AFL Aflac, Inc.

Aflac, Inc. is a holding company, which engages in the provision financial protection services. It operates through the Aflac Japan and Aflac United States (U.S.) segments. The Aflac Japan segment offers life insurance, death benefits, and cash surrender values. The Aflac U.S. segment sells voluntary supplemental insurance products for people who already have major medical or primary insurance coverage. The company was founded by John Amos, Daniel Paul Amos, and William Amos on November 17, 1955 and is headquartered in Columbus, GA.

Company profile

Ticker

AFL

Exchange

NYSE

Website

www.aflac.com

CEO

Daniel Paul Amos

Incorporated in

Georgia

Location

Georgia

Fiscal year end

Dec 31

Sector

Finance > Life/Health Insurance

Industry (SEC)

Accident & Health Insurance

Principal Financial • Unum • CNO Financial • PartnerRe • Triple-s Management ...

SEC CIK

0000004977

Corporate docs

Articles of Incorporation & Bylaws

IRS number

581167100

AFL stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

30 Apr 20

11 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart AFL financial data

Quarter (USD)	Mar 20	Dec 19	Sep 19	Jun 19
Revenue	5.16B	5.6B	5.54B	5.51B
Net income	566M	781M	777M	817M
Diluted EPS	0.78	1.06	1.04	1.09
Net profit margin	10.96%	13.94%	14.04%	14.82%
Operating income	1.18B	1.02B	1.16B	1.14B
Net change in cash	-748M	680M	1.2B	-873M
Cash on hand	4.15B	4.9B	4.22B	3.02B

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue	22.31B	21.76B	21.67B	22.56B
Net income	3.3B	2.92B	4.6B	2.66B
Diluted EPS	4.43	3.77	5.77	3.21
Net profit margin	14.81%	13.42%	21.25%	11.79%
Operating income	4.46B	4.35B	4.09B	4.12B
Net change in cash	559M	846M	-1.37B	509M
Cash on hand	4.9B	4.34B	3.49B	4.86B

Financial data from Aflac earnings reports

Recent insider trades

AFL insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	$Price	#Shares	$Value	#Remaining
26 Jun 20	Howard June P	Common Stock	Payment of exercise	Dispose F	No	34.68	537	18.62K	78,631
26 Jun 20	Beaver Steven Kent	Common Stock	Payment of exercise	Dispose F	No	34.68	597	20.7K	12,936
26 Jun 20	Broden Max	Common Stock	Payment of exercise	Dispose F	No	34.68	431	14.95K	4,021
4 May 20	William P Bowers	Common Stock	Grant	Aquire A	No	0	6,014	0	37,609
4 May 20	William P Bowers	Director Stock Option Common Stock	Grant	Aquire A	No	35.75	23,701	847.31K	23,701

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q1 2020

AFL institutional ownership history Ownership history

67.3% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	948	1091	-13.1%
Opened positions	70	138	-49.3%
Closed positions	213	75	+184.0%
Increased positions	276	332	-16.9%
Reduced positions	455	431	+5.6%

13F shares	Current	Prev Q	Change
Total value	16.56B	26.6B	-37.7%
Total shares	482.81M	502.92M	-4.0%
Total puts	2.35M	2.78M	-15.6%
Total calls	6.18M	4.82M	+28.3%
Total put/call ratio	0.4	0.6	-34.2%

Largest owners	Shares	Value	Change
Vanguard	66.66M	$2.28B	+1.3%
BLK BlackRock	56.03M	$1.92B	+0.0%
JPPHY Japan Post	52.3M	$1.79B	+10.1%
STT State Street	36.27M	$1.24B	-5.8%
WFC Wells Fargo & Company	15.47M	$529.6M	-2.6%
Geode Capital Management	10.76M	$367.9M	-1.7%
NTRS Northern Trust	9.15M	$313.3M	-1.6%
Victory Capital Management	7.36M	$252M	+23.1%
American Century Companies	6.43M	$220.1M	+38.4%
California Public Employees Retirement System	6.04M	$206.72M	-2.0%

