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Fortune 500

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This year’s Fortune 500 marks the 67th running of the list.

F500-2021-131-Aflac

The insurance company is the largest provider of supplemental insurance in the U.S. and is best known for its payroll deduction coverage.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-146-Aflac

The supplemental health and life insurance provider is based in Columbus, Ga., and has a large business segment in Japan.

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This year's Fortune 500 marks the 65th running of the list.

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Fortune 100 Best Companies to Work For

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This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 63rd running of the list.

We surveyed tens of thousands of young employees to create this list of millennials’ favorite workplaces.

best workplaces for millennials 2017 Aflac

Employees say: 
 
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"One of the best things about this company is the culture of honesty and transparency. If things are trending badly, we know about it and we know the plans that are in place to correct course. Everyone buys into the plan and executes together, as a team. When things are going great, we celebrate wins as a team. It's a great atmosphere—a competitive, winning atmosphere that I'm proud to be a part of." 
 
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"I feel that this is a great place to work mainly because this company gives me opportunities to make a difference while at work. I have gotten the opportunity to be part of the Aflac cancer committee and raise money for Aflac's cancer center in Atlanta. The trip to Atlanta was one of the most meaningful things I have done at work. It is nice to put in everyday work for a company that cares, and it is even better to get to directly contribute and be supported by management." 
 
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100 Best Large Workplaces for Millennials

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

Google/Alphabet is the No. 1 place to work for the seventh time in 10 years. Six newcomers include Veterans United at No. 30, Hilton Hotels at No. 56, and Slalom Consulting at No. 100. IKEA’s U.S. arm returns to the list, along with GoDaddy and Sheetz.

This year's Fortune 500 marks the 62nd running of the list.

Fortune’s second annual list of the 100 Best Workplaces for Women highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. 

100 best workplaces for women 2016- aflac

Employees say: 
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"Aflac actually makes exceptions to our processes based on specific situations. The work environment is friendly and flexible. There is always something to do. I can go to management if my situation is not being addressed as I feel it should. I am treated as an individual when needed. The teams function as a family. We all work together to support the Aflac brand!! We are family!" 
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"[I appreciate] the encouragement of work/life balance,and that family and personal health is allowed to come first. Also, the ability of management to see their employees' skill sets and to develop them in the professional direction they would fit best, even if it means going outside their current department." 
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Read the Great Place to Work review .

100 Best Large Workplaces for Women

The second annual ranking of the best employers for workers 35 and under.

best workplaces for millennials 2016- Aflac

"I love how management is very approachable and attentive to what suggestions you may have. They try to implement them as best they can. I love how the company gives incentives just for being an Aflac employee, such as getting movies tickets at a discount, having valet dry cleaning services, etc. I love how when you go the extra mile you are noticed for it. I just love feeling appreciated and valued. I love Aflac!" says one millennial worker. 
 
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According to another millennial: "Aflac is an amazing place to work. The culture here is like no other. Leadership truly cares about the people, and in turn the people take care of the business." 
 
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Read the .

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

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The inaugural list of the 100 Best Workplaces for Millennials from our partners at Great Place to Work includes surprising newcomer Power Home Remodeling, making an impressive debut at No. 1. Other standouts include Chili’s Grill and Bar (no. 11), Elevation Church (No. 34), and Yelp (No. 41).

BEST COMPANIES 2015  Aflac

Occupying slot number 132 on the Fortune 500 list, Aflac spreads its wings far and wide as one of the nation’s largest insurers. But that doesn’t keep the company from feeling intimate. In addition to a “spot awards” program that recognizes outstanding employee achievements with instant cash, company stock and swag, the company holds a weeklong celebration for its staff every year. The event has included ice skating, mini-golfing, family outings, and more. That’s not all—those who volunteer at or help plan the affair also get invited to a party at CEO Dan Amos’ country farm. As one worker gushes, “We are made to feel special and appreciated.” <a style="color:#ff0000;" href="http://us.greatrated.com/aflac-inc" target="_blank">Read the Great Place to Work review.</a>

