AFL at a glance
Aflac (AFL, SEC CIK 4977) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as October 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Aflac (AFL) reported revenue of $17.2 billion (down 9.3% from FY2024) and net income of $3.6 billion. Diluted EPS was $6.82.
- As of June 30, 2026, 59 institutional investment managers tracked by SignalX reported holding Aflac (AFL) shares worth $19.8 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Japan Post Holdings Co., Ltd. on October 2, 2026 of 7,529 shares at $111.57 per share.
- In the last 90 days, AFL insiders reported 0 open-market purchases ($0) and 70 open-market sales ($57.4M) on Form 4, a net sale of $57.4M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $17.2B
- −9.3% vs prior year
- Insiders · 90 days
- 0 buys · 70 sells
- Net −$57.4M
- 13F holders
- 59 funds
- $19.8B · +2 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 7.01 · Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Management Discussion & Analysis
- Total revenues $17.2B, down 9.3% YoY from $18.9B; decline driven by net investment losses of $572M vs gains of $1.3B in 2024
- Net earnings $3.6B ($6.82/share) vs $5.4B ($9.63/share) in 2024; adjusted earnings $4.0B ($7.49/share) vs $4.1B ($7.21/share); Aflac U.S. pretax adjusted margin 20.6% vs 21.1%; Aflac Japan pretax adjusted margin 36.7% vs 36.0%
- Aflac Japan best performer with pretax adjusted earnings $3.44B; Aflac U.S. essentially flat at $1.42B vs $1.42B; Japan new annualized premium sales +18.1% YoY in yen terms
- Share repurchases $3.5B (33M shares); dividends paid $1.2B ($2.32/share, +16% YoY); operating cash flow $2.6B, down 5.6%; total cash returned to shareholders $4.7B vs $3.9B in 2024
- 2026 guidance: Japan benefit ratio 60%–63%, expense ratio 20%–23%; U.S. benefit ratio 48%–52%, expense ratio 36%–39%; key risks include cybersecurity incident (22.65M individuals affected), yen/dollar volatility, and commercial real estate credit losses
Business Overview
- Supplemental health and life insurer operating dual-segment model: Aflac Japan (largest cancer/medical insurer in Japan) and Aflac U.S. worksite benefits
- Two new Japan product launches: cancer insurance "Miraito" (March 2025) and medical insurance "Anshin Palette" (December 2025), both featuring modular, customer-configurable coverage
- Cybersecurity breach disclosed: unauthorized network access in June 2025 flagged as material forward-looking risk factor; unusual for a 10-K business section
- Total employees 12,716 across Japan (6,804) and U.S. (5,117); compensation and benefit expense rose to $2.1B in 2025 from $2.0B in 2024
- Aflac Duck celebrated 25th U.S. anniversary; Japan bank distribution now covers ~90% of all Japanese banks
Risk Factors
- Japan concentration: Aflac Japan = 53% of adjusted revenues and 76% of total assets in 2025, with substantial JGB holdings exposed to sovereign credit risk
- Yen/dollar FX risk: Aflac Japan liabilities yen-denominated but portfolio includes unhedged USD assets; rising US-Japan rate differential increases hedging costs materially
- June 2025 cyber incident: exfiltration of personal data affecting substantial number of US customers, employees, agents; ongoing legal/regulatory exposure under HIPAA, CCPA, and state laws
- Agent misclassification risk: majority of US sales force classified as independent contractors; state/federal reclassification could trigger material fines, restructuring, and litigation costs
- Japan distribution dependency: 358 bank agreements marketed Aflac Japan products; bank channel contributed 3.3% of new annualized premium sales in 2025, sensitive to ratings downgrades
AI summary of the AFL 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $4.1B, down from $4.2B YoY in Q2 2026
- Net earnings $825M vs $599M YoY; adjusted earnings $883M vs $957M
- Adjusted earnings per diluted share $1.75 vs $1.78 YoY
- Net investment losses $153M vs $421M YoY
- Capital deployment: $2.0B repurchases covering 17.5M shares in six months
AI summary of the AFL 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- CFO Max Brodén’s investor video discusses AFLAC’s 2026 second-quarter financial results
- Transcript and investor presentation furnished as Exhibits 99.3 and 99.4
Item 2.02: Results of Operations and Financial Condition
- Aflac reported fiscal 2026 second-quarter financial results on August 6, 2026
- Detailed results and management commentary furnished in Exhibit 99.1 press release
Item EX-99.1: Item EX-99.1
- Q2 revenue declined 1.0% to $4.1 billion, while adjusted earnings fell 7.7% to $883 million
- Net earnings rose 37.7% to $825 million, aided by lower net investment losses of $153 million versus $421 million
Item 8.01: Other Events
- Aflac Japan cybersecurity incident involved unauthorized access from June 15–25, 2026
- Exposed files contain policy details, personal information, and bank account information
Item 8.01: Other Events
- ¥66.0B senior notes issued across 2029–2036 maturities, increasing AFLAC’s unsecured debt obligations
- Coupon rates range from 2.117% to 3.482%, with semiannual interest payments beginning November 28, 2026
AI summaries of AFL 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for AFL
Don't miss the next AFL filing
- Alerts as it files. A push when AFL files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut AFL, by share count.
- Ask anything. An AI agent that reads every AFL filing and answers with sources.
