AFLAC INC
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AFL Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Premiums Earned Net | 3,325 | 3,331 | -0.2% |
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| Aflac Japan · Operating Segments | 1,639 | 1,689 | -3.0% |
| Aflac U.S. · Operating Segments | 1,498 | 1,441 | +4.0% |
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| Aflac Re Bermuda | 163 | 172 | -5.2% |
| Net Investment Income | 973 | 1,016 | -4.2% |
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| Aflac Japan · Operating Segments | 631 | 665 | -5.1% |
| Aflac U.S. · Operating Segments | 207 | 213 | -2.8% |
| Gain Loss On Investments | 537 | 1,032 | -48.0% |
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| Debt securities and other investments | -51 | -74 | +31.1% |
| Derivatives and other | 588 | 1,161 | -49.4% |
| Equity Securities | 25 | 40 | -37.5% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | -1 | -2 | +50.0% |
| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | -52 | -74 | +29.7% |
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| Material Reconciling Items | 537 | 1,032 | -48.0% |
| Other Income | 31 | 24 | +29.2% |
Show Business Segments breakouts |
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| Aflac Japan · Operating Segments | 8 | 8 | 0.0% |
| Aflac U.S. · Operating Segments | 21 | 17 | +23.5% |
| Revenue | 4,866 | 5,403 | -9.9% |
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| Aflac Japan · Operating Segments | 2,278 | 2,362 | -3.6% |
| Aflac U.S. · Operating Segments | 1,726 | 1,671 | +3.3% |
| Corporate And Other · Operating Segments | 272 | 284 | -4.2% |
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| Operating Segments | 4,276 | 4,317 | -0.9% |
| Policyholder Benefits And Claims Incurred Excluding Reserve Remeasurement Gain Loss | 1,938 | 1,966 | -1.4% |
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| Aflac Japan · Operating Segments | 1,082 | 1,147 | -5.7% |
| Aflac U.S. · Operating Segments | 750 | 691 | +8.5% |
| Liability For Future Policy Benefit Remeasurement Gain Loss | -36 | -43 | +16.3% |
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| Aflac Japan · Operating Segments | -16 | -23 | +30.4% |
| Aflac U.S. · Operating Segments | -22 | -24 | +8.3% |
| Policyholder Benefits And Claims Incurred Net | 1,902 | 1,923 | -1.1% |
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| Aflac Japan · Operating Segments | 1,066 | 1,124 | -5.2% |
| Aflac U.S. · Operating Segments | 728 | 667 | +9.1% |
| Deferred Policy Acquisition Cost Amortization Expense | 219 | 213 | +2.8% |
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| Aflac Japan · Operating Segments | 78 | 79 | -1.3% |
| Aflac U.S. · Operating Segments | 141 | 134 | +5.2% |
| Insurance Commissions | 246 | 247 | -0.4% |
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| Aflac Japan · Operating Segments | 99 | 105 | -5.7% |
| Aflac U.S. · Operating Segments | 147 | 141 | +4.3% |
| Selling, General & Administrative | 866 | 835 | +3.7% |
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| Aflac Japan · Operating Segments | 323 | 307 | +5.2% |
| Aflac U.S. · Operating Segments | 410 | 399 | +2.8% |
| Interest Expense Operating | 61 | 50 | +22.0% |
| Operating Expenses | 1,392 | 1,345 | +3.5% |
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| Accumulated Defined Benefit Plans Adjustment Net Prior Service Cost Credit · Reclassification Out Of Accumulated Other Comprehensive Income | 0 | -1 | +100.0% |
| Accumulated Defined Benefit Plans Adjustment Net Unamortized Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | 0 | 0 | — |
| Benefits Losses And Expenses | 3,294 | 3,268 | +0.8% |
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| Aflac Japan · Operating Segments | 1,566 | 1,615 | -3.0% |
| Aflac U.S. · Operating Segments | 1,426 | 1,341 | +6.3% |
| Corporate And Other · Operating Segments | 303 | 288 | +5.2% |
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| Operating Segments | 3,295 | 3,244 | +1.6% |
| Income Before Taxes | 1,572 | 2,135 | -26.4% |
| Income Tax Expense (Benefit) | 193 | 233 | -17.2% |
