Financial Data and Key Metrics Changes - Adjusted earnings per diluted share increased 0.6% year-over-year to $1.57, excluding the effect of foreign currency [1] - Adjusted book value per share increased 0.5%, with an adjusted ROE of 11.7% and 14.5% excluding foreign currency remeasurement [1] - Overall results for the quarter were viewed as solid [1] Business Line Data and Key Metrics Changes - In Japan, net earned premiums in yen terms declined 1.9%, while underlying earned premiums decreased 1.2% [2] - Japan's total benefit ratio improved to 65%, down 150 basis points year-over-year, with reserve remeasurement gains favorably impacting the ratio [2] - In the U.S., net earned premiums increased by 4%, but premium persistency declined slightly by 10 basis points to 79.2% [4] - The total benefit ratio in the U.S. was 48.6%, up 230 basis points year-over-year, driven by higher claims activity [4] Market Data and Key Metrics Changes - Japan's expense ratio was 22%, up 120 basis points year-over-year, primarily due to sales promotion expenses [3] - U.S. expense ratio was 40.4%, up 10 basis points year-over-year, influenced by timing of spend from previous quarters [4] - Adjusted net investment income in Japan was down 3.9%, while in the U.S. it decreased by 2.8% [3][5] Company Strategy and Development Direction - The company plans to continue focusing on growth initiatives in group life and disability, network dental and vision, and direct-to-consumer segments [4] - For 2026, the company expects underlying earned premiums in Japan to decline by 1%-2% and anticipates a benefit ratio in the 60%-63% range [11][12] - In the U.S., net earned premium growth is expected to be in the lower end of the 3%-6% range, with a benefit ratio forecasted between 48%-52% [12] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the performance of the investment portfolio, noting no charge-offs for the commercial real estate portfolio [6] - The company has improved its liquidity and capital flexibility, lowering the minimum liquidity balance at the holding company [9] - Capital ratios remain strong, with an estimated combined RBC of 575% and an SMR above 970% [10] Other Important Information - The company repurchased $800 million of its own stock and paid dividends of $303 million in Q4, indicating strong capital management [11] - Adjusted leverage was 21.4%, within the target range of 20%-25%, influenced by currency exchange rates [9] Q&A Session Summary Question: What is the outlook for Aflac Japan's earned premiums? - The company expects underlying earned premiums in Japan to decline by 1%-2% in 2026 [11] Question: How does the company view its expense ratios moving forward? - The expense ratio in Japan is expected to be in the 20%-23% range, while the U.S. expense ratio is anticipated to be in the 36%-39% range [12]

Financial Data and Key Metrics Changes - Adjusted earnings per diluted share increased 0.6% year-over-year to $1.57, excluding foreign currency effects [1] - Adjusted book value per share increased 0.5%, with an adjusted ROE of 11.7% and 14.5% excluding foreign currency remeasurement [1] - Overall results for the quarter were viewed as solid [1] Business Line Data and Key Metrics Changes - In Japan, net earned premiums in yen terms declined 1.9%, while underlying earned premiums decreased 1.2% [2] - Japan's total benefit ratio improved to 65%, down 150 basis points year-over-year, with reserve remeasurement gains favorably impacting the ratio by approximately 110 basis points [2] - In the U.S., net earned premiums increased by 4%, but premium persistency declined slightly by 10 basis points to 79.2% [4] - The total benefit ratio in the U.S. was 48.6%, up 230 basis points year-over-year, driven by higher claims activity [4] Market Data and Key Metrics Changes - Japan's expense ratio was 22%, up 120 basis points year-over-year, primarily due to sales promotion expenses [3] - U.S. expense ratio was 40.4%, up 10 basis points year-over-year, influenced by timing of spend from previous quarters [4] - Adjusted net investment income in Japan decreased by 3.9%, while in the U.S. it was down 2.8% [3][5] Company Strategy and Development Direction - The company plans to continue managing its balance sheet flexibly and tactically to drive strong risk-adjusted ROE [11] - For 2026, the company expects underlying earned premiums in Japan to decline by 1%-2% and the expense ratio to be in the 20%-23% range [12] - In the U.S., net earned premium growth is expected to be at the lower end of the 3%-6% range, with a benefit ratio forecasted between 48%-52% [12] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the performance of the investment portfolio, noting no charge-offs for the commercial real estate portfolio [6] - The company has improved its liquidity and capital flexibility, lowering the minimum liquidity balance at the holding company [8] - The capital position remains strong, with an SMR above 970% and an estimated regulatory ESR of 253% [9][10] Other Important Information - The company repurchased $800 million of its own stock and paid dividends of $303 million in Q4 [11] - Adjusted leverage was 21.4%, within the target range of 20%-25% [9] - The company recorded a pre-tax adjusted loss of $31 million in Corporate and Other [5] Q&A Session Summary Question: What is the outlook for Aflac Japan's earned premiums in 2026? - The company expects underlying earned premiums to decline by 1%-2% in 2026 [12] Question: How does the company plan to manage its expense ratios moving forward? - The company anticipates the expense ratio in Japan to be in the 20%-23% range and in the U.S. to be between 36%-39% as new business lines scale [12]

