Aflac $AFL

Financials · Life & Health Insurance · NYSE/NASDAQ

Profile updated

$120.27
+1.60 (+1.35%)
As of Oct 20, 2026, 5:56 PM EDT · cached
Price history
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Key facts

52-week range (closes)
$105.70 – $129.55 Lowest close Oct 29, 2025, highest Jul 28, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends
December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since
May 28, 1999 · All S&P 500 changes

Aflac (AFL) is trading up at $120.27 (+1.35%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Financials sector.

Aflac revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)
$22.6B$11.3B$0FY2016 revenue: $22.6BFY2016 net income: $2.66B · Net margin 11.8%'16FY2017 revenue: $21.7BFY2017 net income: $4.60B · Net margin 21.2%'17FY2018 revenue: $21.8BFY2018 net income: $2.92B · Net margin 13.4%'18FY2019 revenue: $22.3BFY2019 net income: $3.30B · Net margin 14.8%'19FY2020 revenue: $22.1BFY2020 net income: $4.78B · Net margin 21.6%'20FY2021 revenue: $21.6BFY2021 net income: $4.23B · Net margin 19.6%'21FY2022 revenue: $19.1BFY2022 net income: $4.42B · Net margin 23.1%'22FY2023 revenue: $18.7BFY2023 net income: $4.66B · Net margin 24.9%'23FY2024 revenue: $18.9BFY2024 net income: $5.44B · Net margin 28.8%'24FY2025 revenue: $17.2BFY2025 net income: $3.65B · Net margin 21.2%'250%10%20%30%FY2016 net margin: 11.8%FY2017 net margin: 21.2%FY2018 net margin: 13.4%FY2019 net margin: 14.8%FY2020 net margin: 21.6%FY2021 net margin: 19.6%FY2022 net margin: 23.1%FY2023 net margin: 24.9%FY2024 net margin: 28.8%FY2025 net margin: 21.2%
Aflac annual financial statements
FY2016Dec 2016FY2017Dec 2017FY2018Dec 2018FY2019Dec 2019FY2020Dec 2020FY2021Dec 2021FY2022Dec 2022FY2023Dec 2023FY2024Dec 2024FY2025Dec 2025
Income statement
Revenue$22.6B$21.7B$21.8B$22.3B$22.1B$21.6B$19.1B$18.7B$18.9B$17.2B
Growth (year over year)+8.1%−4.0%+0.4%+2.5%−0.7%−2.7%−11.2%−2.3%+1.2%−9.3%
Operating income$4.12B$4.09B$4.35B$4.46B$4.42B$4.93B$4.16B———
Operating margin18.2%18.9%20.0%20.0%19.9%22.9%21.7%———
Net income$2.66B$4.60B$2.92B$3.30B$4.78B$4.23B$4.42B$4.66B$5.44B$3.65B
Net margin11.8%21.2%13.4%14.8%21.6%19.6%23.1%24.9%28.8%21.2%
EPS (diluted)$3.21$5.77$3.77$4.43$6.67$6.25$6.93$7.78$9.63$6.82
Balance sheet
Cash and equivalents$4.86B$3.49B$4.34B$4.90B$5.14B$5.05B$3.94B$4.31B$6.23B$6.25B
Total assets$129.8B$137.2B$140.4B$152.8B$165.1B$157.5B$131.7B$126.7B$117.6B$116.5B
Total liabilities$109.3B$112.6B$116.9B$123.8B$131.5B$124.3B$111.6B$104.7B$91.5B$87.0B
Shareholders' equity$20.5B$24.6B$23.5B$29.0B$33.6B$17.0B$20.1B$22.0B$26.1B$29.5B
Cash flow
Operating cash flow$5.99B$6.13B$6.01B$5.46B$5.96B$5.05B$3.88B$3.19B$2.71B$2.56B
Dividends paid$658.0M$661.0M$793.0M$771.0M$769.0M$855.0M$979.0M$966.0M$1.09B$1.20B
Share buybacks$1.42B$1.35B$1.30B$1.63B$1.54B$2.30B$2.40B$2.80B$2.80B$3.53B

From Aflac's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Aflac vs the Financials sector and the S&P 500

Aflac's latest reported figures next to the median of the other 75 S&P 500 Financials companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Aflac compared with the median Financials company and the median S&P 500 company
MeasureAflacFinancials (75 other S&P 500 companies)S&P 500 (502 other companies)
Revenue growth, latest fiscal year−9.3%+7.2%+7.0%
Net margin, latest fiscal year21.2%19.3%12.9%
Dividend per share, latest fiscal year$2.35$2.38$2.40
Share price change, 1 year+10.6%+8.9%+7.5%

Aflac: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Aflac included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, dividend per share 61/349, 1-year price change 75/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 61 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.

