Aflac presents debt investor update highlighting strong capital ratios
AFL•Aflac highlighted $2.7 billion in unencumbered holding-company liquidity in its debt investor update. Assets under management totaled $96 billion as of September 30, 2026, and year-end 2025 debt was $8.4 billion, with adjusted leverage of 21.4%.
1. Capital and investments
Aflac highlighted $2.7 billion of unencumbered holding-company liquidity. Assets under management totaled $96 billion as of September 30, 2026, with an average investment rating of A-. Private credit represented 18% of assets under management, and 27% of private credit assets were floating-rate loans.
2. Debt and earnings
Year-end 2025 debt totaled $8.4 billion, with adjusted leverage of 21.4%. Adjusted earnings reached $4 billion for the year, compared with interest expense of $220 million.
