AFL AFLAC Incorporated Common Stock

NYSE · Insurance · View on SEC EDGAR ↗
$122.05
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026

About AFLAC Incorporated Common Stock Company overview from Wikipedia

Aflac Incorporated 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".

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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".

In 2009, Aflac acquired Continental American Insurance Company for $100 million, enabling them to sell supplemental insurance on both the individual and group platforms. As of June 30, 2012, it was represented by approximately 19,300 sales agencies in Japan and 76,900 licensed sales associates in the U.S.

History

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.

Business

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

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.

Critics of cancer policies

Consumer groups and some government officials say that cancer insurance returns fewer premium dollars to policyholders than standard insurance. A United States General Accounting Office study found that the policies paid back as little as 35% of premiums (Aflac said its cancer insurance paid back 62.4%). In comparison, New York State requires most major-medical policies to pay back 82% and group policies to pay back 75%. New York State does not allow stand-alone cancer policies.

In 1997, AFLAC spent $175,000 on lobbyists and campaign contributions to change the law. New York State lifted its ban in 1998 for purchasers who already have basic coverage. Consumer Reports recommended that policyholders use the money instead to buy lower-deductible insurance.

The Aflac Duck

Since December 1999, the company's identity and brand has become more widely recognized in the United States as the result of TV commercials featuring the Aflac Duck, who quacks the company's name with frustration to unsuspecting prospective policy holders. The duck concept and all of the commercials to date have been created by Kaplan Thaler Group, an advertising agency based in New York City. Metzer Farms, a Gonzales, California waterfowl and gamebird hatchery, supplied them with the initial ducklings that each grew into the famous duck. Struggling to come up with a concept to make the big but relatively obscure insurance company's name memorable, one of the agency's art directors stumbled upon the duck idea while walking around Central Park at lunchtime uttering, "Aflac, Aflac." He soon realized how much the company's name sounded like a duck's quack. The Aflac Duck character has now starred in more than 30 commercials. In many of these commercials, character actor Earl Billings also appears. The Aflac Duck is enshrined on Madison Avenue's Walk of Fame as one of America's Favorite Advertising Icons.

From 2003 to 2006, when both NASCAR on NBC and NASCAR on TNT were scheduled to televise the second half of the Cup Series Season, they ran a 30-second segment in certain parts of each and every race they broadcast, called, "The Aflac Trivia Quiz". The segment would always begin when NASCAR on NBC-TNT Commentator/Cup Series Champion Benny Parsons would segue the topics he would be talking about by saying, "Cue the Duck!"

Celebrities have starred in the Aflac ads, including Chevy Chase (2003); Yogi Berra; Yao Ming; future First Lady of the United States, Melania Trump (2005); NASCAR Cup Series driver Carl Edwards (2008–2014); the United States Olympic synchronized swimming team (2004); and Wayne Newton playing at Stardust Hotel and Casino for the 2003 commercial. The duck also appeared with Bugs Bunny, Daffy Duck, Wile E. Coyote and the Road Runner, and Rudolph the Red-Nosed Reindeer. In 2005, the company logo was changed to incorporate the duck. The first commercial using the new logo featured Gilbert Gottfried at a pet store because the duck kept saying, "Aflac!" and he had to trade in the duck for a parrot, saying, "If you're hurt and can't work".

The duck was originally voiced by comedian Gilbert Gottfried, who also voiced Digit on the PBS Kids series Cyberchase and Iago in the Disney film Aladdin. After 11 years as the voice of the Aflac duck, Gottfried was dismissed on March 14, 2011, due to jokes on Gottfried's Twitter account referencing the Tōhoku earthquake and tsunami. The company's chief marketing officer stated that "Gilbert's recent comments about the crisis in Japan were lacking in humor, and certainly do not represent the thoughts and feelings of anyone at Aflac."

On March 23, 2011, Aflac announced that the company was taking applications for the new voice of the Aflac Duck through QuackAflac.com until April 1. Commercials requesting the submissions, first aired in 2006 but updated, resemble a silent movie. On April 26, 2011, it was announced that Daniel McKeague, a television advertising sales manager from Hugo, Minnesota, would be the new voice of the Aflac duck. The first Aflac commercial featuring the duck's new voice aired on May 1, 2011.

In 2017, an Aflac ad inserted an animated Aflac duck into the opening credits of the DuckTales reboot.

Corporate philanthropy and social responsibility

The company states that through a partnership with Children's Healthcare of Atlanta, Aflac has contributed more than $100 million to childhood cancer research and treatment.

Aflac employees are formally involved in an array of charitable organizations such as Habitat for Humanity International, the Easter Seals, and the United Way.

Aflac's stated objectives include the decrease of its environmental impact, for which the company is into a partnership with the Clean Air Campaign to encourage employees to engage with greater frequency in alternate commuting methods.

Partnership with Macy's

Starting in 2001, Aflac and Macy's have partnered to sell the annual Aflac holiday plush duck in select Macy's stores nationwide. Net proceeds from each duck sold are donated to the participating children's cancer facility nearest to where it is purchased. Since 2001, more than $3 million has been raised from the sale of the ducks.

Aflac has participated in the Macy's Thanksgiving Day Parade from 2011 to 2019.

