Aflac Incorporated
Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. The company operates in two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care, whole life, and GIFT insurance products, as well as WAYS and child endowment, and Tsumitasu insurance products in Japan. The Aflac U.S. segment provides accident, disab… Read more
Aflac Incorporated (AFL) - Net Assets
Latest net assets as of December 2025: $29.49 Billion USD
Based on the latest financial reports, Aflac Incorporated (AFL) has net assets worth $29.49 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($116.47 Billion) and total liabilities ($86.98 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $29.49 Billion |
| % of Total Assets | 25.32% |
| Annual Growth Rate | 11.81% |
| 5-Year Change | -11.32% |
| 10-Year Change | 43.98% |
| Growth Volatility | 70.76 |
Aflac Incorporated - Net Assets Trend (1985–2025)
This chart illustrates how Aflac Incorporated's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Aflac Incorporated (1985–2025)
The table below shows the annual net assets of Aflac Incorporated from 1985 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $29.49 Billion | +13.00% |
| 2024-12-31 | $26.10 Billion | +18.71% |
| 2023-12-31 | $21.98 Billion | +9.16% |
| 2022-12-31 | $20.14 Billion | -39.43% |
| 2021-12-31 | $33.25 Billion | -78.84% |
| 2020-12-31 | $157.19 Billion | +442.79% |
| 2019-12-31 | $28.96 Billion | +23.43% |
| 2018-12-31 | $23.46 Billion | -3.71% |
| 2017-12-31 | $24.36 Billion | +18.96% |
| 2016-12-31 | $20.48 Billion | +17.83% |
| 2015-12-31 | $17.38 Billion | -5.26% |
| 2014-12-31 | $18.35 Billion | +25.49% |
| 2013-12-31 | $14.62 Billion | -8.50% |
| 2012-12-31 | $15.98 Billion | +23.42% |
| 2011-12-31 | $12.95 Billion | +17.09% |
| 2010-12-31 | $11.06 Billion | +31.35% |
| 2009-12-31 | $8.42 Billion | +26.78% |
| 2008-12-31 | $6.64 Billion | -24.51% |
| 2007-12-31 | $8.79 Billion | +5.44% |
| 2006-12-31 | $8.34 Billion | +5.22% |
| 2005-12-31 | $7.93 Billion | +4.63% |
| 2004-12-31 | $7.58 Billion | +13.99% |
| 2003-12-31 | $6.65 Billion | +3.94% |
| 2002-12-31 | $6.39 Billion | +17.86% |
| 2001-12-31 | $5.42 Billion | +15.57% |
| 2000-12-31 | $4.69 Billion | +21.35% |
| 1999-12-31 | $3.87 Billion | +2.60% |
| 1998-12-31 | $3.77 Billion | +9.91% |
| 1997-12-31 | $3.43 Billion | +61.37% |
| 1996-12-31 | $2.13 Billion | -0.40% |
| 1995-12-31 | $2.13 Billion | +21.83% |
| 1994-12-31 | $1.75 Billion | +28.24% |
| 1993-12-31 | $1.37 Billion | +26.26% |
| 1992-12-31 | $1.08 Billion | +17.15% |
| 1991-12-31 | $923.50 Million | +16.75% |
| 1990-12-31 | $791.00 Million | +12.65% |
| 1989-12-31 | $702.20 Million | +9.31% |
| 1988-12-31 | $642.40 Million | +16.99% |
| 1987-12-31 | $549.10 Million | +23.09% |
| 1986-12-31 | $446.10 Million | +31.36% |
| 1985-12-31 | $339.60 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Aflac Incorporated's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 38059.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $54.68 Billion | 185.43% |
| Common Stock | $136.00 Million | 0.46% |
| Other Comprehensive Income | $1.45 Billion | 4.92% |
| Total Equity | $29.49 Billion | 100.00% |
Aflac Incorporated Competitors by Market Cap
The table below lists competitors of Aflac Incorporated ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Relx PLC
PINK:RLXXF
|
$56.43 Billion |
|
Schlumberger Ltd.
LSE:0SCL
|
$56.51 Billion |
|
Anheuser-Busch InBev SA/NV
PINK:BUDFF
|
$56.52 Billion |
|
Deutsche Bank AG
NYSE:DB
|
$56.60 Billion |
|
Baker Hughes Co
NASDAQ:BKR
|
$56.21 Billion |
|
Truist Financial Corp
NYSE:TFC
|
$56.15 Billion |
|
Lloyds Banking Group plc
PINK:LLDTF
|
$55.77 Billion |
|
Prosus
PINK:PROSF
|
$55.30 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Aflac Incorporated's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 26,098,000,000 to 29,490,000,000, a change of 3,392,000,000 (13.0%).
