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Aflac Incorporated: How Cross-Selling Miraito, Tsumitasu, & Medical Coverage Could Drive Stronger Penetration!

Aflac Incorporated’s third-quarter 2025 earnings call reveals a company exhibiting both strengths and areas requiring attention. The company’s reported net earnings per diluted share were $3.08 with adjusted earnings per share at $2.49, reflecting a robust 15.3% year-over-year growth. This result showcases Aflac’s effective management in both their U.S. and Japan operations, bolstered by strong underwriting discipline and strategic product positioning. In Japan, Aflac experienced a noteworthy 11.8% year-over-year sales increase, driven largely by a 42% surge in cancer insurance sales following the launch of the Miraito product in March. The introduction of the Tsumitasu insurance product targeting younger demographics appears promising post its September repricing, aimed at optimizing sales. However, net earned premiums in Japan fell by 4%, reflecting challenges offsetting the impacts of deferred profit liabilities, paid-up policies, and reinsurance. Persistency rates remain solid at 93.3%, which is a positive indicator of customer retention.