Award programs

Aflac National High School Baseball Player of the Year, which was first presented in 2004.

The Jackie Robinson Award is given to the high-school player who is entering his senior year and who best displays character, leadership, and the values of being a student athlete in academics and community affairs. The award is presented at an annual All-American Awards banquet, which was first held in 2003. The banquet follows the annual All-American Baseball Classic, an East-West all-star game featuring the 38 best players from around the nation who are entering their senior year of high school. First held in 2003, the game is played at Petco Park, San Diego, California. Proceeds from the game and banquet are donated to Rady Children's Hospital in San Diego and its fight against childhood cancer.

In 2011, the name of the all-star game was changed to the Perfect Game All-American Classic.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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AFL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$122.05
Market Cap
$63.31B
P/E (TTM)
17.9
EPS (TTM)
$6.82
Revenue (TTM)
$17.16B
Div Yield
1.9%
ROE
12.9%
Debt/Equity
52W Range
$105 – $130

AFL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $17.16B
10-point trend, -23.9%
2016-12-31 2025-12-31
EPS $6.82
10-point trend, +112.5%
2016-12-31 2025-12-31
Free Cash Flow
Margins 21.2%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
AFL
Peer Median
P/E (TTM)
5-point trend, +73.1%
17.9
13.5
P/S (TTM)
5-point trend, +88.6%
3.7
0.7
P/B
5-point trend, +69.4%
2.1
0.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
AFL
Peer Median
Net Profit Margin
5-point trend, +8.6%
21.2%
6.2%
ROA
5-point trend, +16.4%
3.1%
0.59%
ROE
5-point trend, -0.7%
12.9%
8.8%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
AFL
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
AFL
Peer Median
Revenue YoY
5-point trend, -20.4%
-9.3%
Revenue CAGR 3Y
5-point trend, -20.4%
-3.6%
Revenue CAGR 5Y
5-point trend, -20.4%
-5.0%
EPS YoY
5-point trend, +9.1%
-29.2%
Net Income YoY
5-point trend, -13.8%
-33.0%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
AFL
Peer Median
EPS (Diluted)
5-point trend, +9.1%
$6.82

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
AFL
Peer Median
Payout Ratio
5-point trend, +66.2%
32.9%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.9%
Payout Ratio
32.9%
5Y Div CAGR
Ex-dateAmount
May 20, 2026$0.6100
Feb. 18, 2026$0.6100
Nov. 19, 2025$0.5800
Aug. 20, 2025$0.5800
May 21, 2025$0.5800
Feb. 19, 2025$0.5800
Nov. 20, 2024$0.5000
Aug. 21, 2024$0.5000
May 21, 2024$0.5000
Feb. 20, 2024$0.5000
Nov. 14, 2023$0.4200
Aug. 22, 2023$0.4200
May 16, 2023$0.4200
Feb. 14, 2023$0.4200
Nov. 15, 2022$0.4000
Aug. 23, 2022$0.4000
May 17, 2022$0.4000
Feb. 15, 2022$0.4000
Nov. 16, 2021$0.3300
Aug. 17, 2021$0.3300

AFL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 23 analysts
  • Strong Buy 1 4.3%
  • Buy 2 8.7%
  • Hold 12 52.2%
  • Sell 7 30.4%
  • Strong Sell 1 4.3%