FINAL 02/04/2026 Financial Supplement Fourth Quarter 2025 This document is a statistical supplement to Aflac's quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document. The Company adopted the Financial Accounting Standards Board's Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accoun ...

Core Insights - Aflac Incorporated reported a decline in total revenues and net earnings for the fourth quarter and full year of 2025 compared to 2024, indicating challenges in financial performance [1][5][18]. Financial Performance - Total revenues for Q4 2025 were $4.9 billion, down from $5.4 billion in Q4 2024, representing a decrease of 9.9% [1][25]. - Net earnings for Q4 2025 were $1.4 billion, or $2.64 per diluted share, compared to $1.9 billion, or $3.42 per diluted share in Q4 2024, reflecting a decline of 27.5% [1][26]. - For the full year 2025, total revenues decreased by 9.3% to $17.2 billion from $18.9 billion in 2024 [5][25]. - Net earnings for the full year 2025 were $3.6 billion, or $6.82 per diluted share, down from $5.4 billion, or $9.63 per diluted share in 2024, marking a 33.0% decline [5][26]. Investment Gains - Q4 2025 net investment gains were $537 million, or $1.03 per diluted share, compared to $1.0 billion, or $1.86 per diluted share in Q4 2024 [2][32]. - The investment gains were influenced by net gains on derivatives and foreign currency activities, alongside losses from sales and redemptions [2]. Adjusted Earnings - Adjusted earnings for Q4 2025 were $818 million, down 5.4% from $865 million in Q4 2024 [3][32]. - Adjusted earnings per diluted share increased by 0.6% to $1.57 in Q4 2025 [3][32]. - For the full year 2025, adjusted earnings were $4.0 billion, or $7.49 per diluted share, compared to $4.1 billion, or $7.21 per diluted share in 2024, reflecting a slight decrease of 1.6% [5][34]. Shareholders' Equity - Shareholders' equity at the end of Q4 2025 was $29.5 billion, or $56.85 per share, up from $26.1 billion, or $47.45 per share at the end of Q4 2024 [4][37]. - The increase in shareholders' equity was attributed to changes in discount rate assumptions on insurance reserves [4]. Aflac Japan Performance - In yen terms, Aflac Japan's net earned premiums for Q4 2025 were ¥252.6 billion, a decrease of 1.9% year-over-year [7][8]. - Adjusted net investment income in yen decreased by 3.9% to ¥97.4 billion [7]. - For the full year, net earned premiums in yen were ¥1.0 trillion, down 3.9% from the previous year [8]. Aflac U.S. Performance - Aflac U.S. net earned premiums increased by 4.0% to $1.5 billion in Q4 2025, reflecting improved sales [12][13]. - Total adjusted revenues for Aflac U.S. were up 3.3% to $1.7 billion in Q4 2025 [12]. - For the full year, net earned premiums increased by 2.9% to $6.0 billion [13]. Capital Management - The board declared a first-quarter dividend of $0.61 per share, payable on March 2, 2026 [17]. - Aflac repurchased $800 million worth of shares in Q4 2025, with a total of $3.5 billion in share repurchases for the year [17][22].