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| Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | 0 | 0 | — |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | 0 | 0 | — |
| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | -11 | -16 | +31.2% |
| Net Income | 1,379 | 1,902 | -27.5% |
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| Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | 0 | 1 | -100.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | -2 | -3 | +33.3% |
| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | -41 | -58 | +29.3% |
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts |
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| Reclassification Out Of Accumulated Other Comprehensive Income | -43 | -60 | +28.3% |
| EPS (Basic) | 2.62 | 3.42 | -23.4% |
| EPS (Diluted) | 2.61 | 3.4 | -23.2% |
| Wtd Avg Shares (Basic) | -4,210 | -3,265 | -28.9% |
| Wtd Avg Shares (Diluted) | -4,174 | -3,201 | -30.4% |
| Common Stock Dividends Per Share Cash Paid | 0.58 | 0.5 | +16.0% |
| Operating Income (Q) | — | — | — |
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| Aflac Japan · Operating Segments | 712 | 747 | -4.7% |
| Aflac U.S. · Operating Segments | 300 | 330 | -9.1% |
| Corporate And Other · Operating Segments | -31 | -4 | -675.0% |
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| Operating Segments | 981 | 1,073 | -8.6% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Material Reconciling Items | 0 | -22 | +100.0% |
| Comprehensive Income | 2,178 | 2,601 | -16.3% |
| Provision For Loan Lease And Other Losses | -25 | -95 | +73.7% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 6,245 | 6,229 | +0.3% |
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| Parent Company | 2,646 | 2,308 | +14.6% |
| Non-Current Assets | |||
| Equity Securities Fv Ni Current And Noncurrent | 887 | 796 | +11.4% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 | 727 | 639 | +13.8% |
| Fair Value Inputs Level1 · Broker/other | 0 | 0 | — |
| Fair Value Inputs Level1 · Internal | 0 | 0 | — |
| Fair Value Inputs Level1 · Third-party pricing vendor | 727 | 639 | +13.8% |
| Fair Value Inputs Level2 | 0 | 0 | — |
| Fair Value Inputs Level2 · Broker/other | 0 | 0 | — |
| Fair Value Inputs Level2 · Internal | 0 | 0 | — |
| Fair Value Inputs Level2 · Third-party pricing vendor | 0 | 0 | — |
| Fair Value Inputs Level3 | 160 | 157 | +1.9% |
| Fair Value Inputs Level3 · Broker/other | 136 | 131 | +3.8% |
| Fair Value Inputs Level3 · Internal | 24 | 26 | -7.7% |
| Fair Value Inputs Level3 · Private financials | 160 | 157 | +1.9% |
| Fair Value Inputs Level3 · Third-party pricing vendor | 0 | 0 | — |
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| JPY | 609 | 484 | +25.8% |
| USD | 278 | 312 | -10.9% |
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| Broker/other | 136 | 131 | +3.8% |
| Internal | 24 | 26 | -7.7% |
| Third-party pricing vendor | 727 | 639 | +13.8% |
| Property, Plant & Equipment | 351 | 387 | -9.3% |
| Total Assets | 116,470 | 117,566 | -0.9% |
Show Business Segments breakouts |
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| Aflac Japan | 88,537 | 90,210 | -1.9% |
| Aflac U.S. | 22,317 | 21,930 | +1.8% |
| Corporate And Other | 5,616 | 5,426 | +3.5% |
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| Parent Company | 38,852 | 34,584 | +12.3% |
| Variable Interest Entity Not Primary Beneficiary | 8,353 | 7,367 | +13.4% |
| Variable Interest Entity Primary Beneficiary | 13,897 | 14,350 | -3.2% |
| Goodwill | 260 | 263 | -1.1% |
| Other Assets | |||
| Notes Receivable Net | 9,765 | 10,869 | -10.2% |
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| Variable Interest Entity Primary Beneficiary | 7,896 | 8,693 | -9.2% |
| Other Investments | 6,622 | 5,958 | +11.1% |
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| Equity Method Investments | 4,109 | 3,435 | +19.6% |
| Other Investments | 28 | 39 | -28.2% |
| Policy Loans | 210 | 203 | +3.4% |
| Real Estate | 902 | 682 | +32.3% |
| Short Term Investments | 1,373 | 1,599 | -14.1% |
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| Parent Company | 978 | 1,239 | -21.1% |
| Variable Interest Entity Not Primary Beneficiary | 1,603 | 1,124 | +42.6% |