12-Month Price Target

14 analysts · 2026-08-17
Median target $117.50 -3.7%
Mean target $119.21 -2.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.08%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.75 $1.79 -0.04%
March 31, 2026 $1.75 $1.83 -0.08%
Dec. 31, 2025 $1.57 $1.71 -0.14%
Sept. 30, 2025 $2.49 $1.79 0.70%
June 30, 2025 $1.78 $1.72 0.06%
March 31, 2025 $1.66 $1.69 -0.03%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
AFL $57.20B 16.2 -9.3% 21.2% 12.9%
MET $51.73B 16.8 8.6% 4.4% 12.1%
PRU
PFG $19.18B 16.8 -3.1% 7.6% 10.3%
UNM
GL $12.90B 9.9 3.7% 19.4% 20.4%
PRI $8.22B 11.3 6.6% 22.8% 31.9%
OSCR -8.5 27.5% -3.8% -44.5%
LNC $8.46B 7.6 -1.2% 6.5% 12.3%
CNO $4.01B 18.5 0.85% 5.1% 8.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14
Annual Income Statement data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, -24.5% $17.16B $18.93B $18.70B $19.14B $21.55B $22.15B $22.31B $21.76B $21.67B $22.56B $20.87B $22.73B
SG&A Expense 12-point trend, +43.9% $3.25B $3.01B $3.17B $3.25B $3.54B $3.42B $3.09B $2.99B $2.78B $2.80B $2.61B $2.26B
Operating Expenses 7-point trend, -9.8% $5.34B $5.06B $5.23B $5.38B $5.87B $6.19B $5.92B · · · · ·
Operating Income 9-point trend, -2.3% · · · $4.16B $4.93B $4.42B $4.46B $4.35B $4.09B $4.12B $4.00B $4.25B
Interest Expense 10-point trend, -38.5% · · $195M $226M $238M $242M $228M $222M $240M $268M $289M $317M
Other Non-op 10-point trend, -41.8% · · $39M $0 $-73M $-28M $-1M $-74M $-69M $-137M $-233M $67M
Pretax Income 12-point trend, +0.9% $4.53B $6.42B $5.26B $4.87B $5.21B $4.16B $4.45B $3.98B $4.02B $4.07B $3.86B $4.49B
Income Tax 12-point trend, -42.4% $887M $974M $603M $451M $977M $-619M $1.14B $1.06B $-586M $1.41B $1.33B $1.54B
Net Income 12-point trend, +23.6% $3.65B $5.44B $4.66B $4.42B $4.23B $4.78B $3.30B $2.92B $4.60B $2.66B $2.53B $2.95B
EPS (Basic) 12-point trend, +4.6% $6.84 $9.68 $7.81 $6.96 $6.28 $6.69 $4.45 $3.79 $5.81 $3.23 $5.88 $6.54
EPS (Diluted) 12-point trend, +4.9% $6.82 $9.63 $7.78 $6.93 $6.25 $6.67 $4.43 $3.77 $5.77 $3.21 $5.85 $6.50
Shares (Basic) 12-point trend, +18.1% 532,885,000 562,492,000 596,173,000 634,816,000 673,617,000 713,702,000 742,414,000 769,588,000 792,042,000 822,942,000 430,654,000 451,204,000
Shares (Diluted) 12-point trend, +17.8% 534,878,000 565,015,000 598,745,000 637,655,000 676,729,000 716,192,000 746,430,000 774,650,000 797,861,000 827,841,000 433,172,000 454,000,000
EBITDA 9-point trend, -2.3% · · · $4.16B $4.93B $4.42B $4.46B $4.35B $4.09B $4.30B $4.07B $4.25B
Balance Sheet 14
Annual Balance Sheet data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +34.1% $6.25B $6.23B $4.31B $3.94B $5.05B $5.14B $4.90B $4.34B $3.49B $4.86B $4.35B $4.66B
PP&E (Net) 12-point trend, -18.2% $351M $387M $445M $530M $538M $601M $581M $443M $434M $433M $427M $429M
PP&E (Gross) 12-point trend, +17.6% $1.02B $1.04B $1.10B $1.19B $1.20B $1.26B $1.19B $1.02B $981M $942M $895M $866M
Accum. Depreciation 12-point trend, +52.6% $667M $651M $654M $662M $663M $656M $609M $581M $547M $509M $468M $437M
Goodwill 7-point trend, +85.7% $260M $263M $265M $265M $268M $269M $140M · · · · ·
Total Assets 12-point trend, -2.7% $116.47B $117.57B $126.72B $131.74B $157.54B $165.09B $152.77B $140.41B $137.22B $129.82B $118.26B $119.73B
