments | (572,000) | 1,271,000 | 590,000 | 363,000 |
| Total Other Revenues | 112,000 | 100,000 | 177,000 | 220,000 |
| Total Revenues | 17,164,000 | 18,927,000 | 18,701,000 | 19,140,000 |
| Insurance Benefits & Claims | 7,293,000 | 7,450,000 | 8,211,000 | 8,887,000 |
| Policy Amortization Costs | 874,000 | 851,000 | 816,000 | 792,000 |
| Other Operating Expenses | 4,244,000 | 4,012,000 | 4,217,000 | 4,366,000 |
| Operating Profit | 4,753,000 | 6,614,000 | 5,457,000 | 5,095,000 |
| Interest Expense | (220,000) | (197,000) | (195,000) | (226,000) |
| Total Non-Operating Income | (220,000) | (197,000) | (195,000) | (226,000) |
| Income Before Provision for Income Taxes | 4,533,000 | 6,417,000 | 5,262,000 | 4,869,000 |
| Provision for Income Taxes | 887,000 | 974,000 | 603,000 | 451,000 |
| Consolidated Net Income | 3,646,000 | 5,443,000 | 4,659,000 | 4,418,000 |
| Net Income Attributable to Common Shareholders | 3,646,000 | 5,443,000 | 4,659,000 | 4,418,000 |
| Basic EPS | 6.84 | 9.68 | 7.81 | 6.96 |
| Diluted EPS | 6.82 | 9.63 | 7.78 | 6.93 |
| Basic Weighted Average Shares Outstanding | 532,885 | 562,492 | 596,173 | 634,816 |
| Diluted Weighted Average Shares Outstanding | 534,878 | 565,015 | 598,745 | 637,655 |
| Shares Outstanding | 518,690 | 549,964 | 578,479 | 615,256 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Debt Securities | 80,241,000 | 81,235,000 | 91,109,000 | 94,797,000 |
| Equity and Preferred Securities | 887,000 | 796,000 | 1,088,000 | 1,091,000 |
| Other Investments | 16,387,000 | 16,827,000 | 17,057,000 | 17,566,000 |
| Total Investments | 97,515,000 | 98,858,000 | 109,254,000 | 113,454,000 |
| Cash and Cash Equivalents | 6,245,000 | 6,229,000 | 4,306,000 | 3,943,000 |
| Deferred Acquisition Costs | 9,034,000 | 8,758,000 | 9,132,000 | 9,239,000 |
| Other Receivables | 1,553,000 | 1,489,000 | 1,579,000 | 1,392,000 |
| Net Property, Plant & Equipment | 351,000 | 387,000 | 445,000 | 530,000 |
| Other Assets | 1,772,000 | 1,845,000 | 2,008,000 | 3,180,000 |
| Total Assets | 116,470,000 | 117,566,000 | 126,724,000 | 131,738,000 |
| Unearned Premiums | 1,323,000 | 1,286,000 | 1,451,000 | 1,825,000 |
| Claims Reserves | 68,260,000 | 76,222,000 | 90,148,000 | 95,085,000 |
| Total Debt | 8,409,000 | 7,498,000 | 7,364,000 | 7,442,000 |
| Other Liabilities | 8,988,000 | 6,462,000 | 5,776,000 | 7,246,000 |
| Total Liabilities | 86,980,000 | 91,468,000 | 104,739,000 | 111,598,000 |
| Common Stock | 136,000 | 136,000 | 136,000 | 135,000 |
| Treasury Stock | (29,804,000) | (26,231,000) | (23,395,000) | (20,574,000) |
| Additional Paid-in Capital | 3,024,000 | 2,894,000 | 2,771,000 | 2,641,000 |
| Accumulated Other Comprehensive Income | 1,452,000 | (2,978,000) | (5,520,000) | (6,429,000) |
| Retained Earnings | 54,682,000 | 52,277,000 | 47,993,000 | 44,367,000 |
| Total Common Shareholders' Equity | 29,490,000 | 26,098,000 | 21,985,000 | 20,140,000 |
| Total Shareholders' Equity | 29,490,000 | 26,098,000 | 21,985,000 | 20,140,000 |
| Total Liabilities and Shareholders' Equity | 116,470,000 | 117,566,000 | 126,724,000 | 131,738,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 3,646,000 | 5,443,000 | 4,659,000 | 4,418,000 |
| Other Adjustments | 299,000 | (1,887,000) | 453,000 | (499,000) |
| Changes in Receivables | (66,000) | 51,000 | (133,000) | 5,000 |
| Changes in Deferred Acquisition Costs | (231,000) | (205,000) | (270,000) | (262,000) |
| Changes in Claims Reserves | (815,000) | (302,000) | (552,000) | 726,000 |
| Changes in Income Taxes Payable | (278,000) | (393,000) | (967,000) | (509,000) |
| Cash from Operating Activities | 2,555,000 | 2,707,000 | 3,190,000 | 3,879,000 |
| Purchases of Investments | (13,736,000) | (7,329,000) | (4,154,000) | (7,872,000) |
| Proceeds from Sale of Investments | 13,710,000 | 10,425,000 | 5,859,000 | 7,181,000 |
| Other Investing Activities | 1,587,000 | (315,000) | (888,000) | (849,000) |
| Cash from Investing Activities | 1,561,000 | 2,781,000 | 817,000 | (1,540,000) |
| Issuance of Long-Term Debt | 1,039,000 | 823,000 | 204,000 | 1,277,000 |
| Repayments of Long-Term Debt | (84,000) | (194,000) | 0 | (1,416,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 955,000 | 629,000 | 204,000 | (139,000) |
| Issuance of Common Shares | 8,000 | 14,000 | 17,000 | 17,000 |
| Repurchases of Common Shares | (3,530,000) | (2,800,000) | (2,801,000) | (2,401,000) |
| Net Issuance / (Repurchases) of Common Shares | (3,522,000) | (2,786,000) | (2,784,000) | (2,384,000) |
| Common Share Dividends Paid | (1,198,000) | (1,087,000) | (966,000) | (979,000) |
| Other Financing Activities | (304,000) | (242,000) | (177,000) | (49,000) |
| Cash from Financing Activities | (4,069,000) | (3,486,000) | (3,723,000) | (3,551,000) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (31,000) | (79,000) | 79,000 | 104,000 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 16,000 | 1,923,000 | 363,000 | (1,108,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $57.20B |
| P/E | 16.17x |
| P/S | 3.33x |
| EV/EBITDA | 12.03x |
| Return on Equity | 13.1% |
| Return on Invested Capital | 3.3% |
| Dividend Yield | 2.0% |
| Free Cash Flow Margin | 14.9% |
Margins
Gross margin
—
Operating margin
27.7%
Net margin
21.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $4.12B | -1.0% | 25.7% | $1.06B |
| Q1 2026 | $4.35B | +27.9% | 29.6% | $1.28B |
| Q4 2025 | $4.87B | -9.9% | 33.6% | $1.63B |
| Q3 2025 | $4.74B | +60.7% | 43.3% | $2.05B |
| Q2 2025 | $4.16B | — | 21.0% | $874M |
| Q1 2025 | $3.40B | — | 5.7% | $195M |
| Q4 2024 | $5.40B | — | 40.4% | $2.19B |
| Q3 2024 | $2.95B | — | 4.8% | $142M |
More on Aflac Incorporated
Figures compiled from public company filings.
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