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Stock research / United States / AFL · Accident & Health Insurance · NYSE

Aflac Inc. (AFL)

Aflac sells supplemental health and life insurance in Japan and the United States. Supplemental means it sits on top of whatever primary cover the customer already has, and pays cash directly to the policyholder for the out-of-pocket costs a medical event leaves behind. The parent company was incorporated in Georgia in 1973 and the group is licensed in all 50 states, the District of Columbia, several US territories and Japan.

Aflac Inc.

Aflac sells supplemental health and life insurance in Japan and the United States. Supplemental means it sits on top of whatever primary cover the customer already has, and pays cash directly to the policyholder for the out-of-pocket costs a medical event leaves behind. The parent company was incorporated in Georgia in 1973 and the group is licensed in all 50 states, the District of Columbia, several US territories and Japan.

Two segments, and Japan is the larger

Aflac Japan and Aflac U.S.. The filing describes Aflac Japan as the principal contributor to consolidated earnings and as the largest insurer in Japan in cancer and medical policies in force. A Corporate and other category holds the parent company, reinsurance activity including the group's own reinsurer, and intercompany eliminations.

Aflac Japan

Aflac Japan's core is what the filing calls third sector insurance: supplemental products designed to help consumers pay medical and non-medical costs that are not reimbursed under Japan's national health insurance system. The filing gives the reason for the demand, that changes in Japan's economy and an ageing population have put pressure on the national health care system, shifting more cost to consumers who in turn want products that help them manage it.

Cancer insurance is where the company started in Japan, in 1974, and the filing says it remains the number one provider there. The policies pay a lump sum on first diagnosis and then fixed daily benefits for hospital stays and outpatient treatment, plus surgical and convalescent benefits. A new cancer product, Miraito, launched in March 2025, lets the customer pick the cover they want. Alongside it, a support service runs with the policyholder from the point cancer is suspected through treatment and recovery. Medical insurance pays for hospitalisation, surgery and outpatient treatment, with lump sums for cancer, heart attack and stroke; a new product, Anshin Palette, launched in December 2025. Nursing care insurance covers out-of-pocket costs under the public nursing care system.

First sector products sit beside that core. Prepare Smart is whole life with a low cash surrender value and a discount for non-smokers. GIFT is term life that pays the family a fixed sum every month after a breadwinner dies or is seriously disabled. Tsumitasu, launched in June 2024, is built for retirement saving with nursing care cover attached. WAYS lets the holder convert part of the life cover into medical, nursing care or annuity benefits at a set age, and a child endowment pays a lump sum when a child starts high school and an annuity through four years of college.

How Japan reaches the customer

The traditional channel was about 6,300 sales agencies at the end of 2025, employing roughly 112,000 licensed sales associates. On top of that sit three alliances, all counted within the affiliated corporate agencies channel. Dai-ichi Life, from 2001, has around 37,000 representatives offering Aflac cancer products. Japan Post Group, from 2008 and strengthened in 2013, sells the cancer product through about 20,000 post office outlets, and Japan Post Insurance adds 76 corporate sales branches and 626 individual sales service departments. Daido Life, from 2013, has around 3,700 representatives selling mainly to small and medium-sized business owners and their staff. And at the end of 2025 Aflac Japan had agreements with about 90 percent of all banks in Japan.

Aflac U.S.

Accident cover paying lump sums for accidental death, dismemberment and specific injuries and fixed benefits for hospital stays; short-term disability individually and in groups, and long-term disability in groups; cancer insurance on an individual basis; critical illness cover for events such as heart attack and stroke; hospital indemnity paying a fixed amount on hospitalisation; network dental and vision on a group basis with fixed-benefit dental individually; and term and whole life. Individual policies are portable, so the holder keeps the cover at generally the same premium after leaving the employer or group, and are typically guaranteed renewable for life, or to age 75 for short-term disability.

Two channels carry it. Career agents, who are independent contractors paid commission, sell to small businesses with between three and 99 employees. Brokers sell to employers with 100 or more, typically averaging 1,000 or more. Across both, an average of about 5,300 agents and brokers were actively producing business each week in 2025. Sales cluster in the fourth quarter because that is when most employers run open enrolment, and the filing says this typically puts over a third of Aflac U.S. total sales in that quarter.

