Aflac Incorporated (AFL) 10-Year Financial Performance & Capital Metrics

AFL • • Insurance & Managed Care

Financial ServicesLife InsuranceDiversified Life & Health InsurersUS Diversified Insurers

AboutAflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care income support, GIFT, and whole and term life insurance products, as well as WAYS and child endowment plans under saving type insurance products in Japan. The Aflac U.S. segment provides cancer, accident, short-term disability, critical illness, hospital indemnity, dental, vision, long-term care and disability, and term and whole life insurance products in the United States. It sells its products through sales associates, brokers, independent corporate agencies, individual agencies, and affiliated corporate agencies. The company was founded in 1955 and is based in Columbus, Georgia.Show more

Revenue $19.13B +1.5%
Combined Ratio 66.45% -7.8%
Net Income $5.44B +16.8%
Return on Equity 22.64% +2.4%
Medical Cost Ratio 64.37%
Operating Margin 33.55% +20.1%
Net Margin 28.46% +15.1%
ROA 4.46% +23.6%
Equity / Assets 22.2% +28.0%
Book Value per Share 46.19 +25.8%
Tangible BV/Share 30.22 -17.7%
Debt/Equity 0.29 -14.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 36 years of consecutive increases
✓Profitable underwriting: 66.5% combined ratio
✓Excellent 3Y average ROE of 20.4%
✓Share count reduced 5.6% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-1.66%

