Aflac (AFL) FY2020 results: revenue $22.1 billion, down 0.7% on the year
Aflac Inc. (AFL) reported revenue of $22.1 billion for fiscal 2020, the year ended 31 December 2020, down 0.7% on the year before. Net income was $4.8 billion, up 44.6%, and diluted earnings per share $6.67. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$22.1 billion
-0.7% on the year
FY2013FY2020
Operating margin
19.9%
20.0% a year earlier
FY2013FY2020
Net income
$4.8 billion
+44.6% on the year
FY2013FY2020
Diluted EPS
$6.67
+50.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
22,147
22,307
21,758
-0.7%
Selling, general and administrative
3,420
3,089
2,988
+10.7%
Operating income
4,416
4,461
4,354
-1.0%
Operating margin
19.9%
20.0%
20.0%
Interest expense
242
228
222
+6.1%
Pre-tax income
4,159
4,445
3,983
-6.4%
Income tax
-619
1,141
1,063
Effective tax rate
-14.9%
25.7%
26.7%
Net income
4,778
3,304
2,920
+44.6%
Net margin
21.6%
14.8%
13.4%
Diluted EPS
$6.67
$4.43
$3.77
+50.6%
$ million except per share. 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.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
5,958
5,455
6,014
+9.2%
Cash from investing
-4,619
-3,171
-3,582
Cash from financing
-1,115
-1,713
-1,616
Depreciation and amortisation
41.0
41.0
49.0
0.0%
Buybacks
1,537
1,627
1,301
-5.5%
Dividends paid
769
771
793
-0.3%
Dividend per share
$1.12
$1.08
n/a
+3.7%
Diluted shares, weighted
716m
746m
775m
-4.1%
Shares outstanding at period end
692m
727m
755m
-4.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
33,559
28,959
23,462
+15.9%
Debt
7,745
6,408
5,765
+20.9%
Other liabilities
123,782
117,401
111,179
+5.4%
Total liabilities and equity
165,086
152,768
140,406
+8.1%
Fixed assets
601
581
443
+3.4%
Goodwill
269
140
n/a
+92.1%
Securities held for sale or to maturity
130,356
121,347
113,213
+7.4%
Loans
10,554
9,569
6,919
+10.3%
Cash and equivalents
5,141
4,896
4,337
+5.0%
Other assets
18,165
16,235
15,494
+11.9%
Total assets
165,086
152,768
140,406
+8.1%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.