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Mar 31, 2025
Aflac Q1 2025 Earnings Report
Aflac reported Q1 2025 earnings with a sharp drop in net income due to investment losses, while adjusted earnings remained strong.
Key Takeaways
Aflac delivered stable adjusted earnings despite a significant year-over-year decline in net income caused by nearly $1 billion in investment losses. U.S. operations showed modest growth, while Japan faced currency headwinds and declining investment income.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Aflac remains optimistic about its product momentum and underwriting discipline, despite investment headwinds and currency challenges.
Positive Outlook
- Strong capital deployment with $900M in share repurchases
- Adjusted earnings remained solid despite investment headwinds
- Continued momentum in U.S. group products and premium persistency
- Japan segment posted strong new sales, especially Miraito and Tsumitasu
- 42 consecutive years of dividend increases reaffirm commitment to shareholders
Challenges Ahead
- Net investment losses of $963M weighed heavily on GAAP earnings
- Yen depreciation reduced earnings by $0.01 per share
- Japan segment investment income declined due to lower floating rates
- U.S. segment saw higher benefits impacting pretax margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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