Aflac Inc.
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+ FollowMarket Cap$62.67B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Earnings & shareholder returns (good + solid capital discipline)
- Q3 2026 net EPS: $0.61; adjusted diluted EPS: $2.43 (vs prior year -1.2% Y/Y on adjusted EPS, excluding FX).
- Aflac returned capital: $1.1B total to shareholders in Q3 ($804M buybacks + $305M dividends); $3.7B for the first 9 months.
- Balance sheet/capital strength: Unencumbered liquidity $2.7B (above $1B minimum); adjusted leverage 22.6% (within 20–25% target); regulatory estimated ESR 225% (or 238% incl. USP).
Japan operating performance & outlook (mixed, but guidance improved)
- Sales: Q3 sales down 4% Y/Y to 18.8B yen, driven by tough 2025 comps tied to Miraito Cancer Insurance launch; however, up 3% for first 9 months.
- Persistency: Q3 premium persistency 92.9% (solid/in-line).
- Updated guidance (capital/valuation driven): due to reserve/CER assumption unlocks and lower expected benefit profile, Aflac Japan raised 2026 pretax profit margin guidance to 35–38% and expects benefit ratio slightly below the 60–63% range; expense ratio expected lower end of 21–23% range.
Major financial driver: actuarial “assumption unlock” (surprising but positive)
- Q3 remeasurement/assumption update benefit was large: $447M pretax remeasurement gains on reserves (incl. $55M experience; $2M below plan), with net impact estimated to add ~$0.71 EPS.
- Management expects this unlock creates ongoing benefit-ratio effects (i.e., the forward-looking net premium ratios were lowered):
- Japan: ~70 bps lower benefit ratio impact going into Q4+
- US: ~60 bps
- Aflac Re Bermuda: ~320 bps
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$74.42
41.7% downside
Current Fair Value
41.7% downsideOvervalued by 41.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $62.67 Billion |
|---|---|
| Enterprise Value | $67.44 Billion |
| Annual dividend | $2.41 |
| Dividend yield | 1.89% |
| Earnings per Share | $6.86 |
| Beta | 0.55 |
| Outstanding Shares | 496,976,000 |
Return
| Return on Equity | 12.04% |
|---|---|
| Return on Assets | 3.12% |
| Return on Invested Capital | 3.06% |
Valuation & Multiples
| P/E Ratio | 18.66 |
|---|---|
| PEG | -22.89 |
| Price to Sales | 3.87 |
| Price to Book Ratio | 2.2 |
| Enterprise Value to Revenue | 4.06 |
| Enterprise Value to EBIT | 19.51 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.36 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$2.43
Est. $1.80Revenue
$3.27 B
Est. $4.12 BNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$1.78
Consensus analyst estimateRevenue Estimate
$4.19 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.44, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4418▲ 10.21% |
|---|---|
| Total Calls | 1,212,473▼ 57.23% |
| Total Puts | 535,726▼ 44.38% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 56.70%▼ 10.99% |
|---|---|
| Total Invested | $31.95B▼ 21.48% |
| Investors Holding | 1,486▼ 278.00% |
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 ...