Aflac Inc reported second-quarter 2026 adjusted earnings per diluted share of $1.75, up 1.1% year-over-year to $1.80 excluding foreign currency effects. Aflac Japan's pretax margin improved 230 basis points to 34.3%, driven by a 250-basis-point decline in the total benefit ratio to 64% and a 40-basis-point drop in the expense ratio to 20.2%, though sales in the quarter fell 5.6% to JPY11 billion due to a tough comparison with the prior year's Miraito launch. Aflac US sales increased 2.6% and net earned premium rose 2.3%, but the total benefit ratio jumped 220 basis points to 49.5% on higher group disability claims, and full-year net earned premium growth is now expected just below the 3% to 6% guidance range. The company returned $1.3 billion to shareholders in the quarter through $983 million in share repurchases and $309 million in dividends, and it raised its Japan internal reinsurance target to 30% of FSA reserves to drive higher return on equity.
Aflac IncorporatedAdjusted EPS rose and Japan pretax margin improved, though sales fell and US claims rose.
