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AFLAC INC 8-K Report, Financial Results (Aug 6, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed August 6, 2026
Period End
August 6, 2026
Security
AFL
In the record · 2016–202610-K1110-Q328-K114

AFL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 114 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Oct ’24Oct ’24

01—Abstract

Summary

Summary of the 8-K filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.

Aflac reported second-quarter 2026 results that were mixed beneath a headline earnings rebound.

GAAP net earnings rose 37.7% to $825 milliona ($1.63 per diluted share) from $599 million, but this was driven largely by a smaller net investment loss ($153 million vs. $421 million a year ago), not by stronger operations. Adjusted earnings, the company's core measure, fell 7.7% to $883 million, and adjusted EPS declined 1.7% to $1.75. Excluding a 9.3% weaker yen, which cost roughly $0.05 per share, adjusted EPS would have risen 1.1% to $1.80.

Total revenues fell 1.0% to $4.1 billionb, and net earned premiums dropped 6.3% as yen weakness and a reinsurance transaction at Aflac Japan offset growth in the U.S. Aflac Japan's pretax adjusted earnings rose 3.4% in yen terms, helped by a 250 basis point improvement in the benefit ratio to 64.0% and a pretax margin of 34.3%, but dollar-reported pretax earnings fell 6.2%. Aflac U.S. was weaker, with pretax adjusted earnings down 4.6% and its margin contracting 160 basis points to 20.9% on higher benefit claims. Management pointed to a $26 million expense release and $46 million of reserve remeasurement gains as supporting Q2, while flagging that variable investment income ran $72 million below long-term expectations.

The U.S. net earned premium growth outlook for 2026 was trimmed to just below the 3% to 6% guidance range. Capital deployment remained robust. Aflac returned $1.3 billionc to shareholders in the quarter, including $983 million of buybacks and $309 million of dividends, and declared a $0.61 quarterly dividend.

Adjusted ROE excluding foreign currency remeasurement held at 16.6%d, adjusted leverage was 21.8%, and the Japan regulatory ESR was 226% (240% including USP). Investors should weigh the strong capital return and ROE against the year-over-year decline in core adjusted earnings, the currency drag, and the softening top-line trend.

02—Key points

Key Highlights

  1. GAAP net earnings rose 37.7% to $825M ($1.63/diluted share), but this was driven mainly by lower net investment losses ($153M vs. $421M), not operating improvement.
  2. Adjusted earnings declined 7.7% to $883M and adjusted EPS fell 1.7% to $1.75; excluding FX, adjusted EPS rose 1.1% to $1.80.
  3. Total revenues fell 1.0% to $4.1B and net earned premiums dropped 6.3%, reflecting yen weakness (9.3% weaker) and a reinsurance transaction at Aflac Japan.
  4. Aflac Japan pretax adjusted earnings rose 3.4% in yen (6.2% lower in dollars) with a benefit ratio improvement to 64.0% and a 34.3% pretax margin.
  5. Aflac U.S. pretax adjusted earnings fell 4.6% and margin contracted to 20.9% on higher group disability claims; 2026 U.S. premium growth now expected just below the 3% to 6% range.
  6. Returned $1.3B to shareholders ($983M buybacks, $309M dividends); declared $0.61 Q3 dividend; adjusted ROE ex-FX remeasurement of 16.6%.
  7. Capital position strong: Japan ESR 226% (240% with USP), combined U.S. RBC above 600%, adjusted leverage 21.8% within the 20% to 25% target.

03—Questions

Frequently Asked Questions

  1. Why did GAAP net earnings rise sharply while adjusted earnings fell?

    GAAP net earnings include net investment gains and losses, which were a $153 million loss in Q2 2026 versus a $421 million loss in Q2 2025. Adjusted earnings exclude these items, and on that basis earnings fell 7.7% to $883 million, reflecting lower premium revenue, a weaker yen, and higher U.S. benefit costs.

  2. How much did the weaker yen affect Aflac's results?

    The average yen/dollar rate was 9.3% weaker year over year, reducing adjusted EPS by about $0.05 in the quarter. Excluding this currency effect, adjusted EPS would have increased 1.1% to $1.80. Currency also suppresses reported dollar revenue and book value.

  3. What is the outlook for the U.S. and Japan segments?

    Management expects the Japan 2026 benefit ratio at the high end of its 60% to 63% guidance range, excluding the Q3 actuarial review, and a pretax margin within 33% to 36%. For the U.S., the 2026 net earned premium growth rate is now expected just below the 3% to 6% guidance range, though the 2025 to 2027 CAGR is still expected to be within that range.

  4. Is Aflac's capital position and shareholder return sustainable?

    Capital appears strong, with a Japan ESR of 226% (240% including USP), U.S. combined RBC above 600%, and unencumbered holding company liquidity of $3.3 billion versus a $1 billion minimum. Management returned $1.3 billion in Q2, and the Q3 dividend of $0.61 is payable September 1, 2026, though the pace of buybacks will remain flexible based on valuation and capital needs.

04—Continue

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