Aflac has increased its dividend for 43 consecutive years, with the latest hike coming in at 5.2% at the start of 2026. The insurer generated $4.3 billion in revenue in the first quarter of 2026, but roughly $1.6 billion of that came from its Japanese operations, which accounted for about two-thirds of pre-tax adjusted earnings. That heavy reliance on Japan means investors need to watch the relationship between the U.S. dollar and the Japanese yen, as a significant shift can materially impact financial results. The company also aggressively repurchases its own stock, which helps sustain dividend growth by reducing the share count. Despite the geographic concentration, Aflac remains a steady dividend grower with a roughly 2% yield.
Aflac IncorporatedHeavy Japan exposure makes Aflac sensitive to USD/JPY fluctuations, which is a key risk.