AFLAC INC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
AFL$126.64+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Statements Consolidated Statements of Earnings
Consolidated Statements of Earnings
| (In millions, except for share and per-share amounts) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenues: | |||
| Net earned premiums, principally supplemental health insurance (1) | $13,548 | $13,440 | $14,123 |
| Net investment income | 4,076 | 4,116 | 3,811 |
| Net investment gains (losses) | (572) | 1,271 | 590 |
| Other income (loss) | 112 | 100 | 177 |
| Total revenues | 17,164 | 18,927 | 18,701 |
| Benefits and expenses: | |||
| Benefits and claims, excluding reserve remeasurement | 7,987 | 8,008 | 8,594 |
| Reserve remeasurement (gains) losses | (694) | (558) | (383) |
| Total benefits and claims, net | 7,293 | 7,450 | 8,211 |
| Acquisition and operating expenses: | |||
| Amortization of deferred policy acquisition costs | 874 | 851 | 816 |
| Insurance commissions | 991 | 998 | 1,052 |
| Insurance and other expenses | 3,253 | 3,014 | 3,165 |
| Interest expense | 220 | 197 | 195 |
| Total acquisition and operating expenses | 5,338 | 5,060 | 5,228 |
| Total benefits and expenses | 12,631 | 12,510 | 13,439 |
| Earnings before income taxes | 4,533 | 6,417 | 5,262 |
| Income tax expense (benefit): | |||
| Current | 1,115 | 1,330 | 1,663 |
| Deferred | (228) | (356) | (1,060) |
| Income taxes | 887 | 974 | 603 |
| Net earnings | $3,646 | $5,443 | $4,659 |
| Net earnings per share: | |||
| Basic | $6.84 | $9.68 | $7.81 |
| Diluted | 6.82 | 9.63 | 7.78 |
| Weighted-average outstanding common shares used in computing earnings per share (In thousands): | |||
| Basic | 532,885 | 562,492 | 596,173 |
| Diluted | 534,878 | 565,015 | 598,745 |
| Cash dividends per share | $2.32 | $2.00 | $1.68 |
(1)Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
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