AFLAC

Q2 FY2026 EarningsFY26 Q2 adjusted results were largely in-line with consensus, with normalized EPS of $1.75 vs. $1.76 expected. Total revenue of $4,117M missed the $4,245M consensus by 3.01%, primarily driven by a 9.3% YoY weakening of the Japanese yen. Aflac Japan demonstrated operational resilience with a 3.4% YoY increase in pretax adjusted earnings in yen terms, while Aflac U.S. faced margin pressure from higher group benefit ratios. Management updated its Aflac Japan benefit ratio guidance to the high end of the 60%–63% range for the full year.