- Net income of 3,646,000,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 4,430,000,000.
- Other factors decreased equity by 4,684,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $3.65 Billion | +12.36% |
| Other Comprehensive Income | $4.43 Billion | +15.02% |
| Other Changes | $-4.68 Billion | -15.88% |
| Total Change | $- | 13.00% |
Book Value vs Market Value Analysis
This analysis compares Aflac Incorporated's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.98x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 388.43x to 1.98x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $0.28 | $109.52 | x |
| 1986-12-31 | $0.37 | $109.52 | x |
| 1987-12-31 | $0.47 | $109.52 | x |
| 1988-12-31 | $0.53 | $109.52 | x |
| 1989-12-31 | $0.61 | $109.52 | x |
| 1990-12-31 | $0.64 | $109.52 | x |
| 1991-12-31 | $0.75 | $109.52 | x |
| 1992-12-31 | $0.88 | $109.52 | x |
| 1993-12-31 | $1.08 | $109.52 | x |
| 1994-12-31 | $1.41 | $109.52 | x |
| 1995-12-31 | $1.80 | $109.52 | x |
| 1996-12-31 | $1.83 | $109.52 | x |
| 1997-12-31 | $3.05 | $109.52 | x |
| 1998-12-31 | $3.42 | $109.52 | x |
| 1999-12-31 | $3.51 | $109.52 | x |
| 2000-12-31 | $4.31 | $109.52 | x |
| 2001-12-31 | $5.05 | $109.52 | x |
| 2002-12-31 | $6.05 | $109.52 | x |
| 2003-12-31 | $6.36 | $109.52 | x |
| 2004-12-31 | $7.33 | $109.52 | x |
| 2005-12-31 | $7.81 | $109.52 | x |
| 2006-12-31 | $8.31 | $109.52 | x |
| 2007-12-31 | $8.90 | $109.52 | x |
| 2008-12-31 | $6.93 | $109.52 | x |
| 2009-12-31 | $8.97 | $109.52 | x |
| 2010-12-31 | $11.69 | $109.52 | x |
| 2011-12-31 | $14.39 | $109.52 | x |
| 2012-12-31 | $17.02 | $109.52 | x |
| 2013-12-31 | $15.64 | $109.52 | x |
| 2014-12-31 | $20.61 | $109.52 | x |
| 2015-12-31 | $20.06 | $109.52 | x |
| 2016-12-31 | $24.74 | $109.52 | x |
| 2017-12-31 | $30.54 | $109.52 | x |
| 2018-12-31 | $30.29 | $109.52 | x |
| 2019-12-31 | $38.80 | $109.52 | x |
| 2020-12-31 | $46.86 | $109.52 | x |
| 2021-12-31 | $49.14 | $109.52 | x |
| 2022-12-31 | $31.58 | $109.52 | x |
| 2023-12-31 | $36.72 | $109.52 | x |
| 2024-12-31 | $46.19 | $109.52 | x |
| 2025-12-31 | $55.43 | $109.52 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Aflac Incorporated utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.36%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 20.91%
- • Asset Turnover: 0.15x
- • Equity Multiplier: 3.95x
- Recent ROE (12.36%) is below the historical average (16.26%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 15.96% | 5.68% | 0.42x | 6.69x | $20.24 Million |
| 1986 | 17.53% | 5.58% | 0.42x | 7.40x | $33.59 Million |
| 1987 | 16.99% | 4.97% | 0.37x | 9.16x | $38.39 Million |
| 1988 | 16.95% | 4.68% | 0.38x | 9.45x | $44.66 Million |
| 1989 | 11.51% | 3.31% | 0.37x | 9.28x | $10.58 Million |
| 1990 | 14.82% | 4.38% | 0.33x | 10.16x | $38.10 Million |
| 1991 | 16.10% | 4.53% | 0.32x | 10.98x | $56.35 Million |
| 1992 | 16.95% | 4.60% | 0.33x | 11.00x | $75.21 Million |
| 1993 | 18.67% | 5.10% | 0.32x | 11.30x | $118.40 Million |
| 1994 | 16.71% | 4.79% | 0.30x | 11.58x | $117.61 Million |
