Aflac Incorporated (American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States. It was founded in 1955 and is based in Columbus, Georgia. In the U.S., it underwrites a wide range of insurance policies, but is perhaps more known for its payroll deduction insurance coverage, which pays cash benefits when a policyholder has a covered accident or illness.3 It employed about 12,000 people in 2020.1 Its revenue was $19.5 billion in 2022.1Wikipedia text CC BY-SA 4.0
$119.81up 1.75 (1.49%)Price as of Oct 16, 2026 at 19:58 UTC
Aflac Incorporated (American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States. It was founded in 1955 and is based in Columbus, Georgia. In the U.S., it underwrites a wide range of insurance policies, but is perhaps more known for its payroll deduction insurance coverage, which pays cash benefits when a policyholder has a covered accident or illness. The company states it "provides financial protection to more than 50 million people worldwide".3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Dividends paidShare buybacks
Dividends paid25¢$1.2B
Share buybacks75¢$3.5B
Out of $2.6B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.12
Financial statements
Revenue1314151612$17.2B in 2025−23% since 2019Operating income1314$4.2B in 2022−7% since 2019Net income1314151612$3.6B in 2025+10% since 2019
Revenue1718$4.1B in Q2 FY2026−5% since Q1 FY2026Net income1718$825.0M in Q2 FY2026−19% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.12
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earned premiums, principally supplemental health insurance
$13.5B
$13.4B
$14.1B
Net investment income
$4.1B
$4.1B
$3.8B
Net investment gains (losses)
-$572.0M
$1.3B
$590.0M
Other income (loss)
$112.0M
$100.0M
$177.0M
Total revenues
$17.2B
$18.9B
$18.7B
Benefits and claims, excluding reserve remeasurement
$8.0B
$8.0B
$8.6B
Reserve remeasurement (gains) losses
-$694.0M
-$558.0M
-$383.0M
Total benefits and claims, net
$7.3B
$7.5B
$8.2B
Amortization of deferred policy acquisition costs
$874.0M
$851.0M
$816.0M
Insurance commissions
$991.0M
$998.0M
$1.1B
Insurance and other expenses
$3.3B
$3.0B
$3.2B
Interest expense
$220.0M
$197.0M
$195.0M
Total acquisition and operating expenses
$5.3B
$5.1B
$5.2B
Total benefits and expenses
$12.6B
$12.5B
$13.4B
Earnings before income taxes
$4.5B
$6.4B
$5.3B
Current
$1.1B
$1.3B
$1.7B
Deferred
-$228.0M
-$356.0M
-$1.1B
Income taxes
$887.0M
$974.0M
$603.0M
Net earnings
$3.6B
$5.4B
$4.7B
Basic (in dollars per share)
$6.84
$9.68
$7.81
Diluted (in dollars per share)
$6.82
$9.63
$7.78
Basic (in shares)
532.9M shares
562.5M shares
596.2M shares
Diluted (in shares)
534.9M shares
565.0M shares
598.7M shares
Cash dividends per share
$2.32
$2.00
$1.68
Remeasurement gain (loss), deferred profit liability for limited-payment contracts
-$52.0M
-$81.0M
$20.0M
No quarter-by-quarter statement was filed.