About Aflac

Aflac Incorporated is an American insurance company and is the largest provider of supplemental insurance in the United States. It was founded in 1955 and is based in Columbus, Georgia. In the U.S., it underwrites a wide range of insurance policies, but is perhaps more known for its payroll deduction insurance coverage, which pays cash benefits when a policyholder has a covered accident or illness. The company states it "provides financial protection to more than 50 million people worldwide".

Source: Wikipedia — Aflac

Headquarters
Columbus, Georgia From SEC filings, Oct 2026

Company profile

Aflac Incorporated was incorporated in 1973 under the laws of the state of Georgia, and its address on the cover of its annual report for 2025 (Form 10-K) is 1932 Wynnton Road, Columbus, Georgia. According to the 10-K, the company's principal business is supplemental health and life insurance products, sold in Japan and the United States, and its insurance business consists of two reporting segments, Aflac Japan and Aflac U.S.; the Parent Company, reinsurance activities and other units that are not individually reportable are included in Corporate and other. Aflac Japan's main operating company is Aflac Life Insurance Japan Ltd. (ALIJ). The 10-K describes Aflac Japan as the largest insurer in Japan in terms of cancer and medical policies in force and the number one provider of cancer insurance there. Its fiscal year ends December 31, its common stock trades on the New York Stock Exchange as AFL, and it had 12,716 full-time employees at December 31, 2025: 6,804 at Aflac Japan, 5,117 at Aflac U.S. and 795 in Corporate and other (10-K).

For 2025 the consolidated statements of earnings report total revenues of $17,164 million, against $18,927 million in 2024, including net earned premiums of $13,548 million (2024: $13,440 million), net investment income of $4,076 million and net investment losses of $572 million (2024: gains of $1,271 million). Net earnings were $3,646 million, against $5,443 million in 2024, or $6.82 per diluted share (2024: $9.63). Net cash provided by operating activities was $2,555 million (2024: $2,707 million); the company paid $1,198 million of dividends to shareholders and spent $3,530 million on purchases of treasury stock. At December 31, 2025 total assets were $116,470 million and total shareholders' equity was $29,490 million (10-K). In its risk factors Aflac says Aflac Japan's adjusted revenues were 53% of the company's total adjusted revenues in 2025, against 55% in 2024 and 60% in 2023, and that Aflac Japan accounted for 76% of total assets at December 31, 2025.

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenues were $4,117 million for the second quarter, against $4,160 million a year earlier, and $8,463 million for the first six months (2025: $7,558 million); net earnings were $825 million for the quarter, or $1.63 per diluted share, against $599 million, or $1.11. In its August 6, 2026 earnings release Aflac reported adjusted earnings per diluted share, a non-GAAP measure, down 1.7% to $1.75, and said it returned $1.3 billion to shareholders in the quarter, consisting of $983 million in share repurchases and $309 million in dividends. Aflac Japan's sales (new annualized premium) fell 5.6% to ¥19.6 billion, or $123 million, while Aflac U.S. sales rose 2.6% to $349 million. Shareholders' equity was $30.3 billion, or $60.35 per share, at June 30, 2026. Annual revenue rows below run to 2025, the latest year covered by a filed 10-K.

On June 30, 2026 Aflac reported in a Form 8-K that Aflac Japan had discovered on June 25, 2026 that an unauthorized third party had accessed certain of its systems between June 15 and June 25, 2026. Aflac Japan suspended certain systems to contain the incident while continuing to serve policyholders, said impacted files contain policy and coverage details, personal information and bank account information, and notified the Japan Financial Services Agency; the company said the incident is limited to systems in Japan and that the full scope and potential ultimate impact on it are not known. In May 2026 Aflac issued $500,000,000 of 5.150% Senior Notes due 2036 and four series of yen-denominated senior notes due 2029, 2031, 2033 and 2036, the largest being ¥41,800,000,000 of 2.802% Senior Notes due 2031 (Forms 8-K). Daniel P. Amos is Chairman and Chief Executive Officer, and Max K. Brodén is Senior Executive Vice President, Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2).

