Short answer
Aflac (AFL) filed its fiscal 2024 10-K annual report with the SEC on Feb 26, 2025. It reported revenue of $18.9B (+1.2% year over year) and net income of $5.4B.
- Top risk flagged: Currency risk from yen to USD conversion impacts dividends, management fees, and internal reinsurance, exposing Parent Company to cash strain on significant yen strengthening
FY2024 key financial metrics · XBRL
- Revenue
- $18.9B
- +1.2% YoY
- Net income
- $5.4B
- +16.8% YoY
- EPS (diluted)
- $9.63
- +23.8% YoY
- ROE
- 20.9%
- −0.3 pp YoY
- Operating cash flow
- $2.7B
- −15.1% YoY
Source: XBRL data from the Aflac (AFL) FY2024 10-K on SEC EDGAR. USD.
Aflac FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Insurance products with focus on Aflac Japan and Aflac U.S. segments
- New emphasis: Product refreshments targeting new and younger customers in Japan; buy to build initiatives and career agent growth in U.S.
- Strategic shift: Increased focus on efficiency through tech modernization and streamlined operations plus tactical capital deployment including share repurchases
- Quantitative metric: 16.0% increase in quarterly cash dividend announced for 1Q 2025
- Noteworthy fact: Economic solvency ratio target 170%-230% for Japan and RBC 350%-450% for U.S. indicates strong capital management focus
Management Discussion & Analysis
- Debt securities fair value $82.0B in 2024, down from $92.9B in 2023; sensitivity to +100 basis points causes ~$6.6B decline in 2024
- U.S. dollar-denominated debt securities $32.4B in 2024 vs $33.1B in 2023; Yen securities largest segment at $49.6B in 2024
- Notes payable liabilities $7.0B in 2024, up slightly from $6.9B in 2023
- Forward-looking: Monitoring interest rate impacts quarterly; focus on duration matching assets/liabilities as risk mitigation
Risk Factors
- Currency risk from yen to USD conversion impacts dividends, management fees, and internal reinsurance, exposing Parent Company to cash strain on significant yen strengthening
- Foreign exchange derivative usage to hedge yen-denominated liabilities at Aflac Re, with asset-liability currency mismatch primarily US dollar assets vs yen liabilities
- Exposure to cash collateral and settlement demands from foreign currency forward and option contracts on U.S. dollar-denominated securities hedged against yen currency risk
- Enterprise-wide hedging strategy balancing forwards and options to manage collateral, hedge costs, and cash settlements, sensitive to yen/USD exchange rate volatility
Generated from the filing text; verify against the original. How to read a 10-K
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