| Variable Interest Entity Primary Beneficiary | 2,320 | 2,176 | +6.6% |
| Investments And Cash | 103,760 | 105,087 | -1.3% |
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| Parent Company | 37,553 | 33,150 | +13.3% |
| Premiums And Other Receivables Net | 835 | 779 | +7.2% |
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| Aflac Japan | 167 | 197 | -15.2% |
| Accrued Investment Income Receivable | 718 | 710 | +1.1% |
| Deferred Policy Acquisition Costs | 9,034 | 8,758 | +3.2% |
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| Accident · Aflac U.S. | 909 | 915 | -0.7% |
| Cancer · Aflac Japan | 2,965 | 2,776 | +6.8% |
| Critical care · Aflac U.S. | 1,355 | 1,348 | +0.5% |
| Dental/vision · Aflac U.S. | 87 | 86 | +1.2% |
| Disability Insurance Policy · Aflac U.S. | 641 | 636 | +0.8% |
| Hospital indemnity · Aflac U.S. | 463 | 452 | +2.4% |
| Life Insurance Segment · Aflac Japan | 446 | 441 | +1.1% |
| Life Insurance Segment · Aflac U.S. | 277 | 219 | +26.5% |
| Medical and other health · Aflac Japan | 1,840 | 1,833 | +0.4% |
| Other · Aflac Japan | 51 | 52 | -1.9% |
| Other · Aflac U.S. | 0 | 0 | — |
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| Aflac Japan | 5,302 | 5,102 | +3.9% |
| Aflac U.S. | 3,732 | 3,656 | +2.1% |
| Corporate And Other | 0 | 0 | — |
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| Consolidation Eliminations | 0 | 0 | — |
| Other Assets | 1,772 | 1,845 | -4.0% |
Show Consolidated Entities breakouts |
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| Parent Company | 946 | 1,121 | -15.6% |
| Non-Current Liabilities | |||
| Taxes Payable Current And Noncurrent | 1,368 | 573 | +138.7% |
| Total Liabilities | 86,980 | 91,468 | -4.9% |
Show Consolidated Entities breakouts |
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| Parent Company | 9,362 | 8,486 | +10.3% |
| Variable Interest Entity Primary Beneficiary | 765 | 604 | +26.7% |
| Other Liabilities | |||
| Available For Sale Securities Debt Securities | 64,121 | 65,269 | -1.8% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 | 13,921 | 17,088 | -18.5% |
| Fair Value Inputs Level1 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level1 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level1 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level1 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level1 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level1 · Government and agencies | 13,921 | 17,088 | -18.5% |
| Fair Value Inputs Level1 · Government and agencies | 0 | 0 | — |
| Fair Value Inputs Level1 · Government and agencies | 13,921 | 17,088 | -18.5% |
| Fair Value Inputs Level1 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level1 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level1 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level1 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level1 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level2 | 46,843 | 46,114 | +1.6% |
| Fair Value Inputs Level2 · Asset Backed Securities | 2,072 | 2,407 | -13.9% |
| Fair Value Inputs Level2 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level2 · Asset Backed Securities | 248 | 55 | +350.9% |
| Fair Value Inputs Level2 · Asset Backed Securities | 1,824 | 2,352 | -22.4% |
| Fair Value Inputs Level2 · Banks/financial institutions | 9,235 | 8,946 | +3.2% |
| Fair Value Inputs Level2 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level2 · Banks/financial institutions | 3,630 | 3,971 | -8.6% |
| Fair Value Inputs Level2 · Banks/financial institutions | 5,605 | 4,975 | +12.7% |
| Fair Value Inputs Level2 · Corporate Debt Securities | 26,239 | 25,178 | +4.2% |
| Fair Value Inputs Level2 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level2 · Corporate Debt Securities | 4,945 | 5,127 | -3.5% |
| Fair Value Inputs Level2 · Corporate Debt Securities | 21,294 | 20,051 | +6.2% |
| Fair Value Inputs Level2 · Government and agencies | 686 | 758 | -9.5% |
| Fair Value Inputs Level2 · Government and agencies | 303 | 312 | -2.9% |
| Fair Value Inputs Level2 · Government and agencies | 383 | 446 | -14.1% |
| Fair Value Inputs Level2 · Municipal Bonds | 1,930 | 2,034 | -5.1% |
| Fair Value Inputs Level2 · Municipal Bonds | 224 | 243 | -7.8% |
