Aflac (AFL) investor relations material

Executive summary

• Achieved $3.6B in net earnings for 2025, with adjusted EPS ex-FX at $7.46, up 3.5% year over year, and a 17.5% adjusted ROE ex-FX. Returned $4.8B to shareholders via dividends and share repurchases, marking the 43rd consecutive year of dividend increases.

• Launched new cancer and medical insurance products in Japan and the U.S., with strong sales growth in both markets. Maintained high capital ratios and strong financial ratings.

• Celebrated major milestones, including the 70th anniversary of the company and the 30th anniversary of the Aflac Cancer and Blood Disorders Center.

Voting matters and shareholder proposals

• Four proposals: election of eleven directors, advisory say-on-pay vote, ratification of KPMG LLP as auditor, and a shareholder proposal for an independent board chairman (which the board recommends voting against).

• Board recommends voting for all director nominees, executive compensation, and auditor ratification, and against the shareholder proposal.

Board of directors and corporate governance

• Eleven director nominees, 91% independent, with diverse backgrounds in finance, operations, public health, and Japanese market expertise.

• Annual director elections, majority vote standard, independent Lead Non-Management Director, and robust board evaluation and succession planning processes.

• Seven standing committees, all key committees comprised of independent directors.