Total Liabilities 12-point trend, -14.2% $86.98B $91.47B $104.74B $111.60B $124.29B $131.53B $123.81B $116.94B $112.62B $109.34B $100.55B $101.42B
Common Stock 12-point trend, +103.0% $136M $136M $136M $135M $135M $135M $135M $135M $135M $67M $67M $67M
Retained Earnings 12-point trend, +146.8% $54.68B $52.28B $47.99B $44.37B $41.38B $37.98B $34.29B $31.79B $29.89B $25.98B $24.01B $22.16B
Treasury Stock 12-point trend, +293.9% $29.80B $26.23B $23.39B $20.57B $18.18B $15.90B $14.39B $12.79B $11.51B $10.17B $8.82B $7.57B
AOCI 10-point trend, -378.9% · · $-5.52B $-6.43B $-8.41B $8.93B $6.62B $2.15B $4.03B $2.63B $625M $1.98B
Stockholders' Equity 12-point trend, +60.7% $29.49B $26.10B $21.98B $20.14B $17.03B $33.56B $28.96B $23.46B $24.60B $20.48B $17.71B $18.35B
Liabilities + Equity 12-point trend, -2.8% $116.47B $117.57B $126.72B $131.74B $157.54B $165.09B $152.77B $140.41B $137.22B $129.82B $118.26B $119.77B
Shares Outstanding 12-point trend, +17.2% 518,690,000 549,964,000 578,479,000 615,256,000 652,132,000 692,454,000 726,793,000 755,286,000 780,910,000 811,621,000 424,380,000 442,445,000
Cash Flow 10
Annual Cash Flow data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, -34.5% $36M $40M $39M $45M $45M $41M $41M $49M $53M $54M $50M $55M
Deferred Tax 12-point trend, -149.5% $-228M $-356M $-1.06B $-730M $-118M $-1.41B $335M $-316M $-1.22B $524M $41M $461M
Operating Cash Flow 12-point trend, -61.0% $2.56B $2.71B $3.19B $3.88B $5.05B $5.96B $5.46B $6.01B $6.13B $5.99B $6.78B $6.55B
Investing Cash Flow 12-point trend, +136.8% $1.56B $2.78B $817M $-1.54B $-2.38B $-4.62B $-3.17B $-3.58B $-5.43B $-3.85B $-4.90B $-4.24B
Stock Repurchased 12-point trend, +191.7% $3.53B $2.80B $2.80B $2.40B $2.30B $1.54B $1.63B $1.30B $1.35B $1.42B $1.31B $1.21B
Net Stock Activity 12-point trend, -191.7% $-3.53B $-2.80B $-2.80B $-2.40B $-2.30B $-1.54B $-1.63B $-1.30B $-1.35B $-1.42B $-1.31B $-1.21B
Dividends Paid 12-point trend, +83.2% $1.20B $1.09B $966M $979M $855M $769M $771M $793M $661M $658M $656M $654M
Financing Cash Flow 12-point trend, -2668.0% $-4.07B $-3.49B $-3.72B $-3.55B $-2.74B $-1.11B $-1.71B $-1.62B $-2.06B $-1.62B $-2.19B $-147M
Net Change in Cash 12-point trend, -99.2% $16M $1.92B $363M $-1.11B $-90M $245M $559M $846M $-1.37B $509M $-308M $2.12B
Taxes Paid 12-point trend, -17.7% $1.17B $1.37B $1.57B $961M $880M $800M $1.38B $998M $780M $1.53B $996M $1.42B
Profitability 7
Annual Profitability data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 9-point trend, +13.9% · · · 21.3% 22.3% 19.9% 20.0% 20.0% 18.9% 19.1% 19.5% 18.7%
Net Margin 12-point trend, +63.6% 21.2% 28.8% 24.9% 21.5% 19.6% 21.6% 14.8% 13.4% 21.2% 11.8% 12.1% 13.0%
Pretax Margin 12-point trend, +33.7% 26.4% 33.9% 28.1% 23.6% 24.1% 18.8% 19.9% 18.3% 18.5% 18.0% 18.5% 19.8%
EBITDA Margin 9-point trend, +13.9% · · · 21.3% 22.3% 19.9% 20.0% 20.0% 18.9% 19.1% 19.5% 18.7%
ROA 12-point trend, +27.3% 3.1% 4.5% 3.6% 2.9% 2.7% 3.0% 2.2% 2.1% 3.5% 2.1% 2.1% 2.5%
ROE 12-point trend, -21.1% 12.9% 21.4% 20.9% 19.9% 13.0% 14.5% 11.3% 12.5% 19.8% 12.3% 14.5% 16.3%
ROIC 9-point trend, +11.4% · · · 17.0% 12.1% 15.1% 11.5% 13.6% 19.0% 13.7% 15.1% 15.2%
Liquidity & Solvency 1