Summary sources:12345678910111213

$17,164 million4
Total revenues, 2025 (year ended December 31, 2025)
$13,548 million4
Net earned premiums, principally supplemental health insurance, 2025
$4,076 million4
Net investment income, 2025
$(572) million4
Net investment gains (losses), 2025
$7,293 million4
Total benefits and claims, net, 2025
$3,646 million4
Net earnings, 2025
$6.824
Diluted earnings per share, 2025
$2.324
Cash dividends per share, 2025
$2,555 million5
Net cash provided by operating activities, 2025
$3,530 million5
Purchases of treasury stock, 2025 (cash flow statement)
$103,760 million6
Total investments and cash, December 31, 2025
$116,470 million6
Total assets, December 31, 2025
$8,409 million6
Notes payable and lease obligations, December 31, 2025
$29,490 million6
Total shareholders' equity, December 31, 2025
12,7161
Full-time employees, December 31, 2025
516,369,4522
Common shares outstanding, February 16, 2026 (10-K cover)
$4,117 million7
Total revenues, quarter ended June 30, 2026 (10-Q)
$8,463 million7
Total revenues, six months ended June 30, 2026 (10-Q)
$1,844 million7
Net earnings, six months ended June 30, 2026 (10-Q)
$1.758
Adjusted earnings per diluted share, second quarter of 2026 (non-GAAP, as reported by Aflac)
$60.358
Book value per share, June 30, 2026 (news release)
$115,961 million14
Total assets, June 30, 2026 (10-Q)
$8,729 million14
Notes payable and lease obligations, June 30, 2026 (10-Q)
501,343,29815
Common shares outstanding, July 28, 2026 (10-Q cover)

Revenue by fiscal year, as reported in 10-K

Fiscal yearRevenue (as reported in 10-K)Reported asFiled
2021$22,106 million16Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenues, in millions as filedFeb 23, 2022
2022$19,502 million17Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenues, in millions as filedFeb 24, 2023
2023$18,701 million18Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenues, in millions as filedFeb 22, 2024
2024$18,927 million19Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenues, in millions as filedFeb 26, 2025
2025$17,164 million4Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenues, in millions as filedFeb 25, 2026

Products

Aflac Japan

NameReleasedWhat it is
MiraitoMar 2025A cancer insurance product launched by Aflac Japan in March 2025, described in the 10-K as service-integrated and designed to let customers choose the coverage they need.1
Anshin PaletteDec 2025A medical insurance product launched by Aflac Japan in December 2025 that lets customers choose only the coverage they need from a wide range of options (10-K for 2025).1
TsumitasuJun 2024Launched in June 2024, an insurance product designed primarily for post-retirement preparation, with asset formation features and coverage for nursing care and other benefits (10-K for 2025).1
Prepare Smart Whole-Life Insurance—A whole life insurance product with low cash surrender value, with further discounted premiums for non-smokers and a pre-determined benefit paid on the death of the insured (10-K for 2025).1
GIFT—A term life insurance product that pays beneficiaries a fixed amount every month upon a breadwinner's death or serious disability, as family support (10-K for 2025).1
WAYS—An insurance product that lets policyholders convert a portion of their life insurance to medical, nursing care or fixed annuity benefits at a predetermined age (10-K for 2025).1
Nursing Care Insurance—Aflac Japan's coverage for out-of-pocket costs incurred when receiving public nursing care services (10-K for 2025).1
Yori-sou Cancer Consultation Support—A service, not an insurance policy: support from the moment a policyholder suspects cancer through treatment and recovery, provided to all holders of Aflac Japan cancer insurance products, including Miraito (10-K for 2025).1

