EarningsQ2 2026 Earnings Report
MX:AFL Q2 2026 EPS Results
Actual EPS$31.67
Consensus EPS$31.92
Beat/MissMissed by -$0.25
One Year Ago EPS$32.21
MX:AFL Q2 2026 Revenue Results
Actual Revenue$74.50B
Expected Revenue$74.96B
Beat/MissMissed by -$458.41M
YoY Revenue Growth-1.03%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:AFL Upcoming Earnings
AFLAC's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AFL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive tone: management highlighted solid capital ratios, strong shareholder returns, active investment portfolio repositioning expected to boost recurring income, and product momentum in both Japan (Tsumitasu, Anshin Palette) and U.S. group/dental & vision channels. Offsetting issues were modest — near-term sales comparisons in Japan versus a strong 2025 quarter, a small decline in adjusted book value per share, some investment income shortfalls, elevated lapse/reissue activity on new Japan products and higher U.S. group disability claims. Management maintained constructive outlooks for capital deployment, reserve/reinsurance actions and premium growth (2025–2027 net earned premium CAGR guidance of 3%–6%), suggesting that positives outweigh the contained challenges.Company Guidance
Adjusted EPS Growth (Excluding FX)
Adjusted earnings per diluted share rose 1.1% year-over-year to $1.80 excluding the effect of foreign currency; GAAP net earnings per diluted share reported at $1.63 (adjusted per Dan: $1.75).
Strong Capital Position and Shareholder Returns
Estimated regulatory ESR of 226% (240% including USP); combined RBC slightly above 600%; adjusted leverage 21.8% (within 20%-25% target). Returned ~$1.3 billion to shareholders in Q2 (repurchases $983M + dividends $309M) and ~$2.6 billion in the first six months.
Aflac Japan product momentum and persistency
First-half Japan sales up 7% year-to-date with strong sales of Tsumitasu (first-sector) and Anshin Palette (medical); Tsumitasu accounts for ~20% of sales and is helping cross-sell third-sector products. Premium persistency remained solid at 92.7%.
Aflac U.S. premium and product momentum
Aflac U.S. generated a 2.6% increase in year-over-year sales and net earned premium increased 2.3% in Q2; premium persistency improved to 79.4% (up 20 bps). Group products showed strength (group life/absence/disability + dental & vision up ~7.1% for Q2; earned premium for group products up ~13%), and dental & vision sales up 47% in Q2.
Expense and Margin Discipline
Japan expense ratio improved to 20.2% (down 40 bps year-over-year) despite inflationary pressures; U.S. expense ratio improved to 36.1% (down 20 bps). Japan pretax margin 34.3% (up 230 bps YoY); U.S. pretax margin remained solid at 20.9%.
Active Investment Repositioning and Yield Pickup
Repositioned approximately $4.8 billion of the investment portfolio through switch trades to capture higher yields and FX gains; project to increase net investment income by over $50 million on an annualized run-rate with limited capital impact. Private credit (middle market loan) portfolio continuing to deliver strong risk-adjusted yields.
Controlled, Expected Asset Impairments
Recorded modest impairments consistent with expectations: U.S. statutory impairments $11M + $1M valuation allowance on mortgage loans; Japan FSA impairments JPY 15.8B + JPY 33M valuation allowance for transitional real estate loans — noted as within expectations and with limited regulatory impact.
MX:AFL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed