AFL · 10-Q · 2026Q2 · Full report

Aflac U.S. Margin Drivers

AFLAC INC · 2026-08-07 · Importance 25 · Surprise 32

Aflac U.S.’s total benefits-and-claims ratio to adjusted revenues increased to 43.0% in the second quarter of 2026 from 41.2% a year earlier and to 42.1% for the six months from 41.4%. The total adjusted expense ratio remained relatively stable at 36.1% for the quarter and 37.2% for the six months, compared with 36.3% and 37.0%, respectively, in the prior-year periods. The pretax adjusted profit margin decreased to 20.9% in the quarter from 22.5% and to 20.6% for the six months from 21.6%. The margin decline was primarily caused by higher benefit ratios tied to incurred claims in certain group products.

Key facts

• Aflac U.S. total benefits and claims, net were $1,496 and $1,428 for the three-month periods (and other totals shown in table). source
• Aflac U.S. total adjusted expenses were $1,321 and $1,275 for the three-month periods and total benefits and adjusted expenses were $1,401 and $1,340. source