Aflac Returns $4.8B to Shareholders, U.S. Group Sales Up 14%
Aflac returned nearly $4.8 billion in 2025—including $3.5 billion of buybacks—and extended its dividend streak to 43 years. Japan sales—led by Tsumitasu, Miraito and Anshin Palette—plus U.S. broker-led growth (over 60% of U.S. sales) propelled group growth of 14%, LAD/PLADS up 11% and dental & vision up 48.8%.
1. Capital Return and Dividend Growth
Management reported a record $3.5 billion of share repurchases in 2025, raising the dividend for the 43rd consecutive year and returning a total of nearly $4.8 billion to shareholders.
2. Japan Sales Momentum
Sales in Japan accelerated behind products aimed at younger customers—Tsumitasu, Miraito and Anshin Palette—while expanding bank and agency distribution and benefiting from higher long-term JGB yields.
3. U.S. Broker-Led Growth and Products
Brokers accounted for roughly 80% of the U.S. market and generated over 60% of Aflac’s 2025 U.S. sales, driving group growth of 14%, LAD/PLADS up 11%, dental & vision up 48.8%, and a 16% increase in agent conversion rates.
4. Selective Capital Allocation Strategy
Aflac targets an internal capital marker near 10% from the current level of about 6%, plans to pursue M&A selectively and will leverage higher JGB yields and asset-liability matching to support the balance sheet.