<span item_type="fundamental" item_id="6b46bf324730a1c5ef2a39304ec348fd" counter_id="ST/US/AFL" env="prod"></span><span item_type="announcement" item_id="620001372903052801" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 17.16 B.</p><p>EPS: As of FY2025, the actual value is USD 6.82, beating the estimate of USD 5.8571.</p><p>EBIT: As of FY2025, the actual value is USD 4.753 B.</p><p></p><h3>Overall Company Performance (Aflac Incorporated)</h3><h4>Revenue</h4><p>Total revenues for Aflac Incorporated decreased by 9.3% to $17.2 billion in 2025, compared to $18.9 billion in 2024, primarily due to net investment losses of -$572 million in 2025, contrasting with net investment gains of $1.3 billion in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Operational Metrics</h4><p>Net earnings were $3.6 billion in 2025, down from $5.4 billion in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted earnings were $4.0 billion in 2025, a slight decrease from $4.1 billion in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Net investment losses in 2025 included -$467 million from certain derivative and foreign currency activities, an increase in credit loss allowances of -$191 million, and -$6 million of impairments, partially offset by a $72 million gain from an increase in the fair value of equity securities and $20 million of net gains from sales and redemptions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Shareholders’ Equity</h4><p>Shareholders’ equity stood at $29.5 billion at December 31, 2025, up from $26.1 billion at December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted book value (excluding accumulated other comprehensive income) was $28.0 billion at December 31, 2025, compared to $29.1 billion at December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted book value excluding foreign currency remeasurement was $22.1 billion at December 31, 2025, compared to $23.4 billion at December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Unique Metrics</h4><p>Aflac Incorporated repurchased $3.5 billion worth of its common shares, totaling 33.0 million shares, in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>As of December 31, 2025, there were 114.3 million shares remaining authorized for repurchase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>A cyber incident in June 2025 involved personal information of approximately 22.65 million individuals, but the company does not believe it is reasonably likely to have a material impact on its financial condition or results of operations, despite incurring related costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h3>Aflac Japan Segment</h3><h4>Segment Revenue</h4><p>Net earned premiums decreased to ¥1,009 billion in 2025 from ¥1,050 billion in 2024, a 3.9% decrease in Japanese yen terms, mainly due to ¥21 billion from an internal cancer reinsurance transaction and ¥15 billion from limited-pay products reaching paid-up status.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted net investment income decreased to ¥386 billion in 2025 from ¥410 billion in 2024, a 5.9% decrease in Japanese yen terms, primarily due to lower floating rate income from U.S. dollar-denominated investments.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted revenues decreased to ¥1,399 billion in 2025 from ¥1,464 billion in 2024, a 4.4% decrease in Japanese yen terms.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Operational Metrics</h4><p>Pretax adjusted earnings decreased to ¥514 billion in 2025 from ¥528 billion in 2024, a 2.7% decrease in Japanese yen terms.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total benefits and claims, net, decreased to ¥599 billion in 2025 from ¥657 billion in 2024, an 8.8% decrease in Japanese yen terms, partly due to ¥68 billion in reserve remeasurement gains from assumption updates.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted expenses increased to ¥287 billion in 2025 from ¥280 billion in 2024, a 2.6% increase in Japanese yen terms, driven by higher technology and sales-related expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The total benefits and claims to total premiums ratio decreased to 59.3% in 2025 from 62.5% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The total adjusted expense ratio increased to 20.5% in 2025 from 19.1% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The pretax adjusted profit margin increased in 2025 due to a lower benefit ratio.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Unique Metrics</h4><p>New annualized premium sales increased by 16.0% to ¥74.4 billion in 2025 from ¥64.1 billion in 2024, driven by strong sales of the new cancer insurance product Miraito and Tsumitasu.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Cancer products contributed 67.2% of new sales in 2025, while medical and other health contributed 11.9%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Annualized premiums in force were ¥1.18 trillion at December 31, 2025, down from ¥1.21 trillion at December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Premium persistency was 93.1% in 2025, a slight decrease from 93.4% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>New money yield was 4.17% in 2025, down from 6.11% in 2024, due to higher allocations to lower yielding asset classes.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Portfolio book yield (end of period) was 3.26% in 2025, up from 3.22% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h3>Aflac U.S. Segment</h3><h4>Segment Revenue</h4><p>Net earned premiums increased to $5,999 million in 2025 from $5,829 million in 2024, a 2.9% increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted net investment income decreased to $830 million in 2025 from $847 million in 2024, a 2.0% decrease, primarily due to lower floating rate income.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted revenues increased to $6,903 million in 2025 from $6,739 million in 2024, a 2.4% increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Operational Metrics</h4><p>Pretax adjusted earnings were $1,421 million in 2025, essentially flat compared to $1,419 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total benefits and claims, net, increased to $2,837 million in 2025 from $2,726 million in 2024, a 4.1% increase, mainly due to higher incurred claims.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted expenses increased to $2,645 million in 2025 from $2,594 million in 2024, a 2.0% increase, due to a one-time technology-related expense and higher variable expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The total benefits and claims to total premiums ratio increased to 47.3% in 2025 from 46.8% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The total adjusted expense ratio decreased slightly to 38.3% in 2025 from 38.5% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The pretax adjusted profit margin decreased in 2025 due to the higher benefit ratio.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Unique Metrics</h4><p>New annualized premium sales increased by 3.0% to $1,589 million in 2025 from $1,543 million in 2024, driven by sales of group products.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Disability products contributed 26.4% of new sales in 2025, and Life contributed 15.5%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Annualized premiums in force increased by 4.9% to $6.7 billion in 2025 from $6.4 billion in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Premium persistency was 79.2% in 2025, a slight decrease from 79.3% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>New money yield was 6.73% in 2025, down from 6.90% in 2024, due to lower short-term rates on floating rate assets.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Portfolio book yield (end of period) was 5.47% in 2025, down from 5.58% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h3>Corporate and Other Segment</h3><h4>Segment Revenue</h4><p>Net earned premiums increased to $806 million in 2025 from $680 million in 2024, an 18.5% increase, primarily due to higher internal reinsurance activity.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Adjusted net investment income increased to $466 million in 2025 from $314 million in 2024, a 48.4% increase, driven by a lower volume of federal historic rehabilitation and solar tax credit investments and higher Aflac Re investment income.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted revenues increased to $1,277 million in 2025 from $1,007 million in 2024, a 26.8% increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h4>Operational Metrics</h4><p>Pretax adjusted earnings increased to $101 million in 2025 from $32 million in 2024, a 215.6% increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total benefits and claims, net, increased to $458 million in 2025 from $407 million in 2024, a 12.5% increase, due to higher internal reinsurance activity, partially offset by $31 million in reserve remeasurement gains.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Total adjusted expenses increased to $718 million in 2025 from $568 million in 2024, a 26.4% increase, due to higher business operations costs, including those related to the cybersecurity incident, and increased interest expense.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p><h3>2026 Outlook</h3><p>Aflac Incorporated’s 2026 objectives include preserving solid pretax profit margins with increased sales production, driven by promotional efforts for new products in Aflac Japan and continued growth initiatives across both segments.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>The company intends to maintain strong capital ratios in Aflac Japan (target ESR 170% to 230%) and Aflac U.S. (target combined RBC 350% to 450%), supporting shareholder dividends and tactical capital deployment.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span>Aflac Japan expects benefit ratios of 60% to 63% and expense ratios of 20% to 23%, while Aflac U.S. anticipates benefit ratios of 48% to 52% and expense ratios of 36% to 39%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm"></span></p>

AFLAC | 10-K: FY2025 Revenue: USD 17.16 B