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Aflac (AFL) investor relations material

Aflac Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Net earnings for Q2 2025 were $599M ($1.11/diluted share), down sharply year-over-year due to net investment losses and FX impacts; adjusted EPS was $1.78, down 2.7%.

  • Japan sales rose 23.2% year-over-year, with cancer insurance sales up 53% driven by the Miraito product; U.S. new sales grew 2.7% to $340M.

  • Persistency rates remained strong: Japan at 93.7%, U.S. at 79.2%.

  • Strong capital and cash flows supported $1.1B returned to shareholders via buybacks and dividends in Q2.

  • Total revenues for Q2 2025 were $4.2B, down from $5.1B in Q2 2024, mainly due to investment losses.

Financial highlights

  • Adjusted EPS decreased 2.7% year-over-year to $1.78, with a $0.04 positive FX impact.

  • Adjusted book value per share (ex-FX) increased 5.2% to $44.17; adjusted ROE was 13.7–16.4%.

  • Net investment losses of $421M in Q2 2025, compared to gains of $696M in Q2 2024, drove the earnings decline.

  • U.S. net earned premium rose 3.4%; Japan net earned premiums declined 4.8% (yen), but new annualized premium sales in Japan rose 32.8% (yen).

  • Shareholders' equity at June 30, 2025, was $27.2B ($50.86/share), up from $26.0B a year ago.

Outlook and guidance

  • Japan earned premium guidance remains at negative 1% to negative 2% for the period, despite Miraito's strong launch.

  • Expense ratio in Japan expected within 20–23% for the year, likely at the middle or lower end.

  • U.S. sales expected to strengthen in the second half, especially Q4, with focus on recruitment and productivity.

  • Management remains focused on profitable growth, distribution strategies, and refreshed products in both markets.

  • Commitment to prudent liquidity and capital management, with ongoing share repurchases and dividend increases.

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Frequently asked questions

Specialists in Supplemental Insurance

Aflac Inc. is an American insurance company primarily operating in the US and Japan headquartered in Columbus, Georgia. The name of the company is an Acronym for American Family Life Assurance Company of Columbus and its shares have been trading on the NYSE since 1974. Aflac is one of the largest providers of supplemental insurance in the US and underwrites a wide array of insurance policies, and the Aflac duck, the company mascot, is one of the most recognizable in the American business landscape

Firmly Rooted in Columbus

Aflac was founded in Columbus, Georgia in 1955. Started by the Amos brothers – John, Paul, and Bill – the company began with the idea to support consumers through financial protection during unexpected health events. Recognizing a hole that needed to be plugged in the market, Aflac introduced a specialized cancer insurance policy during the 1960s. One of Aflac’s major brand-recognition milestones came in the late 1990s and early 2000s with the introduction of the Aflac Duck. This advertising campaign played a pivotal role in embedding Aflac into the collective consciousness of American consumers and helped to establish the company among the most recognizable insurance companies in the country together with names like Allstate, Progressive, and Geico (a subsidiary of Berkshire Hathaway)

Providing Supplemental insurance

Aflac specializes in providing supplemental insurance. It is a type of coverage that complements primary insurance, designed to fill the financial gaps that standard policies might leave unaddressed. Rather than replacing traditional health, life, or property insurance, supplemental policies offer additional benefits to ensure that policyholders are adequately protected against unforeseen expenses.

For instance, while standard health insurance policies typically cover medical bills and hospital stays, they may not account for loss of income during prolonged illness or recovery. This is where supplemental policies, like critical illness or accident insurance, come into play. They provide a lump sum or daily cash benefits directly to the insured during such times, helping them manage out-of-pocket costs and living expenses. In essence, supplemental insurance acts as a financial safety net, ensuring that individuals are not burdened by unexpected costs that their primary insurance doesn’t cover.

Big in Japan

Aflac's business in Japan is a cornerstone of its global operations. Since establishing its presence in 1974, Aflac has become a major player in Japan's insurance market. While in the U.S., Aflac is primarily recognized for supplemental health and life insurance, in Japan, it has a broader spectrum including child endowment and fixed annuity products.

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