| Fair Value Inputs Level2 · Municipal Bonds | 1,706 | 1,791 | -4.7% |
| Fair Value Inputs Level2 · Public Utility Bonds | 6,298 | 6,398 | -1.6% |
| Fair Value Inputs Level2 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level2 · Public Utility Bonds | 2,638 | 2,770 | -4.8% |
| Fair Value Inputs Level2 · Public Utility Bonds | 3,660 | 3,628 | +0.9% |
| Fair Value Inputs Level2 · Sovereign Debt | 383 | 393 | -2.5% |
| Fair Value Inputs Level2 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level2 · Sovereign Debt | 304 | 315 | -3.5% |
| Fair Value Inputs Level2 · Sovereign Debt | 79 | 78 | +1.3% |
| Fair Value Inputs Level3 | 3,357 | 2,067 | +62.4% |
| Fair Value Inputs Level3 · Asset Backed Securities | 2,294 | 1,156 | +98.4% |
| Fair Value Inputs Level3 · Asset Backed Securities | 2,294 | 1,156 | +98.4% |
| Fair Value Inputs Level3 · Asset Backed Securities | 2,294 | 1,119 | +105.0% |
| Fair Value Inputs Level3 · Asset Backed Securities | 0 | 37 | -100.0% |
| Fair Value Inputs Level3 · Asset Backed Securities | 0 | 0 | — |
| Fair Value Inputs Level3 · Banks/financial institutions | 9 | 10 | -10.0% |
| Fair Value Inputs Level3 · Banks/financial institutions | 9 | 10 | -10.0% |
| Fair Value Inputs Level3 · Banks/financial institutions | 4 | 5 | -20.0% |
| Fair Value Inputs Level3 · Banks/financial institutions | 5 | 5 | 0.0% |
| Fair Value Inputs Level3 · Banks/financial institutions | 0 | 0 | — |
| Fair Value Inputs Level3 · Corporate Debt Securities | 159 | 231 | -31.2% |
| Fair Value Inputs Level3 · Corporate Debt Securities | 159 | 231 | -31.2% |
| Fair Value Inputs Level3 · Corporate Debt Securities | 139 | 115 | +20.9% |
| Fair Value Inputs Level3 · Corporate Debt Securities | 20 | 116 | -82.8% |
| Fair Value Inputs Level3 · Corporate Debt Securities | 0 | 0 | — |
| Fair Value Inputs Level3 · Government and agencies | 0 | 0 | — |
| Fair Value Inputs Level3 · Government and agencies | 0 | 0 | — |
| Fair Value Inputs Level3 · Government and agencies | 0 | 0 | — |
| Fair Value Inputs Level3 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level3 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level3 · Municipal Bonds | 0 | 0 | — |
| Fair Value Inputs Level3 · Public Utility Bonds | 876 | 647 | +35.4% |
| Fair Value Inputs Level3 · Public Utility Bonds | 876 | 647 | +35.4% |
| Fair Value Inputs Level3 · Public Utility Bonds | 876 | 647 | +35.4% |
| Fair Value Inputs Level3 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level3 · Public Utility Bonds | 0 | 0 | — |
| Fair Value Inputs Level3 · Sovereign Debt | 19 | 23 | -17.4% |
| Fair Value Inputs Level3 · Sovereign Debt | 19 | 23 | -17.4% |
| Fair Value Inputs Level3 · Sovereign Debt | 19 | 23 | -17.4% |
| Fair Value Inputs Level3 · Sovereign Debt | 0 | 0 | — |
| Fair Value Inputs Level3 · Sovereign Debt | 0 | 0 | — |
Show Financial Instrument breakouts |
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| Asset Backed Securities | 4,366 | 3,563 | +22.5% |
| Asset Backed Securities · Broker/other | 2,294 | 1,119 | +105.0% |
| Asset Backed Securities · Internal | 248 | 92 | +169.6% |
| Asset Backed Securities · JPY | 260 | 308 | -15.6% |
| Asset Backed Securities · Other Currency | 48 | — | — |
| Asset Backed Securities · Third-party pricing vendor | 1,824 | 2,352 | -22.4% |
| Asset Backed Securities · USD | 4,058 | 3,255 | +24.7% |
| Banks/financial institutions | 9,244 | 8,956 | +3.2% |
| Banks/financial institutions · Broker/other | 4 | 5 | -20.0% |
| Banks/financial institutions · Internal | 3,635 | 3,976 | -8.6% |
| Banks/financial institutions · JPY | 5,075 | 5,301 | -4.3% |
| Banks/financial institutions · Third-party pricing vendor | 5,605 | 4,975 | +12.7% |
| Banks/financial institutions · USD | 4,169 | 3,655 | +14.1% |
| Corporate Debt Securities | 26,398 | 25,409 | +3.9% |
| Corporate Debt Securities · Broker/other | 139 | 115 | +20.9% |
| Corporate Debt Securities · Internal | 4,965 | 5,243 | -5.3% |
| Corporate Debt Securities · JPY | 5,261 | 5,592 | -5.9% |
| Corporate Debt Securities · Other Currency | 27 | 26 | +3.8% |
| Corporate Debt Securities · Third-party pricing vendor | 21,294 | 20,051 | +6.2% |
