Aflac (AFL) UBS Financial Services Conference 2026 summary

Business performance and growth

• Achieved strong sales growth in both Japan and the U.S., with group products outpacing the market and a focus on innovative offerings like Tsumitasu and Miraito in Japan.

• U.S. group business saw 14% growth, three times the market rate, driven by new products and recovery in dental and vision lines.

• Maintained disciplined expense management and consistent shareholder value through profit and operational soundness.

• Returned nearly $4.8 billion to shareholders via dividends and share repurchases, marking 43 consecutive years of dividend increases.

• Expect continued growth in dental, vision, and group products, with a focus on scaling these lines in 2026.

Japan market strategy and innovation

• Leveraged creativity to address the aging population, focusing on products for younger consumers and flexible benefit options.

• Tsumitasu product targets asset formation for younger customers, offering fixed rates and optionality for future medical coverage.

• Strong distribution through bank alliances, agency force, and Japan Post, with expanded bank partnerships in 2025.

• Product design allows for rate adjustments in response to interest rate changes, insulating from market volatility.

• Distribution channels have nearly recovered post-pandemic, with successful agent recruitment and new product launches.

U.S. market dynamics and technology

• U.S. market remains highly competitive, with increased broker-driven sales now accounting for over 60% of total sales.

• Agency channel productivity improved by 16%, with a shift toward consultative selling and group product focus.

• Launched a new enrollment application enabling one-minute enrollments, enhancing agent competitiveness.

• AI adoption is more advanced in Japan, streamlining enrollment and back-office tasks, while U.S. uses automation for efficiency.

• Direct-to-consumer digital products available in the U.S., with ongoing investment in technology and agent support.