AI Earnings Predictions for AFLAC Incorporated (AFL)

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Aflac Incorporated Announces Third Quarter 2026 Results,

Declares Fourth Quarter Dividend

COLUMBUS, Ga. - November 4, 2026 - Aflac Incorporated (NYSE: AFL) today reported its third quarter results.

For the Quarter

•Net earnings were $303 million, or $0.61 per diluted share, compared with $1.6 billion, or $3.08 per diluted share a year ago.

•Adjusted earnings* were $1.2 billion, compared with $1.3 billion a year ago, reflecting a decrease of 8.5%.

•Adjusted earnings per diluted share* decreased 2.4% to $2.43.

•Adjusted earnings benefited from reserve remeasurement gains of $453 million.

•Annualized return on average shareholders’ equity was 4.1%.

•Annualized adjusted return on equity excluding foreign currency remeasurement* was 23.7%.

•The Company returned $1.1 billion to shareholders, consisting of $804 million in share repurchase and $305 million in dividends.

•Aflac Incorporated reached the milestone of 44 consecutive years of dividend increases with the fourth quarter declaration of $0.61.

•Aflac Japan ceded approximately ¥500 billion of reserves on an FSA basis associated with cancer insurance policies to Aflac Re Bermuda.

Commenting on the company’s results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid adjusted earnings for the quarter and for the first nine months. These results demonstrate our drive to execute our strategy and create long-term value for our shareholders. In Japan, we have continued to address our customers' needs at different life stages through products including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (savings-type life insurance). In addition, the Aflac Japan results reflect the impact of our reinsurance strategy on the income statement included within Corporate and Other results, where Aflac Re Bermuda is consolidated. In the U.S., our focus remains on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.

"We remain focused on more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2026 milestone of 44 consecutive years of dividend increases. We continue to deploy our balanced approach of investing in growth and driving long-term value while being there for our policyholders when they need us most."

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AFLAC INCORPORATED CONSOLIDATED RESULTS

AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER

(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)

3Q263Q25% Change

Total revenues$3,271 $4,740 (31.0)%

Net earnings303 1,639 (81.5)%

Adjusted earnings* 1,214 1,327 (8.5)%

Net earnings per share (diluted)0.61 3.08 (80.2)%

Adjusted earnings per share (diluted)* 2.43 2.49 (2.4)%

Total shareholders' equity29,283 28,688 2.1 %

Total liabilities and shareholders' equity113,511 122,306 (7.2)%

Total revenues were $3.3 billion in the third quarter of 2026, compared with $4.7 billion in the third quarter of 2025. Net earnings were $303 million, or $0.61 per diluted share, compared with $1.6 billion, or $3.08 per diluted share a year ago, primarily due to realized losses associated with the strategic repositioning of the portfolio during the third quarter. In addition, net earnings in the third quarter of 2026 included a $51 million, or $0.10 per diluted share, tax capital loss valuation allowance established against a portion of the Company's deferred tax assets associated with tax capital loss carryforwards. Net earnings in the third quarter of 2026 also included net investment losses of $1.1 billion, or $2.15 per diluted share, compared with net investment gains of $275 million, or $0.52 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $842 million; net losses of $146 million on certain derivatives and foreign currency activities; $102 million of current expected credit losses (CECL); and impairments of $1 million; offset by a $19 million gain from an increase in the fair value of equity securities.

Adjusted earnings* in the third quarter were $1.2 billion, compared with $1.3 billion in the third quarter of 2025, reflecting a decrease of 8.5%. Adjusted earnings per diluted share* decreased 2.4% to $2.43 in the quarter. The average yen/dollar exchange rate in the third quarter of 2026 was 158.49, or 6.8% weaker than the average rate of 147.68 in the third quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.03 impact on adjusted earnings per share.

Shareholders’ equity was $29.3 billion, or $59.08 per share, at September 30, 2026, compared with $28.7 billion, or $54.57 per share, at September 30, 2025. Shareholders’ equity at the end of the third quarter included a cumulative increase of $12.3 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $6.8 billion at Sept

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