Aflac Inc (AFL) · Nov 4, 2026 · Earnings

Aflac earnings beat on U.S. strength as Japan and revenue shrink

Beat — Adjusted EPS $2.43 vs ~$1.80 consensus

Aflac earnings beat adjusted EPS expectations as U.S. profits surged, offsetting weaker Japan results and heavy investment losses.

Aflac is a supplemental-insurance company balancing a mature, shrinking Japan franchise with a faster-growing U.S. business; its 2026 plan centers on product and distribution growth while preserving pretax margins. The quarter beat the market’s operating-profit bar by a wide margin. Adjusted diluted EPS was $2.43 versus a published consensus of about $1.80, even though it declined 2.4% year over year. The main surprise was Aflac U.S., where pretax adjusted earnings rose 31.5% to $493 million, far better than the roughly 11% decline analysts had expected. Aflac Japan was weaker, but its 21.0% earnings decline to $961 million was still materially better than the roughly 37% drop expected.

FigureQ3 2026Q3 2025Consensus
Adjusted diluted EPS (Summary of Adjusted Results)$2.43 (-2.4%)$2.49$1.80
Total revenues (Consolidated Statements of Earnings)$3,271M (-31.0%)$4,740M~$4,200M
Aflac U.S. pretax adjusted earnings (Aflac U.S. statement)$493M (+31.5%)$375M—
Aflac Japan pretax adjusted earnings (Aflac Japan statement)$961M (-21.0%)$1,216M—
Net investment gains/(losses) (Consolidated Statements of Earnings)$(1,072)M$275M—

The headline revenue miss is largely an investment-marking problem, not a collapse in insurance profitability. Total revenue fell to $3.27 billion because Aflac recorded a $1.07 billion net investment loss, versus a $275 million gain a year earlier. That pushed GAAP diluted EPS down to $0.61, but the adjusted measure strips out these market-driven items and better reflects the underlying insurance operation. The filing says, “Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results.”

The business mix is improving, but Japan remains the constraint. Aflac U.S. generated 3.3% growth in net earned premiums and 31.5% pretax earnings growth, helped by a lower benefits-and-claims burden. Japan’s premium base and investment income continued to contract, with nine-month pretax adjusted earnings down 9.8%, but the quarter’s decline was less severe than expected. That makes this a strong execution quarter rather than a clean, broad-based acceleration.

Bottom line: Aflac delivered a meaningful earnings beat because U.S. operating performance was much better than expected and Japan held up better than feared. The underlying story improved, although shrinking Japan earnings and volatile investment results keep the overall picture from being unambiguously strong.

What to watch next

November 5 earnings webcast

Original filing on SEC EDGAR

More Aflac Inc news

Aflac earnings beat on U.S. strength as Japan and revenue shrink | AFL Stock News
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