Aflac Incorporated

Overview

Aflac Incorporated is a multinational insurer focused on supplemental health and life insurance in Japan and the United States. The company reports two segments: Aflac Japan and Aflac U.S., with a corporate/other area that supports centralized functions. Brand marketing through the Aflac Duck and a mix of agents, brokers, distribution partners, and direct channels are central to distribution and awareness.

Segments and offerings

Aflac Japan

• Position: Largest insurer in Japan by cancer and medical (third sector) policies in force.
• Core products:
  • Third-sector insurance
    • Cancer insurance (introduced in 1974; includes lump-sum benefits on diagnosis and ongoing payments)
    • Medical and other health insurance (hospitalization, surgeries, outpatient treatments; includes critical illness benefits)
    • Nursing care insurance (covers out-of-pocket care costs for public nursing services)
  • First-sector insurance
    • Life protection products (examples include Prepare Smart Whole-Life Insurance with non-smoking discounts)
    • GIFT (term life with fixed monthly benefits on death or disability of a breadwinner)
    • Tsumitasu (savings-type product for post-retirement needs with nursing care coverage)
    • WAYS (conversion features between life, medical, and annuity products) and child endowment options
• Distribution and partnerships:
  • Approximately 6,300 sales agencies and about 112,000 licensed sales associates
  • Strategic alliances with Dai-ichi Life (about 37,000 representatives), Japan Post Group, Japan Post Insurance, and Daido Life (about 3,700 representatives)
  • Bank channel: roughly 90% of Japan’s banks have distribution agreements; about 358 banks market Aflac Japan products
  • Bank channel sales represented 3.3% of Aflac Japan’s new annualized premium sales in 2025
• Regulation and capital:
  • Regulated by Japan’s Financial Services Agency (FSA) and the Act on the Protection of Personal Information (APPI)
  • Reports using Japanese regulatory accounting; solvency standards include SMR and an ICS-based framework

Aflac U.S.

• Distribution and structure:
  • Primary distribution through worksite channels, with products offered to individuals and groups
  • Sales channels include Independent Associates/Career Agents (small business focus) and Brokers (mid/large-case market)
  • In 2025, U.S. sales force averaged about 5,300 agents, including brokers
  • Expanded salaried sales leadership with over 200 market directors and broker professionals
  • Consumer reach includes digital lead generation to supplement traditional worksite distribution
• Core products:
  • Accident insurance (lump-sum benefits for injuries, plus related riders)
  • Disability insurance (short-term and long-term)
  • Critical illness/cancer insurance
  • Hospital indemnity insurance
  • Dental and vision insurance (network and fixed-benefit options)
  • Life insurance (term and whole-life)
• Competitive positioning:
  • Competes on product design, price, service, and distribution; emphasizes brand and value-added services
• Regulation:
  • Subject to U.S. federal and state regulation, HIPAA/privacy considerations, ACA-related frameworks, and ongoing privacy/cybersecurity compliance

Customers and employees

• Customers: Serves millions of policyholders and customers in Japan and the United States.
• Employees: 12,716 full-time employees as of December 31, 2025
  • Aflac Japan: 6,804
  • Aflac U.S.: 5,117
  • Corporate and other: 795

Revenue and income

• Aflac Japan accounted for 53% of total adjusted revenues in 2025 (as presented in the company’s adjusted revenues framework).

Additional details

• The company manages exposure to capital markets, currency fluctuations (yen/dollar), interest rate risk, and cybersecurity/privacy risks, including a referenced cyber incident in June 2025.
• The Aflac Duck and long-standing brand campaigns are central to marketing across both segments.
• Product strategy emphasizes long-term, guaranteed-renewable features in U.S. offerings and a broad product suite in Japan addressing third-sector (cancer/medical/nursing care) and first-sector (life) needs.