| Corporate Debt Securities · USD | 21,110 | 19,791 | +6.7% |
| Foreign Government Debt Securities · JPY | 14,377 | 17,640 | -18.5% |
| Government and agencies | 14,607 | 17,846 | -18.1% |
| Government and agencies · Internal | 303 | 312 | -2.9% |
| Government and agencies · Third-party pricing vendor | 14,304 | 17,534 | -18.4% |
| Municipal Bonds | 1,930 | 2,034 | -5.1% |
| Municipal Bonds · Internal | 224 | 243 | -7.8% |
| Municipal Bonds · JPY | 716 | 855 | -16.3% |
| Municipal Bonds · Third-party pricing vendor | 1,706 | 1,791 | -4.7% |
| Municipal Bonds · USD | 1,214 | 1,179 | +3.0% |
| Public Utility Bonds | 7,174 | 7,045 | +1.8% |
| Public Utility Bonds · Broker/other | 876 | 647 | +35.4% |
| Public Utility Bonds · Internal | 2,638 | 2,770 | -4.8% |
| Public Utility Bonds · JPY | 2,468 | 2,840 | -13.1% |
| Public Utility Bonds · Other Currency | 56 | — | — |
| Public Utility Bonds · Third-party pricing vendor | 3,660 | 3,628 | +0.9% |
| Public Utility Bonds · USD | 4,650 | 4,205 | +10.6% |
| Sovereign Debt | 402 | 416 | -3.4% |
| Sovereign Debt · Broker/other | 19 | 23 | -17.4% |
| Sovereign Debt · Internal | 304 | 315 | -3.5% |
| Sovereign Debt · JPY | 324 | 338 | -4.1% |
| Sovereign Debt · Third-party pricing vendor | 79 | 78 | +1.3% |
| Sovereign Debt · USD | 78 | 78 | 0.0% |
| US Treasury And Government · USD | 230 | 206 | +11.7% |
Show Consolidated Entities breakouts |
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| Consolidated Entity Excluding Variable Interest Entities VIE | 60,485 | 61,841 | -2.2% |
| Parent Company | 1,714 | 1,713 | +0.1% |
| Variable Interest Entity Not Primary Beneficiary | 6,750 | 6,243 | +8.1% |
| Variable Interest Entity Primary Beneficiary | 3,636 | 3,428 | +6.1% |
Show Currency breakouts |
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| JPY | 28,481 | 32,874 | -13.4% |
| Other Currency | 131 | 26 | +403.8% |
| USD | 35,509 | 32,369 | +9.7% |
| Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss | 16,120 | 15,966 | +1.0% |
Show Financial Instrument breakouts |
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| Corporate Debt Securities · JPY | 16 | 16 | 0.0% |
| Foreign Government Debt Securities · JPY | 15,459 | 15,309 | +1.0% |
| Municipal Bonds · JPY | 235 | 235 | 0.0% |
| Public Utility Bonds · JPY | 32 | 32 | 0.0% |
| Sovereign Debt · JPY | 378 | 374 | +1.1% |
Show Currency breakouts |
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| JPY | 16,120 | 15,966 | +1.0% |
| Liability For Future Policy Benefits | 62,320 | 70,381 | -11.5% |
Show Product Lines breakouts |
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| Accident · Aflac U.S. | 659 | 630 | +4.6% |
| Cancer · Aflac Japan | 22,780 | 26,597 | -14.4% |
| Critical care · Aflac U.S. | 6,900 | 6,800 | +1.5% |
| Dental/vision · Aflac U.S. | 236 | 245 | -3.7% |
| Disability Insurance Policy · Aflac U.S. | 651 | 695 | -6.3% |
| Hospital indemnity · Aflac U.S. | 784 | 775 | +1.2% |
| Life Insurance Segment · Aflac Japan | 16,347 | 19,109 | -14.5% |
| Life Insurance Segment · Aflac U.S. | 1,055 | 938 | +12.5% |
| Medical and other health · Aflac Japan | 7,343 | 8,789 | -16.5% |
| Other · Aflac Japan | 2,946 | 3,379 | -12.8% |
| Other · Aflac U.S. | 476 | 462 | +3.0% |
Show Business Segments breakouts |
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| Corporate And Other | 4,317 | 5,072 | -14.9% |
Show Consolidation Items breakouts |
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| Consolidation Eliminations | -4,997 | -5,760 | +13.2% |
| Liability For Unpaid Claims And Claims Adjustment Expense Net | 495 | 381 | +29.9% |
| Unearned Premiums | 1,323 | 1,286 | +2.9% |
Show Business Segments breakouts |
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| Aflac Japan | 1,245 | 1,199 | +3.8% |
| Aflac U.S. | 97 | 103 | -5.8% |
| Corporate And Other | -11 | 22 | -150.0% |
Show Consolidation Items breakouts |
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| Consolidation Eliminations | -8 | -38 | +78.9% |
| Other Policyholder Funds | 5,445 | 5,460 | -0.3% |
Show Business Segments breakouts |
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| Aflac Japan | 5,445 | 5,460 | -0.3% |
| Aflac U.S. | 0 | 0 | — |