From Aflac's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Aflac became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 5 November 2026
Revenue
$3.3 billion
-31.0% on the year · -20.5% on the quarter
Q4 FY2024Q3 FY2026
Net income
$303 million
-81.5% on the year · -63.3% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.61
-80.2% on the year · -62.6% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 25 February 2026
Revenue
$17.2 billion
-9.3% on the year
FY2018FY2025
Net income
$3.6 billion
-33.0% on the year
FY2018FY2025
Diluted EPS
$6.82
-29.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsAflac (AFL) reported revenue of $17.2 billion for fiscal 2025, the year ended 31 December 2025, down 9.3% on the year before. Net income was $3.6 billion and diluted earnings per share $6.82. Revenue was $18.9 billion in fiscal 2024, $18.7 billion in fiscal 2023, $19.1 billion in fiscal 2022 and $21.6 billion in fiscal 2021. Net income in the same years was $5.4 billion, $4.7 billion, $4.4 billion and $4.2 billion. Over the twelve months to 30 September 2026, Aflac reported revenue of $16.6 billion and net income of $3.5 billion. Revenue fell 5.0% a year, compounded, over the five years to fiscal 2025. Aflac declared $2.41 a share in dividends over the last four quarters and had 496 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of Aflac was $61.5 billion, 18.2 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE12.0%
ROCE11.3%
Operating margin25.9%
Net margin21.2%
FCF marginn/a
Interest cover17.1x
Debt to equity0.28x
Cash conversion0.74x
Share count, last 12 months-5.7%
Sales CAGR, 3 years-3.6%
Profit CAGR, 3 years-6.2%
EPS, TTM$6.80

At the close of 6 November 2026

Price$124.06
Market cap$61.5 billion
Stock P/E18.2x
Price to book2.1x
EV / EBITDAn/a
Dividend yield1.9%
Market cap / sales3.7x
52-week high$129.55
52-week low$106.20
Price, 1 year9.1%
Price CAGR, 3 years15.3%
Price CAGR, 5 years16.9%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings Aflac Inc. reports under its own heading, at the balance sheet of 31 December 2025, the latest that carries it, which is the only one it files; lease liabilities are separate lines. Nothing here is a valuation or a view.
AFLgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022 †Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue5,4365,1735,3154,7043,9484,8005,1724,9503,7775,4365,1382,9495,4043,3984,1604,7404,8664,3464,1173,271
SG&A962833802779835775728785877739694747834802804781866771749805
Operating income9941,1431,1348801,0001,1331,1391,2982892,1702,01992.02,1361458221,9941,5721,225995500
Operating margin18%22%21%19%25%24%22%26%8%40%39%3%40%4%20%42%32%28%24%15%
Interest expense57.056.055.059.056.048.051.049.047.047.050.049.049.049.051.056.061.059.063.068.0
Pre-tax income1,1191,2941,7081,3295381,3421,8251,8052892,1702,01992.02,1361458221,9941,5721,225995500
Tax rate17%19%18%-34%64%11%10%13%7%13%13%201%11%80%27%18%12%17%17%39%
Net income1,0391,0471,3941,7811961,1881,6341,5692681,8791,755-93.01,90229.05991,6391,3791,019825303
Net margin19%20%26%38%5%25%32%32%7%35%34%-3%35%1%14%35%28%23%20%9%
Diluted EPS$1.58$1.60$2.17$2.82$0.31$1.94$2.71$2.64$0.46$3.25$3.10-$0.17$3.45$0.05$1.11$3.08$2.58$1.98$1.63$0.61
Operating cash flow8701,2605101,0761,0337083791,2708338492551,2703335893991,2523159681121,197
Buybacks6255006506516007007007007017508005007509008291,0008011,000984803
Dividends paid208250248242239248243239236278272270267306301299292304299295
Shares outstanding652m645m635m624m615m606m596m587m578m570m561m557m550m542m535m526m519m511m502m496m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007FY2008FY2009FY2010 †FY2011 †FY2012 †FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue15,39316,55418,25420,73222,17125,36423,93922,72820,87222,55921,66721,75822,30722,14721,55419,14018,70118,92717,16416,600
Selling, general and administrative1,4911,7431,9772,1592,3362,4152,2222,2612,6062,7962,7802,9883,0893,4203,5443,2503,1653,0143,2533,191
Operating income2,4991,9143,4353,9834,5024,6584,3994,2534,0014,1174,0874,3544,4614,4164,9344,1575,2626,4174,5334,292
Operating margin16.2%11.6%18.8%19.2%20.3%18.4%18.4%18.7%19.2%18.2%18.9%20.0%20.0%19.9%22.9%21.7%28.1%33.9%26.4%25.9%
Interest expense27.029.072.0149196261293317289268240222228242238226195194217251
Pre-tax income2,4991,9142,2353,5612,9504,3024,8164,4913,8624,0674,0183,9834,4454,1595,2084,8695,2626,4174,5334,292
Income tax8656607381,2331,0131,4361,6581,5401,3291,408-5861,0631,141-619977451603974887766
Effective tax rate34.6%34.5%33.0%34.6%34.3%33.4%34.4%34.3%34.4%34.6%-14.6%26.7%25.7%-14.9%18.8%9.3%11.5%15.2%19.6%17.8%
Net income1,6341,2541,4972,3281,9372,8663,1582,9512,5332,6594,6042,9203,3044,7784,2314,4184,6595,4433,6463,526
Net margin10.6%7.6%8.2%11.2%8.7%11.3%13.2%13.0%12.1%11.8%21.2%13.4%14.8%21.6%19.6%23.1%24.9%28.8%21.2%21.2%
Diluted EPS$1.66$1.31$1.59$2.46$2.06$3.06$3.38$3.25$2.92$3.21$5.77$3.77$4.43$6.67$6.25$6.93$7.78$9.63$6.82$6.80
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2012 to FY2025, 2 years left out

