Aflac Incorporated
Insurance / Supplemental Health / Life InsuranceFounded 1955- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Aflac Incorporated
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$17.4B
Market Cap
$55.0B
Net Income
$4.5B
Employees
11,500
With $17.4 billion in total revenues and $4.5 billion in net income, Aflac generates a 25.9 percent net margin that reflects the fundamental economics of supplemental insurance: premiums collected annually, benefits paid as discrete events, with claims ratios that are predictable at scale. The $160 billion investment portfolio generating roughly $5.5 billion in annual net investment income adds a second major earnings stream that operates independently of claims activity. The $160 billion investment portfolio that Aflac manages alongside its insurance operations generated approximately $5.5 billion in net investment income in 2024 — a sum that exceeds the entire annual revenue of many publicly traded financial services companies. Revenue grew steadily from $16.2 billion in 2022 to $17.4 billion in 2024, a 7.4 percent increase that reflects premium growth in both Japan and the United States alongside investment income expansion. The $4.5 billion net income on $17.4 billion in revenue represents a 25.9 percent net margin — among the highest in the insurance industry and reflective of Aflac's low expense ratio, which the worksite distribution model enables by concentrating sales activity where conversion rates are highest. The $55 billion market capitalization at roughly 3.2 times annual revenue prices Aflac as a high-quality, durable earnings machine rather than a growth story.
Revenue Trend Analysis
YoY Change
+3.6%
2-Year CAGR
+3.6%
Peak Year
2024
Trend
Consistent Growth
Aflac Incorporated has reported revenue across 3 fiscal years, compounding at +3.6% annually over 2 years. The most recent year saw a 3.6% increase versus the prior year. Revenue peaked in 2024 at $17.4B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $17.4B | $4.5B | +3.6% |
| FY2023 | $16.8B | — | +3.7% |
| FY2022 | $16.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Aflac's approximately 26% net margin reflects three advantages: a favorable benefit ratio (60-70% claims payout versus premiums), significant investment income from a $100B+ portfolio, and operational leverage from its Japan workforce model. Japan operations, which generate ~70% of premiums, benefit from low claims administration costs and a captive workforce enrolled through postal/workplace channels. The low-churn nature of supplemental insurance (policies persist for years) also keeps acquisition cost amortization per policy low.
Approximately 70% of Aflac's premium revenue is earned in Japanese yen. When the yen weakens versus the dollar — as it did dramatically in 2022-2024 when the yen fell from 115 to 155 per dollar — Aflac's Japan earnings translate to fewer US dollars, suppressing reported EPS even when underlying yen-denominated performance is strong. Aflac hedges some yen exposure through currency derivatives and also benefits from the mismatch: Japan claims are paid in yen, so a weak yen reduces the dollar cost of claims as well as revenue.
Aflac's combined ratio — the sum of the benefit ratio plus the expense ratio — runs approximately 90-95% for its core supplemental insurance business, indicating profitable underwriting (below 100% means premiums exceed claims and expenses). This is structurally more favorable than property-casualty insurers, which often operate at 95-105% combined ratios relying on investment income for profitability. Aflac's supplemental specific-disease focus limits catastrophic claim exposure and enables more predictable actuarial modeling.
Aflac has increased its annual dividend for over 40 consecutive years, qualifying it as a Dividend Aristocrat. The company typically returns 50-70% of earnings to shareholders via dividends and buybacks combined. Aflac buys back approximately $1.5-2.5 billion in stock annually, reducing share count significantly over time. With a $55 billion market cap and consistent cash generation, Aflac's capital return program is a core element of its investment thesis for income-oriented investors.
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CorpDigest. "Aflac Incorporated Revenue & Financials." CorpDigest, https://corpdigest.com/company/aflac/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Aflac Incorporated reported $17B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/aflac/financials" target="_blank" rel="noopener">CorpDigest — Aflac Incorporated financials</a></div>