AFL · 10-Q · 2026Q3 · Full report

Investment Portfolio Repositioning

AFLAC INC · 2026-11-05 · Importance 49 · Surprise 32

At September 30, 2026, Aflac held $100.433 billion of investments and cash, down from $103.760 billion at December 31, 2025; total investments were $94.810 billion, including $70.559 billion in Aflac Japan, $15.901 billion in Aflac U.S., and $8.350 billion in Corporate and other. Fixed maturity securities totaled $75.244 billion in fair value, against $81.880 billion in amortized cost, with gross unrealized losses of $9.250 billion. Aflac Japan’s portfolio includes yen-denominated assets and dollar-denominated investments, with foreign currency derivatives used to economically hedge a portion of the dollar portfolio. The company reported that 89.8% of fixed maturity securities by fair value were rated A or higher at September 30, 2026, while 1.4% were rated BB or lower.

Key facts

• Aflac Incorporated’s Q3 2026 net investment losses were $1.1 billion, including $842 million of net losses from sales and redemptions, $146 million of net losses from certain derivative and foreign currency gains or losses, a $102 million increase in credit loss allowances, and $1 million of impairments, offset by a $19 million equity-securities fair-value gain. source
• Aflac Incorporated’s first-nine-month 2026 net investment losses included $1.1 billion of net losses from sales and redemptions, a $240 million increase in credit loss allowances, $36 million of impairments, $104 million of net gains from certain derivative and foreign currency gains or losses, and a $92 million gain from an increase in equity securities’ fair value. source
• Aflac's reverse dual-currency securities totaled $4.083 billion amortized cost at September 30, 2026, equal to 4.9% of total investment securities. source
• At September 30, 2026, Aflac Japan held $70.559 billion of investments and $73.046 billion of investments and cash; Aflac U.S. held $15.901 billion of investments and $16.685 billion of investments and cash. source