Aflac Inc (AFL)

Price$116.49Cached quoteAs of 2026-09-18 19:50 UTC

AI: Fair-priced

Price checkAt $121.45, Aflac looks fairly priced rather than obviously cheap.

At the August 14 close, Aflac’s price valued its 502.3 million June shares at roughly $61.0 billion. That equals about 16.7 times 2025 net income. Stronger subsequent results reduce the trailing multiple to about 13 times, while the market’s forward estimate is 16.6 times. The shares also trade near 2.0 times book value, meaning assets minus liabilities, and yield about 2.0%. Those prices reasonably reward strong capital, but provide little bargain cushion given slow underlying growth. Fair-priced is the balanced conclusion.

Big pictureProfit remains durable, but shrinking revenue and weaker cash generation limit enthusiasm.

Reported profit has recovered, but the clean trend is slower. First-half 2026 net income was $1.84 billion versus $628 million a year earlier; however, first-quarter adjusted earnings, which remove major investment and currency swings, slipped 0.6%. Per-share adjusted earnings rose 5.4%, helped by fewer shares. Revenue fell from $22.15 billion in 2020 to $17.16 billion in 2025. Operating cash flow—cash generated by normal operations—fell from $5.96 billion to $2.56 billion, though first-half 2026 improved slightly to $1.08 billion. Insurance cash flows can vary with claims and investment timing.

Business strengthStrong insurance capital and aggressive buybacks protect each remaining share.

At June 30, Aflac held $115.96 billion of assets, $85.65 billion of liabilities, $30.31 billion of equity, and $6.12 billion of cash. March estimates put United States risk-based capital—a cushion against claim and investment shocks—at 560%, above the company’s 350%-450% target. Japan’s comparable ratio was 227% before a company-specific adjustment, within its 170%-230% target. Aflac spent $1.98 billion on buybacks and $603 million on dividends during first-half 2026. Shares fell 27.5% since 2020, so buybacks have more than offset employee dilution and increased each remaining share’s ownership.

What could change the storyJapan growth or cyber costs could quickly upset today’s balanced valuation.

Upside would come from new Japan products turning sales into premium growth, United States growth recovering, and a $4.8 billion portfolio repositioning adding management’s expected $50 million-plus annual investment income. The bear case is more concrete: second-quarter United States premium guidance slipped below the prior 3%-6% range, Japan’s claims ratio moved toward the high end of guidance, and the Japan data breach could add regulatory and repair costs. At 16.6 times forecast profit, the price assumes roughly $7.32 per share and continued buybacks; misses would leave limited valuation cushion.

AI: News

Second-quarter resultsSecond-quarter earnings narrowly missed forecasts, while weaker United States growth guidance disappointed.

On August 6, Aflac reported adjusted earnings of $1.75 per share, three cents below the analyst estimate, while $4.12 billion of revenue slightly exceeded expectations. Net income was $825 million, up from $599 million a year earlier. Management also placed 2026 United States premium growth just below its prior 3%-6% range, despite a stronger Japan profit margin. Investing.com reported shares 0.95% lower before trading opened. The timing is consistent with disappointment, but does not prove the report was the only cause.

Japan customer-data breachA Japan system breach exposed millions of records, creating regulatory, repair, and trust costs.

On June 30, Aflac disclosed unauthorized access to Japan systems during June 15-25. Affected files contained policy, personal, and bank-account information; the Japan disclosure covered about 4.38 million customers and roughly 40,000 agencies. Japan’s financial regulator demanded a report on July 1. By July 31, Aflac said it had found no confirmed misuse, although some services remained suspended while claims continued through other channels. Shares fell 2.36% on June 30, but price timing alone cannot establish that the breach caused the decline.

First-quarter capital returnFirst-quarter profit quality was steady, while buybacks lifted earnings for each share.

