Aflac Inc.
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+ FollowMarket Cap$62.31B
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Earnings Call Q2 2026
August 7, 2026 - AI Summary
Solid reported results; adjusted EPS slightly up, with some below-plan execution items
- Q2 2026 net earnings: $1.63 diluted EPS; adjusted diluted EPS $1.75 (Dan Amos).
- Q2 adjusted diluted EPS: +$1.1% YoY to $1.80 (Max Broden), *excluding foreign currency effects*.
- Notable headwinds vs plan: reserve remeasurement impacts $46m total (benefits reduced), with $7m / ~$0.01 below plan; variable investment income $72m about $0.11 per share below long-term expectations.
- Offsetting tailwinds: $26m U.S. expense contingency released (helped results ~$0.04/sh).
Japan: sales down YoY on tougher comps, but momentum + margin/balance sheet actions look constructive
- Aflac Japan sales: down 5.6% to JPY 19.6B in Q2 (tough 2025 comparison after Miraito launch), but up ~7% for the first half.
- Persistency: 92.7% in Q2 (in line with Q1), though Max noted some elevated lapse/reissue on newly launched products; expects stabilization as products mature.
- Product performance: refreshed Tsumitasu (first sector savings-type) and Anshin Palette (medical, launched Dec 2025) both grew YoY; management emphasized second quarter and first half in line with expectations and expect 2026 Japan sales to exceed 2025.
- Benefit ratio & guidance: Japan total benefit ratio 64%, down 250 bps YoY; management moved full-year view to high end of 60%–63% range (excluding annual actuarial review in Q3) based on YTD 63.4%.
U.S.: profitable growth continues, but net earned premium growth outlook softened slightly
- Sales: +2.6% YoY in Q2.
- Net earned premium: +2.3% YoY; net earned premium growth for 2026 now expected just below prior 3%–6% guidance low end (i.e., slightly less than before at the low end).
- Persistency: 79.4%, up 20 bps YoY.
- Benefit ratio: 49.5% in Q2, +220 bps vs Q2 2025 driven by higher incurred group disability claims vs last year’s favorable quarter; reserve remeasurement gains ~30 bps above plan.
- Profitability: U.S. expense ratio 36.1% (down 20 bps YoY); pretax margin 20.9% (down 160 bps YoY due to the prior-year strong quarter).
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$74.91
39.9% downside
Current Fair Value
39.9% downsideOvervalued by 39.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $62.31 Billion |
|---|---|
| Enterprise Value | $57.78 Billion |
| Annual dividend | $2.41 |
| Dividend yield | 1.95% |
| Earnings per Share | $6.86 |
| Beta | 0.56 |
| Outstanding Shares | 504,123,000 |
Return
| Return on Equity | 16.04% |
|---|---|
| Return on Assets | 4.19% |
| Return on Invested Capital | 2.52% |
Valuation & Multiples
| P/E Ratio | 13.29 |
|---|---|
| PEG | 35.23 |
| Price to Sales | 3.56 |
| Price to Book Ratio | 1.22 |
| Enterprise Value to Revenue | 3.2 |
| Enterprise Value to EBIT | 20.01 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 0.05 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$1.76
Consensus analyst estimateRevenue Estimate
$4.14 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 3, 2026
EPS Estimate
$1.80
Consensus analyst estimateRevenue Estimate
$4.07 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 33.98% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 35,400▼ 96.33% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.19%▼ 63.49% |
|---|---|
| Total Invested | $2.35B▼ 94.23% |
| Investors Holding | 686▼ 1074.00% |
About Aflac Inc.
12,716 employees
CEO: Daniel Amos
Aflac Incorporated, operating through its various subsidiary entities, primarily delivers supplementary health and life insurance solutions. Its business is structured into two main operating divisions: Aflac Japan and Aflac U.S. Within ...