Aflac is like the SquareTrade for your personal financial well-being, offering extended-warranty-style insurance that pays cash directly to you when you face specific health challenges like cancer, accidents, or disabilities.

Aflac is similar to a company like Allstate or State Farm, but instead of insuring your car or home, Aflac specializes in providing supplemental health and life insurance that gives you cash payments for unexpected events like accidents, critical illness, or hospital stays.

• Supplemental Health Insurance Products:
• Cancer Insurance: Provides financial benefits for cancer diagnosis and treatment.
• Medical Insurance: Offers coverage for medical expenses and hospital stays.
• Accident Insurance: Provides benefits for injuries sustained in accidents.
• Short-Term Disability Insurance: Offers income replacement for temporary periods of inability to work.
• Critical Illness Insurance: Pays a lump sum upon diagnosis of a specified critical illness.
• Hospital Indemnity Insurance: Provides a fixed benefit for hospital confinement.
• Dental Insurance: Covers expenses related to dental care.
• Vision Insurance: Covers expenses related to eye care.
• Long-Term Care and Disability Insurance: Offers benefits for services needed due to chronic illness or disability, and income replacement for extended periods of inability to work.
• Nursing Care Income Support Insurance: Provides income support specifically for long-term care needs.
• Life Insurance Products:
• Whole Life Insurance: Provides coverage for the entire life of the insured.
• Term Life Insurance: Provides coverage for a specified period.
• Savings-Type Insurance Products:
• GIFT (General Investment Fund Trust) Plans: Investment-linked insurance plans.
• WAYS (Wealth Accumulation and Yield Strategy) Plans: Savings-oriented insurance plans.
• Child Endowment Plans: Savings plans designed to provide funds for a child's future.

Major Customers of Aflac (AFL)

Aflac primarily sells its supplemental health and life insurance products to individuals. While its sales model often involves working with businesses to offer these products as voluntary benefits to their workforce, the ultimate policyholders and beneficiaries are individuals. Based on its business model, the major customer categories Aflac serves are:

• Employees of Businesses: A significant portion of Aflac's sales are made through the workplace, where employers offer Aflac's supplemental insurance products as voluntary benefits to their employees. Employees then elect to purchase these policies to supplement their primary health insurance coverage.
• Individuals Purchasing Directly: Aflac also serves individuals who purchase policies directly from its sales associates or agents, outside of an employer-sponsored benefits program. This includes self-employed individuals or those seeking coverage independent of their workplace.

Daniel P. Amos, Chairman and Chief Executive Officer

Daniel P. Amos is the Chairman and Chief Executive Officer of Aflac Incorporated, and holds the distinction of being the longest-serving CEO in the FORTUNE 250, having led the company for over 35 years. He is the son of Aflac co-founder Paul Amos. Mr. Amos joined Aflac in 1973, initially working in sales, and steadily rose through the ranks to become CEO in 1990 and Chairman of the Board in 2001. Under his leadership, Aflac's total return to shareholders has exceeded 21,500%. He is also credited with launching the iconic Aflac Duck advertising campaign in 2000, which significantly boosted the company's brand recognition internationally.

Max K. Brodén, Senior Executive Vice President; Chief Financial Officer

Max K. Brodén serves as the Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. He joined Aflac in April 2017 as senior vice president and treasurer. He was promoted to deputy chief financial officer in May 2019, became chief financial officer in January 2020, and was named senior executive vice president in January 2025. In his role, Mr. Brodén is responsible for leading enterprise-wide corporate development, investor and rating agency relations, corporate finance, capital management, financial reporting, and financial planning and analysis. Prior to joining Aflac, he held positions such as Managing Director in the Financial Institutions Group within the Investment Banking Division at Credit Suisse and served as a senior portfolio manager at Norges Bank, where he managed an equity portfolio of global financial and insurance stocks.

Virgil R. Miller, President, Aflac Incorporated and Aflac U.S.

Virgil R. Miller is the President of Aflac Incorporated and Aflac U.S., where he is responsible for the strategy, distribution, and operations of the U.S. business. Having joined Aflac in 2004, Mr. Miller has advanced through various senior leadership roles within the company, including chief administration officer, president of Group & Individual Benefits, chief operating officer, and U.S. president, before being appointed President of Aflac Incorporated in 2025.