Total assets191314151612$116.5B in 2025−24% since 2019Total liabilities191314151612$87.0B in 2025−30% since 2019Shareholders’ equity14151612$29.5B in 2025+2% since 2019Cash191314151612$6.2B in 2025+28% since 2019
Total assets1718$116.0B in Q2 FY2026−0% since Q1 FY2025Total liabilities1718$85.6B in Q2 FY2026−2% since Q1 FY2025Shareholders’ equity1718$30.3B in Q2 FY2026+3% since Q1 FY2025Cash1718$6.1B in Q2 FY2026−2% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.12
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturity securities, available-for-sale
$64.1B
$65.3B
Fixed maturity securities, held-to-maturity
$16.1B
$16.0B
Equity securities
$887.0M
$796.0M
Commercial mortgage and other loans
$9.8B
$10.9B
Other investments
$6.6B
$6.0B
Cash and cash equivalents
$6.2B
$6.2B
Total investments and cash
$103.8B
$105.1B
Receivables
$835.0M
$779.0M
Accrued investment income
$718.0M
$710.0M
Deferred policy acquisition costs
$9.0B
$8.8B
$9.1B
Property and equipment, at cost less accumulated depreciation
$351.0M
$387.0M
Other
$1.8B
$1.8B
Total assets
$116.5B
$117.6B
Future policy benefits
$62.3B
$70.4B
Unpaid policy claims
$495.0M
$381.0M
Unearned premiums
$1.3B
$1.3B
Other policyholders funds
$5.4B
$5.5B
Total policy liabilities
$69.6B
$77.5B
Income taxes
$1.4B
$573.0M
Payables for return of cash collateral on loaned securities
$4.0B
$2.0B
Notes payable and lease obligations
$8.4B
$7.5B
Other
$3.6B
$3.9B
Total liabilities
$87.0B
$91.5B
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
Fixed maturity securities, held-to-maturity, allowance for credit losses
$5.0M
$5.0M
$5.0M
$7.0M
Fixed maturity securities, held-to-maturity, fair value
$15.5B
$16.8B
Commercial mortgage and other loans, allowance for credit losses
$426.0M
$355.0M
Common stock, par value (in dollars per share)
$0.10
$0.10
Common stock, shares authorized (in shares)
1.9B shares
1.9B shares
Common stock, shares issued (in shares)
1.4B shares
1.4B shares
1.4B shares
1.4B shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturity securities, available-for-sale
$64.1B
$65.3B
Fixed maturity securities, held-to-maturity
$16.1B
$16.0B
Equity securities
$887.0M
$796.0M
Commercial mortgage and other loans
$9.8B
$10.9B
Other investments
$6.6B
$6.0B
Cash and cash equivalents
$6.2B
$6.2B
Total investments and cash
$103.8B
$105.1B
Receivables
$835.0M
$779.0M
Accrued investment income
$718.0M
$710.0M
Deferred policy acquisition costs
$9.0B
$8.8B
$9.1B
Property and equipment, at cost less accumulated depreciation
$351.0M
$387.0M
Other
$1.8B
$1.8B
Total assets
$116.5B
$117.6B
Future policy benefits
$62.3B
$70.4B
Unpaid policy claims
$495.0M
$381.0M
Unearned premiums
$1.3B
$1.3B
Other policyholders funds
$5.4B
$5.5B
Total policy liabilities
$69.6B
$77.5B
Income taxes
$1.4B
$573.0M
Payables for return of cash collateral on loaned securities
$4.0B
$2.0B
Notes payable and lease obligations
$8.4B
$7.5B
Other
$3.6B
$3.9B
Total liabilities
$87.0B
$91.5B
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
Fixed maturity securities, held-to-maturity, allowance for credit losses
$5.0M
$5.0M
$5.0M
$7.0M
Fixed maturity securities, held-to-maturity, fair value
$15.5B
$16.8B
Commercial mortgage and other loans, allowance for credit losses
$426.0M
$355.0M
Common stock, par value (in dollars per share)
$0.10
$0.10
Common stock, shares authorized (in shares)
1.9B shares
1.9B shares
Common stock, shares issued (in shares)
1.4B shares
1.4B shares
1.4B shares
1.4B shares
Cash from operations1314151612$2.6B in 2025−53% since 2019Dividends paid1314151612$1.2B in 2025+55% since 2019Share buybacks1314151612$3.5B in 2025+117% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.12
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earnings
$3.6B
$5.4B
$4.7B
Change in receivables and advance premiums
-$66.0M
$51.0M
-$133.0M
Capitalization of deferred policy acquisition costs
-$1.1B
-$1.1B
-$1.1B
Amortization of deferred policy acquisition costs
$874.0M
$851.0M
$816.0M
Change in policy liabilities
-$815.0M
-$302.0M
-$552.0M
Change in income tax liabilities
-$278.0M
-$393.0M
-$967.0M
Net investment (gains) losses
$572.0M
-$1.3B
