Aflac Highlights Japan Sales Momentum, Broker-Led U.S. Growth, and $4.8B in Dividends, Buybacks

Aflac executives tout innovation, distribution, and capital return priorities at UBS event following Q4 results.

Published on Feb. 24, 2026

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Aflac (NYSE:AFL) executives highlighted sales momentum in Japan and the United States, capital return priorities, and ongoing product and distribution investments during a UBS event following the company's fourth-quarter results. President Virgil Miller said Aflac is focused on growth while maintaining discipline on expenses and profitability, citing sales traction from products like Tsumitasu in Japan and growth in U.S. businesses like dental, vision, life, absence, and disability. Management also discussed Aflac's capital priorities, including dividends, share repurchases, and potential M&A.

Why it matters

Aflac's performance in its two largest markets, Japan and the U.S., as well as its capital allocation strategy, are key indicators of the company's overall health and future prospects. The insights shared by executives provide a window into Aflac's strategic focus areas, competitive positioning, and ability to adapt to evolving market dynamics.

The details

In Japan, Aflac highlighted innovation in products like Tsumitasu and distribution through bank alliances and its agency force. The company said it increased the number of banks distributing Aflac products in 2025 and described Tsumitasu as a unique offering that allows Aflac to adjust rates as interest rates change. In the U.S., Aflac noted a shift toward group products and broker distribution, with brokers now accounting for about 80% of total sales. The company also cited growth in dental, vision, life, absence, and disability businesses. On capital priorities, Aflac said dividends and share repurchases are the top focus, with the company generating excess capital and moving part of the Japan balance sheet to Bermuda to free up additional capital.

  • Aflac held a UBS event following the release of its Q4 2025 results.

The players

Aflac

An American provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites individual and group policies that typically pay cash benefits directly to insureds when covered events occur.

Virgil Miller

The president of Aflac, who discussed the company's performance, strategy, and priorities during the UBS event.

Max Brédén

The chief financial officer of Aflac, who was credited by Miller for generating excess capital and enabling the creation of Aflac Bermuda Re.

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What they’re saying

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What’s next

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The takeaway

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