| Corporate And Other | 0 | 0 | — |
Show Consolidation Items breakouts |
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| Consolidation Eliminations | 0 | 0 | — |
| Total Policy Liabilities | 69,583 | 77,508 | -10.2% |
| Obligation To Return Securities Received As Collateral | 3,989 | 2,037 | +95.8% |
| Debt And Capital Lease Obligations | 8,409 | 7,498 | +12.1% |
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| .300% senior notes paid September 2025 | 0 | 79 | -100.0% |
| .300% senior notes paid September 2025 · Parent Company | 0 | 79 | -100.0% |
| .500% senior notes due December 2029 | 80 | 79 | +1.3% |
| .500% senior notes due December 2029 · Parent Company | 80 | 79 | +1.3% |
| .550% senior notes due March 2030 | 85 | 84 | +1.2% |
| .550% senior notes due March 2030 · Parent Company | 85 | 84 | +1.2% |
| .633% senior notes due April 2031 | 191 | 189 | +1.1% |
| .633% senior notes due April 2031 · Parent Company | 191 | 189 | +1.1% |
| .750% senior notes due March 2032 | 131 | 130 | +0.8% |
| .750% senior notes due March 2032 · Parent Company | 131 | 130 | +0.8% |
| .830% senior notes due March 2035 | 67 | 66 | +1.5% |
| .830% senior notes due March 2035 · Parent Company | 67 | 66 | +1.5% |
| .843% senior notes due December 2031 | 59 | 58 | +1.7% |
| .843% senior notes due December 2031 · Parent Company | 59 | 58 | +1.7% |
| .844% senior notes due April 2033 | 76 | 76 | 0.0% |
| .844% senior notes due April 2033 · Parent Company | 76 | 76 | 0.0% |
| .932% senior notes due January 2027 | 382 | 378 | +1.1% |
| .932% senior notes due January 2027 · Parent Company | 382 | 378 | +1.1% |
| .934% senior notes due December 2034 | 62 | 62 | 0.0% |
| .934% senior notes due December 2034 · Parent Company | 62 | 62 | 0.0% |
| 1.039% senior notes due April 2036 | 64 | 63 | +1.6% |
| 1.039% senior notes due April 2036 · Parent Company | 64 | 63 | +1.6% |
| 1.048% senior notes due March 2029 | 83 | 81 | +2.5% |
| 1.048% senior notes due March 2029 · Parent Company | 83 | 81 | +2.5% |
| 1.075% senior notes due September 2029 | 213 | 211 | +0.9% |
| 1.075% senior notes due September 2029 · Parent Company | 213 | 211 | +0.9% |
| 1.122% senior notes due December 2039 | 40 | 39 | +2.6% |
| 1.122% senior notes due December 2039 · Parent Company | 40 | 39 | +2.6% |
| 1.125% senior notes due March 2026 | 400 | 399 | +0.3% |
| 1.125% senior notes due March 2026 · Parent Company | 400 | 399 | +0.3% |
| 1.159% senior notes due October 2030 | 186 | 184 | +1.1% |
| 1.159% senior notes due October 2030 · Parent Company | 186 | 184 | +1.1% |
| 1.264% senior notes due April 2041 | 63 | 63 | 0.0% |
| 1.264% senior notes due April 2041 · Parent Company | 63 | 63 | 0.0% |
| 1.320% senior notes due December 2032 | 134 | 133 | +0.8% |
| 1.320% senior notes due December 2032 · Parent Company | 134 | 133 | +0.8% |
| 1.412% senior notes due March 2031 | 178 | 176 | +1.1% |
| 1.412% senior notes due March 2031 · Parent Company | 178 | 176 | +1.1% |
| 1.488% senior notes due October 2033 | 97 | 95 | +2.1% |
| 1.488% senior notes due October 2033 · Parent Company | 97 | 95 | +2.1% |
| 1.560% senior notes due April 2051 | 127 | 125 | +1.6% |
| 1.560% senior notes due April 2051 · Parent Company | 127 | 125 | +1.6% |
| 1.594% senior notes due September 2037 | 41 | 41 | 0.0% |
| 1.594% senior notes due September 2037 · Parent Company | 41 | 41 | 0.0% |
| 1.600% senior notes due March 2034 | 116 | 115 | +0.9% |
| 1.600% senior notes due March 2034 · Parent Company | 116 | 115 | +0.9% |
| 1.682% senior notes due March 2034 | 49 | 48 | +2.1% |
| 1.682% senior notes due March 2034 · Parent Company | 49 | 48 | +2.1% |
| 1.726% senior notes due October 2030 | 223 | 0 | — |
| 1.726% senior notes due October 2030 · Parent Company | 223 | 0 | — |
| 1.740% senior notes due March 2036 | 95 | 94 | +1.1% |
| 1.740% senior notes due March 2036 · Parent Company | 95 | 94 | +1.1% |
| 1.750% senior notes due October 2038 | 56 | 56 | 0.0% |
| 1.750% senior notes due October 2038 · Parent Company | 56 | 56 | 0.0% |
| 1.920% senior notes due March 2039 | 104 | 103 | +1.0% |
| 1.920% senior notes due March 2039 · Parent Company | 104 | 103 | +1.0% |
| 1.958% subordinated bonds due December 2053 | 191 | 188 | +1.6% |