-$590.0M
Other, net
-$273.0M
-$616.0M
$1.0B
Net cash provided (used) by operating activities
$2.6B
$2.7B
$3.2B
Fixed maturity securities available-for-sale
$11.0B
$7.2B
$3.8B
Equity securities
$491.0M
$782.0M
$404.0M
Fixed maturity securities held-to-maturity
$3.0M
$3.0M
$3.0M
Commercial mortgage and other loans
$2.2B
$2.4B
$1.6B
Fixed maturity securities available-for-sale
-$11.7B
-$5.5B
-$2.8B
Equity securities
-$510.0M
-$411.0M
-$357.0M
Commercial mortgage and other loans
-$1.5B
-$1.4B
-$996.0M
Other investments, net
-$256.0M
-$972.0M
-$417.0M
Settlement of derivatives, net
-$20.0M
-$184.0M
$79.0M
Cash received (pledged or returned) as collateral, net
$2.2B
$780.0M
-$401.0M
Other, net
-$295.0M
$61.0M
-$149.0M
Net cash provided (used) by investing activities
$1.6B
$2.8B
$817.0M
Purchases of treasury stock
-$3.5B
-$2.8B
-$2.8B
Proceeds from borrowings
$1.0B
$823.0M
$204.0M
Principal payments under debt obligations
-$84.0M
-$194.0M
$0
Dividends paid to shareholders
-$1.2B
-$1.1B
-$966.0M
Change in investment-type contracts, net
-$266.0M
-$214.0M
-$160.0M
Treasury stock reissued
$8.0M
$14.0M
$17.0M
Other, net
-$38.0M
-$28.0M
-$17.0M
Net cash provided (used) by financing activities
-$4.1B
-$3.5B
-$3.7B
Effect of foreign exchange rate changes on cash and cash equivalents
-$31.0M
-$79.0M
$79.0M
Net change in cash and cash equivalents
$16.0M
$1.9B
$363.0M
Income taxes paid
$1.2B
$1.4B
$1.6B
Interest paid
$197.0M
$180.0M
$185.0M
Noncash interest
$23.0M
$17.0M
$10.0M
Noncash real estate acquired in satisfaction of debt
Aflac sits at the top of its group. 82 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Aflac
Japan Post HoldingsFiled SCHEDULE 13G/A on Aflac, latest Aug 14, 2026 (3 filings since Mar 5, 2026)
Aflac Asset Management Japan Ltd. Subsidiary · Japan
Aflac Benefits Advisors, Inc. Subsidiary · Georgia, United States
Aflac Benefits Solutions Inc. Subsidiary · Florida, United States
Aflac Digital Services Co., Ltd. Subsidiary · Japan
Aflac GI Holdings LLC Subsidiary · Delaware, United States
Aflac Global Ventures LLC Subsidiary · Delaware, United States
Aflac Heartful Services Co., Ltd. Subsidiary · Japan
Aflac Holdings LLC Subsidiary · Nebraska, United States
Aflac Information Technology, Inc. Subsidiary · Georgia, United States
Aflac InfoSec Services LLC Subsidiary · Delaware, United States
Aflac Insurance Services Co., Ltd. Subsidiary · Japan
Aflac International, Inc. Subsidiary · Georgia, United States
Aflac Life Insurance Japan Ltd. (アフラック生命保険株式会社) Subsidiary · 東京, Japan
Global Investment Fund I - Voya U.S. Equity Dividend Fund Fund · Wilmington, Delaware, United States
Aflac Northern Ireland, Ltd. Subsidiary · United Kingdom
Aflac Payment Services Co., Ltd. Subsidiary · Japan
Aflac Re Bermuda Ltd. Subsidiary · Bermuda
Aflac Small-amount Short-term Insurance Co., Ltd. Subsidiary · Japan
Aflac Ventures India Fund LLC Subsidiary · Delaware, United States
Aflac Ventures Japan KK Subsidiary · Japan
Aflac Ventures Labs LLC Subsidiary · Delaware, United States
Aflac Ventures LLC Subsidiary · Delaware, United States
Aflac Ventures Seed Fund LLC Subsidiary · Delaware, United States
AMERICAN FAMILY LIFE ASSURANCE COMPANY OF COLUMBUS Subsidiary · Columbus, Georgia, United States
Aflac Re Bermuda Ltd. Subsidiary · Hamilton, Bermuda
American Family Life Assurance Company of New York Subsidiary · Columbus, Georgia, United States
and 51 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Aflac reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
In Tokyo, Japan, the Company has two primary campuses. The first campus includes a building, owned by the Company, for the customer call center, the claims department, the information technology departments, and a training facility. This campus also includes a leased property, which houses Aflac Japan's policy administration and customer service departments. The second campus comprises leased office space, which serves as Aflac Japan's headquarters and houses administrative and investment support functions. The Company also leases additional office space in Tokyo, along with regional offices located throughout the country.
