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Aflac Business Segments

Business, geographic, and product segment breakdowns

Aflac generates $18.1B in annual revenue across 2 key segments: Life insurance ($45.2B), and Other ($12.5B). Based on the Q1 2026 filing.

Life insurance (TTM)$45.2BOther (TTM)$12.5B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$57.6B
P/E Ratio12.42
ROE16.47%

Products & Services

Assumed from Other companies

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life Insurance$6.8M$6.0M$6.0M$6.0M$6.0M—

Ceded Premiums Earned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life Insurance$12.8M$13.0M$13.0M$13.0M$13.0M—

Earned premiums, direct

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life Insurance$444.5M$475.8M$475.8M$475.8M$475.8M—

Net earned premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accident And Health Insurance$2.9B$2.9B$2.9B$2.9B$2.9B—

Percentage of Amount Assumed to Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life Insurance0.010.000.000.000.00—

Amortization of deferred policy acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$15.0M$17.0M$19.0M$18.0M$19.0M$19.0M
Other$2.0M$0.0$2.0M$0.0$1.0M$1.0M

Capitalization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$33.0M$31.0M$33.0M$30.0M$37.0M$43.0M
Other$2.0M$1.0M$1.0M$0.0$1.0M$0.0

Deferred policy acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$660.0M$701.0M$729.0M$728.0M$723.0M$738.0M
Other$52.0M$54.0M$56.0M$54.0M$51.0M$50.0M

Effect of change in discount rate assumptions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance-$2.3B-$3.3B-$4.0B-$4.6B-$5.0B-$5.6B
Other-$545.0M-$684.0M-$850.0M-$887.0M-$947.0M-$1.1B

Effect of changes in discount rate assumptions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$5.0M-$82.0M-$121.0M-$188.0M-$255.0M-$345.0M
Other-$16.0M$13.0M-$12.0M$55.0M$58.0M-$21.0M

Foreign currency translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance-$2.9B$1.5B$899.0M-$769.0M—-$525.0M
Other-$519.0M$276.0M$163.0M-$143.0M—-$98.0M

Foreign currency translation and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance-$50.0M$27.0M$14.0M-$13.0M—-$9.0M
Other-$5.0M$1.0M$3.0M-$2.0M-$3.0M$0.0

Future policy benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life Insurance$20.0B$20.2B$20.1B$18.9B$17.4B$16.2B
Other$3.8B$3.9B$3.9B$3.7B$3.4B$3.2B

Gross premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$11.4B$11.8B$12.0B$11.6B$11.0B$10.7B
Other$2.5B$2.9B$3.0B$3.0B$3.1B$3.4B

Interest accrual

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$164.0M$162.0M$167.0M$167.0M$160.0M$157.0M
Other$37.0M$39.0M$45.0M$51.0M$53.0M$55.0M

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$127.0M$125.0M$128.0M$128.0M$123.0M$120.0M
Other$24.0M$24.0M$26.0M$25.0M$24.0M$24.0M

Issuances

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$197.0M$236.0M$75.0M$105.0M$172.0M$476.0M
Life insurance$188.0M$199.0M$146.0M$125.0M$201.0M$185.0M

Less: reinsurance recoverable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$18.0M$20.0M$22.0M$23.0M$25.0M$342.0M
Other$0.0$2.0M$0.0$14.0M$11.0M$20.0M

Liability for Future Policy Benefit, after Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$20.0B$20.2B$20.1B$18.9B$17.4B$15.8B
Other$3.8B$3.9B$3.9B$3.7B$3.4B$3.2B

Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance2611200000000.0%2640600000000.0%2643100000000.0%2479000000000.0%2297000000000.0%2151200000000.0%
Other551300000000.0%582400000000.0%587700000000.0%623400000000.0%611500000000.0%623900000000.0%

Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$355.0M$631.0M$396.0M$421.0M$414.0M$694.0M
Other$86.0M$98.0M$103.0M$112.0M$112.0M$116.0M

Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance2845600000000.0%2968300000000.0%3047700000000.0%2942200000000.0%2800400000000.0%2709600000000.0%
Other605800000000.0%650800000000.0%672700000000.0%712100000000.0%706200000000.0%735700000000.0%

Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$41.1B$43.1B$44.4B$43.1B$41.3B$40.3B
Other$8.8B$9.5B$9.8B$10.5B$10.5B$11.0B

Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance606500000000.0%623600000000.0%628300000000.0%591300000000.0%556800000000.0%534800000000.0%
Other167200000000.0%194300000000.0%201400000000.0%253000000000.0%269300000000.0%300700000000.0%

Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$247.0M$242.0M$252.0M$242.0M$230.0M$223.0M
Other$43.0M$46.0M$54.0M$65.0M$68.0M$72.0M

Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance606000000000.0%631800000000.0%640400000000.0%610100000000.0%582300000000.0%569300000000.0%
Other168800000000.0%193000000000.0%202600000000.0%247500000000.0%263500000000.0%302800000000.0%

Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance$0.0$0.0$0.0$0.0$0.0$0.0
Other$0.0$0.0$0.0$0.0$0.0$0.0

Weighted-average interest, current discount rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other7.8%8.5%8.5%8.6%8.8%9.7%
Life insurance7.4%8.0%8.0%8.0%8.1%9.0%

Weighted-average interest, original discount rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other7.2%7.3%7.2%7.3%7.3%7.3%
Life insurance5.9%6.0%6.0%6.0%6.0%6.1%

Weighted-average liability duration

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life insurance0.0%0.0%0.0%0.0%0.0%0.0%
Other0.0%0.0%0.0%0.0%0.0%0.0%