Annual Liquidity & Solvency data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Interest Coverage 9-point trend, +37.1% · · · 18.4 20.7 18.2 19.6 19.6 17.0 16.1 14.1 13.4
Efficiency 1
Annual Efficiency data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -22.2% 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2
Per Share 7
Annual Per Share data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +37.1% $56.85 $47.45 $38.00 $36.35 $50.99 $48.46 $39.84 $31.06 $63.00 $50.47 $41.73 $41.47
Revenue / Share 12-point trend, -35.9% $32.09 $33.50 $31.23 $30.58 $32.67 $30.92 $29.88 $28.09 $54.31 $54.50 $48.18 $50.06
Cash Flow / Share 12-point trend, -66.9% $4.78 $4.79 $5.33 $6.08 $7.46 $8.32 $7.31 $7.76 $15.36 $14.46 $15.64 $14.43
Cash / Share 12-point trend, +14.4% $12.04 $11.33 $7.44 $6.41 $7.75 $7.42 $6.74 $5.74 $8.94 $11.97 $10.25 $10.53
Dividend / Share 4-point trend, +45.1% $2 $2 $2 $2 · · · · · · · ·
Dividend Paid / Share 7-point trend, +114.8% $2 $2 $2 $2 $1 $1 $1 · · · · ·
EPS (TTM) 12-point trend, +4.9% $6.82 $9.63 $7.78 $6.93 $6.25 $6.67 $4.43 $3.77 $5.77 $3.21 $5.85 $6.50
Growth Rates 10
Annual Growth Rates data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -247.4% -9.3% 1.2% -2.3% -11.2% -2.7% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +34.9% -3.6% -4.2% -5.5% · · · · · · · · ·
Revenue CAGR 5Y -5.0% · · · · · · · · · · ·
EPS YoY 5-point trend, -363.2% -29.2% 23.8% 12.3% 10.9% -6.3% · · · · · · ·
EPS CAGR 3Y 3-point trend, -110.1% -0.53% 15.5% 5.3% · · · · · · · · ·
EPS CAGR 5Y 0.45% · · · · · · · · · · ·
Net Income YoY 5-point trend, -188.3% -33.0% 16.8% 5.5% 4.4% -11.5% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -638.1% -6.2% 8.8% -0.84% · · · · · · · · ·
Net Income CAGR 5Y -5.3% · · · · · · · · · · ·
Dividend CAGR 5Y 9.3% · · · · · · · · · · ·
Valuation (TTM) 12
Annual Valuation (TTM) data for AFL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, -24.5% $17.16B $18.93B $18.70B $19.14B $21.55B $22.15B $22.31B $21.76B $21.67B $22.56B $20.87B $22.73B
Net Income TTM 12-point trend, +23.6% $3.65B $5.44B $4.66B $4.42B $4.23B $4.78B $3.30B $2.92B $4.60B $2.66B $2.53B $2.95B
Market Cap 12-point trend, +323.2% $57.20B $56.89B $47.72B $44.26B $38.08B $30.79B $38.45B $34.41B $17.14B $14.12B $12.71B $13.51B
P/E 12-point trend, +244.1% 16.2 10.7 10.6 10.4 9.3 6.7 11.9 12.1 7.6 10.8 5.1 4.7
P/S 12-point trend, +460.4% 3.3 3.0 2.6 2.3 1.8 1.4 1.7 1.6 0.8 0.6 0.6 0.6
P/B 12-point trend, +163.3% 1.9 2.2 2.2 2.0 1.1 0.9 1.3 1.5 0.7 0.7 0.7 0.7
P / Tangible Book 6-point trend, +111.5% 2.0 2.2 2.2 2.2 2.3 0.9 · · · · · ·
P / Cash Flow 12-point trend, +985.0% 22.4 21.0 15.0 11.4 7.5 5.2 7.0 5.7 2.8 2.4 1.9 2.1
Dividend Yield 12-point trend, -56.8% 2.1% 1.9% 2.0% 2.2% 2.2% 2.5% 2.0% 2.3% 3.9% 4.7% 5.2% 4.8%
Earnings Yield 12-point trend, -71.0% 6.2% 9.3% 9.4% 9.6% 10.7% 15.0% 8.4% 8.3% 13.2% 9.2% 19.5% 21.3%
Payout Ratio 12-point trend, +48.3% 32.9% 20.0% 20.7% 23.3% 19.8% 16.1% 23.3% 27.2% 14.4% 24.8% 25.9% 22.2%
Annual Payout 12-point trend, +83.2% $1.20B $1.09B $966M $979M $855M $769M $771M $793M $661M $658M $656M $654M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $17.16B$18.93B$18.70B$19.14B$21.55B
Operating Margin % 21.3%22.3%
Net Income $3.65B$5.44B$4.66B$4.42B$4.23B
Diluted EPS $6.82$9.63$7.78$6.93$6.25