Largest transactions	Shares	Bought/sold	Change
Norges Bank	0	-6.62M	EXIT
Boston Partners	5.78M	+4.86M	+531.5%
JPPHY Japan Post	52.3M	+4.8M	+10.1%
FMR	5.12M	-3.91M	-43.3%
APG Asset Management	5.9M	-2.93M	-33.2%
Aqr Capital Management	950.24K	-2.88M	-75.2%
Citadel Advisors	4.28M	+2.66M	+163.8%
Ninety One UK	211.78K	-2.45M	-92.0%
STT State Street	36.27M	-2.23M	-5.8%
American Century Companies	6.43M	+1.78M	+38.4%

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Aegon • CNO Financial

Risks

Sales of the Company's products and services are dependent on its ability to attract, retain and support a network of qualified sales associates, brokers and employees in the U.S. and sales associates and other distribution partners in Japan.
Competition could adversely affect the Company's ability to increase or maintain its market share or profitability.
If future policy benefits, claims or expenses exceed those anticipated in establishing premiums and reserves, the Company's financial results would be adversely affected.
The success of the Company's business depends in part on effective information technology systems and on continuing to develop and implement improvements in technology.
Defaults, downgrades, widening credit spreads or other events impairing the value of the fixed maturity securities and loan receivables in the Company's investment portfolio may reduce the Company's earnings and capital position.
The Company is exposed to significant interest rate risk, which may adversely affect its results of operations, financial condition and liquidity.
Lack of availability of acceptable yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity.
If the Company fails to comply with restrictions on customer privacy and information security, including taking steps to ensure that its third-party service providers and business associates who access, store, process or transmit sensitive customer information maintain its security, integrity, confidentiality and availability, the Company's reputation and business operations could be materially adversely affected.
Interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, could harm the Company's business.
Catastrophic events could adversely affect the Company's financial condition and results of operations as well as the availability of the Company’s infrastructure and systems.
Events, including those external to the Company's operations, could damage the Company's reputation.
Extensive regulation and changes in legislation can impact profitability and growth.
Tax rates applicable to the Company may change.
A decline in the creditworthiness of other financial institutions could adversely affect the Company.
The determination of the amount of impairments taken on the Company's investments is based on significant valuation judgments and could materially impact its results of operations or financial position.
U.S. tax audit risk related to conversion of the Japan branch to a subsidiary could adversely impact the Company's financial position.
Any decrease in the Company's financial strength or debt ratings may have an adverse effect on its competitive position and access to liquidity and capital.
The Company's risk management policies and procedures may prove to be ineffective and leave the Company exposed to unidentified or unanticipated risk, which could adversely affect the Company's businesses or result in losses.
The concentration of the Company's investment portfolios in any particular single-issuer or sector of the economy may have an adverse effect on the Company's financial position or results of operations.
The valuation of the Company's investments and derivatives includes methodologies, estimations and assumptions which are subject to differing interpretations and could result in changes to investment valuations that may adversely affect the Company's results of operations or financial condition.
The Company depends heavily on key management personnel, and the loss of services of one or more of its key executives could harm the Company's business.
The Company faces risks related to litigation, regulatory investigations and inquiry and other matters.
Allegations or determinations of agent misclassification could adversely affect the Company’s results of operations, financial condition and liquidity.

Management Discussion

The Company earns its revenues principally from insurance premiums and investments. The Company’s operating expenses primarily consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, commissions and other costs of selling and servicing its products. Profitability for the Company depends principally on its ability to price its insurance products at a level that enables the Company to earn a margin over the costs associated with providing benefits and administering those products. Profitability also depends on, among other items, actuarial and policyholder behavior experience on insurance products, and the Company's ability to attract and retain customer assets, generate and maintain favorable investment results, effectively deploy capital and utilize tax capacity, and manage expenses.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Bad

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From filing 10-Q 2020 Q1