Google tops the list once again, marking its eighth appearance and fifth time as No. 1.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Perks

100% health coverage

Unlimited sick days

Telecommuting

Job sharing

Subsidized childcare

Compressed work weeks

Fully-paid sabbaticals

On-site fitness/subsidized gym

On-site medical care facility

Non-discrimination policy includes sexual orientation

Health insurance for part-timers

Sick days for part-timers

College tuition reimbursement

Student loan debt repayment

Medical facility at all locations

Paid Time Off

PTO limit (days)

Compensation

Most common job (for salaried employee)

Hiring/staffing (past 12 Months)

Full-time and part-time job growth

# of job applicants

Avg. # of applicants per opening

FT voluntary turnover

Jobs filled internally

Jobs filled by referral

# New graduates hired

Company Info

Industry

Sector

HQ Location

Company Type

# Work Sites

U.S. Employees

Web Address

Best Companies

Best Companies Rank

Best Companies URL

Millennials In The Organization

# of millennial employees

Millennials as % of total workforce

Women In The Organization

% of Women in the Company

% of Women in Executive/Manager Positions

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Aflac is a leading provider of supplemental health and life insurance solutions. Through its two primary business segments—Aflac Japan and Aflac U.S.—the company delivers a comprehensive portfolio of products, including cancer, medical, nursing care, whole life, and specialized insurance offerings tailored to diverse market needs. Aflac’s distribution strategy leverages a multichannel network encompassing individual agents, corporate partners, banks, brokers, and independent associates, allowing for broad market reach. Established in 1955, the company is known for its innovative product development and commitment to helping clients manage health-related financial risks.

Q2 2026

Q1 2026

Q4 2025

Q2 2025

Q1 2025

Q4 2024

Aflac (AFL): Company Profile, Stock Price, News, Rankings

legacy

Aflac

aflac

note this event is being recorded. I would like now to turn the conference over to David Young, Vice President of Capital Markets. Please go ahead.

Good morning, and welcome. Thank you for joining us for Aflac Incorporated's first quarter twenty twenty five earnings call. This morning, Dan Amos, Chairman and CEO of Aflac Incorporated, will provide an overview of our results and operations in Japan and The United States. Then Max Brodin, Senior Executive Vice President and CFO of Aflac Incorporated, will provide more detail on our first quarter financial results, current capital and liquidity. These topics are also addressed in the materials we posted with our earnings release, financial supplement and quarterly CFO video update on investors.aflac.com.

For Q and A today, we are also joined by Virgil Miller, President of Aflac Incorporated and Aflac U. S. Charles Lake, Chairman and Representative Director, President of Aflac International Masatoshi Kuide, President and Representative Director, Aflac Life Insurance Japan and Brad Disland, Global Chief Investment Officer, President of Aflac Global Investments. Before we begin, some statements in this teleconference are forward looking within the meaning of federal securities laws. Although we believe these statements are reasonable, we can give no assurance that they will prove to be accurate because they are prospective in nature.

Actual results could differ materially from those we discussed today. We encourage you to look at our annual report on Form 10 ks for some of the various risk factors that could materially impact our results. As I mentioned earlier, the earnings release with reconciliations of certain non U. S. GAAP measures and related earnings materials are available on investors.

Aflac dot com. I'll now hand the call over

Thank you, David, and good morning, everyone. We're glad you joined us. Although we just have one quarter under our belt, the first quarter marked a good start for the year.

Aflac Incorporated reported net earnings per diluted share of $05 which was significantly impacted by net investment losses this quarter compared to net investment gains in the first quarter of twenty twenty four. At the same time, the company reported adjusted earnings per diluted share of a dollar 66, which is unchanged from the first quarter of twenty twenty four. Beginning with Aflac Japan, I am pleased with the 12.6% year over year sales increase. This quarter sales reflected a continued significant contribution from Sumitas and a 6.3% increase from cancer insurance sales. Taking into account Japan's demographics and product strategy is to fit the needs of customers throughout all stages of life.

