Aflac Inc.

Aflac Inc.

AFL

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Market Cap$59.08B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Aflac Inc.Aflac Inc.12.52.08%16%3.50.1

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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$117.33

Target Price by Analysts

3.6% downsideAflac Target Price DetailsTarget Price
$77.90

Current Fair Value

36% downside

Overvalued by 36% based on the discounted cash flow analysis.

Share Statistics

Market cap$59.08 Billion
Enterprise Value$54.55 Billion
Dividend Yield$2.38 (2.08%)
Earnings per Share$6.86
Beta0.6
Outstanding Shares504,123,000

Return

Return on Equity16.04%ROE
Return on Assets4.19%
Return on Invested Capital2.52%

Valuation & Multiples

P/E Ratio12.45P/E Ratio
PEG33.01PEG
Price to Sales3.48Price to Sales
Price to Book Ratio1.19Price to Book Ratio
Enterprise Value to Revenue3.02
Enterprise Value to EBIT18.89
Enterprise Value to Net Income11
Total Debt to Enterprise0.03
Debt to Equity0.05Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
August 6, 2026
EPS Estimate
$1.76
Average shareholder expectation
Revenue Estimate
$4.11 B
Average shareholder expectation

Next Earnings Call

Expected Date
November 3, 2026
EPS Estimate
$1.80
Average shareholder expectation
Revenue Estimate
$4.07 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.3305 3.90%
Total Calls2,832,223 29.23%
Total Puts936,173 46.50%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %67.41% 0.67%
Total Invested$40.53B 7.96%
Investors Holding1,707 16.00%

ESG Score

No data

About Aflac Inc.

CEO: Daniel Amos