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Aflac AFL Capitalization of Deferred Policy Acquisition Costs

Capitalization of Deferred Policy Acquisition Costs at other companies

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Other financials

Income statement

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Revenue$4.3B+27.9%
Net income$1.0B+3,414%
EPS (diluted)$1.98+3,860%

Balance sheet

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Cash & equivalents$5.7B+8.1%
Total debt$8.0B+1.8%
Total equity$30.0B+13.8%
Total assets$116.28B-3.3%

Cash flow

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Operating cash flow$968.0M+64.3%

Valuation

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Market cap$60.18B+7.8%
Enterprise value$62.52B+6.9%
P/E13×-2.6×
P/S3.3×0.0×

Profitability

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Net margin25.6%+4.3pp

Returns & leverage

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Return on equity16.5%+2.1pp
Debt / equity0.3×0.0×

Where this comes from

Reported directly by Aflac in its filing.

Tagged under the XBRL concept afl:CapitalizationOfDeferredPolicyAcquisitionCosts.

The official record: Aflac’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Aflac's capitalization of deferred policy acquisition costs?
Aflac (AFL) reported capitalization of deferred policy acquisition costs of $276.25M in Q4 2025.
How has Aflac's capitalization of deferred policy acquisition costs changed year-over-year?
Aflac's capitalization of deferred policy acquisition costs increased by 4.6% year-over-year, from $264M to $276.25M.
What is the long-term trend for Aflac's capitalization of deferred policy acquisition costs?
Over 4 years (2021 to 2025), Aflac's capitalization of deferred policy acquisition costs has grown at a 1.0% compound annual growth rate (CAGR), from $1.06B to $1.11B.
What does capitalization of deferred policy acquisition costs mean?
This represents the deferral of costs directly associated with acquiring new insurance policies, such as commissions and underwriting expenses. By capitalizing these costs, the company matches expenses to the revenue generated over the life of the policy rather than recognizing them immediately.