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Can Aflac’s Japan Product Push Offset Weakness In The U.S. Agent Channel?

Aflac Incorporated reported solid financial results for the first quarter of 2026, reflecting strategic execution in both its Japanese and U.S. markets. The company achieved adjusted earnings per diluted share of $1.75, representing a 6.6% increase year-over-year excluding foreign currency effects. Net earnings per diluted share stood at $1.98. The Japan segment delivered notably strong sales growth at 25.5%, driven by innovative product introductions such as Anshin Palette (medical) and Miraito (cancer insurance), along with ongoing promotion of the first-sector savings product Tsumitasu. Aflac Japan maintained strong persistency at 92.8%, albeit with a slight decline, and benefited from a decrease in its total benefit ratio to 62.9%, supported in part by favorable reserve remeasurement gains. Despite a 3.8% decline in gross net earned premiums in yen terms, Aflac Japan’s adjusted net investment income rose 4%, primarily due to higher U.S. dollar fixed rate income.