AFLAC INC

Listed Company

AFLCIK 0000004977NYSELarge AcceleratedAccident & Health InsuranceGeorgiaFY ends Dec 31

Period

FY 2025

Revenue

$17.16B

Net Income

$3.65B

Total Assets

$116.47B

Equity

$29.49B

Shares Out

508.98M

Op. Cash Flow

$2.56B

+ 13F Filer

AFL$124.74+22.99% · past yearDBEQ Basic

Daily closing prices

Business

Aflac Incorporated provides supplemental health and life insurance products to millions of policyholders in Japan and the United States. The company offers cancer, medical, accident, disability, critical illness, hospital indemnity, dental, vision and life insurance products designed to cover out-of-pocket costs not reimbursed by primary insurance. Aflac operates through two reportable segments: Aflac Japan, which leads the Japanese third-sector insurance market, and Aflac U.S., which sells supplemental coverage through agents, brokers and direct channels to small and large employers and individuals.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums, principally supplemental health insurance	13,548	13,440	14,123	14,901	17,095
Net investment income	4,076	4,116	3,811	3,656	3,818
Net investment gains (losses)	−572	1,271	590	363	468
Other income (loss)	112	100	177	220	173
Total revenues	17,164	18,927	18,701	19,140	21,554
Benefits and claims, excluding reserve remeasurement	7,987	8,008	8,594	9,102	10,623
Reserve remeasurement (gains) losses	−694	−558	−383	−215	−147
Total benefits and claims, net	7,293	7,450	8,211	8,887	10,476
Amortization of deferred policy acquisition costs	874	851	816	792	835
Insurance commissions	991	998	1,052	1,117	1,256
Insurance and other expenses	3,253	3,014	3,165	3,249	3,541
Interest expense	220	197	195	226	—
Total acquisition and operating expenses	5,338	5,060	5,228	5,384	5,870
Total benefits and expenses	12,631	12,510	13,439	14,271	16,346
Earnings before income taxes	4,533	6,417	5,262	4,869	5,208
Current	1,115	1,330	1,663	1,181	1,095
Deferred	−228	−356	−1,060	−730	−118
Income taxes	887	974	603	451	977
Net earnings	3,646	5,443	4,659	4,418	4,231
Basic (in dollars per share)	6.84	9.68	7.81	6.96	6.28
Diluted (in dollars per share)	6.82	9.63	7.78	6.93	6.25
Basic (in shares)	533	562	596	635	674
Diluted (in shares)	535	565	599	638	677
Cash dividends per share	2.32	2	1.68	1.6	1.32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available-for-sale	64,121	65,269	73,290	75,741	98,696
Fixed maturity securities, held-to-maturity	16,120	15,966	17,819	19,056	22,000
Equity securities	887	796	1,088	1,091	1,603
Commercial mortgage and other loans	9,765	10,869	12,527	13,496	11,786
Other investments	6,622	5,958	4,530	4,070	3,842
Cash and cash equivalents	6,245	6,229	4,306	3,943	5,051
Total investments and cash	103,760	105,087	113,560	117,397	142,978
Receivables	835	779	848	647	672
Accrued investment income	718	710	731	745	737
Deferred policy acquisition costs	9,034	8,758	9,132	9,239	9,848
Property and equipment, at cost less accumulated depreciation	351	387	445	530	538
Other	1,772	1,845	2,008	3,180	3,092
Total assets	116,470	117,566	126,724	131,738	157,542
Future policy benefits	62,320	70,381	83,718	88,241	90,588
Unpaid policy claims	495	381	261	201	4,836
Unearned premiums	1,323	1,286	1,451	1,825	2,576
Other policyholders funds	5,445	5,460	6,169	6,643	7,072
Total policy liabilities	69,583	77,508	91,599	96,910	105,072
Income taxes	1,368	573	154	698	4,339
Payables for return of cash collateral on loaned securities	3,989	2,037	1,503	1,809	2,162
Notes payable and lease obligations	8,409	7,498	7,364	7,442	7,956
Other	3,631	3,852	4,119	4,739	4,760
Total liabilities	86,980	91,468	104,739	111,598	124,289
Commitments and contingent liabilities (Note 15)	—	—	—	—	—
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024	136	136	136	135	135
Additional paid-in capital	3,024	2,894	2,771	2,641	2,529
Retained earnings	54,682	52,277	47,993	44,367	41,381
Unrealized foreign currency translation gains (losses)	−4,847	−4,998	−4,069	−3,564	−2,013
Unrealized gains (losses) on fixed maturity securities	−1,809	24	1,139	−702	9,602
Unrealized gains (losses) on derivatives	−13	−20	−22	−27	−30
Effect of changes in discount rate assumptions	8,035	2,006	−2,560	−2,100	—
Pension liability adjustment	86	10	−8	−36	−166
Treasury stock, at average cost	−29,804	−26,231	−23,395	−20,574	−18,185
Total shareholders equity	29,490	26,098	21,985	20,140	17,031
Total liabilities and shareholders equity	116,470	117,566	126,724	131,738	157,542

