The benefit ratio increased to 49.5% on higher group disability claims, while the expense ratio improved to 36.1%.
Japan segment trends
In Japan, net earned premiums fell 3.7% in yen terms; underlying earned premiums slipped 1.4%.
The benefit ratio improved to 64% as cancer and hospitalization trends stayed favorable.
Quarterly results and drivers
Aflac posted Q2 2026 adjusted EPS of $1.80, up 1.1% excluding foreign-currency effects; variable investment income missed its long-term expectation by $72 million.
Reserve remeasurement gains totaled $46 million, cutting benefits; an expense contingency release of $26 million lifted results by $0.04 per share.
Investment actions included $4.8 billion of switch trades; the repositioning is expected to add over $50 million in annualized net investment income on a run-rate basis.
AFL•
