AFL
FY2026 Q1 · Calendar Q2 2026
Aflac Incorporated
Aflac's Q1 2026 results were mixed: revenue of $4.35B beat estimates by 3.4%, but adjusted EPS of $1.75 missed the $1.79 consensus by 2.2%. The revenue beat was driven by a 25.5% surge in Japan sales from new product launches (Miraito cancer, Onsen Tallett medical), though underlying earned premiums in Japan remain flat. U.S. premium growth was modest at 2.9% with persistency at 79.3% and an improved benefit ratio of 47.2%. Management maintained guidance and expressed confidence, highlighting capital strength (ESR 227%, $3.4B liquidity) and $1.3B in shareholder returns. The market reaction was negative, with the stock declining 2.19% (abnormal -3.18% versus benchmark) on roughly 2x normal volume, consistent with investors focusing on the EPS miss and flat premium growth despite the headline sales beat.
EPS surprise-2.2%
Market move-2.2%