Audrey Boone Tillman, Senior Executive Vice President; General Counsel

Audrey Boone Tillman holds the position of Senior Executive Vice President and General Counsel of Aflac Incorporated. She is responsible for overseeing Aflac's Legal division, as well as functions related to Compliance, Government Relations, Corporate Communications, Global Cybersecurity, Sustainability, and the office of the Corporate Secretary. Ms. Tillman joined Aflac in 1996 as a member of the Legal Department and was promoted to vice president in 2000.

Bradley E. Dyslin, Executive Vice President and Global Chief Investment Officer; President of Aflac Global Investments

Bradley E. Dyslin serves as Executive Vice President and Global Chief Investment Officer, and President of Aflac Global Investments. In this capacity, he is responsible for overseeing all of Aflac's investment efforts, which include an investment portfolio of approximately $100 billion and a team of more than 170 investment professionals across the United States and Japan.

Aflac (AFL) faces several key risks to its business, primarily stemming from its significant operations in Japan and the nature of the insurance industry:

1. Geographic Concentration and Demographic Risks in Japan: Aflac's business is heavily concentrated in Japan, with Aflac Japan contributing over 60% of its total revenues and more than 70% of its pretax income. This significant reliance exposes the company to specific economic conditions, regulatory changes, and market volatility within Japan. More critically, Japan's aging and declining population presents a structural demographic risk, potentially limiting the growth potential of Aflac's core insurance market and impacting future earnings and premium growth.
2. Market Risks (Foreign Currency, Interest Rate, and Credit Fluctuations): As an insurance provider, Aflac maintains a substantial investment portfolio. The company is exposed to difficult conditions in global capital markets, including interest rate fluctuations, particularly given its holdings of Japan Government Bonds (JGBs). Fluctuations in the yen/dollar exchange rate also pose a significant risk, as a weaker yen against the dollar can reduce reported profits for U.S. investors and impact financial results and investment income. Additionally, credit market conditions could adversely affect the value of its investments and capital position.
3. Cybersecurity and Operational Risks: Aflac relies heavily on information technology systems for customer interaction and business processes. The company faces ongoing challenges in maintaining and enhancing these systems and is significantly exposed to cybersecurity threats and data breaches. A recent major cybersecurity incident affecting approximately 22.65 million individuals highlights the potential for significant remediation costs, legal and regulatory scrutiny, reputational damage, and impacts on customer confidence and operational efficiency.

Aflac, Inc. (AFL) operates in two primary segments, Aflac Japan and Aflac U.S., offering a diverse range of supplemental health and life insurance products. The addressable markets for their main products or services are sized as follows:

Aflac Japan Segment

• Health and Medical Insurance (including Cancer and Nursing Care Income Support): The Japan health insurance market size was estimated at approximately USD 132.3 billion in 2024. This market is expected to grow, reaching an estimated USD 299.8 billion by 2035, at a Compound Annual Growth Rate (CAGR) of around 8.52% from 2025 to 2035.
• Life Insurance (including Whole and Term Life, GIFT, WAYS, and Child Endowment Plans): The Japanese life insurance market is projected to reach JPY 50 trillion (approximately USD 371.2 billion) in direct written premiums by 2029, driven by an average annual growth rate (CAGR) of 4.7% from 2024. As of 2022, the life insurance segment accounted for the largest proportion of the Japanese insurance market, with total gross written premiums of USD 223.6 billion.

