Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?

Aflac Incorporated reported its second-quarter 2025 financial results, highlighting both positive achievements and areas of concern. The company presented net earnings per diluted share of $1.11 and adjusted earnings per diluted share of $1.78. This represents a year-over-year decrease of 2.7% when factoring in a $0.04 positive impact from foreign exchange rates. Despite this decline, Aflac managed to maintain a robust adjusted return on equity (ROE) of 16.4%, excluding foreign currency remeasurement, demonstrating an acceptable spread relative to its cost of capital.