AFL alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Japan Post Holdings Co., Ltd. | Sell | Oct 2, 2026 | 7,529 | $111.57 |
| Japan Post Holdings Co., Ltd. | Sell | Oct 2, 2026 | 5,671 | $110.93 |
| Japan Post Holdings Co., Ltd. | Sell | Oct 1, 2026 | 11,800 | $111.18 |
| Japan Post Holdings Co., Ltd. | Sell | Oct 1, 2026 | 100 | $111.74 |
| Japan Post Holdings Co., Ltd. | Sell | Sep 29, 2026 | 5,722 | $113.64 |
| Japan Post Holdings Co., Ltd. | Sell | Sep 29, 2026 | 6,378 | $113.10 |
| Japan Post Holdings Co., Ltd. | Sell | Sep 28, 2026 | 11,840 | $113.62 |
| Japan Post Holdings Co., Ltd. | Sell | Sep 28, 2026 | 160 | $114.25 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Profitability | ||||
| Revenue | $18.7B | $18.9B | $17.2B | |
| Operating Income | - | - | - | |
| Net Income | $4.7B | $5.4B | $3.6B | |
| Net Margin | 24.9% | 28.8% | 21.2% | |
| Balance Sheet | ||||
| Total Assets | $126.7B | $117.6B | $116.5B | |
| Equity | $22.0B | $26.1B | $29.5B | |
| ROE | 21.2% | 20.9% | 12.4% | |
| Per Share | ||||
| EPS | $7.78 | $9.63 | $6.82 | |
| Cash Flow | ||||
| Operating CF | $3.2B | $2.7B | $2.6B | |
Source: XBRL data in Aflac (AFL)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate AFL share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 59 | $19.76B |
| Q1 2026 | 57 | $18.10B |
| Q4 2025 | 51 | $19.14B |
| Q3 2025 | 55 | $19.65B |
| Q2 2025 | 51 | $18.58B |
| Q1 2025 | 51 | $15.01B |
| Q4 2024 | 46 | $12.32B |
| Q3 2024 | 41 | $7.32B |
- Vanguard Portfolio Management LLC+6.11M (+34%)
- Goldman Sachs Group+1.19M (+29%)
- Two Sigma Investments+862.2K (+180%)
- AQR Capital Management+306.5K (+89%)
- D.E. Shaw & Co+161.2K (+157%)
- Wells Fargo & Co−1.91M (-18%)
- BlackRock−1.29M (-4%)
- Citadel Advisors LLC−628.0K (-66%)
- Vanguard Capital Management LLC−351.5K (-1%)
- Invesco Ltd−332.5K (-8%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 411 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
AFL filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Sep 30, 2026 | - | - | - |
| 4 | Sep 29, 2026 | - | - | - |
| 4 | Sep 28, 2026 | - | - | - |
| 4 | Sep 25, 2026 | - | - | - |
| 4 | Sep 24, 2026 | - | - | - |
| 4 | Sep 23, 2026 | - | - | - |
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Sep 21, 2026 | - | - | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 15, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 11, 2026 | - | - | - |
| 4 | Sep 10, 2026 | - | - | - |
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Sep 8, 2026 | - | - | - |
| 4 | Sep 4, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Sep 2, 2026 | - | - | - |
Related Financials companies
- CNO · CNO Financial Group, Inc.Accident & Health Insurance
- PFG · Principal Financial GroupAccident & Health Insurance
- SRCE · 1ST SOURCE CORPState Commercial Banks
- ABX · Abacus Global Management, Inc.Investment Advice
- ACTG · ACACIA RESEARCH CORPPatent Owners & Lessors
- AAMI · Acadian Asset Management Inc.Investment Advice
- ACNB · ACNB CORPState Commercial Banks
- AMG · Affiliated Managers Group IncInvestment Advice
AFL SEC filings: frequently asked questions
Are AFL insiders buying or selling?
In the last 90 days, Aflac (AFL) officers, directors and 10% owners reported no open-market purchases and 70 open-market sales worth $57.4 million by 3 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold AFL stock?
As of June 30, 2026, the largest Aflac (AFL) holders among the 13F filers tracked by SignalX were BlackRock ($4.1 billion), Vanguard Capital Management LLC ($3.5 billion), Vanguard Portfolio Management LLC ($2.9 billion), State Street Corp ($2.8 billion), Wells Fargo & Co ($1.0 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was AFL's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Aflac (AFL) reported revenue of $17.2 billion (down 9.3% from FY2024) and net income of $3.6 billion. Diluted EPS was $6.82. The figures come from the XBRL data in the 10-K.
What are the main risks in AFL's latest 10-K?
In the 10-K filed February 25, 2026, Aflac (AFL) flagged: Japan concentration: Aflac Japan = 53% of adjusted revenues and 76% of total assets in 2025, with substantial JGB holdings exposed to sovereign credit risk. Yen/dollar FX risk: Aflac Japan liabilities yen-denominated but portfolio includes unhedged USD assets; rising US-Japan rate differential increases hedging costs materially. (AI summary of the Risk Factors section.)
What did AFL report in its latest 8-K?
Aflac (AFL) filed an 8-K on August 6, 2026 reporting Item 7.01 (Regulation FD Disclosure) and Item 2.02 (Results of Operations and Financial Condition). CFO Max Brodén’s investor video discusses AFLAC’s 2026 second-quarter financial results.
What are the latest AFL SEC filings?
Aflac (AFL) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on October 6, 2026.
What is AFL's SEC CIK number?
Aflac (AFL)'s SEC Central Index Key (CIK) is 4977. EDGAR lists every AFL filing under that number.
Ask anything about AFL
The research agent reads AFL's filings, financials, insider trades and 13F holders, then answers with sources.