AFL · 10-Q · 2026Q2 · Full report
Net Investment Losses
AFLAC INC · 2026-08-07 · Importance 77 · Surprise 82 · In source text
Second-quarter net investment losses improved to $153 million in 2026 from $421 million in 2025. Six-month net investment losses improved to $104 million from $1.4 billion year over year, materially increasing reported net earnings. The six-month 2026 losses included $254 million of losses from sales and redemptions, $138 million of increased credit loss allowances, and $35 million of impairments. These losses were partly offset by $250 million of derivative and foreign-currency gains and a $73 million gain from higher equity-security fair values.
Key facts
- Net investment losses in the second quarter of 2026 included $238 million of net losses from sales and redemptions. source
- Net investment losses in the first six months of 2026 included $254 million of net losses from sales and redemptions. source
- Net investment losses in the first six months of 2026 included $250 million of net gains from certain derivative and foreign currency gains or losses. source
- Net investment losses in the first six months of 2026 included an increase in credit loss allowances of $138 million. source
- Net investment losses were $421 million in the second quarter of 2025. source
- Net investment losses were $1.4 billion in the first six months of 2025. source
- Net investment losses in the second quarter of 2026 included an increase in credit loss allowances of $77 million. source
- Net investment losses in the second quarter of 2026 included $11 million of impairments. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -6.2% | Net investment losses in the first six months of 2026 included $254 million of net losses from sales and redemptions. |
| net_income | positive | realized | +6.1% | Net investment losses in the first six months of 2026 included $250 million of net gains from certain derivative and foreign currency… |
| net_income | negative | realized | -5.8% | Net investment losses in the second quarter of 2026 included $238 million of net losses from sales and redemptions. |