FY2012FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2025Share
of the parts, latest year
Aflac Japan20,05316,555n/a15,94515,02815,20615,31315,37114,92512,25210,6649,35753.4%
Aflac U.S.5,6285,859n/a6,1676,2896,4436,5506,5656,4896,4866,6236,90339.4%
Corporate and other46432252752723393933841752674601,2777.3%
Corporate269281n/an/an/an/an/an/an/an/an/an/an/a
Total Business Segmentsn/an/a20,699n/an/an/an/an/an/an/an/an/an/a
Intercompany eliminations-276-248n/an/an/an/an/an/an/an/an/an/an/a
Not assigned to a part in the filingn/an/an/an/an/an/an/an/an/an/a954n/an/a
Sales between segments, taken outn/an/an/an/an/an/an/an/an/an/an/a-373n/a
Aflac Japan FY2012 to FY2025Aflac U.S. FY2012 to FY2025Corporate and otherTotal Business Segments FY2015Corporate FY2012 to FY2014
22.7FY201422.4FY201622.0FY201822.3FY202019.0FY202217.5FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Intercompany eliminations, Not assigned to a part in the filing and Sales between segments, taken out are the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2016 to FY2025, 1 year left out

The operating profit each segment reports. Costs Aflac does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2025Margin
FY2025
Aflac Japan3,1483,0543,2083,2613,2633,7563,2813,2343,44036.8%
Aflac U.S.1,2081,2451,2851,2721,2681,3561,3591,5011,42120.6%
Corporate and other-239-212-139-72-115-293-218-4251017.9%
Aflac JapanAflac U.S.Corporate and other
4,117FY20164,354FY20184,416FY20204,422FY20224,962FY2025

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Aflac Japan53%69%
Aflac U.S.39%29%
Corporate and other7%2%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Cash flow

