With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

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Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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This year’s Fortune 500 marks the 68th running of the list.

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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.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

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

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Fortune 100 Best Companies to Work For

This year's Fortune 500 marks the 64th running of the list.

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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." 
&nbsp; 
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.

This year’s list marks Fortune's 18th year of partnering with Great Place to Work. Google ranks No.1 for the sixth time, and 16 new companies make impressive debuts, including Acuity (No. 3), Twitter (No. 24), and Riot Games (No. 13).

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

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

Good day and welcome to the Aflac Incorporated Fourth Quarter twenty twenty four Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to hand the call over to David Young, Vice President of Capital Markets.

Good morning, and welcome. Thank you for joining us for Aflac Incorporated's fourth quarter earnings call. This morning, Dan Amos, Chairman, CEO of Aflac Incorporated, will provide an overview of our 2024 results and operations in Japan and The United States. Then Max Broden, Senior Executive Vice President and CFO of Aflac Incorporated, will provide an update on our fourth quarter and 2024 financial results, current capital and liquidity as well as some color on our outlook for 2025. These topics are also addressed in the materials we posted with our earnings release and financial supplement on investors.aflac.com.

In addition, Max provided his quarterly video update, which also includes information about the outlook for 2025. We also posted under financials on the same site updated slides of investment details related to our commercial real estate and middle market loans. 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 Kuede, President and Representative Director, Aflac Life Insurance Japan and Brad Dislan, 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 is available on investors.aflac.com and includes reconciliations of certain non U.

S. GAAP measures. I'll now hand the call over to Dan. Dan?

Thank you, David, and good morning, everyone.

We're glad you joined us. Before Max provides a more detailed view of our financial results, I'd like to reflect on what was another very good year. Aflac Incorporated delivered very strong earnings for the year with net earnings per diluted share up 23.8% to $9.63 and adjusted earnings per diluted share up 15.7% to $7.21 Aflac Japan represented more than 70% of pretax adjusted earnings and three quarters of the company's consolidated balance sheet in 2024. Aflac Japan also generated a 15.5% increase in pretax adjusted earnings and a record 36% pretax profit margin in 2024. I am pleased with Aflac Japan's ninety three point four percent premium persistency and 5.6% year over year sales increase, which included a 9% sales increase in the fourth quarter.

By maintaining strong persistency and adding new premium through sales, we are partially offsetting the impact of reinsurance and policies reaching paid up status. This will be integral to the future growth of Aflac Japan. Taking into account Japan's demographics, our 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 appeals to younger customers in Japan.

Our strong sales in Japan reflect the success of 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. Our last cancer insurance, wings, was launched in stages in 2022. Therefore, we are planning a staged launch through our distribution channels of our new cancer insurance product between March and April. This new product includes our unique Uriso cancer consultation support service, along with insurance coverage that offers enhanced protection before, during, and after cancer treatment.

This product also features a flexible coverage and introduces a new plan for children, thus providing comprehensive protection for customers. We will also maintain our focus on being where the customers want to buy insurance through our broad network of distribution channels, including agencies, alliance partners and banks. This reach continually optimizes opportunities to help provide financial protection to Japanese consumers. Turning to Aflac U. S, we have focused on updating our products to ensure that our policyholders understand the value of our products provide.

When people experience the value of our products, we believe it enhances product persistency, which both benefits our policyholders and lowers our expenses. In The U. S, I continue to be pleased with our 70 basis point improvement in premium persistency to 79.3%. We also generated a 2.7% increase in net earned premiums, a measure we continue to focus on improving. Additionally, our pretax profit margin for the year was strong at 21.1%.

Sales were lower than expected in the fourth quarter, leading to a 1% decline for the year. We continue to focus on more profitable growth through our stronger underwriting discipline. At the same time, we are engaging agents and brokers following the stabilization of our network dental operation. As always, we continue our prudent approach to expense management and maintaining a strong pretax margin. I believe that the need for our products and the solutions we offer is a strong or stronger than they have ever been before in both Japan and The United States.

We are leveraging every opportunity and avenue to share this message with consumers. Knowing our products help lift the people up when they need it most is something that makes all of us at Aflac very proud and inspires us to reach more people. We continue to reinforce our leading position and build on that momentum. 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 fulfill the promises that we make to our policyholders while being responsive to the needs of our shareholders. Our solid portfolio support our promise to our policyholders as does our commitment to maintain 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. Year to date, Aflac incorporates deployment of $2,800,000,000 in capital to repurchase more than 30,000,000 shares of Aflac stock.

Additionally, we treasure our track record of what is now 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 that we delivered $3,900,000,000 back to the shareholders in 2024. 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. I'll now turn the program over to Max to cover more details of the financial results.