5Y-2.97%

3Y-3.89%

TTM2.72%

Profit (Net Income) CAGR

10Y6.31%

5Y10.5%

3Y8.76%

TTM9.45%

EPS CAGR

10Y11.47%

5Y16.8%

3Y14.65%

TTM15.41%

ROCE

10Y Avg3.4%

5Y Avg3.71%

3Y Avg4.23%

Latest5.25%

Peer Comparison

US Diversified Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLGlobe Life Inc.	11.3B	141.93	11.89	6.07%	19.36%	20.22%	11.78%	0.52
CNOCNO Financial Group, Inc.	4.02B	42.20	11.28	7.21%	6.64%	11.29%	15.6%	1.81
AFLAflac Incorporated	56.58B	107.96	11.21	1.52%	23.21%	14.53%	4.78%	0.29
LNCLincoln National Corporation	7.83B	41.21	2.24	53.61%	11.43%	20.18%		0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	20.81B	22.49B	21.6B	21.71B	22.24B	22.26B	21.55B	19.15B	18.84B	19.13B
Revenue Growth %	-0.08%	0.08%	-0.04%	0.01%	0.02%	0%	-0.03%	-0.11%	-0.02%	0.02%
Medical Costs & Claims+	0	0	0	0	0	0	0	0	0	12.31B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	20.81B	22.49B	21.6B	21.71B	22.24B	22.26B	21.55B	19.15B	18.84B	6.82B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.08%	0.08%	-0.04%	0.01%	0.02%	0%	-0.03%	-0.11%	-0.02%	-0.64%
Operating Expenses+	16.95B	18.42B	17.58B	17.73B	17.8B	18.1B	16.34B	14.28B	13.58B	398M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	3.86B	4.07B	4.02B	3.98B	4.45B	4.16B	5.21B	4.87B	5.26B	6.42B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.14%	0.05%	-0.01%	-0.01%	0.12%	-0.06%	0.25%	-0.07%	0.08%	0.22%
EBITDA+	3.86B	4.07B	4.02B	3.98B	4.45B	4.16B	5.21B	4.87B	5.26B	6.42B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	289M	268M	240M	222M	228M	242M	238M	226M	195M	197M
Non-Operating Income	0	0	0	0	0	0	0	0	0	0
Pretax Income+	3.86B	4.07B	4.02B	3.98B	4.45B	4.16B	5.21B	4.87B	5.26B	6.42B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.33B	1.41B	-586M	1.06B	1.14B	-619M	977M	451M	603M	974M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.53B	2.66B	4.6B	2.92B	3.3B	4.78B	4.23B	4.42B	4.66B	5.44B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.14%	0.05%	0.73%	-0.37%	0.13%	0.45%	-0.11%	0.04%	0.05%	0.17%
EPS (Diluted)+	2.93	3.21	5.48	3.77	4.43	6.67	6.39	6.93	7.78	9.63
EPS Growth %	-0.1%	0.1%	0.71%	-0.31%	0.18%	0.51%	-0.04%	0.08%	0.12%	0.24%
EPS (Basic)	2.94	3.23	5.52	3.79	4.45	6.69	6.42	6.96	7.81	9.68
Diluted Shares Outstanding	866.34M	827.84M	797.86M	774.65M	746.43M	716.19M	676.73M	637.65M	598.75M	565.01M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	118.26B	129.82B	137.22B	140.41B	152.77B	165.09B	157.54B	131.74B	126.72B	117.57B
Asset Growth %	-0.01%	0.1%	0.06%	0.02%	0.09%	0.08%	-0.05%	-0.16%	-0.04%	-0.07%
Total Investment Assets+	0	0	0	0	0	0	221B	171.63B	165.49B	147.3B
Long-Term Investments	-67.79B	-76.7B	-84.31B	-82.89B	-91.26B	-105.88B	122.3B	95.89B	92.2B	82.03B
Short-Term Investments	67.79B	76.7B	84.31B	82.89B	91.26B	105.88B	98.7B	75.74B	73.29B	65.27B
Total Current Assets+	72.85B	82.23B	88.63B	88.08B	96.99B	111.82B	0	0	0	0
Cash & Equivalents	4.35B	4.86B	3.49B	4.34B	4.9B	5.14B	5.05B	3.94B	4.31B	6.23B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	0	-104.42B	-80.33B	-78.44B	-72.28B
Goodwill & Intangibles+	0	0	0	0	0	0	0	0	0	9.02B
Goodwill	0	0	0	0	0	0	0	0	0	263M
Intangible Assets	0	0	0	0	0	0	0	0	0	8.76B
PP&E (Net)	427M	433M	434M	443M	581M	601M	538M	530M	445M	387M
Other Assets	112.77B	123.86B	132.47B	134.78B	146.46B	158.55B	-122.84B	-96.42B	-92.64B	-91.44B
Total Liabilities	100.55B	109.34B	112.62B	116.94B	123.81B	131.53B	124.29B	111.6B	104.74B	91.47B
Total Debt+	4.97B	5.36B	5.29B	5.78B	6.57B	7.9B	7.96B	7.44B	7.36B	7.5B
Net Debt	661M	501M	1.8B	1.44B	1.67B	2.76B	2.9B	3.5B	3.06B	1.27B
Long-Term Debt	4.95B	4.69B	4.72B	5.76B	6.41B	7.75B	7.84B	7.29B	7.24B	7.4B
Short-Term Debt	0	649M	548M	0	0	0	0	0	0	0
Total Current Liabilities+	0	649M	548M	0	0	0	0	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	-4.34B	-698M	-154M	-573M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	95.58B	103.98B	107.33B	111.17B	117.24B	123.63B	-7.96B	-7.44B	-7.36B	-7.5B
Total Equity+	17.38B	20.48B	24.36B	23.46B	28.96B	33.56B	33.25B	20.14B	21.98B	26.1B
Equity Growth %	-0.07%	0.18%	0.19%	-0.04%	0.23%	0.16%	-0.01%	-0.39%	0.09%	0.19%
Shareholders Equity	17.38B	20.48B	24.36B	23.46B	28.96B	33.56B	33.25B	20.14B	21.98B	26.1B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	24.01B	25.98B	29.89B	31.79B	34.29B	37.98B	41.38B	44.37B	47.99B	52.28B
Common Stock	67M	67M	67M	135M	135M	135M	135M	135M	136M	136M
Accumulated OCI	625M	2.63B	4.03B	2.15B	6.62B	8.93B	7.39B	-6.43B	-5.52B	-2.98B
Return on Equity (ROE)	0.14%	0.14%	0.21%	0.12%	0.13%	0.15%	0.13%	0.17%	0.22%	0.23%
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%	0.04%	0.04%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.29x	0.26x	0.22x	0.25x	0.23x	0.24x	0.24x	0.37x	0.33x	0.29x
Book Value per Share	20.06	24.74	30.54	30.29	38.80	46.86	49.14	31.58	36.72	46.19
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.78B	5.99B	6.13B	6.01B	5.46B	5.96B	5.05B	3.88B	3.19B	2.71B
Operating CF Growth %	0.03%	-0.12%	0.02%	-0.02%	-0.09%	0.09%	-0.15%	-0.23%	-0.18%	-0.15%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.53B	2.66B	4.6B	2.92B	3.3B	4.78B	4.23B	4.42B	4.66B	5.44B
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	608M	48M	-35M	742M	323M	518M	-122M	-761M	183M	-2.09B
Working Capital Changes	3.63B	3.28B	1.56B	2.35B	1.83B	662M	942M	222M	-1.65B	-644M
Cash from Investing+	-4.9B	-3.85B	-5.43B	-3.58B	-3.17B	-4.62B	-2.38B	-1.54B	817M	2.78B
Capital Expenditures	0	0	0	0	0	0	0	0	0	0
Acquisitions	-40M	0	0	0	0	0	0	0	0	0
Purchase of Investments	-9.15B	-10.81B	-11.14B	-10.18B	-7.94B	-6.13B	-7.37B	-4.26B	-3.58B	-7.11B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.48B	-1.51B	-2.08B	-3.39B	-1.78B	-2.47B	369M	-2.27B	95M	1.9B
Cash from Financing+	-2.19B	-1.62B	-2.06B	-1.62B	-1.71B	-1.11B	-2.74B	-3.55B	-3.72B	-3.49B
Dividends Paid	-656M	-658M	-661M	-793M	-771M	-769M	-855M	-979M	-966M	-1.09B
Share Repurchases	-1.31B	-1.42B	-1.35B	-1.3B	-1.63B	-1.54B	-2.3B	-2.4B	-2.8B	-2.8B
Stock Issued	36M	46M	33M	58M	49M	34M	26M	17M	17M	14M
Debt Issuance (Net)	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Other Financing	22M	39M	35M	-50M	21M	-38M	-62M	-49M	-177M	-242M
Net Change in Cash+	-308M	509M	-1.37B	846M	559M	245M	-90M	-1.11B	363M	1.92B
Exchange Rate Effect	0	-1000K	0	1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K
Cash at Beginning	4.66B	4.35B	4.86B	3.49B	4.34B	4.9B	5.14B	5.05B	3.94B	4.31B
Cash at End	4.35B	4.86B	3.49B	4.34B	4.9B	5.14B	5.05B	3.94B	4.31B	6.23B
Free Cash Flow+	6.78B	5.99B	6.13B	6.01B	5.46B	5.96B	5.05B	3.88B	3.19B	2.71B
FCF Growth %	0.03%	-0.12%	0.02%	-0.02%	-0.09%	0.09%	-0.15%	-0.23%	-0.18%	-0.15%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	7.82	7.23	7.68	7.76	7.31	8.32	7.46	6.08	5.33	4.79

