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US and Japanese supplemental health and life insurer selling cancer, accident and disability policies via payroll deduction.
US and Japanese supplemental health and life insurer selling cancer, accident and disability policies via payroll deduction.
Sells policies that pay cash to the insured on top of regular medical cover, so claims are modest relative to premiums collected. In the US they are sold mostly by payroll deduction at the workplace. Japan has long produced most of its profit, so results move with the yen, and partners such as Japan Post support distribution there.
Moat: narrow (distribution, brand, scale). Decades-old worksite distribution network and Japan post-office/agency ties are hard to replicate.
Headquarters: Columbus, Georgia, US · Founded: 1955 · Employees: 12,716
Size Aflac (AFL) is a United States Financials company (Multi-Line Insurance) with a market value of $62.2B, the 212th largest of 3,117 United States companies the cockpit tracks. Shares closed at $124.06 on 6 Nov 2026.
Performance Over six months the shares gained 10.3%, against +16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +10.3%); the operating margin is 33.4% (peer median 16.7%).
Valuation It trades at 2.06× book value against a peer median of 2.14× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 12.5%; Aflac delivers 16.9%, so the price asks less than the business earns today.
Credit Aflac has 7 bonds outstanding ($3.31B), rated A- by the agencies and trading like A+ at a weighted spread of 74 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $18.1B | $17.2B | $18.9B | $18.7B | $19.1B |
| Revenue growth | — | -9% | +1% | -2% | — |
| Net income | $4.86B | $3.65B | $5.44B | $4.66B | $4.42B |
| Free cash flow | $2.65B | $2.56B | $2.71B | $3.19B | $3.88B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $8.73B | $8.41B | $7.50B | $7.39B | $7.47B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Aflac AFL | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% |
| Unum UNM | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% |
| MetLife MET | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% |
| Prudential Financial PRU | $41.1B | +20% | +4% | 13% | 1.39× | 11.4% |
| Cigna CI | $77.6B | +3% | +8% | 15% | 1.82× | 9.1% |
| Voya Financial VOYA | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +3.5% | 6th highest of 21 |
| 6-month return | +10.3% | +16.2% | 8th lowest of 21 |
| Return on equity | 16.9% | 17.4% | 11th highest of 21 |
| Price / book | 2.06× | 2.14× | 11th cheapest of 21 |
| Trailing P/E | 13.3× | 11.6× | 7th most expensive of 21 |
| ROE the price implies | 12.5% | 11.2% | 9th most demanding of 21 |
| ROE delivered | 16.9% | 17.4% | 11th highest of 21 |
| Bond spread | 74 bp | 79 bp | 5th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
| Sompo 8630.T | Japan | $39.6B | +17% | +41% | 15% | 1.14× | 6.2% | 14.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Arch Capital ACGL | United States | $36.6B | +14% | -5% | 19% | 1.58× | 8.3% | 18.7% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| Prudential plc Sponsored ADR PUK | United States | $31.7B | -21% | +39% | 19% | 1.56× | 11.4% | 19.2% |
| Prudential 2378.HK | Hong Kong | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% | 19.3% |
| Aviva AV..L | United Kingdom | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% | 6.8% |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
Aflac has 7 bonds outstanding with $3.31B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.66%, a spread of 74 bp over government bonds.