Thank you for joining me as I provide a financial update on Aflac Incorporated's results for the fourth quarter of twenty twenty four. For the quarter, adjusted earnings per diluted share increased 24.8% year over year to $1.56 with a $0.01 negative impact from FX in the quarter. In this quarter, remeasurement gains on reserves totaled $43,000,000 reducing benefits. Variable investment income ran $17,000,000 above our long term return expectations. Adjusted book value per share, excluding foreign currency remeasurement, increased 3.2%.

The adjusted ROE was 1214.5% excluding FX 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 term premiums for the quarter declined 5.4%. This decline reflects a 7,200,000,000.0 yen negative impact from an internal cancer reinsurance transaction executed in the fourth quarter of twenty twenty four and a 4,400,000,000 negative impact from paid up policies.

In addition, there's a 300,000,000 yen positive impact from deferred profit liability. At the same time, policies in force declined 2.3%. Japan's total benefit ratio came in at 66.5% for the quarter, up 40 basis points year over year and 62.5% for the year. The third sector benefit ratio was 56.9% for the quarter, up approximately 70 basis points year over year. We estimate the impact from re measurement gains to be approximately 100 basis points favorable to the benefit ratio in Q4 twenty twenty four.

Long term experience trends as they relate to treatment of cancer and hospitalization continue to be in place, leading to continued favorable underwriting experience. Persistency remained solid at 93.4%, which was unchanged year over year and in line with our expectations. Our expense ratio in Japan was 20.8% for the quarter, down 30 basis points year over year, driven primarily by a decline in expenses. For the year, the expense ratio in Japan was 19.1%. For the quarter, adjusted net investment income in yen terms was up 3.7% as the transfer of assets to Aflac Reed Bermuda associated with reinsurance and lower floating rate income was more than offset by higher returns from structured private credit, infrastructure and our alternatives portfolio.

Adjusted net investment income was up 12.1% for the year. The pretax margin for Japan in the quarter was 31.6%, up 120 basis points year over year, a very good result. For the full year, the pretax margin was even stronger, 36%, which is also the highest in thirty years. Turning to U. S.

Results. Net and premium was up 2.7%. Persistency increased 70 basis points year over year to 79.3%. Our U. S.

Total benefit ratio came in at 46.3%, one hundred and seventy basis points higher than Q4 twenty twenty three, driven by lower remeasurement gains than a year ago. We estimate that the remeasurement gains impacted the benefit ratio by approximately 170 basis points in the quarter. Claims utilization has rebounded from depressed levels during the pandemic and are now more in line with our long term expectations. For the full year, The U. S.

Total benefit ratio was 46.8%. Our expense ratio in The U. S. Was 40.3%, down three ten basis points year over year, primarily driven by Platform's improving scale and strong expense management. For the year, The U.

S. Expense ratio was 38.5%. Our growth initiatives, Group Life and Disability, Network Dental and Vision and Direct to Consumer, increased our total expense ratio by 170 basis points for the quarter. This is in line with our expectations, and we would expect this impact to decrease going forward as these businesses grow to scale and improve their profitability. Adjusted net investment income in The U.

S. Was up 0.9% for the quarter, mainly driven by higher returns from alternatives and 3.3% for the year. Profitability in The U. S. Segment was solid with a pretax margin of 19.7%, also a good result, as was the 21.1% for the full year.

We continue managing through the worst commercial real estate downturn in decades. During the quarter, we increased our CECL reserves associated with our commercial real estate portfolio by $40,000,000 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. We continue to believe that the current distressed market does not reflect the true intrinsic value of our portfolio, which is why we are confident in our ability to take ownership of these assets, manage them through the cycle and maximize our recoveries. Our portfolio of first lien senior secured middle market loans continue to perform well, with losses below our expectations for this point in the cycle.

In our corporate segment, we recorded a pretax loss of $4,000,000 Adjusted net investment income was $153,000,000 higher than last year due to a combination of continued lower volume of tax credit investments, higher rates and asset balances, which included the impact of the reinsurance transaction in Q4 twenty twenty four, which was similar in structure and economics in yen terms to our October 2023 transaction. These tax credit investments impacted the corporate net investment income line for U. S. GAAP purposes negatively by $46,000,000 in the quarter with an associated credit to the tax line. The net impact to our bottom line was a positive $4,000,000 in the quarter.

To date, these investments are performing well and in line with our expectations. Our capital position remains strong, and we ended the quarter with an SMR above 1150%, an estimated ESR above 270%. Our combined RBC, while not finalized, we estimate to be greater than 650%. These are strong capital ratios, which we actively monitor, stress and manage to withstand credit cycles as well as external shocks. U.