In the U.S., the Company owns land and buildings that comprise two primary campuses located in Columbus, Georgia. These campuses include buildings that serve as the Company's worldwide headquarters and house administrative support and information technology functions for U.S. operations. The Company leases office space in Columbia, South Carolina, which houses the Company's CAIC subsidiary (branded as Aflac Group Insurance); in New York, New York, which houses the Company's Global Investment division; in Tampa, Florida, which houses the Company's ABS subsidiary; and in Windsor, Connecticut and Plantation, Florida, which house the operations of the Company's group life, disability and absence management business. The Company leases other administrative office space throughout the U.S., the United Kingdom, and Bermuda.
The rest of Item 2
The Company believes its properties are adequate and suitable for its business as currently conducted and are adequately maintained.
The company was founded by brothers John, Paul (died 2014), and William Amos in Columbus, Georgia, in 1955, as American Family Life Insurance Company of Columbus. In 1964, the company name was changed to American Family Life Assurance Company of Columbus. The company had an initial public offering in 1974 and was listed on the New York Stock Exchange. In 1990, the company adopted the Aflac acronym, although the official name of the underwriting subsidiary remains American Family Life Assurance Company of Columbus. Aflac announced the appointment of Frederick J. Crawford as Chief Financial Officer and Executive Vice President in June 2015.
The company signed 6,426 policyholders in its first year. Aflac pioneered cancer insurance in 1958. Beginning in 1964, the company decided to focus sales on worksite settings, eventually through policies sponsored by employers and funded through payroll deductions. By 2003, more than 98% of Aflac policies in the United States were issued on a payroll deduction basis, making the company a leader in that approach to policy distribution.
Aflac operates in the United States and Japan, and has its worldwide headquarters and corporate offices in an eighteen-story tower just east of Downtown Columbus, Georgia, in an area known as MidTown. The Aflac tower is the tallest building in the city. As of June 30, 2015, the corporation's total assets were more than $103 billion, and the company insured more than 50 million people worldwide.
Aflac is the largest provider of guaranteed-renewable insurance in the United States and the largest insurance company overall in Japan, when measured by individual insurance policies in force.
The company now offers several types of insurance policies in the United States, including the following:
Accident
Read the full text
Cancer/Specified Disease
Dental
Hospital Confinement Indemnity
Hospital Confinement Sickness Indemnity
Hospital Intensive Care
Life
Lump Sum Cancer
Lump Sum Cancer Critical Illness
Specified Health Event
Short Term Disability
Vision
Aflac also offers un-reimbursed medical, dependent day-care, and transportation flexible spending accounts. The company additionally offers human resources services for HIPAA and COBRA. From 1979 to 1997, the company owned several television stations, most of them in small and medium markets. It sold the broadcasting division (including flagship station WTVM) to what became Raycom Media in 1997.
Aflac is ranked 137th in the Fortune 500 list of largest United States corporations by revenue.
From Wikidata.1 Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $2.49 a share, on Nov 4, 2025.122
When it reported results
Aug 6, 2026Reported quarterly or annual results110
Apr 29, 2026Reported quarterly or annual results115
Feb 4, 2026Reported quarterly or annual results116
Nov 4, 2025Reported quarterly or annual results117
Aug 5, 2025Reported quarterly or annual results119
Apr 30, 2025Reported quarterly or annual results123
Feb 5, 2025Reported quarterly or annual results124
Oct 30, 2024Reported quarterly or annual results125
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
586 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 360 insider forms, 14 large holders, 151 other. The latest 20:
193 open-market trades by officers, directors and large owners since October 2021: 3 buys and 190 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Aflac names in Item 1A of its 10-K filed Feb 25, 2026: 27 risks under these headings, as written.20
Investment and Markets Risk Factors
Difficult conditions in global capital markets and the economy could have a material adverse effect on the Company's investments, capital position, revenue, profitability, and liquidity and harm the Company's business.
