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Aflac AFL Health insurance — Ceded Premiums Earned

Other product segments

Life insurance
$52M+2.0%

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Other financials

Income statement

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Revenue$4.1B-1.0%
Net income$825.0M+37.7%
EPS (diluted)$1.63+46.8%

Balance sheet

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Cash & equivalents$6.1B-12.1%
Total debt$8.8B-2.4%
Total equity$30.3B+11.4%
Total assets$115.96B-7.0%

Cash flow

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Operating cash flow$112.0M-71.9%

Valuation

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Market cap$61.13B+9.7%
Enterprise value$63.83B+10.5%
P/E12.6×-10.3×
P/S3.4×-0.1×

Profitability

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Net margin26.9%+11.6pp

Returns & leverage

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Return on equity16.9%+7.8pp
Debt / equity0.3×0.0×

Where this comes from

Reported directly by Aflac in its filing.

Tagged under the XBRL concept us-gaap:CededPremiumsEarned.

The source filing: Aflac’s 10-K, filed February 25, 2026.

Filed
Feb 25, 2026, 8:03 AM EST
Fiscal year
FY2025
Accession
0001628280-26-011402
(In millions)Gross AmountCeded to Other CompaniesAssumedfrom OthercompaniesNet AmountPercentageof Amount Assumedto Net
2025:
Life insurance in force$245,615$13,495$17,867$249,9877%
Premiums:
Health insurance$11,857$316$132$11,6731%
Life insurance1,90352241,8751
Total earned premiums$13,760$368$156$13,5481%
2024:
Life insurance in force$187,553$13,481$21,192$195,26411%

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

FAQ

What is Aflac's health insurance — ceded premiums earned?
Aflac (AFL) reported health insurance — ceded premiums earned of $79M in Q4 2025.
How has Aflac's health insurance — ceded premiums earned changed year-over-year?
Aflac's health insurance — ceded premiums earned increased by 35.6% year-over-year, from $58.25M to $79M.
What is the long-term trend for Aflac's health insurance — ceded premiums earned?
Over 4 years (2021 to 2025), Aflac's health insurance — ceded premiums earned has grown at a -9.7% compound annual growth rate (CAGR), from $475M to $316M.
What does health insurance — ceded premiums earned mean?
Represents the portion of earned premiums that the company has transferred to reinsurers under reinsurance agreements. This metric reflects the company's risk management strategy and its decision to offload specific underwriting risks to third parties. It is a key component in understanding the net risk retention profile of the health insurance segment.

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