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Institutional owners (13F) 1,874 filers · $27.5B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
144 (0 vs prior Q) 84 (-24 vs prior Q) 580 (+74 vs prior Q) 561 (-109 vs prior Q) +7.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Japan Post Holdings Co., Ltd. $5,702,122,395 51,974,500 20.72% Shares
VANGUARD CAPITAL MANAGEMENT LLC $3,506,116,902 29,902,916 12.74% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,855,788,604 24,356,406 10.38% Shares
STATE STREET CORP $2,756,974,759 23,513,644 10.02% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,061,238,636 9,100,115 3.86% Shares
DIMENSIONAL FUND ADVISORS LP $475,017,705 4,051,323 1.73% Shares
NORGES BANK $323,455,816 2,758,685 1.18% Shares
VANGUARD FIDUCIARY TRUST CO $301,548,123 2,571,839 1.10% Shares
GOLDMAN SACHS GROUP INC $250,068,631 2,132,782 0.91% Shares
Guinness Asset Management LTD $238,813,565 2,043,845 0.87% Shares
Qube Research & Technologies Ltd $200,395,258 1,709,128 0.73% Shares
Caisse de depot et placement du Quebec $182,983,399 1,560,626 0.67% Shares
ProShare Advisors LLC $174,283,100 1,486,423 0.63% Shares
TWO SIGMA INVESTMENTS, LP $157,224,629 1,340,935 0.57% Shares
Swiss National Bank $153,339,550 1,307,800 0.56% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $147,267,759 1,256,015 0.54% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $145,674,875 1,242,427 0.53% Shares
Legal & General Group Plc $145,050,328 1,237,103 0.53% Shares
Pinnacle Financial Partners, Inc. $143,648,486 1,225,147 0.52% Shares
Sumitomo Mitsui Trust Group, Inc. $132,202,541 1,127,527 0.48% Shares
MORGAN STANLEY $130,065,660 1,109,302 0.47% Shares
Robeco Institutional Asset Management B.V. $126,444,986 1,078,422 0.46% Shares
VANGUARD ASSET MANAGEMENT, Ltd $119,019,303 1,015,090 0.43% Shares
Vanguard Global Advisers, LLC $119,002,419 1,014,946 0.43% Shares
BlackRock, Inc. $116,715,106 995,438 0.42% Shares
RHUMBLINE ADVISERS $107,112,938 913,544 0.39% Shares
LPL Financial LLC $106,223,316 905,956 0.39% Shares
HighTower Advisors, LLC $103,735,152 884,735 0.38% Shares
CANADA PENSION PLAN INVESTMENT BOARD $97,350,916 830,285 0.35% Shares
California Public Employees Retirement System $96,901,028 826,448 0.35% Shares
ASSETMARK, INC $95,763,206 816,744 0.35% Shares
ENVESTNET ASSET MANAGEMENT INC $95,241,285 812,292 0.35% Shares
National Pension Service $92,512,712 789,021 0.34% Shares
JANE STREET GROUP, LLC $88,781,700 757,200 0.32% Call option
BANK OF AMERICA CORP /DE/ $88,510,001 754,883 0.32% Shares
STOREBRAND ASSET MANAGEMENT AS $87,158,960 743,360 0.32% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $84,735,725 772,361 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $83,868,925 715,300 0.30% Call option
BNP PARIBAS FINANCIAL MARKETS $82,052,136 699,805 0.30% Shares
&PARTNERS $77,146,495 658,408 0.28% Shares
RAYMOND JAMES FINANCIAL INC $76,271,907 650,507 0.28% Shares
CITADEL ADVISORS LLC $72,413,600 617,600 0.26% Call option
CAPTRUST FINANCIAL ADVISORS $72,286,506 616,516 0.26% Shares
GREATMARK INVESTMENT PARTNERS, INC. $71,798,466 612,354 0.26% Shares
Gladstone Capital Management LLP $70,918,897 604,852 0.26% Shares
Quantinno Capital Management LP $70,681,875 602,830 0.26% Shares
RENAISSANCE TECHNOLOGIES LLC $69,564,425 593,300 0.25% Shares
Squarepoint Ops LLC $68,237,976 581,987 0.25% Shares
BARCLAYS PLC $65,974,467 562,682 0.24% Shares
MILLENNIUM MANAGEMENT LLC $62,933,586 536,747 0.23% Shares
Corient Private Wealth LP $62,624,157 534,110 0.23% Shares
NOMURA ASSET MANAGEMENT CO LTD $59,521,142 507,643 0.22% Shares
NEW YORK STATE COMMON RETIREMENT FUND $59,500,975 507,471 0.22% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $59,452,134 507,991 0.22% Shares
PRINCIPAL FINANCIAL GROUP INC $58,524,869 499,146 0.21% Shares
UBS Group AG $58,365,174 497,784 0.21% Shares
Gotham Asset Management, LLC $56,737,275 483,900 0.21% Shares
Clark Capital Management Group, Inc. $56,613,947 482,848 0.21% Shares
ALLIANCEBERNSTEIN L.P. $54,506,451 496,823 0.20% Shares
Assenagon Asset Management S.A. $51,838,101 442,116 0.19% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $48,015,634 409,515 0.17% Shares
AVIVA PLC $47,515,094 405,246 0.17% Shares
Retirement Systems of Alabama $46,608,282 397,512 0.17% Shares
GATEWAY INVESTMENT ADVISERS LLC $44,016,940 375,411 0.16% Shares
AMF Tjanstepension AB $43,517,220 371,149 0.16% Shares
KLP KAPITALFORVALTNING AS $43,015,508 366,870 0.16% Shares
Cetera Investment Advisers $42,307,163 360,828 0.15% Shares
APG Asset Management N.V. $42,220,871 411,694 0.15% Shares
ROFFMAN MILLER ASSOCIATES INC /PA/ $40,554,191 345,878 0.15% Shares
CAPITAL FUND MANAGEMENT S.A. $39,916,590 340,440 0.15% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $39,236,423 334,639 0.14% Shares
Henshaw Capital LLC $38,809,750 331,000 0.14% Shares
CITADEL ADVISORS LLC $38,609,370 329,291 0.14% Shares
Willis Investment Counsel $38,052,784 324,544 0.14% Shares
CONNING INC. $37,841,623 322,743 0.14% Shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC $37,548,257 320,241 0.14% Shares
TEACHER RETIREMENT SYSTEM OF TEXAS $37,431,125 319,242 0.14% Shares
Welch & Forbes LLC $36,937,191 315,029 0.13% Shares
CIBC Asset Management Inc $36,278,792 309,414 0.13% Shares
Sabal Trust CO $36,018,333 323,935 0.13% Shares
Swedbank AB $35,838,521 305,659 0.13% Shares
AustralianSuper Pty Ltd $35,341,612 301,421 0.13% Shares
FRANKLIN RESOURCES INC $35,245,702 300,603 0.13% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $35,113,679 299,477 0.13% Shares
Brandywine Global Investment Management, LLC $34,922,950 316,704 0.13% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $34,540,912 294,592 0.13% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $33,312,567 302,100 0.12% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $32,892,923 299,817 0.12% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $32,080,538 273,608 0.12% Shares
Pictet Asset Management Holding SA $31,560,886 269,176 0.11% Shares
D. E. Shaw & Co., Inc. $30,476,558 259,928 0.11% Shares
WATERS PARKERSON & CO., LLC $30,011,392 255,961 0.11% Shares
VICTORY CAPITAL MANAGEMENT INC $29,545,593 251,988 0.11% Shares
Polar Capital Holdings Plc $29,312,500 250,000 0.11% Shares
PRUDENTIAL FINANCIAL INC $29,108,720 248,262 0.11% Shares
STATE OF WISCONSIN INVESTMENT BOARD $29,078,586 248,005 0.11% Shares
Korea Investment CORP $27,961,546 238,478 0.10% Shares
Chevy Chase Trust Holdings, LLC $27,949,118 238,372 0.10% Shares
COMMONWEALTH EQUITY SERVICES, LLC $27,812,520 237,207 0.10% Shares
Vanguard Investments Australia, Ltd. $27,709,341 236,327 0.10% Shares