| 1995 | 16.36% | 4.85% | 0.28x | 11.87x | $135.64 Million |
| 1996 | 18.55% | 5.55% | 0.28x | 11.77x | $181.81 Million |
| 1997 | 17.05% | 8.07% | 0.25x | 8.59x | $241.98 Million |
| 1998 | 12.92% | 6.86% | 0.23x | 8.28x | $110.00 Million |
| 1999 | 14.76% | 6.61% | 0.23x | 9.58x | $184.20 Million |
| 2000 | 14.64% | 7.07% | 0.26x | 7.93x | $217.60 Million |
| 2001 | 12.66% | 7.16% | 0.25x | 6.98x | $144.50 Million |
| 2002 | 12.84% | 8.00% | 0.23x | 7.05x | $181.60 Million |
| 2003 | 11.96% | 6.95% | 0.22x | 7.67x | $130.40 Million |
| 2004 | 17.15% | 9.78% | 0.22x | 7.83x | $541.70 Million |
| 2005 | 18.71% | 10.33% | 0.25x | 7.11x | $690.30 Million |
| 2006 | 17.78% | 10.15% | 0.24x | 7.17x | $648.90 Million |
| 2007 | 18.58% | 10.62% | 0.23x | 7.48x | $754.50 Million |
| 2008 | 18.89% | 7.58% | 0.21x | 11.95x | $590.10 Million |
| 2009 | 17.79% | 8.20% | 0.22x | 9.99x | $655.30 Million |
| 2010 | 21.20% | 11.31% | 0.21x | 9.14x | $1.24 Billion |
| 2011 | 14.54% | 8.86% | 0.19x | 8.61x | $613.40 Million |
| 2012 | 17.94% | 11.30% | 0.19x | 8.20x | $1.27 Billion |
| 2013 | 21.60% | 13.19% | 0.20x | 8.30x | $1.70 Billion |
| 2014 | 15.77% | 12.98% | 0.19x | 6.40x | $1.08 Billion |
| 2015 | 14.57% | 12.14% | 0.18x | 6.81x | $794.80 Million |
| 2016 | 12.98% | 11.79% | 0.17x | 6.34x | $610.80 Million |
| 2017 | 17.94% | 20.17% | 0.16x | 5.63x | $1.93 Billion |
| 2018 | 12.45% | 13.42% | 0.15x | 5.98x | $573.80 Million |
| 2019 | 11.41% | 14.81% | 0.15x | 5.28x | $408.10 Million |
| 2020 | 14.24% | 21.57% | 0.13x | 4.92x | $1.42 Billion |
| 2021 | 13.01% | 19.56% | 0.14x | 4.74x | $999.70 Million |
| 2022 | 21.94% | 23.07% | 0.15x | 6.54x | $2.40 Billion |
| 2023 | 21.19% | 24.73% | 0.15x | 5.76x | $2.46 Billion |
| 2024 | 20.86% | 28.46% | 0.16x | 4.50x | $2.83 Billion |
| 2025 | 12.36% | 20.91% | 0.15x | 3.95x | $697.00 Million |
Industry Comparison
This section compares Aflac Incorporated's net assets metrics with peer companies in the Insurance - Life industry.
Industry Context
- Industry: Insurance - Life
- Average net assets among peers: $58,483,475,792
- Average return on equity (ROE) among peers: 26.36%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Aflac Incorporated (AFL) | $29.49 Billion | 15.96% | 2.95x | $56.35 Billion |
| AIA Group Ltd (AAIGF) | $181.58 Billion | 2.29% | 0.02x | $75.83 Billion |
| Atlantic American Corporation (AAME) | $31.80 Million | 29.56% | 5.46x | $10.89 Million |
| Abacus Life Inc. (ABL) | $766.89K | 130.06% | 1.40x | $276.35 Million |
| Abacus Global Management, Inc. (ABX) | $1.30 Million | 50.90% | 0.12x | $92.43K |
| Anadolu Hayat Emeklilik Anonim Sirketi (AUHYF) | $1.88 Billion | 37.14% | 26.33x | $90.55 Million |
| Brighthouse Financial Inc (BHF) | $14.86 Billion | -19.78% | 13.93x | $3.36 Billion |
| Challenger Limited (CFIGF) | $3.25 Billion | -12.80% | 7.79x | $1.66 Billion |
| Citizens Inc (CIA) | $28.30 Million | 19.53% | 3.74x | $217.00 Million |
| China Life Insurance Co Ltd (CILJF) | $324.71 Billion | 0.30% | 0.01x | $16.34 Billion |