| 1.990% senior notes due May 2032 | 116 | 0 | — |
| 1.990% senior notes due May 2032 · Parent Company | 116 | 0 | — |
| 2.003% senior notes due December 2032 | 149 | 0 | — |
| 2.003% senior notes due December 2032 · Parent Company | 149 | 0 | — |
| 2.108% subordinated notes due October 2047 | 379 | 375 | +1.1% |
| 2.108% subordinated notes due October 2047 · Parent Company | 379 | 375 | +1.1% |
| 2.144% senior notes due September 2052 | 76 | 75 | +1.3% |
| 2.144% senior notes due September 2052 · Parent Company | 76 | 75 | +1.3% |
| 2.160% senior notes due March 2044 | 36 | 35 | +2.9% |
| 2.160% senior notes due March 2044 · Parent Company | 36 | 35 | +2.9% |
| 2.320% senior notes due May 2035 | 245 | 0 | — |
| 2.320% senior notes due May 2035 · Parent Company | 245 | 0 | — |
| 2.369% senior notes due June 2035 | 60 | 0 | — |
| 2.369% senior notes due June 2035 · Parent Company | 60 | 0 | — |
| 2.400% senior notes due March 2054 | 124 | 122 | +1.6% |
| 2.400% senior notes due March 2054 · Parent Company | 124 | 122 | +1.6% |
| 2.650% senior notes due May 2040 | 74 | 0 | — |
| 2.650% senior notes due May 2040 · Parent Company | 74 | 0 | — |
| 2.779% senior notes due June 2040 | 45 | 0 | — |
| 2.779% senior notes due June 2040 · Parent Company | 45 | 0 | — |
| 2.875% senior notes due October 2026 | 299 | 299 | 0.0% |
| 2.875% senior notes due October 2026 · Parent Company | 299 | 299 | 0.0% |
| 3.040% senior notes due May 2045 | 45 | 0 | — |
| 3.040% senior notes due May 2045 · Parent Company | 45 | 0 | — |
| 3.60% senior notes due April 2030 | 995 | 994 | +0.1% |
| 3.60% senior notes due April 2030 · Parent Company | 995 | 994 | +0.1% |
| 4.00% senior notes due October 2046 | 394 | 394 | 0.0% |
| 4.00% senior notes due October 2046 · Parent Company | 394 | 394 | 0.0% |
| 4.750% senior notes due January 2049 | 542 | 542 | 0.0% |
| 4.750% senior notes due January 2049 · Parent Company | 542 | 542 | 0.0% |
| 6.45% senior notes due August 2040 | 255 | 255 | 0.0% |
| 6.45% senior notes due August 2040 · Parent Company | 255 | 255 | 0.0% |
| 6.90% senior notes due December 2039 | 221 | 221 | 0.0% |
| 6.90% senior notes due December 2039 · Parent Company | 221 | 221 | 0.0% |
| Yen-denominated loan variable interest rate due August 2027 | 75 | 74 | +1.4% |
| Yen-denominated loan variable interest rate due August 2027 · Parent Company | 75 | 74 | +1.4% |
| Yen-denominated loan variable interest rate due August 2029 | 161 | 160 | +0.6% |
| Yen-denominated loan variable interest rate due August 2029 · Parent Company | 161 | 160 | +0.6% |
| Yen-denominated loan variable interest rate due August 2032 | 446 | 441 | +1.1% |
| Yen-denominated loan variable interest rate due August 2032 · Parent Company | 446 | 441 | +1.1% |
Show Consolidated Entities breakouts |
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| Parent Company | 8,143 | 7,219 | +12.8% |
| Other Liabilities | 3,631 | 3,852 | -5.7% |
Show Consolidated Entities breakouts |
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| Parent Company | 862 | 920 | -6.3% |
| Stockholders' Equity | |||
| Common Stock | 136 | 136 | 0.0% |
Show Consolidated Entities breakouts |
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| Parent Company | 136 | 136 | 0.0% |
| Additional Paid In Capital Common Stock | 3,024 | 2,894 | +4.5% |
Show Consolidated Entities breakouts |
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| Parent Company | 3,024 | 2,894 | +4.5% |
| Retained Earnings | 54,682 | 52,277 | +4.6% |
Show Consolidated Entities breakouts |
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| Parent Company | 54,682 | 52,277 | +4.6% |
| Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | -4,847 | -4,998 | +3.0% |
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| Parent Company | -4,847 | -4,998 | +3.0% |
| Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax | -1,809 | 24 | -7637.5% |
Show Consolidated Entities breakouts |
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| Parent Company | -1,809 | 24 | -7637.5% |
| Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax | -13 | -20 | +35.0% |
Show Consolidated Entities breakouts |
