Aflac Incorporated
- Open
- 116.76
- Day high
- 117.35
- Day low
- 114.88
- Prev close
- 115.85
- Volume
- 3.1M
- Mkt cap
- $58.2B
- P/E (TTM)
- 12.4
- EPS (TTM)
- $9.32
- P/B
- 1.9
- P/S
- 3.2
- Yield
- 2.08%
- Per share
- $2.41
- ▼Insiders net selling -$63.3M over the last 3 months (0 open-market buys, 59 sales)
- 🏛Institutions mixed (13F)
Aflac Incorporated (AFL) is a Financial Services company listed on NYSE. The stock is up 10% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 59 sales (SEC Form 4).
Aflac Incorporated (AFL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AFL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | $1.76 | $1.75 | -0.6% | $4.1B | +0.3% |
| Apr 30, 2026 | $1.79 | $1.75 | -2.2% | $4.3B | +3.4% |
| Feb 4, 2026 | $1.69 | $1.57 | -7.1% | $4.9B | +15.2% |
| Nov 4, 2025 | $1.77 | $2.49 | +40.7% | $4.8B | +9.8% |
| Apr 30, 2025 | $1.67 | $1.66 | -0.6% | $3.5B | -19.3% |
| Feb 5, 2025 | $1.62 | $1.56 | -3.7% | $5.5B | +27.0% |
| Jul 31, 2024 | $1.60 | $1.83 | +14.4% | $5.2B | +25.7% |
| May 1, 2024 | $1.58 | $1.66 | +5.1% | $5.4B | +31.3% |
| Jan 31, 2024 | $1.45 | $1.25 | -13.8% | $3.9B | -12.2% |
| Nov 1, 2023 | $1.44 | $1.84 | +27.8% | $5.0B | +16.2% |
| Aug 1, 2023 | $1.42 | $1.58 | +11.3% | $5.2B | +17.7% |
| Feb 1, 2023 | $1.21 | $1.29 | +6.6% | $4.0B | -10.6% |
AFL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 12,260 | $116.65 |
| Aug 31, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 440 | $117.25 |
| Aug 28, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 13,200 | $117.35 |
| Aug 27, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 12,066 | $116.44 |
| Aug 27, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 634 | $117.37 |
| Aug 26, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 5,735 | $118.18 |
| Aug 26, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 7,765 | $117.90 |
| Aug 25, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 80 | $117.07 |
| Aug 25, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 12,820 | $116.28 |
| Aug 24, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 9,621 | $116.45 |
| Aug 24, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 3,479 | $117.03 |
| Aug 21, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 1,529 | $117.29 |
| Aug 21, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 980 | $118.59 |
| Aug 21, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 798 | $119.60 |
| Aug 21, 2026 | Japan Post Holdings Co., Ltd.10 percent owner | Sell | 9,353 | $116.62 |
Source: AFL SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full AFL insider & 13F page →Aflac Incorporated company profile
Overview
Aflac Incorporated (NYSE:AFL) is a Fortune 500 insurance company founded in 1955 and headquartered in Columbus, Georgia. The company has grown from a small American Family Life insurance provider to become one of the world's largest supplemental insurance companies, with a particularly dominant position in Japan where it has operated for over 50 years. Aflac is best known for its iconic duck mascot and its focus on supplemental insurance products that pay cash benefits directly to policyholders when they experience covered medical events or conditions.
Business
Aflac operates in the supplemental insurance industry, which provides coverage that complements traditional health insurance rather than replacing it. The company's core business revolves around voluntary insurance products that pay cash benefits directly to policyholders when they face specific medical situations, helping cover out-of-pocket expenses, lost income, and other costs not covered by primary health insurance. The company operates through two primary segments. The Aflac Japan segment represents approximately 70% of total revenues and offers cancer insurance, medical insurance, nursing care income support, GIFT (a savings-type product), and whole and term life insurance products. Popular products include WAYS (a savings-oriented insurance product) and child endowment plans. The Aflac U.S. segment accounts for roughly 30% of revenues and provides cancer insurance, accident coverage, short-term disability, critical illness, hospital indemnity, dental, vision, long-term care and disability insurance, and term and whole life insurance products. Supplemental insurance works by providing predetermined cash payments when policyholders experience covered events - for example, a cancer insurance policy might pay $10,000 upon diagnosis plus additional amounts for treatments, hospital stays, or other specified services. Unlike traditional health insurance that pays medical providers directly, supplemental insurance pays the policyholder cash that can be used for any purpose, including medical bills, household expenses, or lost income during treatment.