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Aflac: an insurer's operating cash flow includes premiums it holds to pay claims later, so it is not cash the owners can take out. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2007FY2008FY2009FY2010 †FY2011 †FY2012 †FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow4,6564,9656,1616,98910,84214,95210,5476,5506,7765,9876,1286,0145,4555,9585,0513,8793,1902,7072,5552,592
Cash from investing-3,654-4,283-5,476-7,432-10,829-16,952-11,091-4,241-4,897-3,855-5,431-3,582-3,171-4,619-2,378-1,5408172,7811,561831
Cash from financing-655-1,38369916164.01,9451,136-147-2,187-1,619-2,065-1,616-1,713-1,115-2,739-3,551-3,723-3,486-4,069-4,573
Depreciation and amortisationn/a74.081.082.064.067.069.055.050.054.053.049.041.041.045.045.039.040.036.0n/a
Buybacks6061,49010.01213081188131,2101,3151,4221,3511,3011,6271,5372,3012,4012,8012,8003,5303,588
Dividends paid3734345245355526036356546566586617937717698559799661,0871,1981,190
Dividend per sharen/an/an/an/an/an/an/an/an/an/an/an/a$1.08$1.12$1.32$1.62$1.76$2.08$2.35n/a
Diluted shares, weighted988m958m938m946m939m939m935m908m866m828m798m775m746m716m677m638m599m565m535m499m
Shares outstanding at period endn/a933m937m939m933m936m919m885m849m812m781m755m727m692m652m615m578m550m519m496m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007FY2008FY2009FY2010 †FY2011 †FY2012 †FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity8,7956,6398,41710,54012,94615,97814,62018,34717,70820,48224,59823,46228,95933,55917,03120,14021,98526,09829,49029,283
Debtn/a1,7212,5993,0383,2754,3434,8915,2684,9515,3395,2675,7656,4087,7457,8397,2957,2407,4028,330n/a
Other liabilitiesn/a70,97173,09086,665100,016100,986101,79696,15295,637103,998107,352111,179117,401123,782132,672104,30397,49984,06678,65084,228
Total liabilities and equityn/a79,33184,106100,243116,237121,307121,307119,767118,296129,819137,217140,406152,768165,086157,542131,738126,724117,566116,470113,511
Owned
Fixed assetsn/a597593620617564481429427433434443581601538530445387351356
Goodwilln/an/an/an/an/an/an/an/an/an/an/an/a140269268265265263260n/a
Securities held for sale or to maturityn/a59,44863,46830,08447,00954,42644,41534,24233,45933,350115,743113,213121,347130,356120,70494,80491,11481,24080,24676,918
Loansn/an/an/an/an/an/an/an/an/an/an/a6,9199,56910,55411,786n/an/an/an/an/a
Securities borrowedn/an/an/an/an/an/an/an/an/an/an/an/an/an/a2,1241,7881,4802,0013,945n/a
Cash and equivalents1,5639412,3232,1212,2492,0412,5434,6584,3504,8593,4914,3374,8965,1415,0513,9434,3066,2296,2455,623
Other assetsn/a18,34517,72267,41866,36264,27673,86880,43880,06091,17717,54915,49416,23518,16517,07130,40829,11427,44625,42330,614
Total assetsn/a79,33184,106100,243116,237121,307121,307119,767118,296129,819137,217140,406152,768165,086157,542131,738126,724117,566116,470113,511
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded-1.9%-5.0%-3.6%-6.2%
Profit growth, compounded3.7%-5.3%-6.2%-15.4%
Return on equity, average17.1%20.2%18.1%12.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Aflac's revenue in fiscal 2025?

Aflac (AFL) reported revenue of $17.2 billion for fiscal 2025, the year ended 31 December 2025, down 9.3% on the year before.

How much did Aflac earn in fiscal 2025?

Net income was $3.6 billion for fiscal 2025, and diluted earnings per share $6.82.

What is Aflac's P/E ratio?

At the close of 6 November 2026, Aflac traded at 18.2 times its earnings over the twelve months to 30 September 2026.

What is Aflac's market cap?

The market cap of Aflac was $61.5 billion at the close of 6 November 2026.

Does Aflac pay a dividend?

Yes. Aflac declared $2.41 a share in dividends over the four quarters to 30 September 2026.

