Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates in two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care, whole life, and GIFT insurance products, as well as WAYS and child endowment, and Tsumitasu insurance products in Japan. Its Aflac U.S. segment provides accident, disability, cancer, critical illness, hospital indemnity, dental, vision, and life insurance products in the United States. The company also provides hearing, final expense, pet, Medicare supplement, supplemental dental and vision, short-term disability, and absence management insurance products, as well as cafeteria plans. It sells its products to individuals, families, and business owners through individual, independent corporate, and affiliated corporate agencies; banks; independent associates/career agents; and brokers. Aflac Incorporated was founded in 1955 and is headquartered in Columbus, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $17.4B | - | $3.6B | $2.6B | 12.4% | -9.3% | -33.0% |
| 2024 | $19.1B | - | $5.4B | $2.7B | 20.9% | 1.5% | 16.8% |
| 2023 | $18.8B | - | $4.7B | $3.2B | 21.2% | -1.6% | 5.5% |
| 2022 | $19.2B | - | $4.4B | $3.9B | 21.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,151 | 18,841 | 19,128 | 17,355 |
| Operating Revenue | - | 19,151 | 18,841 | 19,128 | 17,355 |
| Total Expenses | - | 14,282 | 13,579 | 12,711 | 12,822 |
| EBIT | - | 5,095 | 5,457 | 6,614 | 4,753 |
| Interest Expense | - | 226 | 195 | 197 | 220 |
| Net Interest Income | - | -226 | -195 | -197 | -220 |
| Other Income Expense | - | 220 | 177 | 100 | 112 |
| Interest Expense Non Operating | - | 226 | 195 | 197 | 220 |
| Net Non Operating Interest Income Expense | - | -226 | -195 | -197 | -220 |
| Pretax Income | - | 4,869 | 5,262 | 6,417 | 4,533 |
| Tax Provision | - | 451 | 603 | 974 | 887 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Net Income From Continuing And Discontinued Operation | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Net Income | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Net Income Common Stockholders | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Net Income Including Noncontrolling Interests | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Normalized Income | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Diluted NI Availto Com Stockholders | - | 4,418 | 4,659 | 5,443 | 3,646 |
| Basic Average Shares | - | 634.82 | 596.17 | 562.49 | 532.88 |
| Diluted Average Shares | - | 637.66 | 598.74 | 565.02 | 534.88 |
| Other Operating Expenses | - | 11 | 140 | 201 | 191 |
| Loss Adjustment Expense | - | 12,136 | 11,376 | 10,464 | 10,546 |
| Net Policyholder Benefits And Claims | - | 12,136 | 11,376 | 10,464 | 10,546 |
| Policyholder Benefits Gross | - | 12,758 | 11,512 | 10,617 | 10,806 |
| Policyholder Benefits Ceded | - | 355 | 136 | 153 | 260 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aflac Incorporatedthis co. | AFL | $58.7B | 16.09 | 1.99 | 12.4% | - |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| The Travelers Companies, Inc. | TRV | $62.4B | 10.00 | 1.90 | 19.0% | - |
| Truist Financial Corporation | TFC | $61.3B | 11.55 | 1.02 | 8.8% | - |
| The Allstate Corporation | ALL | $54.3B | 5.28 |
| - |
| - |
| - |
| - |
| - |
| 1.90 |
| 35.9% |
| - |
| Arthur J. Gallagher & Co. | AJG | $54.2B | 36.29 | 2.32 | 6.4% | 18.26 |
| MetLife, Inc. | MET | $53.7B | 15.89 | 1.89 | 11.9% | - |
| Nasdaq, Inc. | NDAQ | $50.0B | 27.98 | 4.09 | 14.6% | 18.81 |
| Fifth Third Bancorp | FITB | $46.9B | 18.61 | 2.35 | 12.6% | - |
| Peer Median | - | 17.25 | 2.11 | 13.6% | 18.26 | |