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Aflac
Aflac (AFL) investor relations material
Aflac Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Net earnings for Q2 2026 were $825 million ($1.63 per diluted share), up 37.7% year-over-year, while adjusted earnings declined 7.7% to $883 million ($1.75 per diluted share); adjusted EPS excluding FX impact increased 1.1% to $1.80.
Total revenues for Q2 2026 were $4.1 billion, down 1% year-over-year, with shareholders' equity rising to $30.3 billion.
$1.3 billion was returned to shareholders in Q2 via $983 million in share repurchases and $309 million in dividends, totaling $2.6 billion for the first half.
Japan sales declined 5.6% year-over-year but first-half sales rose 7%, driven by strong product performance; U.S. sales increased 2.6% year-over-year, led by group voluntary and dental/vision products.
Board declared a third quarter dividend of $0.61 per share, continuing a 43-year streak of dividend increases.
Financial highlights
Adjusted earnings per diluted share rose 1.1% year-over-year to $1.80, excluding foreign currency effects; adjusted EPS fell 1.7% to $1.75 including FX.
Adjusted book value per share (ex-FX) decreased 4.1% to $41.22; adjusted book value per share was $55.01, up from $51.78 a year ago.
Net investment losses for Q2 2026 were $153 million, significantly lower than $421 million a year ago.
Annualized return on average shareholders' equity was 10.9%; adjusted ROE excluding FX remeasurement was 16.6%.
Adjusted leverage ratio improved to 21.8%, within the 20–25% target range.
Outlook and guidance
Japan benefit ratio for 2026 expected at the high end of 60%-63% guidance, excluding Q3 actuarial review.
U.S. net earned premium growth for 2026 expected just below 3%-6% guidance, but 2025-2027 CAGR remains within range.
Management emphasized a balanced approach to capital deployment, focusing on profitable growth and long-term value.
The company aims to extend its record of consecutive dividend increases into 2026.
No material changes to market risk exposures or critical accounting estimates were reported.
Impact of $4.8B asset repositioning on NII
Rationale for 30% FSA reserve reinsurance limit
Tsumitasu impact on third sector concurrent sales
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Latest events from Aflac
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Next Aflac earnings date
Q3 20265 Nov, 2026
Aflac
Next Aflac earnings date
Q3 20265 Nov, 2026
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Leroy DaleyApp Store
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Eferix Drawings Google Play
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@ankurshah47_ x.com
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Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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