Defaults, downgrades, widening credit spreads or other events impairing the value of the fixed maturity securities and loan receivables in the Company's investment portfolio may reduce the Company's earnings and capital position.
The Company is exposed to significant interest rate risk, which may adversely affect its results of operations, financial condition and liquidity.
The Company's concentration of business in Japan poses risks to its operations and financial condition.
Lack of availability of acceptable Japanese yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity.
The Company is exposed to foreign currency fluctuations in the yen/dollar exchange rate.
The valuation of the Company's investments and derivatives includes methodologies, estimations and assumptions that are subject to differing interpretations and could result in changes to investment valuations that may adversely affect the Company's results of operations or financial condition.
The determination of the amount of expected credit losses recorded on the Company's investments is based on significant valuation judgments and could materially impact its results of operations or financial position.
Any decrease in the Company's financial strength or debt ratings may have an adverse effect on its competitive position and access to liquidity and capital.
A decline in the creditworthiness of other financial institutions could adversely affect the Company.
Operational-Related Risk Factors
The other 17 risks
Sales of the Company's products and services are dependent on its ability to attract, retain and support a network of qualified sales associates, brokers and employees in the U.S. and sales associates and other distribution partners in Japan.
If future policy benefits, claims or expenses exceed those anticipated in establishing premiums and reserves, the Company's financial results would be adversely affected.
The success of the Company's business depends in part on effective information technology systems, on continuing to develop and implement improvements in technology, and on successful execution of revenue growth and expense management initiatives.
Interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, could harm the Company's business.
As a holding company, the Parent Company depends on the ability of its subsidiaries to transfer funds to it to meet its debt service and other obligations and to pay dividends on its common stock.
The Company's risk management policies and procedures may prove to be ineffective and leave the Company exposed to unidentified or unanticipated risk, which could adversely affect the Company's businesses or result in losses.
The use of third-party vendors to support the Company's operations makes the Company susceptible to the operational risk of those third parties, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.
Regulatory Risk Factors
Tax rates applicable to the Company may change.
If the Company fails to comply with restrictions on customer privacy and information security, including taking steps to ensure that its third-party service providers and business associates who access, store, process or transmit sensitive customer information maintain its security, integrity, confidentiality and availability, the Company's reputation and business operations could be materially adversely affected.
Extensive regulation and changes in legislation can impact profitability and growth.
General Risk Factors
Competition could adversely affect the Company's ability to increase or maintain its market share or profitability.
Catastrophic events could adversely affect the Company's financial condition and results of operations as well as the availability of the Company’s infrastructure and systems.
Events, including those external to the Company's operations, could damage the Company's reputation.
The Company depends heavily on key management personnel, and the loss of services of one or more of its key executives could harm the Company's business.
Changes in accounting standards issued by the Financial Accounting Standards Board (FASB) or other standard-setting bodies may adversely affect the Company's financial statements.
The Company faces risks related to litigation, regulatory investigations and inquiry and other matters.
Allegations or determinations of agent misclassification could adversely affect the Company’s results of operations, financial condition and liquidity.
Legal proceedings
The Company is a defendant in various lawsuits and receives various regulatory inquiries considered to be in the normal course of business. Members of the Company's senior legal and financial management teams review litigation and regulatory inquiries on a quarterly and annual basis and the Company updates the related estimates, accruals, and disclosures, if any, based on such reviews. For litigation and regulatory matters where it is probable that a loss has been incurred, and the amount of that loss can be reasonably estimated, the Company establishes accruals for loss contingencies. Where a loss may be reasonably possible but not probable, or is probable but not reasonably estimable, no accrual is recorded. The final results of any litigation or regulatory inquiries cannot be predicted with certainty. Although some of this litigation is pending in states where large punitive damages, bearing little relation to the actual damages sustained by plaintiffs, have been awarded in recent years, the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows.