Peers: Insurance

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Cigna Group CI$77.4 billion12.9613.8%3.4%6.8%0.722.1%
Manulife Financial Corporation MFC *$72.5 billion19.6611.1%n/an/a0.153.3%
Arthur J. Gallagher & Co. AJG$72.2 billion43.067.1%13.1%25.6%0.541.0%
Aon plc AON$71.0 billion18.3438.9%26.3%3.8%2.610.9%
Allstate Corp. ALL$63.4 billion5.7735.9%21.1%5.1%0.231.7%
Metlife Inc. MET$62.0 billion12.8023.1%8.2%14.8%0.642.4%
Aflac Inc. AFL$61.5 billion18.2412.0%25.9%-6.2%0.281.9%
Humana Inc. HUM$52.1 billion42.176.6%1.5%22.0%0.660.8%
Principal Financial Group Inc. PFG$23.6 billion12.3516.7%14.7%5.2%0.372.9%
Unum Group UNM$11.9 billion54.432.3%2.4%-4.2%0.352.5%
CNO Financial Group, Inc. CNO$5.1 billion12.6618.0%14.8%2.3%0.581.2%
Porch Group, Inc. PRCH$2.6 billion246.38127.2%7.7%23.4%53.60n/a
All 112 in Insurance
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.23 trillion14.3611.5%15.0%3.9%n/an/a
UnitedHealth Group Inc. UNH$353.2 billion22.5115.3%5.3%3.3%0.712.3%
Chubb Ltd. CB$139.6 billion12.7715.3%22.3%5.7%0.251.1%
Progressive Corp. PGR$132.0 billion11.4833.7%16.0%7.7%0.246.1%
Marsh & McLennan Companies, Inc. MRSH$97.3 billion24.4927.1%21.4%7.6%1.271.8%
Elevance Health, Inc. ELV$92.0 billion18.1511.5%2.7%3.6%0.691.6%
Travelers Companies, Inc. TRV$81.0 billion10.3128.7%21.2%1.1%0.341.2%
Cigna Group CI$77.4 billion12.9613.8%3.4%6.8%0.722.1%
Manulife Financial Corporation MFC *$72.5 billion19.6611.1%n/an/a0.153.3%
Arthur J. Gallagher & Co. AJG$72.2 billion43.067.1%13.1%25.6%0.541.0%
Aon plc AON$71.0 billion18.3438.9%26.3%3.8%2.610.9%
Allstate Corp. ALL$63.4 billion5.7735.9%21.1%5.1%0.231.7%
Metlife Inc. MET$62.0 billion12.8023.1%8.2%14.8%0.642.4%
Aflac Inc. AFL$61.5 billion18.2412.0%25.9%-6.2%0.281.9%
Humana Inc. HUM$52.1 billion42.176.6%1.5%22.0%0.660.8%
Prudential Financial Inc. PRU$40.9 billion10.8613.1%7.8%6.5%0.674.7%
American International Group, Inc. AIG$40.3 billion12.668.5%14.5%1.2%0.222.4%
Sun Life Financial Inc. SLF *$39.6 billion16.2414.5%n/a8.0%0.333.7%
Hartford Insurance Group, Inc. HIG$35.8 billion8.1124.4%18.2%6.2%0.231.8%
Arch Capital Group Ltd. ACGL$34.9 billion8.7819.0%25.9%-3.9%0.194.7%
Centene Corp. CNC$34.5 billion23.886.6%0.5%9.7%0.70n/a
Everest Group, Ltd. EG$30.6 billion8.6913.3%13.9%-8.7%n/a1.9%
Willis Towers Watson plc WTW$30.3 billion20.0720.1%22.0%4.8%0.841.2%
Cincinnati Financial Corp. CINF$28.5 billion10.8816.5%24.8%9.9%0.052.0%
W. R. Berkley Corp. WRB$27.9 billion15.9119.4%n/a1.5%n/a2.5%
Markel Group Inc. MKL$23.7 billion13.779.7%15.7%2.5%0.24n/a
Principal Financial Group Inc. PFG$23.6 billion12.3516.7%14.7%5.2%0.372.9%
Brown & Brown, Inc. BRO$23.6 billion22.829.7%n/a26.1%0.620.9%
Loews Corp. L$22.2 billion15.208.1%10.8%2.8%0.460.2%
Reinsurance Group of America Inc. RGA$17.0 billion10.1214.7%8.0%22.5%0.461.4%
Assurant, Inc. AIZ$15.1 billion14.4517.9%9.8%9.4%n/a1.1%
Corebridge Financial, Inc. CRBG$15.0 billion7.3132.7%16.6%13.3%0.832.9%
Globe Life Inc. GL$14.5 billion10.5317.9%23.3%5.6%0.450.8%
Renaissancere Holdings Ltd. RNR$14.2 billion9.7813.8%30.1%-20.9%0.210.5%
Equitable Holdings, Inc. EQH$14.1 billion10.11n/a16.3%8.6%n/a2.2%
