AFL FINANCIAL STATEMENTS

Aflac Incorporated — balance sheet, income statement and cash flow trends

AFLAflac Incorporated

🇺🇸 USA · US · Financial Services · Insurance - Life

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue18.2 B $+6.3%

Gross Profit8.7 B $+49.3%

Operating Income5.6 B $+28.5%

EBITDA6.7 B $+51.8%

Net Income4.6 B $+29.0%

Peer Comparison· Insurance - Life

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AFL	—	—	—	25.4%
GWO	—	—	—	12.9%
MFC	—	—	—	12.0%
POW	—	—	—	7.9%
CGF	—	—	—	16.7%
Industry median	—	—	—	9.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity30 B $26%
Current Liabilities8.3 B $7%
Long-term Liabilities78.1 B $67%

Key Figures

YoY change

Total Assets116.3 B $-3.3%

Total Liabilities86.3 B $-8.1%

Total Equity30 B $+13.8%

Cash & ST Investments71.5 B $-1.3%

Total Debt7.9 B $+2.0%

Net Debt2.3 B $-10.6%

Peer Comparison· Insurance - Life

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AFL	8.86	26.4%	-9.54	25.8%
GWO	6.57	29.6%	-2.78	3.5%
MFC	—	26.1%	-0.13	5.0%
POW	0.87	87.0%	-1.61	2.6%
CGF	—	196.4%	5.92	11.6%
Industry median	5.67	48.3%	-1.58	4.8%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AFL	8.86	26.4%	-9.54	25.8%
MET	85.01	74.3%	-54.15	3.7%
PRU	28.00	62.0%	-0.58	4.2%
UNM	20.63	34.5%	2.69	17.4%
GL	1.13	45.7%	1.45	19.6%
PRI	7.42	70.4%	-0.18	17.2%
Industry median	5.67	48.3%	-1.58	4.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow2.9 B $+19.9%

Capital Expenditures0 $—

Free Cash Flow2.9 B $+19.9%

Dividends Paid-1.2 B $-207.3%

Peer Comparison· Insurance - Life

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AFL	16.1%	16.1%	0.0%	63.3%
GWO	14.3%	14.3%	0.0%	111.5%
MFC	54.0%	54.0%	0.0%	451.1%
POW	19.9%	18.0%	1.9%	250.8%
CGF	68.7%	68.7%	0.0%	410.6%
Industry median	19.9%	18.0%	0.0%	147.7%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AFL	16.1%	16.1%	0.0%	63.3%
MET	21.5%	21.5%	0.0%	456.8%
PRU	15.5%	15.5%	0.0%	282.3%
UNM	5.1%	4.1%	1.0%	86.4%
GL	22.8%	20.2%	2.6%	117.7%
PRI	25.9%	25.6%	1.0%	111.4%
Industry median	19.9%	18.0%	0.0%	147.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AFL	—	—	—	25.4%
MET	—	—	—	4.7%
PRU	—	—	—	5.5%
UNM	—	—	—	5.9%
GL	—	—	—	19.4%
PRI	—	—	—	23.2%
Industry median	—	—	—	9.1%