Summary
Aflac Incorporated (AFL) reported solid financial results for the fiscal year ending December 31, 2024. Total revenues reached $18.9 billion, a slight increase from the previous year, while net earnings grew significantly to $5.4 billion, or $9.63 per diluted share, up from $4.7 billion ($7.78 per diluted share) in 2023. This growth was driven by a strong increase in net investment gains, which more than doubled to $1.3 billion. The company also continued its share repurchase program, buying back $2.8 billion of its common stock, and announced a 16.0% increase in its quarterly cash dividend, signaling confidence in its financial health and commitment to returning capital to shareholders. The company's performance was notably impacted by foreign currency fluctuations, with the Japanese yen weakening by 6.9% against the U.S. dollar on average during 2024. While this impacted adjusted earnings per diluted share negatively by $0.18, the company's core operations in both Aflac Japan and Aflac U.S. remain robust. Aflac Japan continues to be the principal contributor to earnings, with a strong focus on its third sector insurance products, while Aflac U.S. shows growth in its product lines and continues to invest in digital enhancements.
Financial Highlights
34 data points| Revenue | $18.93B |
| SG&A Expenses | $3.01B |
| Operating Expenses | $5.06B |
| Interest Expense | $194.00M |
| Net Income | $5.44B |
| EPS (Basic) | $9.68 |
| EPS (Diluted) | $9.63 |
| Shares Outstanding (Basic) | 562.49M |
| Shares Outstanding (Diluted) | 565.01M |
Key Highlights
- 1Aflac Incorporated reported a significant increase in net earnings to $5.4 billion ($9.63 per diluted share) for the fiscal year ended December 31, 2024, up from $4.7 billion ($7.78 per diluted share) in 2023.
- 2Total revenues increased slightly to $18.9 billion from $18.7 billion in the prior year.
- 3Net investment gains more than doubled year-over-year, reaching $1.3 billion, contributing significantly to the earnings growth.
- 4The company repurchased $2.8 billion of its common stock during 2024 and announced a 16.0% increase in its quarterly cash dividend, effective Q1 2025.
- 5Aflac Japan's pretax adjusted earnings increased by 8.0% to $3.49 billion, driven by improved investment income and lower benefits and expenses.
- 6Aflac U.S. saw a 5.5% decrease in pretax adjusted earnings to $1.42 billion, primarily due to higher benefits and claims, partially offset by improved net earned premiums and adjusted net investment income.
- 7Shareholders' equity increased to $26.1 billion ($47.45 per share) at December 31, 2024, up from $22.0 billion ($38.00 per share) at December 31, 2023.