CNA Financial Corp. CNA$12.8 billion12.4710.1%8.5%2.1%0.248.2%
American Financial Group Inc. AFG$12.8 billion12.6121.6%15.2%3.3%0.394.5%
Erie Indemnity Co. ERIE$12.6 billion24.7822.6%17.9%2.0%n/a2.1%
Unum Group UNM$11.9 billion54.432.3%2.4%-4.2%0.352.5%
Fidelity National Financial, Inc. FNF$11.7 billion11.2114.2%17.0%6.4%0.594.7%
Molina Healthcare, Inc. MOH$10.8 billionn/a-1.2%0.4%-0.9%0.91n/a
Oscar Health, Inc. OSCR$9.5 billion12.6638.5%5.4%54.8%0.19n/a
Old Republic International Corp. ORI$9.5 billion8.9218.8%13.8%12.5%n/a9.2%
Voya Financial, Inc. VOYA$8.9 billion15.9216.4%8.9%-0.3%0.551.9%
Primerica, Inc. PRI$8.9 billion11.4828.2%29.4%8.3%0.211.6%
Jackson Financial Inc. JXN$8.7 billion10.7310.4%56.7%34.1%0.332.7%
Kinsale Capital Group, Inc. KNSL$8.6 billion16.7227.4%33.7%8.3%0.120.2%
Hanover Insurance Group, Inc. THG$8.3 billion11.6121.8%15.2%5.0%0.25n/a
Axis Capital Holdings Ltd. AXS$7.6 billion8.0616.1%17.5%9.8%0.211.7%
Lincoln National Corp. LNC$7.6 billion2.4835.2%20.0%10.3%0.684.5%
First American Financial Corp. FAF$6.8 billion9.4413.6%11.9%14.1%n/a3.3%
Enact Holdings, Inc. ACT$6.3 billion9.6713.1%68.5%2.5%0.141.9%
RLI Corp. RLI$6.3 billion15.9323.3%25.8%4.6%0.183.9%
Hagerty, Inc. HGTY$6.2 billionn/a23.4%4.5%-0.9%0.96n/a
Selective Insurance Group Inc. SIGI$5.9 billion11.9514.8%11.9%4.0%0.261.7%
Mgic Investment Corp. MTG$5.8 billion8.8914.3%73.2%-2.2%n/a2.2%
Essent Group Ltd. ESNT$5.6 billion8.6712.2%59.2%9.6%n/a2.1%
White Mountains Insurance Group Ltd. WTM$5.4 billion5.9518.1%30.7%44.9%0.170.0%
CNO Financial Group, Inc. CNO$5.1 billion12.6618.0%14.8%2.3%0.581.2%
Radian Group Inc. RDN$4.7 billion8.8112.0%38.3%65.3%0.132.8%
Mercury General Corp. MCY$4.6 billion7.1222.9%12.9%5.4%0.201.5%
Accelerant Holdings ARX$4.3 billionn/a-180.6%-110.8%n/a0.17n/a
Corvel Corp. CRVL$4.2 billion34.9428.2%n/a8.3%n/an/a
Palomar Holdings, Inc. PLMR$4.1 billion19.5122.0%22.8%58.5%0.30n/a
Neptune Insurance Holdings Inc. NP$3.9 billion90.02n/a41.3%n/an/an/a
Hamilton Insurance Group, Ltd. HG$3.6 billion7.0631.2%28.3%14.8%0.05n/a
Assured Guaranty Ltd. AGO$3.2 billion10.406.0%33.8%-4.2%0.322.0%
Genworth Financial Inc. GNW$3.2 billion67.000.6%3.3%-0.6%0.17n/a
Lemonade, Inc. LMND$3.1 billionn/a-30.6%-12.6%69.5%n/an/a
F&G Annuities & Life, Inc. FG$3.1 billion3.1023.8%n/a-0.4%0.514.3%
Slide Insurance Holdings, Inc. SLDE$3.0 billion5.8944.8%50.4%n/a0.02n/a
SiriusPoint Ltd. SPNT$3.0 billion6.4022.5%17.6%18.1%0.30n/a
Baldwin Insurance Group, Inc. BWIN$3.0 billionn/a-9.2%-6.9%18.9%2.67n/a
NMI Holdings, Inc. NMIH$2.9 billion7.6614.5%68.1%6.9%n/an/a
Skyward Specialty Insurance Group, Inc. SKWD$2.7 billion14.0715.0%13.5%35.3%0.33n/a
Porch Group, Inc. PRCH$2.6 billion246.38127.2%7.7%23.4%53.60n/a
Clover Health Investments, Corp. CLOV$2.6 billion483.003.2%0.5%54.5%0.00n/a
Brighthouse Financial, Inc. BHF$2.5 billion4.3713.6%14.0%-9.4%0.63n/a
HCI Group, Inc. HCI$2.3 billion7.5229.3%49.6%20.1%0.030.9%
Horace Mann Educators Corp. HMN$2.2 billion12.4112.5%12.5%4.2%0.422.7%
Goosehead Insurance, Inc. GSHD$2.0 billion40.58n/a23.3%17.7%n/an/a
Kemper Corp. KMPR$2.0 billionn/a-22.6%n/a-4.5%0.433.8%
