Aflac Incorporated Revenue in 2024

Aflac Incorporated reported $17.4B in revenue for fiscal year 2024. This represents a growth of 3.6% compared to the 2023 figure of $16.8B.

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. The portfolio yield of approximately 4.8 percent, up roughly 30 basis points year-over-year, reflects the benefit of the higher-interest-rate environment for an insurer with long-duration asset holdings. 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. The company returns capital to shareholders consistently through dividends and buybacks, and the Japanese business's cash flows are predictable enough to support that return even in years when U.S. Claims activity is elevated. Currency risk is the structural variable most often cited in Aflac's risk disclosures. The Japanese yen's exchange rate movements affect how Aflac's Japanese earnings translate into U.S. Dollar reported results, and yen depreciation in recent years has reduced the dollar value of Japan segment earnings relative to what the underlying yen figures imply. Aflac manages this exposure through hedging strategies, but the relationship between yen movements and reported earnings remains one of the primary variables investors track.