Acquiring younger customers is critical to our success. We believe Sumitas helped us appeal to and more importantly reach younger customers in Japan. Our strong sales in Japan reflect the success our agencies have had selling Sumitas. As the pioneer of cancer insurance and leading third sector insurer, we also aim to sell these Sumitas policyholders a medical policy or cancer policy. We have also launched the initial stage of sales in MiRyto, our newest cancer insurance on March.

While it is still very early, the results that we have seen thus far have been positive. As of April, the product has been available through all of Japan's sales channels. Our ability to maintain strong premium persistency is a testament to Aflac's reputation and customer recognition of the value of our products. By maintaining this level of persistency and adding new premium through sales, we are partially offsetting the impact of reinsurance and policies reaching paid up status. This will be vital to our future growth of Aflac Japan.

Turning to Aflac US, I was pleased by the 3.5 year over year increase in sales and encouraged by the momentum we are seeing within all areas of our group business, especially our group life and disability, as well as network dental. In addition, we believe our efforts to drive more profitable growth with a stronger underwriting discipline have contributed to our strong premium persistency and net earned premiums growth. At the same time, Aflac US has maintained its prudent approach to expense management and maintaining a strong pretax margin as Max will expand upon in a moment. In both Japan and The United States, I believe that consumers need the products and solutions Aflac offers more than ever For our policyholders who become claimants, Aflac is more than an insurance company. We are a partner in health, a supporter of families during their times of need, and a pioneer and leader in the industry.

We are leveraging every opportunity to convey how our products can help fill the gaps during challenging times, providing not just financial assistance, but also compassion and care. At the same time, we continue to generate strong capital and cash flows while maintaining our commitment to prudent liquidity and capital management. We have been very pleased with our investments, which have continued to produce strong net investment income. As an insurance company, our primary responsibility is to build the promises we make to the policyholders while being responsive to the needs of our shareholders. Our solid portfolio supports our promise to our policyholders as does our commitment to maintaining strong capital ratios.

We balance this financial strength with tactical capital deployment. I am very happy with how management has handled capital deployment and liquidity and specifically how well we've adapted to this environment. In the first quarter, Aflac Incorporated deployed 900,000,000 in capital to repurchase 8,500,000.0 shares of our stock. Additionally, we treasure our track record of forty two consecutive years of dividend growth. At the same time, we have maintained our position among companies with the highest return on capital and the lowest cost of capital in the industry.

Combined with dividends, this means we delivered $1,200,000,000 back to the shareholders in the first quarter of twenty twenty five. We believe in the underlying strengths of our business and our potential for continued growth in Japan and The United States, Two of the largest life insurance markets in the world. On an ongoing basis, we are taking action to reinforce our leading position and build on our momentum. I will now turn the program over to Max to cover more details of the financial results. Max?

Thank you, Dan. Thank you for joining me as I provide a financial update on Aflac Incorporated's results for the first quarter of twenty twenty five. For the quarter, adjusted earnings per diluted share was flat year over year at $1.66 with a $01 negative impact from FX in the quarter. In this quarter, remeasurement gains on reserves totaled $41,000,000 reducing benefits. Variable investment income ran $27,000,000 below our long term return expectations, while one make whole call generated income of $16,000,000 Adjusted book value per share excluding foreign currency remeasurement increased 2.2%.

The adjusted ROE was 12.715.6% excluding foreign currency remeasurement, an acceptable spread to our cost of capital. Overall, we view these results in the quarter as solid. Starting with our Japan segment. Net earned premiums for the quarter declined 5%. Aflac Japan's underlying earned premiums, which adjusts net earned premiums to exclude the impact of deferred profit liability, paid up policies and reinsurance declined 1.4%.

We believe this metric better provides insight into long term premium trends. Japan's total benefit ratio came in at 65.8% for the quarter, down 120 basis points year over year. The third segment benefit ratio was 56.3% for the quarter, down approximately 120 basis points year over year. We estimate the impact from remeasurement gains to be approximately 150 basis points favorable to the benefit ratio in Q1 twenty twenty five. Long term experience trends as it relates to treatments of cancer and hospitalization continue to be in place leading to continued favorable underwriting experience.