Aflac U.S. Segment

• Cancer Insurance: The U.S. cancer insurance market, which is the largest segment in North America holding approximately 70% of the regional market share, is part of the global cancer insurance market. The global market was valued at USD 61.7 billion in 2022 and is projected to reach USD 159.9 billion by 2032. Based on this, the addressable market for cancer insurance in the U.S. could be estimated at approximately USD 111.93 billion by 2032.
• Accident Insurance: The U.S. Accident Insurance Market is valued at approximately USD 85 billion. Another estimate places the U.S. accident insurance market size at USD 23.94 billion in 2024, projected to reach USD 33.46 billion by 2032.
• Short-Term Disability Insurance: In 2024, new sales premium for Short-Term Disability (STD) products in the U.S. group disability market increased to USD 1.1 billion. The broader U.S. disability insurance market was valued at USD 1.7 billion in 2024 and is anticipated to reach approximately USD 4.6 billion by 2034.
• Critical Illness Insurance: The U.S. Critical Illness Insurance Market size was valued at USD 90.15 billion in 2025 and is projected to reach USD 173.54 billion by 2033, growing at a CAGR of 8.59% during 2026-2033.
• Hospital Indemnity Insurance: A specific standalone market size for hospital indemnity insurance in the U.S. was not readily available in the search results. It is often grouped with other supplemental health products. For context, total workplace supplemental health product sales (which include accident, critical illness, cancer, hospital indemnity, and other supplemental health insurance products) amounted to USD 1.9 billion in the first six months of 2025.
• Dental Insurance: The U.S. dental insurance market generated a revenue of USD 90.02 billion in 2024 and is projected to reach around USD 209.46 billion by 2034, expanding at a CAGR of 8.84% between 2025 and 2034.
• Vision Insurance: The market size of the Vision Insurance in the U.S. was USD 49.1 billion in 2024 and is expected to reach USD 50.6 billion in 2025.
• Long-Term Care Insurance: The U.S. long-term care private insurance market size was estimated at USD 9.67 billion in 2023 and is projected to hit around USD 17.08 billion by 2033, growing at a CAGR of 5.86% during the forecast period from 2024 to 2033.

Aflac (symbol: AFL) is expected to drive future revenue growth over the next 2-3 years through several key strategies across its U.S. and Japan segments, alongside broader technological advancements:

1. Innovative Product Launches and Diversification in Japan: Aflac Japan is focusing on developing and launching innovative products, such as its "Moraito" cancer insurance and "Anshin Palette" medical product, to address demographic changes and attract younger policyholders within the "third sector" insurance market. These new offerings have already contributed to significant sales increases.
2. Expansion of Supplemental Product Offerings in the U.S.: In the U.S. market, Aflac is prioritizing the expansion of its dental and vision insurance products, capitalizing on these under-penetrated markets. Additionally, the company is growing its group product offerings, including life, absence, and disability insurance, to cater to larger employers.
3. Strategic Investments in Technology and AI: Aflac is integrating advanced AI and technology to enhance its operations, particularly in Japan where it's improving enrollment processes. These investments aim to boost efficiency, streamline customer interactions, and support overall market expansion in both the U.S. and Japan.
4. Broadening Distribution Channels: The company is expanding its distribution strategies in the U.S. by moving beyond traditional worksite channels to engage consumers directly. In Japan, Aflac is leveraging strong alliances with banks and Japan Post to bolster its sales reach.

Share Repurchases

• Aflac deployed a record $3.5 billion to repurchase 33 million shares of its stock in 2025. The company returned $3.9 billion to shareholders in 2024, which included $2.8 billion to repurchase over 30 million shares. Annual share buybacks for Aflac were $2.801 billion in 2023.
• As of August 12, 2025, Aflac's Board of Directors authorized the purchase of up to an additional 100 million shares, adding to the 30.9 million shares remaining from a November 8, 2022 authorization, making approximately 130.9 million shares available for repurchase. As of December 31, 2025, 114.3 million shares remained available for buyback.

Outbound Investments

• Aflac made a $25 million commitment in December 2020 to invest in the Local Initiatives Support Corporation's (LISC) Black Economic Development Fund, with initial capital deployment expected in the first quarter of 2021. This fund aims to support Black-led financial institutions, anchor institutions, and businesses to strengthen the Black community.
• In 2024, Aflac Global Investments reviewed and approved its strategic asset allocation for 2025-2027, which serves as the core for managing long-term asset performance expectations related to capital, risk, and liquidity.

Capital Expenditures

• Aflac plans to maintain strong pretax margins and increase sales through product refreshes and growth initiatives, focusing on leveraging platform investments in the U.S. to enhance sales and operational efficiency.
• The company is investing in technology and sales platforms to support growth, particularly in Japan's third-sector insurance market.