Trupanion, Inc. TRUP$1.6 billion60.316.7%1.8%11.4%0.26n/a
Alignment Healthcare, Inc. ALHC$1.5 billion56.3810.4%0.9%35.9%1.17n/a
Safety Insurance Group Inc. SAFT$1.5 billion21.828.2%7.0%4.6%0.063.5%
Twfg, Inc. TWFG$1.5 billion47.5117.4%17.3%36.2%0.05n/a
Stewart Information Services Corp. STC$1.4 billion11.777.2%5.2%20.5%0.394.5%
Universal Insurance Holdings, Inc. UVE$1.3 billion5.8336.0%19.0%5.5%0.151.3%
United Fire Group Inc. UFCS$1.2 billion9.1014.6%11.5%11.6%0.161.6%
Ategrity Specialty Insurance Co. Holdings ASIC$1.2 billion12.1715.0%24.4%n/an/a0.0%
Bowhead Specialty Holdings Inc. BOW$1.1 billion19.1513.3%11.7%23.8%0.33n/a
Heritage Insurance Holdings, Inc. HRTG$983 million4.6736.1%34.1%2.3%0.12n/a
Hippo Holdings Inc. HIPO$929 million28.826.8%6.2%20.6%n/an/a
Employers Holdings, Inc. EIG$832 million25.993.5%4.1%-13.0%0.162.8%
Donegal Group Inc. DGICA$701 million10.0210.5%8.9%-3.4%n/a4.0%
Root, Inc. ROOT$659 million9.1324.8%6.7%7.9%0.60n/a
Ethos Technologies Inc. LIFE$558 millionn/a-23.0%-16.1%n/an/an/a
Crawford & Co. CRD-A$554 million21.9414.1%3.9%-3.6%0.81n/a
American Integrity Insurance Group, Inc. AII$528 million5.9923.8%36.2%29.3%0.00n/a
Greenlight Capital RE, Ltd. GLRE$522 million9.458.4%8.8%3.7%0.01n/a
Investors Title Co. ITIC$483 million11.9814.1%17.7%8.7%n/a4.1%
American Coastal Insurance Corp. ACIC$475 million5.7424.5%37.7%-5.3%0.427.5%
Amerisafe Inc. AMSF$363 million9.1017.0%15.0%7.7%n/a8.3%
NI Holdings, Inc. NODK$311 million21.266.1%7.7%-12.9%0.01n/a
Kingstone Companies, Inc. KINS$296 million7.1230.7%21.2%24.5%0.030.8%
Mbia Inc. MBI$235 millionn/an/a-155.2%18.0%n/an/a
Kingsway Corp. KWY$230 millionn/a-79.5%0.7%23.6%5.13n/a
Octave Specialty Group Inc. OSG$226 millionn/a-23.0%-24.3%26.8%0.22n/a
Citizens, Inc. CIA$208 million25.694.0%3.8%4.1%n/an/a
James River Group Holdings, Inc. JRVR$180 million10.145.8%3.8%-1.8%n/a1.0%
Roadzen Inc. RDZN$100 millionn/an/a-21.6%30.5%n/an/a
Ryan Specialty Holdings, Inc. RYANn/an/a23.4%15.6%9.8%8.231.1%
4 companies share its SEC industry code (Accident & Health Insurance); the rest are the names nearest in size in its wider industry, Insurance, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on AFL

Dividends$2.41 a share over the four quarters to 30 September 2026, a 1.94% yield
Filings18 in twelve months: 8 current reports (8-K), about 4 results of operations; 4 regulation FD disclosure; 3 other events; 1 shareholder vote
Planned insider sales22 Form 144 notices in twelve months, $19.9 million; latest 16 September 2026
Options tapeput/call 0.38 by open interest at the 6 November 2026 close; the straddle prices a 2.2% move to 13 November 2026
13F holders1,708 funds reported a position for the quarter to 30 June 2026; largest Japan Post Holdings Co., Ltd.
Insider trading233 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest10.1 million shares short, 6.01 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 20265 November 2026EDGAR
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 20257 May 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR

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