Segments and products

Risks

Frequently asked questions

What does Aflac do?
Aflac Incorporated's principal business is supplemental health and life insurance products, sold in Japan and the United States through two reporting segments, Aflac Japan and Aflac U.S., according to its 10-K for 2025. Its U.S. products are designed to provide supplemental coverage for people who already have major medical or primary insurance, and pay benefits regardless of other insurance.
Where is Aflac based?
Its address on the cover of its 10-K for 2025 is 1932 Wynnton Road, Columbus, Georgia. Aflac Incorporated was incorporated in Georgia in 1973.
How much revenue did Aflac make in 2025?
Total revenues were $17,164 million in 2025, compared with $18,927 million in 2024, according to its 10-K. Net earned premiums were $13,548 million, net investment losses were $572 million against gains of $1,271 million in 2024, and net earnings were $3,646 million, or $6.82 per diluted share.
How much of Aflac's business is in Japan?
Aflac Japan's adjusted revenues were 53% of the company's total adjusted revenues in 2025, against 55% in 2024 and 60% in 2023, and Aflac Japan accounted for 76% of total assets at December 31, 2025, according to the risk factors in its 10-K.
Which segment earned more in 2025?
Aflac Japan, with pretax adjusted earnings of $3,440 million, against $1,421 million for Aflac U.S., according to the segment note in its 10-K for 2025. Pretax adjusted earnings is the measure Aflac uses to evaluate its segments.
What insurance products does Aflac sell in Japan?
Its 10-K for 2025 names cancer insurance (Miraito, launched in March 2025), medical insurance (Anshin Palette, launched in December 2025), Tsumitasu, Prepare Smart Whole-Life Insurance, GIFT term life insurance, WAYS and Nursing Care Insurance, among others.
What were Aflac's second-quarter 2026 results?
Its 10-Q reports total revenues of $4,117 million for the quarter ended June 30, 2026, against $4,160 million a year earlier, and net earnings of $825 million, or $1.63 per diluted share, against $599 million, or $1.11. In its August 6, 2026 release Aflac reported adjusted earnings per diluted share, a non-GAAP measure, down 1.7% to $1.75.
What happened in the Aflac Japan cyber incident?
In a Form 8-K filed June 30, 2026, Aflac said Aflac Japan found on June 25, 2026 that an unauthorized third party had accessed certain of its systems between June 15 and June 25, that impacted files contain policy and coverage details, personal information and bank account information, and that the incident is limited to systems in Japan. It said the full scope and potential ultimate impact were not known.
Does Aflac buy back shares and pay dividends?
Yes. In 2025 it spent $3,530 million on purchases of treasury stock and paid $1,198 million of dividends to shareholders (10-K, cash flow statement). In the second quarter of 2026 it repurchased $983 million of shares and paid $309 million in dividends, and declared a third-quarter dividend of $0.61 per share (August 6, 2026 release).
Who runs Aflac?
Daniel P. Amos is Chairman and Chief Executive Officer, and Max K. Brodén is Senior Executive Vice President, Chief Financial Officer, according to their certifications in the 10-Q for the quarter ended June 30, 2026.

Sources

  1. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025, Feb 25, 2026
  2. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Document and Entity Information (XBRL financial report R1), Feb 25, 2026
  3. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Business Segment Information and Selected Foreign Currency Translation Items (XBRL financial report R12), Feb 25, 2026
  4. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Earnings (XBRL financial report R3), Feb 25, 2026
  5. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Cash Flows (XBRL financial report R10), Feb 25, 2026
  6. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Consolidated Balance Sheets (XBRL financial report R6), Feb 25, 2026
  7. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-Q for the quarterly period ended June 30, 2026: Consolidated Statements of Earnings (XBRL financial report R2), Aug 7, 2026
  8. Aflac Incorporated (SEC filing), Aflac Incorporated Form 8-K, Item 2.02, Exhibit 99.1: Aflac Incorporated Announces Second Quarter 2026 Results, Declares Third Quarter Dividend, Aug 6, 2026
  9. Aflac Incorporated (SEC filing), Aflac Incorporated Form 8-K, Item 8.01: unauthorized access to certain Aflac Japan systems, Jun 30, 2026
  10. Aflac Incorporated (SEC filing), Aflac Incorporated Form 8-K, Item 8.01: issuance of 5.150% Senior Notes due 2036, May 14, 2026
  11. Aflac Incorporated (SEC filing), Aflac Incorporated Form 8-K, Item 8.01: issuance of yen-denominated Senior Notes due 2029, 2031, 2033 and 2036, May 28, 2026
  12. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.1: certification of the Chief Executive Officer, Aug 7, 2026
  13. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.2: certification of the Chief Financial Officer, Aug 7, 2026
  14. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-Q for the quarterly period ended June 30, 2026: Consolidated Balance Sheets (XBRL financial report R4), Aug 7, 2026
  15. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-Q for the quarterly period ended June 30, 2026: Document and Entity Information (XBRL financial report R1), Aug 7, 2026
  16. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2021: Consolidated Statements of Earnings (XBRL financial report R2), Feb 23, 2022
  17. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2022: Consolidated Statements of Earnings (XBRL financial report R2), Feb 24, 2023
  18. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2023: Consolidated Statements of Earnings (XBRL financial report R2), Feb 22, 2024
  19. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2024: Consolidated Statements of Earnings (XBRL financial report R2), Feb 26, 2025
  20. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Business Segment Information, Operations by Segment - Pretax Earnings (XBRL financial report R49), Feb 25, 2026
  21. Aflac Incorporated (SEC filing), Aflac Incorporated Form 10-K for the fiscal year ended December 31, 2025: Business Segment Information, Operations by Segment - Revenues (XBRL financial report R48), Feb 25, 2026

Figures last checked against the sources above on . General information, not investment advice.

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