Non-life operating loss carryforwards

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Life$92.0M———$106.0M—
Non-life$26.0M———$26.0M—

Geographic

Concentration Risk, Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CA0.000.21-0.010.020.000.22
TX0.000.140.00-0.010.000.14
FL0.000.100.00-0.020.000.07

Business Segments

Amortization of deferred policy acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$134.0M$137.0M$136.0M$137.0M$141.0M$143.0M
Aflac Japan$79.0M$79.0M$85.0M$81.0M$78.0M$78.0M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$90.2B$93.4B$96.6B$94.1B$88.5B$88.4B
Aflac U.S.$21.9B$21.9B$22.0B$22.6B$22.3B$22.6B
Corporate and other$5.4B$4.9B$6.1B$5.6B$5.6B$5.2B

Benefits and claims, excluding reserve remeasurement

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$1.1B$1.1B$1.2B$1.1B$1.1B$1.0B
Aflac U.S.$691.0M$731.0M$736.0M$752.0M$750.0M$770.0M

Current

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$299.0M$196.3M$196.3M$196.3M$196.3M—
Aflac U.S.$33.5M$82.5M$82.5M$82.5M$82.5M—

Deferred

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$39.8M$54.3M$54.3M$54.3M$54.3M—
Aflac U.S.-$128.8M-$111.3M-$111.3M-$111.3M-$111.3M—

Deferred policy acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$5.1B———$5.3B—
Aflac U.S.$3.7B———$3.7B—

Deferred profit liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$1.8B$2.0B$2.1B$2.1B$2.1B$2.1B

Deferred reinsurance gain liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$806.0M$860.0M$885.0M$834.0M$757.0M$895.0M

Earnings before income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan—$830.3M$830.3M$830.3M$830.3M—
Aflac U.S.—$303.0M$303.0M$303.0M$303.0M—

Future policy benefits & unpaid policy claims

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$60.9B———$52.6B—
Aflac U.S.$11.0B———$11.3B—

Income tax expense (benefit)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$338.8M$250.5M$250.5M$250.5M$250.5M—
Aflac U.S.-$95.3M-$28.8M-$28.8M-$28.8M-$28.8M—

Insurance and other expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$401.0M$375.0M$353.0M$392.0M$410.0M$397.0M
Aflac Japan$305.0M$261.0M$313.0M$271.0M$323.0M$250.0M

Insurance commissions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$141.0M$135.0M$139.0M$143.0M$147.0M$142.0M
Aflac Japan$106.0M$105.0M$112.0M$111.0M$99.0M$95.0M

Liability for Future Policy Benefit, Remeasurement Gain (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$23.0M$25.0M$14.0M$474.0M$16.0M$45.0M
Aflac U.S.$25.0M$15.0M$24.0M$71.0M$22.0M$36.0M

Net earned premiums, principally supplemental health insurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$1.7B$1.7B$1.8B$1.7B$1.6B$1.6B
Aflac U.S.$1.4B$1.5B$1.5B$1.5B$1.5B$1.6B

Net investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$997.0M$586.0M$699.0M$665.0M$904.0M$591.0M
Aflac U.S.$249.0M$202.0M$207.0M$214.0M$231.0M$201.0M

Other income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$19.0M$17.0M$17.0M$19.0M$21.0M$23.0M
Aflac Japan$5.0M$5.0M$12.0M$7.0M$8.0M$8.0M

Other operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$381.8M$398.8M$398.8M$398.8M$398.8M—
Aflac U.S.$516.0M$523.5M$523.5M$523.5M$523.5M—

Percentage of the Company's total assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan0.770.780.770.770.760.76

Percentage of the Company's total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan—0.530.540.53—0.51

Percentage of total receivables related to Aflac Japan's operations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan0.25———0.20—

Premiums written

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$2.0B$2.0B$2.0B$2.0B$2.0B—
Aflac U.S.$1.5B$1.5B$1.5B$1.5B$1.5B—

Pretax adjusted earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$747.0M$722.0M$790.0M$1.2B$712.0M$759.0M
Aflac U.S.$330.0M$358.0M$388.0M$375.0M$300.0M$363.0M
Corporate and other$0.0$43.0M$20.0M$69.0M—$0.0

Receivables

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$197.0M———$167.0M—

Statutory Accounting Practices, Statutory Capital and Surplus, Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$8.1B———$6.9B—

Total benefits and claims, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$1.1B$1.1B$1.2B$656.0M$1.1B$990.0M
Aflac U.S.$666.0M$716.0M$712.0M$681.0M$728.0M$734.0M

Total benefits and expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$1.3B$1.4B$1.3B$1.4B$1.4B$1.4B
Aflac Japan$1.6B$1.6B$1.7B$1.1B$1.6B$1.4B
Corporate and other$289.0M$283.0M$316.0M$274.0M$303.0M$292.0M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$2.4B$2.3B$2.5B$2.3B$2.3B$2.2B
Aflac U.S.$1.7B$1.7B$1.7B$1.7B$1.7B$1.8B
Corporate and other$286.0M$326.0M$336.0M$343.0M$272.0M$292.0M

Unearned premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac Japan$1.2B———$1.2B—
Aflac U.S.$103.0M———$97.0M—

Other policyholders’ funds

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aflac U.S.$0.0———$0.0—

Benefits and claims, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate And Other$101.8M$114.5M$114.5M$114.5M$114.5M—

Future policy benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and other$5.1B$5.1B$5.1B$4.8B$4.3B$4.6B

Gross premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and other$200.0M$198.0M$206.0M$214.0M$188.0M$182.0M