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AFL

Aflac Incorporated

AFL

Aflac Incorporated • NYSE
$110.31 ▼ -0.22% (-0.24)
Market Cap $59.68 B
52w High $115.84
52w Low $96.95
Dividend Yield 2.44%
P/E 14.5
Volume 1.09M
Outstanding Shares 541.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.793B ▲ $110M ▼ $1.639B ▲ 34.196% ▲ $3.09 ▲ $2.706B ▲
Q2-2025 $4.218B ▲ $361M ▲ $599M ▲ 14.201% ▲ $1.12 ▲ $822M ▲
Q1-2025 $3.453B ▼ $345M ▼ $29M ▼ 0.84% ▼ $0.053 ▼ $145M ▼
Q4-2024 $5.498B ▲ $392M ▲ $1.902B ▲ 34.594% ▲ $3.44 ▲ $2.135B ▲
Q3-2024 $3.035B $387M $-93M -3.064% $-0.17 $92M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $76.424B ▲ $122.306B ▼ $93.618B ▼ $28.688B ▲
Q2-2025 $75.879B ▲ $124.736B ▲ $97.536B ▲ $27.2B ▲
Q1-2025 $72.408B ▲ $120.258B ▲ $93.92B ▲ $26.338B ▲
Q4-2024 $71.498B ▲ $117.566B ▼ $91.468B ▼ $26.098B ▲
Q3-2024 $10.671B $128.442B $103.612B $24.83B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.639B ▲ $1.252B ▲ $28M ▼ $-1.462B ▼ $-197M ▼ $1.252B ▲
Q2-2025 $599M ▲ $399M ▼ $1.533B ▲ $-162M ▲ $1.734B ▲ $399M ▼
Q1-2025 $29M ▼ $589M ▲ $-359M ▼ $-1.261B ▼ $-998M ▼ $589M ▲
Q4-2024 $1.902B ▲ $333M ▼ $1.517B ▲ $-1.084B ▼ $617M ▲ $333M ▼
Q3-2024 $-93M $1.27B $-1.03B $-826M $-448M $1.27B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aflac Japan Member
Aflac Japan Member
 $2.36Bn ▲$2.27Bn ▼$2.47Bn ▲$2.33Bn ▼
Aflac US Member
Aflac US Member
 $1.67Bn ▲$1.72Bn ▲$1.73Bn ▲$1.73Bn ▲
Other Segments
Other Segments
 $290.00M ▲$330.00M ▲$340.00M ▲$340.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Aflac’s revenue has been fairly steady to slightly lower over the last few years, but profits have generally improved. Operating income and net income have trended upward, showing better efficiency and underwriting discipline even without strong top-line growth. Earnings per share have grown faster than profits, which likely reflects ongoing share repurchases. Overall, the business looks more profitable and better optimized than it did a few years ago, but still dependent on a mature, slow-growing revenue base.

Balance Sheet

Balance Sheet The balance sheet shows a large, investment-heavy asset base that has gradually shrunk, suggesting portfolio repositioning and capital returns rather than aggressive expansion. Debt levels have stayed fairly stable and look manageable relative to the size of the company. Shareholders’ equity dipped earlier in the period and has since recovered, which may reflect market swings in the investment portfolio and capital management choices. In plain terms, Aflac appears conservatively financed, with no obvious signs of balance-sheet stress, but not in a heavy growth mode either.

Cash Flow

Cash Flow Aflac consistently generates solid cash flow from its core insurance operations, comfortably covering its needs with room for shareholder returns. Operating cash flow has eased from the peak years but remains healthy. Since the business is not capital intensive in the traditional sense, free cash flow closely tracks operating cash flow, giving management flexibility for dividends, buybacks, and portfolio investments. The main watchpoint is that cash generation trends slightly down over the five-year window, even though it remains strong in absolute terms.

Competitive Edge

Competitive Edge Aflac holds a strong and defensible position in supplemental insurance, especially in the U.S. and Japan. The brand is exceptionally well known, which lowers customer acquisition costs and strengthens trust. Its workplace distribution network and long-standing employer relationships are difficult for competitors to replicate quickly. Scale allows Aflac to invest in technology, marketing, and product development in a way that smaller rivals often cannot. The flip side is that the company operates in mature markets, so gaining additional share may be incremental rather than dramatic, and regulatory and pricing pressures are ongoing structural challenges.

Innovation and R&D

Innovation and R&D Innovation at Aflac is focused more on digital capabilities and product design than on traditional laboratory-style R&D. The “One Digital Aflac” program is modernizing customer and agent experiences through apps, portals, and AI-driven automation, particularly in claims and service. Partnerships in data analytics, dental/vision administration, and digital health broaden its capabilities without having to build everything internally. New products—such as bundled coverages, senior-focused offerings, and legacy planning tools—show a willingness to adapt to demographic and benefit trends. The venture arm adds optionality by investing in emerging insurtech and health-tech players, though the long-term financial impact of these efforts is still evolving.

Summary

Aflac combines stable, somewhat mature revenue with improving profitability and steady cash generation. Its balance sheet looks prudent and built to withstand insurance and market cycles, with manageable leverage and a large investment portfolio. Competitive strengths—brand, distribution, and scale—give it a durable position in supplemental insurance, mainly in developed markets. The company is leaning into digital transformation, AI, and product innovation to enhance efficiency and sustain relevance, rather than chasing rapid expansion. Overall, the picture is of a financially solid, cash-generative insurer using technology and capital discipline to refine a well-established business model in a slow-growing but resilient niche.

NEWS

November 25, 2025 · 10:15 AM UTC

Wrap up more than a story: Aflac's "Beyond Words" is the perfect gift that gives back

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November 17, 2025 · 12:00 PM UTC

Aflac expands support for children with new book 'Beyond Words'

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November 11, 2025 · 2:03 PM UTC

Aflac Incorporated Announces 5.2% Increase in the First Quarter 2026 Dividend

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November 4, 2025 · 4:05 PM UTC

Aflac Incorporated Announces Third Quarter Results, Reports Third Quarter Net Earnings of $1.6 Billion, Declares Fourth Quarter Dividend

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October 9, 2025 · 8:04 AM UTC

American workforce burnout reaches 6-year high

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