Earnings Call
Apr 29, 2026
Q1 FY2026
EPS Estimate
1.79
EPS Actual
1.75
Post-Earnings Close
$113.67
Earnings Reaction
-2.2%
Aflac's first quarter results were solid rather than spectacular, with adjusted EPS of $1.75 (reported) or $1.77 excluding currency effects, a 6.6% year-over-year increase on a constant-currency basis, coming in modestly below the $1.81 consensus estimate. Net earnings per diluted share of $1.98 benefited from items above the adjusted line. Revenue trends were mixed: Japan net earned premiums declined 3.8% in yen terms (underlying down 1.3% excluding reinsurance and paid-up policy effects), while U.S. net earned premiums grew a healthy 3.5%. The headline EPS miss was partly attributable to the Corporate & Other segment swinging to breakeven from a $43 million gain a year ago, driven by lower hedge benefits, higher interest expense, and the natural runoff decay of internal reinsurance blocks, a segment that management flagged will likely be slightly negative in Q2.
Report generated on May 1, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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