Senior Executive Vice President CFO, Aflac Incorporated Fourth Quarter 2025 Update Max K. Brodén Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materiall ...

Core Insights - Aflac Incorporated will have President Virgil R. Miller participate in a fireside chat at the UBS Financial Services Conference on February 11, 2026, at 9:40 a.m. ET, which will be webcast live [1] Company Overview - Aflac Incorporated is a Fortune 500 company that has provided financial protection for over 70 years to millions of policyholders through its subsidiaries in the U.S. and Japan [2] - In the U.S., Aflac is the leading provider of supplemental health insurance products, while in Japan, Aflac Life Insurance Japan is the top provider of cancer and medical insurance based on policies in force [2] - The company has been recognized as one of the World's Most Ethical Companies for 19 consecutive years and has been included in Fortune's World's Most Admired Companies for 24 years [2] - Aflac became a signatory of the Principles for Responsible Investment in 2021 and has been part of the Dow Jones Sustainability North America Index for 11 years [2] Event Information - A replay of the presentation will be available within 24 hours after the live event [2]

Group 1: Company Overview - Aflac Incorporated (NYSE:AFL) provides supplemental insurance and financial protection products primarily in the United States and Japan [3]. Group 2: Price Target Adjustment - TD Cowen has reduced its price target for Aflac from $102 to $100 while maintaining a Hold rating, citing modest headwinds from lower returns on alternative investments [1]. Group 3: Cybersecurity Incident - Aflac experienced a significant cybersecurity breach, with hackers accessing customer data affecting approximately 22.65 million individuals [2]. - The stolen data included sensitive information such as names, dates of birth, home addresses, Social Security numbers, and health insurance details [3]. - Aflac is notifying affected customers and providing support resources, while stating that it is not aware of any fraudulent use of the compromised personal information [3].

Core Insights - Aflac Incorporated (AFL) is scheduled to report its fourth-quarter 2025 results on February 4, 2026, with earnings estimated at $1.71 per share and revenues at $4.48 billion [1] Earnings Estimates - The fourth-quarter earnings estimate has decreased by $0.01 over the past month, but still reflects a year-over-year increase of 9.6%. Quarterly revenues are projected to grow by 3.8% year-over-year [2] - For the full year 2025, Aflac's revenue estimate stands at $17.72 billion, indicating a decline of 0.6% year-over-year, while the EPS estimate is $7.63, suggesting a growth of 5.8% year-over-year [3] Earnings Prediction Model - The current model does not predict an earnings beat for Aflac, as it has an Earnings ESP of -3.12% and a Zacks Rank of 4 (Sell) [4] Factors Influencing Q4 Results - Aflac is expected to report Q4 EPS of $1.71 on $4.48 billion revenue, indicating 9.6% earnings growth and 3.8% sales growth. Net earned premiums are anticipated to rise by 3%, with U.S. revenues increasing by 5.1% and Japan by 1% [7] - The total benefit to premium ratio for Aflac Japan is projected at 64.7, down from 66.5 a year ago, with a 3.4% growth in pre-tax adjusted earnings. However, the U.S. benefit to premium ratio is expected to rise to 48.9 from 46.3, with a projected 7.1% decline in pre-tax adjusted earnings [9] - Aflac's net investment income is expected to decline by 5% year-over-year, which may offset some positive factors, making an earnings beat uncertain [10] Peer Performance - Marsh & McLennan reported Q4 adjusted EPS of $2.12, exceeding estimates by 7.6% due to growth in Risk and Insurance Services [11] - Aon reported Q4 adjusted earnings of $4.85 per share, surpassing estimates by 1.9%, driven by organic revenue growth and high retention rates [12] - Hartford Insurance reported Q4 adjusted operating earnings of $4.06 per share, exceeding estimates by 27.9%, supported by higher net investment income and improved loss ratios [13]

Analysts on Wall Street project that Aflac (AFL) will announce quarterly earnings of $1.71 per share in its forthcoming report, representing an increase of 9.6% year over year. Revenues are projected to reach $4.48 billion, increasing 3.8% from the same quarter last year.Over the last 30 days, there has been a downward revision of 1.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over ...

The market expects Aflac (AFL) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on F ...