On April 29, Aflac reported adjusted earnings of $901 million, down 0.6% from $906 million, while adjusted earnings per share rose 5.4% to $1.75. Japan new sales increased 25.5%, and United States earned premiums grew 3.5%. The company returned $1.3 billion through $1.0 billion of buybacks and $315 million of dividends. The key value mechanism was the falling share count: each remaining share claimed more of a nearly unchanged pool of adjusted profit.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$17.16B	$18.93B	$18.70B	$19.14B	$21.55B	$22.15B	$22.31B	$21.76B	$21.67B	$22.56B	$20.87B	$22.73B	$23.94B	$25.36B	$22.17B	$20.73B	$18.25B	$16.55B	$15.39B
Operating expenses	$5.34B	$5.06B	$5.23B	$5.38B	$5.87B	$6.19B	$5.92B	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	$4.16B	$4.93B	$4.42B	$4.46B	$4.35B	$4.09B	$4.12B	$4.00B	$4.25B	$4.40B	$4.66B	$4.50B	$3.98B	$3.44B	—	—
Operating margin	—	—	—	21.72%	22.89%	19.94%	20.00%	20.01%	18.86%	18.25%	19.17%	18.71%	18.38%	18.36%	20.31%	19.21%	18.82%	—	—
EBITDA	—	—	—	$4.20B	$4.98B	$4.46B	$4.50B	$4.40B	$4.14B	$4.17B	$4.05B	$4.31B	$4.47B	$4.72B	$4.57B	$4.07B	$3.52B	—	—
EBITDA margin	—	—	—	21.95%	23.10%	20.12%	20.18%	20.24%	19.11%	18.49%	19.41%	18.95%	18.66%	18.63%	20.59%	19.61%	19.26%	—	—
Net income	$3.65B	$5.44B	$4.66B	$4.42B	$4.23B	$4.78B	$3.30B	$2.92B	$4.60B	$2.66B	$2.53B	$2.95B	$3.16B	$2.87B	$1.94B	$2.33B	$1.50B	$1.25B	—
Net profit margin	21.24%	28.76%	24.91%	23.08%	19.63%	21.57%	14.81%	13.42%	21.25%	11.79%	12.14%	12.98%	13.19%	11.30%	8.74%	11.23%	8.20%	7.58%	—
Basic EPSper basic share	$6.84	$9.68	$7.81	$6.96	$6.28	$6.69	$4.45	$3.79	$5.81	$3.23	$5.88	$3.27	$3.40	$3.07	$2.08	$2.48	$1.61	$1.33	$1.68
Diluted EPSper diluted share	$6.82	$9.63	$7.78	$6.93	$6.25	$6.67	$4.43	$3.77	$5.77	$3.21	$5.85	$3.25	$3.38	$3.06	$2.06	$2.46	$1.60	$1.31	$1.66

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.13%of listed shares

Japan Post Holdings Co., Ltd.50.9M shares · Jun 30, 2026

View holders

Top 20 reported holders of AFL
Holder	% owned
Japan Post Holdings Co., Ltd.	10.13%50.9M shares
BlackRock, Inc.	6.95%34.92M shares
VANGUARD CAPITAL MANAGEMENT LLC	5.95%29.9M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.85%24.36M shares
STATE STREET CORP	4.68%23.51M shares
GEODE CAPITAL MANAGEMENT, LLC	2.11%10.6M shares
WELLS FARGO & COMPANY/MN	1.72%8.64M shares
MORGAN STANLEY	1.60%8.04M shares
NORTHERN TRUST CORP	1.25%6.28M shares
GOLDMAN SACHS GROUP INC	1.06%5.32M shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	1.04%5.2M shares
DIMENSIONAL FUND ADVISORS LP	0.91%4.59M shares
Invesco Ltd.	0.80%4.02M shares
Legal & General Group Plc	0.69%3.45M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.63%3.15M shares
Amundi	0.56%2.82M shares
NORGES BANK	0.55%2.76M shares
JPMORGAN CHASE & CO	0.54%2.71M shares
FIRST TRUST ADVISORS LP	0.53%2.64M shares
VANGUARD FIDUCIARY TRUST CO	0.51%2.57M shares

Percentages use 502.26M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)158$189.25M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	MOSKOWITZ JOSEPH LDirector	SellCommon Stock	7.8K	$116.54	$905.5K	33.3K
Jun 22, 2026Form 4	MOSKOWITZ JOSEPH LDirector	SellCommon Stock	4.6K	$116.54	$536.1K	41.1K
Jun 22, 2026Form 4 · 10b5-1	Japan Post Holdings Co., Ltd.TenPercentOwner	SellCommon Stock · indirect	4.4K	$117.46	$520.2K	50.90M
Jun 22, 2026Form 4 · 10b5-1	Japan Post Holdings Co., Ltd.TenPercentOwner	SellCommon Stock · indirect	23.4K	$116.57	$2.73M	50.90M
Jun 18, 2026Form 4 · 10b5-1	Japan Post Holdings Co., Ltd.TenPercentOwner	SellCommon Stock · indirect	2.7K	$117.11	$316.2K	50.93M

Review ownership filings at SEC.gov ↗

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Aflac Inc (AFL)

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