Persistency remains solid at 93.8, which is up 40 basis points year over year and in line with our expectations. However, beginning in this quarter, we have revised the premium persistency definition to better reflect the economic trends for the business. As a result, we do not treat annuitization as a lapse for persistency purposes and this revised definition raised the reported persistency by roughly 30 basis points. Our expense ratio in Japan was 19.6% for the quarter, up 160 basis points year over year, driven primarily by an increase in technology expenses. For the quarter, adjusted net investment income in yen terms was down 7.6%, primarily driven by lower floating rate income, the transfer of assets to Aflac Re Bermuda associated with reinsurance and variable investment income somewhat offset by higher returns from the structured private credit portfolio.

The pretax margin for Japan in the quarter was 31.8%, down 100 basis points year over year, but a very good result. Turning to U. S. Results. Net earned premium was up 1.8%.

Persistency increased 60 basis points year over year to 79.3%. Our U. S. Total benefit ratio came in at 47.7%, one hundred and twenty basis points higher than Q1 twenty twenty four, driven by business mix and lower remeasurement gains than a year ago. We estimate that the remeasurement gains impacted the benefit ratio by approximately 100 basis points in the quarter as claims have remained below our long term expectations.

In the quarter, we benefited from favorable underwriting on our small but growing long term disability block. Our expense ratio in The U. S. Was 37.6%, down 110 basis points year over year, primarily driven by platforms improving scale and continuous focus on expense efficiency. Our growth initiatives, Group Life and Disability, Network Down and Vision and Direct to Consumer increased our total expense ratio by 50 basis points for the quarter.

This is in line with our expectations and we would expect this impact to decrease as we continue to approach scale. Adjusted net investment income in The U. S. Was down 1.9% for the quarter, primarily driven by lower floating rate income. Profitability in The U.

S. Segment was very strong with a pretax margin of 20.8%, a 20 basis points decline compared to a year ago. During the quarter, we increased our CECL reserves associated with our commercial real estate portfolio by $2,000,000 net of charge offs as property values remain at distressed valuations. We also foreclosed on two loans, adding them to our real estate owned portfolio consistent with our strategy for maximizing recovery values. Our portfolio of first lien senior secured middle market loans continue to perform well with increased CECL reserves of $7,000,000 in the quarter net of charge offs.

In our Corporate segment, we recorded a pre tax gain of $43,000,000 Adjusted net investment income was $47,000,000 higher than last year due to a combination of lower volume of tax credit investments and higher asset balances, which included the impact of the reinsurance transaction in Q4 twenty twenty four. Our tax credit investments impacted the corporate net investment income line for U. S. GAAP purposes negatively by $8,000,000 in the quarter with an associated credit to the tax line. The net impact to our bottom line was a positive 400,000 in the quarter.

To date, these investments are performing well and in line with our expectations. Unencumbered holding company liquidity stood at $4,300,000,000 2 point 6 billion dollars above our minimum balance. We repurchased $900,000,000 of our own stock and paid dividends of $317,000,000 in Q1, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in how we manage the balance sheet and deploy capital in order to drive strong risk adjusted ROE with a meaningful spread to our cost of capital. Our capital position remains strong and we ended the quarter with an SMR above 950%, an estimated regulatory ESR above 250%.

Our combined RBC, while not finalized, we estimate to be greater than 600%. These are strong capital ratios, which we actively monitor, stress and manage to withstand credit cycles as well as external shocks. For U. S. Statutory, we recorded a $6,000,000 valuation allowance on mortgage loans as an unrealized loss.

We ended the quarter March 31 with net 5,200,000,000.0 yen of Japan FSA realized gains net of losses for securities impairment. This is well within our expectations and with limited impact to both earnings and capital. Our leverage was 20.7% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 59 of our debt in yen, this leverage ratio is impacted by moves in the yen dollar exchange rate. This is intentional and part of our enterprise hedging program, protecting the economic value of Aflac Japan in U.