Company insiders 77 insiders · 47 officers · 29 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
AMOS DANIEL P Chairman of the Board, CEO Feb. 20, 2026 G 685,848 0 0 $0
Steven Kent Beaver EVP, CFO Aflac Japan May 22, 2026 M 40,537 0 4 $-2,466,617
Max Broden Sr. EVP, CFO Feb. 13, 2026 F 383 0 1 $-1,529,580
Frederic Jean Guy Simard EVP, COO & CFO, Aflac U.S. Nov. 6, 2025 S 1,364 0 1 $-193,725
James Todd Daniels EVP, CFO Aflac Japan Aug. 21, 2023 S 60,274 0 0 $0
Martin A Durant Exec VP & Deputy CFO Feb. 14, 2011 F 9,015 0 0 $0
Virgil Raynard Miller President, Aflac Inc. and U.S. Feb. 10, 2026 F 40,525 0 0 $0
Frederick John Crawford President & COO Nov. 2, 2023 S 236,539 0 0 $0
Teresa L White President, Aflac U.S. Aug. 5, 2022 S 134,256 0 0 $0
Kriss Cloninger III President Dec. 4, 2017 S 241,099 0 0 $0
Paul S Amos II President, Aflac June 12, 2017 M 275,626 0 0 $0
Hiroshi Yamauchi President; Aflac Japan Feb. 22, 2017 M 86,094 0 0 $0
Tohru Tonoike President Aflac Japan Feb. 11, 2014 A 76,894 0 0 $0
Bryant Allan O President Aflac Int'l Inc. May 25, 2005 M 71,302 0 0 $0
Charles D Lake II Chairman & Rep. Director, ALIJ May 5, 2026 S 50,737 0 3 $-2,987,454
Masatoshi Koide Pres. and Rep. Director, ALIJ March 11, 2026 S 86,422 0 1 $-1,696,330
Audrey B Tillman Sr. Executive Vice President Feb. 18, 2026 G 257,619 0 2 $-2,173,869
Bradley Eugene Dyslin Executive Vice President Feb. 10, 2026 F 44,677 0 0 $0
Robin Littrell Blackmon SVP, Chief Accounting Officer Feb. 9, 2026 F 6,807 0 0 $0
Albert Riggieri SVP, Global CRO March 14, 2024 S 32,825 0 0 $0
June P Howard Sr. Vice President Nov. 7, 2023 M 124,821 0 0 $0
Eric M Kirsch Executive Vice President Nov. 16, 2022 S 35,721 0 0 $0
Richard Williams JR Executive V.P. Sept. 25, 2020 F 9,260 0 0 $0
Koji Ariyoshi Director, EVP Feb. 14, 2020 A 108,360 0 0 $0
Kenneth S Janke JR EVP, Treas Head of CorpFin&Dev March 15, 2017 M 123,317 0 0 $0
Robin Y Wilkey Sr. Vice President Feb. 14, 2017 F 19,260 0 0 $0
Susan Rynearson Blanck Executive Vice President Feb. 17, 2015 F 7,072 0 0 $0
Masahiko Furutani EVP Feb. 11, 2014 A 0 0 $0
Joey M Loudermilk Exec. Vice President Feb. 11, 2014 F 189,448 0 0 $0
Michael William Zuna Executive Vice President Feb. 11, 2013 A 672 0 0 $0
Thomas R Giddens Sr. Advisor Feb. 11, 2013 A 6,877 0 0 $0
William Jeremy Jeffery Sr. Vice President Feb. 14, 2011 A 12,916 0 0 $0
Jun Isonaka Sr Vice President-Aflac Japan Feb. 14, 2011 A 27,463 0 0 $0
Yuji Arai Sr Vice President Aflac Japan Feb. 14, 2011 A 14,617 0 0 $0
Ralph Arnold Rogers JR Sr. Vice President Sept. 1, 2010 M 18,749 0 0 $0
Ronald S Sanders Sr Vice President Feb. 16, 2010 A 25,390 0 0 $0
Ronald E Kirkland Sr Vice President Feb. 16, 2009 F 7,258 0 0 $0
Rebecca Colwell Davis Executive Vice President Feb. 12, 2008 F 42,324 0 0 $0
Akitoshi Kan Chairman Aflac Japan Feb. 12, 2008 F 300,335 0 0 $0
Hidefumi Matsui Chairman Aflac Japan Nov. 27, 2007 S 334,701 0 0 $0
Hisayuki Shinkai Sr Vice President-Aflac Japan Nov. 14, 2006 A 13,115 0 0 $0
Joseph W Smith JR Sr. Vice President May 9, 2006 M 155,738 0 0 $0
Atsushi Yagai Exec VP - Aflac Japan Jan. 20, 2006 P 12,071 0 0 $0
Kermitt L Cox Senior Vice President May 5, 2005 G 47,967 0 0 $0
Bradley S Jones Sr. Vice President Aug. 10, 2004 A 0 0 $0
Kathelen V Spencer Exec Vice President April 28, 2004 G 132,167 0 0 $0
Joseph P Kuechenmeister Sr Vice President Feb. 13, 2004 P 62,760 0 0 $0
KENNY THOMAS J Director May 15, 2026 S 13,219 0 1 $-202,832
Arthur Reginald Collins Director May 14, 2026 S 6,186 0 1 $-268,065
Miwako Hosoda Director May 6, 2026 S 7,743 0 1 $-27,824