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	81.44%	81.92%	81.4%	81.65%	80.01%	81.32%	75.83%	74.58%	72.07%	66.45%
Medical Cost Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	64.37%
Return on Equity (ROE)	14.03%	14.04%	20.53%	12.21%	12.61%	15.29%	12.67%	16.55%	22.12%	22.64%
Return on Assets (ROA)	2.13%	2.14%	3.45%	2.1%	2.25%	3.01%	2.62%	3.05%	3.61%	4.46%
Equity / Assets	14.7%	15.78%	17.76%	16.71%	18.96%	20.33%	21.11%	15.29%	17.35%	22.2%
Book Value / Share	20.06	24.74	30.54	30.29	38.8	46.86	49.14	31.58	36.72	46.19
Debt / Equity	0.29x	0.26x	0.22x	0.25x	0.23x	0.24x	0.24x	0.37x	0.33x	0.29x
Revenue Growth	-7.94%	8.06%	-3.95%	0.5%	2.46%	0.09%	-3.21%	-11.12%	-1.62%	1.52%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Aflac Japan Member	14.51B	16.13B	15.03B	15.21B	15.31B	15.37B	14.93B	12.25B	10.66B	9.66B
Aflac Japan Member Growth	-	11.15%	-6.84%	1.18%	0.70%	0.38%	-2.90%	-17.91%	-12.96%	-9.42%
Aflac US Member	6.03B	6.17B	6.29B	6.44B	6.55B	6.57B	6.49B	6.49B	6.62B	6.74B
Aflac US Member Growth	-	2.22%	1.98%	2.45%	1.66%	0.23%	-1.16%	-0.05%	2.11%	1.75%
Others	225M	275M	140M	339M	393M	384M	175M	267M	460M	1.01B
Others Growth	-	22.22%	-49.09%	142.14%	15.93%	-2.29%	-54.43%	52.57%	72.28%	118.91%

Frequently Asked Questions

Valuation & Price

Aflac Incorporated (AFL) has a price-to-earnings (P/E) ratio of 11.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Aflac Incorporated (AFL) grew revenue by 1.5% over the past year. Growth has been modest.

Yes, Aflac Incorporated (AFL) is profitable, generating $4.17B in net income for fiscal year 2024 (28.5% net margin).

Dividend & Returns

Yes, Aflac Incorporated (AFL) pays a dividend with a yield of 1.78%. This makes it attractive for income-focused investors.

Aflac Incorporated (AFL) has a return on equity (ROE) of 22.6%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Aflac Incorporated (AFL) has a combined ratio of 66.5%. A ratio below 100% indicates underwriting profitability.

US Stock Screener

...