How Aflac Makes Money

Annual Revenue: $17.2B

Executive Summary

Aflac generates revenue primarily through Supplemental Insurance, with roughly $17.2B in annual revenue.

Core Growth Engine: In the United States, Aflac has added network dental and vision plus group life, disability, and absence-management capabilities through acquisitions. In Japan, it continues to develop cancer, medical, and life products ...

Revenue Model & Pricing

Aflac earns premiums from supplemental health and life insurance policies and investment income from assets held to support policy obligations. Aflac Japan sells cancer, medical, nursing care, and life products through agencies and distribution partners. Aflac U.S. sells voluntary and employer-paid supplemental health, group life and disability, dental, and vision products, primarily through workplaces and brokers.

Core Revenue Streams

Insurance premiums

Not separately stated as a stable percentage

Premiums from supplemental health and life policies in the Japan and U.S. segments are the principal operating revenue source.

Net investment income

Not separately stated as a stable percentage

Aflac earns investment income on assets supporting policy liabilities and capital.

Investment gains and losses

Variable

Realized and unrealized investment results can materially raise or lower reported total revenues.

Growth Strategy

In the United States, Aflac has added network dental and vision plus group life, disability, and absence-management capabilities through acquisitions. In Japan, it continues to develop cancer, medical, and life products and distribute them through agencies and partners.