AFL · 10-Q · 2026Q2 · Full report
Investment Purchases and Yields
AFLAC INC · 2026-08-07 · Importance 54 · Surprise 40 · Matches filing data
Aflac Japan purchased $9,269 million of investments during the first six months of 2026, including $4,608 million of yen-denominated investments and $4,110 million of U.S.-dollar-denominated investments. Aflac Japan’s six-month new-money yield increased to 4.45% from 3.85%, primarily because of higher Japanese yen interest rates, while its quarterly yield decreased to 4.19% from 5.26% because of greater allocations to lower-yielding asset classes. Aflac U.S.’s six-month new-money yield decreased to 6.30% from 6.75%, primarily because of lower rates on fixed-rate assets. Aflac Japan’s total investments and cash were $75,195 million and Aflac U.S.’s were $17,685 million at June 30, 2026.
Key facts
- Aflac Japan total purchases (investment purchases) for the three months ended June 30 were $4,445 and $2,780 and for the six months ended June 30 were $6,764 and $9,269 (table totals shown). source
- Aflac Japan total purchases for the period (in millions) presented in yields table were $4,352 and $2,658 for three-month periods and $6,571 and $9,056 for six-month periods. source
- Net interest income/expense from derivatives associated with certain investment strategies of $(49) and $(59) for the three-month periods ended June 30, 2026 and 2025, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income. source
- Aflac U.S. total purchases for period were $1,371 (presented in investment yields table). source
- Aflac Japan has a portfolio of privately issued securities that are primarily non-Japanese issuers, are rated investment grade at purchase and have longer maturities to improve asset/liability matching and overall investment returns. source
- Aflac Japan new money yield was 4.19%, 5.26%, 4.45% and 3.85% for the presented three- and six-month periods. source
- Aflac Japan return on average invested assets was 3.18, 3.38, 3.12 and 3.19 for the presented periods. source
- Aflac Japan portfolio book yield, including U.S. dollar-denominated investments, end of period was 3.39%, 3.26%, 3.39% and 3.26%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +5.8% | Aflac Japan total purchases (investment purchases) for the three months ended June 30 were $4,445 and $2,780 and for the six months ended… |
| cash | negative | realized | -5.8% | Aflac Japan total purchases (investment purchases) for the three months ended June 30 were $4,445 and $2,780 and for the six months ended… |