AFL Aflac (AFL) Q4 FY24 earnings call
Aflac delivered strong financial results in Q4 FY24, marked by robust adjusted EPS growth and record profitability in Japan, driven by strategic product launches like Tsumitasu. While capital deployment to shareholders remained significant, U.S. sales faced headwinds from underwriting discipline and a recovery from prior dental platform issues. The company is navigating a challenging commercial real estate market and anticipating lower floating rate investment income in 2025, but remains committed to profitable growth and capital efficiency.
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AFL operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Policy retention rate Aflac Japan | 93.4%Persistency remained solid at 93.4%, which was unchanged year-over-year and in line with our expectations.Source: earnings call transcript | 93.8%Persistency remained solid at 93.8%, which is up 40 basis points year-over-year and in line with our expectations.Source: earnings call transcript | 93.7%Persistency remained solid at 93.7%, which was up approximately 40 basis points year-over-year, in line with our expectations.Source: earnings call transcript | 93.3%Persistency remained solid year-over-year and in line with our expectations at 93.3%.Source: earnings call transcript | 93.1%Persistency remained solid year-over-year and in line with our expectations at 93.1%.Source: earnings call transcript | 92.8%While persistency was down, it remains strong and in line with our expectations at 92.8%.Source: earnings call transcript | -0.3 pt |
| Policy retention rate US | 79.3%Persistency increased 70 basis points year-over-year to 79.3%.Source: earnings call transcript | 79.3%Net earned premium was up 1.8%, persistency increased 60 basis points year-over-year to 79.3%.Source: earnings call transcript | 79.2%Persistency increased 50 basis points year-over-year to 79.2%.Source: earnings call transcript | 79%More importantly, we maintained strong premium persistency of 79% and increased net earned premiums 2.5%.Source: earnings call transcript | 79.2%It remains strong at 79.2%.Source: earnings call transcript | 79.3%More importantly, we maintain strong premium persistency of 79.3% and increased net earned premium of 3.5% for the quarter.Source: earnings call transcript | +0.1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.