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 182 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IAK · iShares Trust 4.63% 202,081 SH Aug. 8, 2026 Daily
NEWZ · EA Series Trust 3.23% 5,379 NS April 30, 2026 N-PORT
CCOR · Listed Funds Trust 2.15% 5,232 NS April 30, 2026 N-PORT
PKW · Invesco Exchange-Traded Fund Trust 1.95% 277,529 SH Aug. 8, 2026 Daily
LYLD · Cambria ETF Trust 1.92% 1,015 NS April 30, 2026 N-PORT
TMDV · ProShares Trust 1.59% 624 NS May 31, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 1.46% 9,312 NS April 30, 2026 N-PORT
KNG · First Trust Exchange-Traded Fund IV 1.43% 422,774 NS April 30, 2026 N-PORT
NOBL · ProShares Trust 1.42% 1,398,904 NS May 31, 2026 N-PORT
ESLV · Strategy Shares 1.33% 1,379 NS April 30, 2026 N-PORT
RSPF · Invesco Exchange-Traded Fund Trust 1.26% 31,256 SH Aug. 8, 2026 Daily
NUDV · Nushares ETF Trust 1.26% 5,005 NS April 30, 2026 N-PORT
SPLV · Invesco Exchange-Traded Fund Trust … 1.16% 665,900 SH Aug. 8, 2026 Daily
SYLD · Cambria ETF Trust 0.99% 83,869 NS April 30, 2026 N-PORT
ALTL · Pacer Funds Trust 0.98% 8,316 NS April 30, 2026 N-PORT
SPVM · Invesco Exchange-Traded Fund Trust 0.97% 10,213 SH Aug. 8, 2026 Daily
FDIV · EA Series Trust 0.97% 6,196 NS April 30, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 0.93% 2,942,612 SH Aug. 8, 2026 Daily
ESUM · Strategy Shares 0.92% 12,490 NS April 30, 2026 N-PORT
IYF · iShares Trust 0.87% 299,744 SH Aug. 8, 2026 Daily
SNPD · DBX ETF Trust 0.82% 191 NS May 29, 2026 N-PORT
IMCV · iShares Trust 0.80% 72,537 SH Aug. 8, 2026 Daily
NULC · Nushares ETF Trust 0.78% 3,892 NS April 30, 2026 N-PORT
FNCL · FIDELITY COVINGTON TRUST 0.68% 131,789 NS April 30, 2026 N-PORT
VFH · VANGUARD WORLD FUND 0.64% 755,149 SH Aug. 8, 2026 Daily
EQIN · Columbia ETF Trust I 0.58% 14,128 NS April 30, 2026 N-PORT
PABU · iShares Trust 0.56% 111,502 SH Aug. 8, 2026 Daily
IIGD · Invesco Exchange-Traded Self-Indexe… 0.54% 150,000 Aug. 8, 2026 Daily
QDEF · FlexShares Trust 0.53% 24,900 NS April 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.52% 9,927,738 SH Aug. 8, 2026 Daily
AVIE · AMERICAN CENTURY ETF TRUST 0.52% 472 NS May 31, 2026 N-PORT
FAS · Direxion Shares ETF Trust 0.52% 89,313 NS April 30, 2026 N-PORT
QDF · FlexShares Trust 0.51% 96,030 NS April 30, 2026 N-PORT
GMOV · GMO ETF Trust 0.51% 4,145 NS May 31, 2026 N-PORT
FDLO · FIDELITY COVINGTON TRUST 0.50% 61,598 NS April 30, 2026 N-PORT
ESLG · Strategy Shares 0.50% 854 NS April 30, 2026 N-PORT
RDVI · First Trust Exchange-Traded Fund IV 0.49% 131,308 NS April 30, 2026 N-PORT
UYG · ProShares Trust 0.47% 28,778 NS May 31, 2026 N-PORT
QLC · FlexShares Trust 0.46% 36,540 NS April 30, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.42% 219,375 NS April 30, 2026 N-PORT
IMCB · iShares Trust 0.39% 52,222 SH Aug. 8, 2026 Daily
NULV · Nushares ETF Trust 0.39% 71,169 NS April 30, 2026 N-PORT
IXG · iShares Trust 0.36% 20,022 SH Aug. 8, 2026 Daily
DIVB · iShares Trust 0.36% 49,702 SH Aug. 8, 2026 Daily
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.34% 225,775 NS April 30, 2026 N-PORT
VFVA · VANGUARD WELLINGTON FUND 0.33% 23,700 SH Aug. 8, 2026 Daily
ROUS · Lattice Strategies Trust 0.33% 16,921 NS April 30, 2026 N-PORT
XOEF · iShares Trust 0.32% 574 SH Aug. 8, 2026 Daily
FXO · First Trust Exchange-Traded AlphaDE… 0.31% 29,054 NS April 30, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III 0.27% 53,943 NS April 30, 2026 N-PORT