AFL

Research · Sep 3, 2026

[AFL] Aflac Thesis 2026: Japan Sales Rebound Drives Group to Sustained Premium Growth

Aflac FY25 (Dec 31, 2025) at $17.44B revenue (-9%). NI $3.65B; EPS $6.83 (-29% on FY24 base + reserve normalization). Japan sales +16% (Miraito cancer +35.6%, Anshin Palette). Persistency 93.1%. US NAP $1.6B+. Buyback $3.53B (+26%). FY26 Japan UEP -1-2%, pre-tax margin 33-36%; US NEP +3-6%, benefit ratio 48-52%.