Aflac's first quarter 2026 revenue of $4.3B beat estimates, but adjusted EPS of $1.75 missed, as strong Japan results were offset by corporate costs.

Aflac reported first quarter 2026 revenue of $4.3 billion, an increase of 27.9% year-over-year, and adjusted EPS of $1.75, up 5.4%. While revenue slightly beat analyst expectations, adjusted EPS missed consensus estimates of $1.81, primarily due to lower earnings in the Corporate and Other segment.

Key Highlights

• Aflac Japan's pretax adjusted earnings increased 8.3% in yen terms, driven by favorable benefits which improved the segment's benefit ratio to 62.9% from 65.8% a year ago.
• New annualized premium sales in Japan surged 25.5%, reflecting strong performance from new medical and cancer insurance products.
• The Aflac U.S. segment delivered steady results, with net earned premiums growing 3.5% and pretax adjusted earnings increasing 1.4% to $363 million.
• The company returned $1.3 billion to shareholders during the quarter, comprising $1.0 billion in share repurchases and $315 million in dividends.