Aflac (AFL) FY2022 results: revenue $19.1 billion, down 11.2% on the year

Aflac Inc. (AFL) reported revenue of $19.1 billion for fiscal 2022, the year ended 31 December 2022, down 11.2% on the year before. Net income was $4.4 billion, up 4.4%, and diluted earnings per share $6.93. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$19.1 billion

-11.2% on the year

FY2015FY2022

Operating margin

21.7%

22.9% a year earlier

FY2015FY2022

Net income

$4.4 billion

+4.4% on the year

FY2015FY2022

Diluted EPS

$6.93

+10.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	19,140	21,554	22,147	-11.2%
Selling, general and administrative	3,250	3,544	3,420	-8.3%
Operating income	4,157	4,934	4,416	-15.7%
Operating margin	21.7%	22.9%	19.9%
Interest expense	226	238	242	-5.0%
Pre-tax income	4,869	5,208	4,159	-6.5%
Income tax	451	977	-619	-53.8%
Effective tax rate	9.3%	18.8%	-14.9%
Net income	4,418	4,231	4,778	+4.4%
Net margin	23.1%	19.6%	21.6%
Diluted EPS	$6.93	$6.25	$6.67	+10.9%

$ million except per share.

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. 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,879	5,051	5,958	-23.2%
Cash from investing	-1,540	-2,378	-4,619
Cash from financing	-3,551	-2,739	-1,115
Depreciation and amortisation	45.0	45.0	41.0	0.0%
Buybacks	2,401	2,301	1,537	+4.3%
Dividends paid	979	855	769	+14.5%
Dividend per share	$1.62	$1.32	$1.12	+22.7%
Diluted shares, weighted	638m	677m	716m	-5.8%
Shares outstanding at period end	615m	652m	692m	-5.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	20,140	17,031	33,559	+18.3%
Debt	7,295	7,839	7,745	-6.9%
Other liabilities	104,303	132,672	123,782	-21.4%
Total liabilities and equity	131,738	157,542	165,086	-16.4%
Fixed assets	530	538	601	-1.5%
Goodwill	265	268	269	-1.1%
Securities held for sale or to maturity	94,804	120,704	130,356	-21.5%
Loans	n/a	11,786	10,554
Securities borrowed	1,788	2,124	n/a	-15.8%
Cash and equivalents	3,943	5,051	5,141	-21.9%
Other assets	30,408	17,071	18,165	+78.1%
Total assets	131,738	157,542	165,086	-16.4%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.