AFL · 10-Q · 2026Q3 · Full report

Interest Rate Environment

AFLAC INC · 2026-11-05 · Importance 13 · Surprise 6

Aflac reported that higher U.S. dollar and Japanese yen interest rates contributed to the increase in Aflac Japan’s new money yield for the nine months ended September 30, 2026. The Company also said its U.S. middle-market loan program is intended in part to mitigate risk from rising interest rates and hedge costs through floating-rate assets. The filing gives no forward interest-rate forecast.

Key facts

• Aflac Japan's portfolio book yield, including U.S. dollar-denominated investments, was 3.51% at September 30, 2026, compared with 3.28% at September 30, 2025. source
• Aflac Japan's nine-month 2026 new money yield increased primarily because of higher U.S. dollar and Japanese yen interest rates. source
• Aflac U.S.'s new money yield decreased in the three- and nine-month periods ended September 30, 2026, primarily because of higher allocations to lower-yielding asset classes. source