Revenue model
Aflac generates revenue primarily through insurance premiums paid by policyholders, operating on a traditional insurance business model where premiums collected exceed claims paid out over time. The company's customers include individual consumers who purchase policies directly or through workplace voluntary benefit programs, as well as employers who offer Aflac products as part of their employee benefits packages. The business model benefits from several key characteristics. Premium persistency is crucial - the longer policyholders maintain their coverage, the more profitable the policies become, as acquisition costs are amortized over longer periods. In Japan, persistency rates exceed 94%, while U.S. rates are around 79%. The company also benefits from float - the time between collecting premiums and paying claims allows Aflac to invest these funds and generate additional investment income. Factors that can increase margins include rising interest rates (which boost investment income on the company's large investment portfolio), improving persistency rates, favorable claims experience, and successful cross-selling of multiple products to existing customers. Margin pressures can arise from competitive pricing environments, rising medical costs leading to higher claims, low interest rate environments that reduce investment yields, and economic downturns that may increase lapse rates as customers cancel policies to reduce expenses. The company's significant exposure to Japan also creates currency translation risk, as yen-denominated earnings must be converted to dollars for reporting purposes.
Competitive moat
Aflac's competitive moat is moderately strong, built primarily on brand recognition, distribution relationships, and regulatory barriers. In Japan, Aflac has achieved a dominant market position as the leading foreign insurance company, benefiting from first-mover advantage and strong brand awareness - the company has been operating there for 50 years and has built deep relationships with distribution partners including Japan Post. The Aflac duck mascot has achieved iconic status in both markets, providing significant brand recognition that aids in customer acquisition and retention. The company's distribution network represents another competitive advantage, particularly its exclusive partnership with Japan Post, which provides access to one of Japan's largest distribution networks. In the U.S., Aflac has built relationships with over 500,000 agents and brokers, creating switching costs for competitors trying to access these distribution channels. However, the moat faces several challenges. The supplemental insurance market is becoming increasingly competitive, with new entrants offering lower-priced products and traditional health insurers expanding into supplemental coverage. Digital disruption poses a threat as direct-to-consumer insurance platforms could potentially bypass Aflac's traditional agent-based distribution model. Additionally, changes in healthcare systems - such as universal healthcare expansion or changes in employer-sponsored benefits - could reduce demand for supplemental coverage. The company's heavy dependence on Japan also creates concentration risk, as regulatory changes or economic shifts in that market could significantly impact overall performance.
Risks & safety
Aflac maintains a solid margin of safety with strong financial fundamentals, though recent earnings volatility requires attention. 1. **Liquidity and Solvency**: The company maintains strong cash positions with $5.2 billion in cash and short-term investments as of Q1 2025. Debt-to-equity ratio of 0.29 indicates conservative leverage. Economic Solvency Ratio (ESR) above 250% demonstrates robust regulatory capital buffers well above minimum requirements. 2. **Operational Cash Generation**: Free cash flow of $589 million in Q1 2025, with full-year 2024 generating $2.7 billion, indicating strong cash-generating ability from operations. 3. **Valuation Concerns**: Recent quarters show concerning earnings volatility - Q1 2025 net income dropped to just $29 million compared to $1.9 billion in Q4 2024. EV/EBITDA ratios fluctuate dramatically (108.7x in Q1 2025 vs 6.9x in Q4 2024), suggesting earnings quality issues. 4. **Capital Returns**: The company maintains aggressive capital return policies with $900 million in share repurchases in Q1 2025 and 42 consecutive years of dividend increases, though this may not be sustainable if earnings remain volatile.
Recent development
Over the past few years, Aflac has focused on several key strategic initiatives aimed at growth and market expansion. In Japan, the company has prioritized attracting younger customers through new product launches, including the Tsumitasu product launched in 2024 that combines asset formation with nursing care coverage, and a new cancer insurance product called Miraito launched in 2025. The company celebrated its 50th anniversary in Japan and continues leveraging its partnership with Japan Post for distribution expansion. In the U.S. market, Aflac has been investing heavily in diversifying its product portfolio beyond traditional supplemental insurance. The company has expanded into group life and disability insurance, dental and vision coverage, and direct-to-consumer digital platforms. However, the rollout of its dental and vision platform has faced implementation challenges that have impacted sales growth and broker relationships. The company has also emphasized digital transformation initiatives across both markets, investing in technology to improve customer experience, streamline operations, and develop new distribution channels. In terms of capital allocation, Aflac has maintained an aggressive shareholder return strategy, repurchasing $2.8 billion in shares in 2024 while continuing its 42-year streak of dividend increases. The company has also been actively managing its commercial real estate portfolio through market downturns, working with borrowers and foreclosing when necessary to protect capital.
AFL company profile · for informational purposes only — not investment advice.
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