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Change in receivables and advance premiums	−66	51	−133	5	72
Capitalization of deferred policy acquisition costs	−1,105	−1,056	−1,086	−1,054	−1,063
Change in policy liabilities	−815	−302	−552	726	774
Change in income tax liabilities	−278	−393	−967	−509	96
Other, net	−273	−616	1,043	−136	574
Net cash provided (used) by operating activities	2,555	2,707	3,190	3,879	5,051
Fixed maturity securities available-for-sale	11,049	7,205	3,811	4,418	4,157
Equity securities	491	782	404	570	264
Fixed maturity securities held-to-maturity	3	3	3	3	4
Commercial mortgage and other loans	2,167	2,435	1,641	2,190	4,099
Fixed maturity securities available-for-sale	−11,742	−5,542	−2,801	−3,514	−5,813
Equity securities	−510	−411	−357	−461	−492
Commercial mortgage and other loans	−1,484	−1,376	−996	−3,897	−5,282
Other investments, net	−256	−972	−417	−227	−1,066
Settlement of derivatives, net	−20	−184	79	−61	199
Cash received (pledged or returned) as collateral, net	2,158	780	−401	−673	1,511
Other, net	−295	61	−149	112	41
Net cash provided (used) by investing activities	1,561	2,781	817	−1,540	−2,378
Purchases of treasury stock	−3,530	−2,800	−2,801	−2,401	−2,301
Proceeds from borrowings	1,039	823	204	1,277	1,153
Principal payments under debt obligations	−84	−194	0	−1,416	−700
Dividends paid to shareholders	−1,198	−1,087	−966	−979	−855
Change in investment-type contracts, net	−266	−214	−160	−83	−36
Treasury stock reissued	8	14	17	17	26
Other, net	−38	−28	−17	34	−26
Net cash provided (used) by financing activities	−4,069	−3,486	−3,723	−3,551	−2,739
Effect of foreign exchange rate changes on cash and cash equivalents	−31	−79	79	104	−24
Net change in cash and cash equivalents	16	1,923	363	−1,108	−90
Income taxes paid	1,165	1,367	1,569	961	880
Interest paid	197	180	185	211	213
Noncash interest	23	17	10	14	24
Noncash real estate acquired in satisfaction of debt	247	468	217	0	0
Lease obligations	30	33	75	102	46

Filings

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Holdings (13F)

Portfolio as of 2026-03-31 · 4 positions

Reported AUM

$94.75M

Holdings

Top sector

$94.75M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$94.75M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
TRUPANION INC	—	3.64M	$93.13M	98.3%
PAGAYA TECHNOLOGIES LTD	—	130.3K	$1.52M	1.6%
ETHOS TECHNOLOGIES INC	—	8.9K	$99.0K	0.1%
PAGAYA TECHNOLOGIES LTD	—	312.8K	$11.0K	0.0%

Frequently asked questions

What is AFLAC INC's CIK number?

AFLAC INC's SEC CIK number is 0000004977 (4977). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find AFLAC INC's SEC filings?

All of AFLAC INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did AFLAC INC last report earnings?

AFLAC INC (AFL) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-028396). This is AFLAC INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is AFLAC INC's most recent earnings 8-K?

AFLAC INC's latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001628280-26-028396. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View AFLAC INC's latest earnings 8-K →
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