Aflac Incorporated is an American insurance company that is the largest provider of supplemental insurance in the United States and a leading provider of medical and cancer insurance in Japan. Founded in 1955, the company specializes in policies that pay cash benefits directly to policyholders to help cover out-of-pocket expenses related to accidents or illnesses. Aflac operates primarily through two segments: Aflac U.S. and Aflac Japan.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Net Premiums Earned
13,548,000
13,440,000
14,123,000
14,901,000
Investment Income
4,076,000
4,116,000
3,811,000
3,656,000
Net Gains on Investments
(572,000)
1,271,000
590,000
363,000
Total Other Revenues
112,000
100,000
177,000
220,000
Total Revenues
17,164,000
18,927,000
18,701,000
19,140,000
Insurance Benefits & Claims
7,293,000
7,450,000
8,211,000
8,887,000
Policy Amortization Costs
874,000
851,000
816,000
792,000
Other Operating Expenses
4,244,000
4,012,000
4,217,000
4,366,000
Operating Profit
4,753,000
6,614,000
5,457,000
5,095,000
Interest Expense
(220,000)
(197,000)
(195,000)
(226,000)
Total Non-Operating Income
(220,000)
(197,000)
(195,000)
(226,000)
Income Before Provision for Income Taxes
4,533,000
6,417,000
5,262,000
4,869,000
Provision for Income Taxes
887,000
974,000
603,000
451,000
Consolidated Net Income
3,646,000
5,443,000
4,659,000
4,418,000
Net Income Attributable to Common Shareholders
3,646,000
5,443,000
4,659,000
4,418,000
Basic EPS
6.84
9.68
7.81
6.96
Diluted EPS
6.82
9.63
7.78
6.93
Basic Weighted Average Shares Outstanding
532,885
562,492
596,173
634,816
Diluted Weighted Average Shares Outstanding
534,878
565,015
598,745
637,655
Shares Outstanding
518,690
549,964
578,479
615,256
FY 2025
FY 2024
FY 2023
FY 2022
Debt Securities
80,241,000
81,235,000
91,109,000
94,797,000
Equity and Preferred Securities
887,000
796,000
1,088,000
1,091,000
Other Investments
16,387,000
16,827,000
17,057,000
17,566,000
Total Investments
97,515,000
98,858,000
109,254,000
113,454,000
Cash and Cash Equivalents
6,245,000
6,229,000
4,306,000
3,943,000
Deferred Acquisition Costs
9,034,000
8,758,000
9,132,000
9,239,000
Other Receivables
1,553,000
1,489,000
1,579,000
1,392,000
Net Property, Plant & Equipment
351,000
387,000
445,000
530,000
Other Assets
1,772,000
1,845,000
2,008,000
3,180,000
Total Assets
116,470,000
117,566,000
126,724,000
131,738,000
Unearned Premiums
1,323,000
1,286,000
1,451,000
1,825,000
Claims Reserves
68,260,000
76,222,000
90,148,000
95,085,000
Total Debt
8,409,000
7,498,000
7,364,000
7,442,000
Other Liabilities
8,988,000
6,462,000
5,776,000
7,246,000
Total Liabilities
86,980,000
91,468,000
104,739,000
111,598,000
Common Stock
136,000
136,000
136,000
135,000
Treasury Stock
(29,804,000)
(26,231,000)
(23,395,000)
(20,574,000)
Additional Paid-in Capital
3,024,000
2,894,000
2,771,000
2,641,000
Accumulated Other Comprehensive Income
1,452,000
(2,978,000)
(5,520,000)
(6,429,000)
Retained Earnings
54,682,000
52,277,000
47,993,000
44,367,000
Total Common Shareholders' Equity
29,490,000
26,098,000
21,985,000
20,140,000
Total Shareholders' Equity
29,490,000
26,098,000
21,985,000
20,140,000
Total Liabilities and Shareholders' Equity
116,470,000
117,566,000
126,724,000
131,738,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
3,646,000
5,443,000
4,659,000
4,418,000
Other Adjustments
299,000
(1,887,000)
453,000
(499,000)
Changes in Receivables
(66,000)
51,000
(133,000)
5,000
Changes in Deferred Acquisition Costs
(231,000)
(205,000)
(270,000)
(262,000)
Changes in Claims Reserves
(815,000)
(302,000)
(552,000)
726,000
Changes in Income Taxes Payable
(278,000)
(393,000)
(967,000)
(509,000)
Cash from Operating Activities
2,555,000
2,707,000
3,190,000
3,879,000
Purchases of Investments
(13,736,000)
(7,329,000)
(4,154,000)
(7,872,000)
Proceeds from Sale of Investments
13,710,000
10,425,000
5,859,000
7,181,000
Other Investing Activities
1,587,000
(315,000)
(888,000)
(849,000)
Cash from Investing Activities
1,561,000
2,781,000
817,000
(1,540,000)
Issuance of Long-Term Debt
1,039,000
823,000
204,000
1,277,000
Repayments of Long-Term Debt
(84,000)
(194,000)
0
(1,416,000)
Net Issuance / (Repayments) of Long-Term Debt
955,000
629,000
204,000
(139,000)
Issuance of Common Shares
8,000
14,000
17,000
17,000
Repurchases of Common Shares
(3,530,000)
(2,800,000)
(2,801,000)
(2,401,000)
Net Issuance / (Repurchases) of Common Shares
(3,522,000)
(2,786,000)
(2,784,000)
(2,384,000)
Common Share Dividends Paid
(1,198,000)
(1,087,000)
(966,000)
(979,000)
Other Financing Activities
(304,000)
(242,000)
(177,000)
(49,000)
Cash from Financing Activities
(4,069,000)
(3,486,000)
(3,723,000)
(3,551,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(31,000)
(79,000)
79,000
104,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash