Aflac Incorporated (AFL) Earnings
Aflac Incorporated is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.79. AFL has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +7.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| 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% |
| Oct 31, 2022 | $1.22 | $1.23 | +0.8% | $4.7B | +2.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Dan Amos mentioned Aflac Incorporated reported net earnings per diluted share of $1.98 and adjusted earnings per diluted share of $1.75. - Japan segment: Sales increased 25.5% in first quarter, driven by new medical product and cancer insurance product. Emphasized third sector protection and distribution channels. - U.S. segment: Encouraged by 2.9% year-over-year increase in sales, strong premium persistency, and focus on profitable growth with underwriting discipline and expense management. - Mentioned financial strength, capital, and cash flows, and 43 consecutive years of dividend increases, with $1.3 billion returned to shareholders in first quarter.
Guidance
- Japan: Expected benefit ratio range of 60 to 63% for the full year. - U.S.: Benefit ratio guidance for full year remains 48 to 52%. - Japan sales for 2026 expected to be equivalent to 2025 (74 billion yen) or higher, with aim to reach flat premium growth requiring around 90 billion yen in sales per year.
Segment performance
Japan Segment: Net-earned premiums in yen terms for the quarter declined 3.8 percent. Underlying earned premiums (excluding reinsurance, paid-up policies, and deferred profit liability) declined 1.3 percent. Total benefit ratio was 62.9% (down 290 basis points year-over-year). Persistency was 92.8%. Expense ratio was 19.5% (down 10 basis points year-over-year). Adjusted net investment income in yen terms was up 4%. Pre-tax margin was 35% (up 320 basis points year-over-year). U.S. Segment: Net-earned premiums were up 3.5 percent. Premium persistency was 79.3%. Total benefit ratio was 47.2% (50 basis points lower than Q1 2025). Expense ratio was 38.3% (up 70 basis points year-over-year). Adjusted net investment income was down 0.5%. Pre-tax margin was 20.4% (40 basis points decrease compared with a strong quarter a year ago). Corporate and other: Reported break-even pre-tax adjusted earnings, down from a $43 million gain last year, driven by lower adjusted net investment income, high interest expense, operating costs, and runoff impacts from closed blocks of business.
Analyst Q&A
Q: Just on capital generation, can you talk about how much benefit you got from that external reinsurance deal and ESR headwinds in Japan?
A: The reinsurance transaction impact to capital was relatively small. Main driver of ESR movement was subsidiary dividends moved up from Aflac Japan to holding company. Higher yen rates have slightly negative impact to ESR due to increased capital charges, while yen weakening benefits ESR.
Q: On Japan cancer sales, do you expect sales to sequentially improve in next quarter?
A: Expect to maintain same level of standards, momentum of cancer insurance continuing, 2026 sales expected equivalent to 2025, actively promoting simultaneous sale of cancer insurance and new products.
Q: On corporate segment earnings power, any help with expected run rate?
A: Main driver is net investment income on cash and liquid assets. Corporate and other segment expected to be slightly negative in pre-tax earnings in Q2 given current volumes, rates, and reinsurance blocks.
Q: On external reinsurance transaction earnings impact, should we think earnings impact is similar to premium impact?
A: Transaction negatively impacted Aflac Japan earnings in first quarter by mid-single-digit millions, will have negative impact for next couple of quarters then go towards zero as policies reach paid-up status.
Q: On U.S. pressure from state regulators on rate cuts, seeing any additional pressure?
A: Not seeing any additional pressure, pleased with how U.S. is looking going forward with consistent and balanced approach with no material impacts.
Q: On Japan reinsurance opportunity and core business growth, is core business shrinking?
A: Core traditional business slightly down to flat, but investing in recruiting agents, converting agents, and innovative product technology to improve.
Q: On U.S. consumer behavior and agent recruiting regarding inflation, any change?
A: Persistency maintained consistent, recruiting on track with focus on converting agents, no material impact worthy of calling out.
Q: On Japan underlying earned premium growth, what needs to change for inflection?
A: Need to get to sales level to achieve zero or flat in force period over period on annual basis, with strategy to grow new business to stop stagnation of earned premium.
Q: On leverage and plans to raise debt, any plans?
A: Leverage down to 21.2% partially due to yen dollar exchange rate. No real plans to increase leverage, have significant capital and liquidity for deployment.
Q: On U.S. benefits ratio and future, any reason benefit ratio should increase?
A: First quarter benefited from re-measurement gains over and above expectations, underlying benefit ratio spot on 48% (low end of full year range), benefit from favorable experience on cancer and group disability, but benefit ratio can be volatile from quarter to quarter.
Q: On U.S. involvement in paid family leave product, current status?
A: Focus on administrative service portion, provide services for over 3 million constituents, get about $40 million in premium on insurance coverage side and $90 million from administrative services fee, cautiously looking to expand.