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| Parent Company | -13 | -20 | +35.0% |
| Aoci Liability For Future Policy Benefit After Tax | 8,035 | 2,006 | +300.5% |
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| Parent Company | 8,035 | 2,006 | +300.5% |
| Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax | 86 | 10 | +760.0% |
Show Consolidated Entities breakouts |
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| Parent Company | 86 | 10 | +760.0% |
| Treasury Stock Value | -29,804 | -26,231 | -13.6% |
Show Consolidated Entities breakouts |
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| Parent Company | -29,804 | -26,231 | -13.6% |
| Total Stockholders' Equity | 29,490 | 26,098 | +13.0% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | 86 | 10 | +760.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | -13 | -20 | +35.0% |
| Accumulated Net Unrealized Investment Gain Loss | -1,809 | 24 | -7637.5% |
| Accumulated Other Comprehensive Income | 1,452 | -2,978 | +148.8% |
| Accumulated Translation Adjustment | -4,847 | -4,998 | +3.0% |
| Additional Paid In Capital | 3,024 | 2,894 | +4.5% |
| Aoci Liability For Future Policy Benefit Parent | 8,035 | 2,006 | +300.5% |
| Common Stock | 136 | 136 | 0.0% |
| Retained Earnings | 54,682 | 52,277 | +4.6% |
| Treasury Stock Common | -29,804 | -26,231 | -13.6% |
Show Consolidated Entities breakouts |
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| Parent Company | 29,490 | 26,098 | +13.0% |
| Total Liabilities & Equity | 116,470 | 117,566 | -0.9% |
Show Consolidated Entities breakouts |
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| Parent Company | 38,852 | 34,584 | +12.3% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Increase Decrease In Receivables | -38 | 23 | -265.2% |
| Increase Decrease In Insurance Liabilities | -83 | -43 | -93.0% |
| Increase Decrease In Accrued Income Taxes Payable | -370 | -329 | -12.5% |
| Other Non-Cash Items | 54 | -112 | +148.2% |
| Net Cash from Operations | 315 | 333 | -5.4% |
| Investing Activities | |||
| Proceeds From Sale And Maturity Of Available For Sale Securities | 1,483 | 2,373 | -37.5% |
| Proceeds From Sale Of Equity Securities Fv Ni | 136 | 80 | +70.0% |
| Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities | 1 | 1 | 0.0% |
| Proceeds From Sale And Collection Of Loans Receivable | 746 | 953 | -21.7% |
| Purchases of Investments | -982 | -953 | -3.0% |
| Payments To Acquire Equity Securities Fv Ni | -141 | -78 | -80.8% |
| Payments To Acquire Loans Receivable | -416 | -439 | +5.2% |
| Payments To Acquire Other Investments | 853 | 1,710 | -50.1% |
| Payments For Proceeds From Hedge Investing Activities | -33 | -92 | +64.1% |
| Increase Decrease In Collateral Held For Securities Lending And Derivatives | -1,217 | -2,001 | +39.2% |
| Other Investing Activities | -71 | -37 | -91.9% |
| Net Cash from Investing | 359 | 1,517 | -76.3% |
| Financing Activities | |||
| Share Repurchases | -801 | -750 | -6.8% |
| Proceeds From Issuance Of Long Term Debt And Capital Securities Net | 0 | 0 | — |
| Repayments Of Long Term Debt And Capital Securities | 0 | 0 | — |
| Payments Of Dividends | -292 | -267 | -9.4% |
| Net Change Annuities And Investment Certificates | -68 | -52 | -30.8% |
| Proceeds From Sale Of Treasury Stock | 3 | -7 | +142.9% |
| Proceeds From Payments For Other Financing Activities | -26 | -8 | -225.0% |
| Net Cash from Financing | -1,184 | -1,084 | -9.2% |
| Supplemental | |||
| Income Taxes Paid | 563 | 562 | +0.2% |
| Interest Paid | 64 | 53 | +20.8% |
| Other Noncash Expense | -2 | -4 | +50.0% |
| Transfer To Other Real Estate | 0 | 88 | -100.0% |
| Capital Lease Obligations Incurred | 5 | 8 | -37.5% |
| Stock Issued1 (Q) | — | — | — |
Show Treasury Stock Activity By Type [Axis] breakouts |
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| Associate stock bonus | 5 | 5 | 0.0% |
| Share-based compensation grants | 0 | 0 | — |
| Shareholder dividend reinvestment | 10 | 10 | 0.0% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | -13 | -149 | +91.3% |
| Net Change in Cash | -523 | 617 | -184.8% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 6,245 | 6,229 | +0.3% |
Values in millions USD. Source: SEC EDGAR 10-K filing.