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AFLAC Incorporated (AFL)
NYSE:AFL
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.82Last Year’s EPS
1.66Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: notable commercial successes (strong Japan product sales, robust U.S. group and channel growth), excellent capital returns and solid liquidity/capital ratios, offset by near-term headwinds including declines in underlying Japan earned premiums, rising U.S. benefit ratios/claims pressure, modest investment income declines and some corporate losses/loan charge-offs. Management reiterated guidance ranges and emphasized strong capital flexibility and strategic investments to scale new businesses. Given the combination of meaningful operational strengths and material short-term pressures, the tone is cautious but stable.Company Guidance
Quarterly and Full-Year Earnings
Q4 net EPS $2.64 and adjusted EPS $1.57; FY2025 net EPS $6.82 and adjusted EPS $7.49. Adjusted EPS in Q4 increased 0.6% year-over-year (ex-FX). Adjusted book value per share (ex-FX) rose 0.5%.
Strong Japan Sales and Product Adoption
Aflac Japan sales increased 15.7% in Q4 and 16% for FY2025. Miraito cancer product drove a remarkable 35.6% sales increase. New medical product Anshin Palette (late Dec) received positive early reception; repriced Tsumitasu supports growth to younger customers.
High Persistency in Japan
Japan premium persistency remained strong at 93.1% for the year, supporting long-term in-force stability despite product introductions and repricing activity.
U.S. New Sales and Premium Growth
Aflac U.S. generated nearly $1.6 billion in new sales in 2025 (over one-third in Q4). Net earned premiums increased ~2.9% for 2025, with Q4 U.S. net earned premiums up 4% and premium persistency remaining strong at 79.2%.
Growing Group and New Channels in U.S.
Group lines and newer channels expanded materially in 2025: network dental up 48.8% YoY, life/absence & disability combined up 11.3%, direct-to-consumer up 10.5%. Group-focused growth initiatives comprised ~20% of new sales.
Capital Return and Dividend Increase
Record 2025 capital deployment: $3.5 billion repurchased (33 million shares) and $1.2 billion in dividends — ~ $4.8 billion returned. Q4 repurchases were $800 million and Q4 dividends $303 million. Board raised Q1 2026 dividend by 5.2%.
Strong Liquidity and Capital Position
Enhanced liquidity via two off-balance-sheet PCAPs adding $2.0 billion of flexibility (undrawn). Holding-company unencumbered liquidity $4.1 billion, $3.1 billion above minimum. Adjusted leverage 21.4% (target 20–25%). SMR above 970%; estimated ESR (with USP) ~253%; combined RBC ~575%.
Solid Investment & Credit Performance
No quarter charge-offs in commercial real estate and no foreclosures recorded. Investment portfolio produced solid net investment income; limited software exposure (~1.5% of portfolio) and diversified middle-market loan exposure.
Profitability Metrics
Adjusted ROE 11.7% (14.5% excluding FX remeasurement). Japan pretax margin 31.3% (only down 30 bps YoY); U.S. pretax margin 17.4% (down 230 bps vs strong prior comparable).
Clear 2026 Guidance Framework
Management reiterated ranges from prior FAB for 2026 (with some refinements): Japan underlying earned premiums expected to decline 1–2%; Japan pretax margin guided to 33–36%; U.S. net earned premium growth expected at lower end of 3–6% and U.S. pretax margin guided 17–20%.
AFL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AFL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $113.02 | $116.85 | +3.39% |
Feb 04, 2026 | $113.02 | $116.85 | +3.39% |
Nov 04, 2025 | $107.67 | $110.08 | +2.23% |
Aug 05, 2025 | $97.36 | $100.69 | +3.43% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does AFLAC Incorporated (AFL) report earnings?
AFLAC Incorporated (AFL) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is AFLAC Incorporated (AFL) earnings time?
AFLAC Incorporated (AFL) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AFL EPS forecast?
AFL EPS forecast for the fiscal quarter 2026 (Q1) is 1.82.