S. Dollar terms. On a U. S. GAAP basis, we are impacted by moves in the yen as our yen denominated earnings will translate into U.

S. Dollars at different exchange rates. We currently estimate that every 5 yen to the dollar move would impact our underlying EPS by roughly $07 As foreign currency markets have experienced a marked increase in volatility, I would like to reiterate our approach to managing foreign currency exposure. Fundamentally, we sized our unhedged U. S.

Dollar exposure to the estimated economic surplus associated with our Japanese business. At the end of Q1, we held $25,500,000,000 of unhedged U. S. Dollar assets in our Japan general account. Forward contracts at Inc.

With a notional balance of $2,700,000,000 and $4,400,000,000 of yen denominated debt. We also hold $24,200,000,000 of notional out of the money put options, which provide tail protection against a large appreciation in the yen. Adding this up, we feel that we are very well positioned on an economic basis. I'll now turn the call over to David to begin Q and A.

Before we begin our Q and A, we ask that you please limit yourself to one initial question and a related follow-up. You may then rejoin the queue to ask additional questions. We'll now take the first question.

Please press star then 2. At this time, we will pause momentarily to assemble our roster. First question today comes from Tom Gallagher of Evercore ISI. Go ahead.

Hey, good morning. Max, just had a few questions on Japan solvency and overall macro sensitivities. I guess my first question is, why did the ESR ratio declined by so much in Q1? If I just look at the sensitivities, I think the sharp rise in Japan rates should have offset the strengthening of the yen. Anyway, I'll start with that and then I had a follow-up.

Thank you, Tom. I appreciate the question. You're right that in the first quarter we saw a small drop in our ESR and that is driven by the yen strengthening that you saw. That is partially offset by higher Japan interest rates, especially the thirty year JGB rose in the first quarter and that certainly helped us. That being said, we also had relatively high dividends flowing up from Aflac Japan to Aflac Inc.

During the quarter as well. And that's the reason why you see the cash balances at Inc. Increasing as much as they did despite very significant capital deployment in terms of dividends and buybacks in the quarter. So that's the I think that's the missing piece is the dividends flowing up to the holding company.

That makes sense Max. And then my follow-up is just in light of everything that's changed macro wise with the yen now strengthening and looking at where long rates are in Japan, have you I guess, how should we think about that when you think about forward capital planning? Do you still feel that drawing down excess and returning it is the best path forward? You still have considerable excess, so I'm not suggesting you don't. But I guess the volatility of capital seems kind of on the high side when I think about sensitivities to what's happened in macro recently.

So just curious, are you looking maybe to change philosophy at all on capital return? And or how about just the way you're hedging this? Because I think right now, you have some very deep out of the money hedges. Any thought of maybe locking in all of that capital strength? Or are you fine with the structure you have?

So Tom, when we design our capital management, it's really done with a long term view. It's done running many different scenarios, including stress scenarios as well. So if you use that as a base, that means that fundamentally we are not changing the way we are doing our capital management or in a way we are structuring the different instruments that we use for it. And I want to take you back and just think through the underlying business that we conduct, which we sell products that are relatively defensive in the way they behave, that going through lapsation, that going through volatility in benefit ratios and underlying profitability as well. That is mirrored up with a relatively low asset leverage, which means that the risks associated with our asset portfolio are somewhat limited as well.

And when you bake all of that together, it means that our profitability and cash flows are relatively stable and predictable. Now you point out one item and that is the volatility of our ESR as it relates to FX. And that is something that we have designed ourselves. So when we protect the economic value of Aflac Japan, the main component of that is the $25,700,000,000 held in U. S.

Dollars on our Japanese balance sheet. And that is there to obviously help protect the long term economics of our Aflac Japan business in U. S. Dollars. But it does introduce volatility to our ESR ratio.

