Aflac Reports Q3 2026 Results and Reaches 44 Consecutive Years of Dividend Increases

Executive Summary

Aflac Incorporated filed Form 8-K under Items 2.02 and 7.01 disclosing its financial results for the third quarter ended September 30, 2026.

Key Financial Highlights

• Revenues & GAAP Earnings:

  • Total revenues were $3.27 billion, down 31.0% compared to $4.74 billion in Q3 2025.
  • Net earnings decreased 81.5% to $303 million ($0.61 per diluted share), compared to $1.64 billion ($3.08 per diluted share) in Q3 2025.
  • GAAP results were heavily impacted by $1.1 billion ($2.15 per diluted share) in net investment losses, largely driven by $842 million in realized losses related to strategic portfolio repositioning, along with a $51 million deferred tax valuation allowance.

• Adjusted Operating Performance:

  • Adjusted earnings were $1.21 billion ($2.43 per diluted share), down 8.5% and 2.4% year-over-year, respectively.
  • Results benefited from reserve remeasurement gains of $453 million.
  • The average yen/dollar exchange rate weakened 6.8% YoY to 158.49, creating a negative $0.03 per share headwind.
  • Annualized adjusted ROE excluding foreign currency remeasurement stood at 23.7%.

• Capital Deployment & Reinsurance Strategy:

  • Returned $1.1 billion to shareholders in Q3 ($804 million in share repurchases and $305 million in dividends).
  • Declared a fourth-quarter dividend of $0.61 per share, marking the 44th consecutive year of dividend increases.
  • Aflac Japan ceded approximately ¥500 billion of reserves (FSA basis) tied to cancer policies to Aflac Re Bermuda as part of its ongoing reinsurance strategy.