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Aflac
AFL · NYSEInsurance
The economic chain
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Raw inputs
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AI demand
Premiums &capitalthe money flowing inBrokers &distributionwho places the coverInsurerswho carries the riskReinsuranceinsuring the insurersClaims,payouts &…where the money goesPolicyholderswho is protectedPREPremiumsC&ICapital & investorsJPJapan PostJPNBanks & agencies (Japan)USUS agents & worksite brokersAFLAflacAReAflac Re BermudaREGlobal reinsurersINVInvestment portfolioC&BPClaims & benefit payouts···HouseholdsEMPEmployers
Company details
Market cap
~$60B
Revenue (FY25)
~$17B
Net earnings (FY25)
~$3.6B
Div yield
~2.1%
Dividend (annual)
$2.44
Payout ratio
~34%
Investment portfolio
~$100B
Div-growth streak
43 yrs
In plain English
Aflac is the duck-mascot insurer that sells supplemental health and life cover — cancer, medical and accident policies that pay cash directly to people, on top of their main insurance. Counter-intuitively, it earns most of its money in Japan, where it is the leading cancer insurer and sells through Japan Post's vast network of post offices. Premiums build a ~$100B investment portfolio whose income is a second profit engine.
In simple terms
What Aflac really sells
Aflac is the duck-mascot insurer that sells supplemental health and life cover — cancer, medical and accident policies that pay cash directly to people, on top of their main insurance. Counter-intuitively, it earns most of its money in Japan, where it is the leading cancer insurer and sells through Japan Post's vast network of post offices. Premiums build a ~$100B investment portfolio whose income is a second profit engine.
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Risk read
Moderate
SteadierMore speculative
Why this rating?