But what we have done is that we have protected the tails, I. E, we have looked at how much risk are we willing to take on FX as it relates to the volatility in the ESR ratio. And that's where we have executed a put option program, where most of those puts are currently out of the money by 25% to 30%. And that helps cut the tail and the volatility of those. These are one-sided.

That means that we have protection if the yen strengthens. But if the yen were to weaken, we keep all of that upside. So if I look at the moves that we have seen in rates, the move we've seen in FX, I don't see at this point us making any significant changes to the way we are approaching this or hedging this. That being said, obviously, it's something that we closely monitor and there may be tactical moves in the future around it. But I would assume that those are relatively minor in the scheme of things.

So, so far we feel like the FX hedging program is working very well and in line with our expectations.

The next question comes from Jack Matten of BMO Capital Markets.

Please go ahead. Hi, good morning. Just a question on the new cancer product launch. Can you talk about what you're seeing so far in the uplift of sales you saw this quarter? I know and then the launch in stages, so maybe you'd see more of a benefit in the second quarter as well.

So just curious what your expectations are for sales of that product this year?

Well, yes, let me make a this is Dan. Let me make a couple of comments and I'm going turn it over to Aflac Japan. But just in general, I think that we're going to be fine. I think you're going to see these things. The new cancer policy continue to grow.

But all in all, I thought Virgil has spent a lot of time in this quarter in Japan. And I'd like for him to take a high level view and go over both US and Japan and then have the Japanese operation talk about it. Yoshizumi can cover that and then follow-up with Max and Brad on any comments they might have in those regards. So Virgil, why don't you just give a few comments and then let's turn the program over to Japan.

Yes. Well, thanks Dan. I'll just make a few comments. It was a great visit I had to Japan. And I would just say that as Max pointed out earlier, our business is really more view from a long term perspective.

And we remain confident in the strategies we have with our products and our services that what we have is what customers need and want. I think, too, Dan, I would just add, though, that as you look at Japan, in particular, what we've done with the launch of the cancer product, Also, we're approaching the market though, the market with Sumatars, and a focus that we have on selling more third sector products is what will help us, during this time. Yeah. We do look at economic downturn. Max has shared with you about how we go through that methodology.

But specifically on the cancel, though, I'm gonna let Japan talk about how the launch went into what we see for the remainder of the year. So I'm gonna turn it over to you guys.

you for the question. I'm in charge with the marketing sales, and let me take that question. The new cancer reinsurance was just launched in May, but it is progressing as we expected. Sorry. Correction.

It was launched in March. Let me briefly talk about the characteristic of this new product. First, it has full and simple coverage. In addition to strengthen coverage not only during but also before and after treatment, the qualification for payment of benefits have been changed to be easier to understand. And it has the flexible coverage design that enables combination and cross selling with existing policies and other products, I e, add on plans for those who already have medical insurance.

On March 18, our sales was, was made available, our mainstay associate channel, Daido and Daiichi. And in April, we started the sales of bank channels in Japan Post Group. And all the channels have made a great start, and we are still seeing a positive result from the all of these channels. And let me talk a little bit about our forecast for 2025. And we have changed the structure and from as a in in this January and established a new position, CMO.

And this position will supervise the sales and marketing in all brands. And we at this position, we'll look after the asset formation, cancer, and medical in all areas and will be totally design oriented and to develop the sales plan. And we will be we are responding to the ever changing customer needs with an agility in a cross functional way by engaging our IT, actuarial, and policy service department. And we are proud to see this successful marketing activity with the optimum activities conducted at each channel under the lead of the CMO. And we are seeing a positive with this effort, we are seeing a positive result from cancer insurance that was launched in March.

So we believe that third sector sales will continue to grow with now having a very extensive product lineup with Sumitas and the new cancer insurance. And we are now also focusing on hiring activities as agents and mainstay associates. And with all these efforts, we expect that the 2025 sales will be above that of 2024.

Thank you very much. And then I and just to follow-up on on the medical insurance market in Japan. I mean, can talk about competitive dynamics there and how you see the outlook for sales of your medical product?

Aflac (AFL) Q1 2025 Earnings Call Transcript

Company Participants