S. Statutory impairments were $3,000,000 and it was 700,000,000 yen of Japan FSA impairments in Q4. This is well within our expectations and with limited impact to both earnings and capital. Our leverage was 19.7% for the quarter, which is just below our target range of 20% to 25%. As we hold approximately 60% 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. Unencumbered holding company liquidity stood at $4,100,000,000 2 point 3 billion dollars above our minimum balance. We repurchased $750,000,000 of our own stock and paid dividends of $277,000,000 in Q4, 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. On December 3, we shared estimated ranges for annual key metrics for both segments for 2025 through 2027 at our financial analysts briefing, and we continue to stand by these ranges. However, for 2025, we expect the benefit ratio in Japan to be toward the higher end of the 64% to 66% range, And we continue to expect the expense ratio to be at the lower end of the 20% to 23% range as we pursue various growth and strategic initiatives. As a result, we expect the Aflac Japan's pretax profit margin to be at the lower end of the 30% to 33% range. In The U.

S, we expect the benefit ratio for 2025 to be at the lower end of the forty eight percent to 52% range and the expense ratio to be at the upper end of the 36% to 39% range as we continue to scale new business lines. At the same time, we expect pretax profit margin for 2025 in The U. S. To be at the upper end of the 17% to 20% range. Thank you.

I'll now hand it back to David to begin Q and A.

Thank you, Max. Before we begin our Q and A, we ask that you please limit yourself to one initial question and A, we ask that you

please limit yourself to one initial question and a

related follow-up. You may then rejoin the queue. We will now take the first question.

We will now begin the question and answer session. And our first question will come from Joel Herwick of Dohling and Partners. Please go ahead.

Hey, good morning. I want to start on U. S. Sales. Virgil, can you just provide some more color what you're seeing in the competitive environment that's impacting your sales?

Is it specific products or specific areas of the market?

Thank you, Joel. Good morning. Yes, first, let me set the stage for going into the fourth quarter. We knew going through the fourth quarter, Joel, that we were up against one of the tougher comparisons for Q4. In Q4 of twenty twenty three, that was one of the largest sales quarters we've had in the history of Aflac.

So we knew we had to have strong solid performance. The second thing I would say is that we also knew that we would stick to the underwriting discipline we have put forth in our Group DB products. What that really means is that we're not going to be bringing business on board that does not fit our profit profile. Therefore, businesses that have high turnover, businesses that you have low claims filing, we're not going to accept those because they're not good for the company longer term. This stronger underwriting discipline helps sets us up for profitable business and profitable growth in the long term vision that we have at Aflac.

Then the third thing I would say is, we knew that the market needs to respond to the improvements we've made with our Dental and Vision platform. I had disclosed prior in prior conversations that we had a failed system implementation that we were recovering from. I'm very pleased with the recovery that we've seen though. A partnership that we formed with one of the industry leading third party administrators out there has helped substantially move the needle on improvements and we are open for business. We needed to get the brokers and our veteran agents to come back on board and really put that product back in the market.

It's a very competitive product. And quite frankly, we did not get the response that we needed. We saw a 33% decline in our dental sales for Q4. Along with the dental sales themselves though, there's the impact that we call halo, which means that on a general census, we get additional voluntary benefit sales when we sell the dental product. Those are really the things that we add them up that impacted how we really performed in that Q4.

I would say, Jordan, I'm disappointed with the softer sales, but I'm very pleased with our overall performance. We did demonstrate those solid financial management. As you heard from Max, you heard from Dan. They mentioned that our pretax earnings were up 9.3%, our margins were up 1.3%, Earned premiums up 2.7%. Persisity up 0.7%.

Overall, very pleased with that. That tells you though this management discipline of making sure that we're looking at profitable business is generating the response that we need. We reduced expenses by 3.1%. And then overall, we were able to give additional value to our policyholders with an increased benefit ratio. Now we're watching that very closely, but very solid performance based on that discipline we put out there in the market.

All right. Very helpful. Thank you. And then for my second one, just wanted to move to the 25 OLECOMs area that Max provided. So for Japan, you guided to the pretax margin to be at the low end of the range, which is below where I was and I think most were.

I think it's largely on net investment income and there's some misunderstanding on how the accounting works on the floating rate security hedges. Could you just provide more color on how the benefits from those hedges flow through earnings?

Yes. Thank you, Joel. So we obviously have a floating rate book in the Japan segment that is a little bit less than $9,000,000,000 of notional balance. Also at the corporate segment, we have a little bit over $4,000,000,000 of cash that is invested at the short end of the curve. That means that all these asset balances are very sensitive to sulfur.

And that is both the one month and the three month sulfur that they reprice at. As we go into 2025, obviously, we had a rate cut in December and there is an expectation about further rate cuts in 2025 when you look at the forward curves. When we just inject the forward curves onto our projected yields for 2025, that means that they are likely to be lower than what they were in 2024. So that is why our floating rate income is expected to be lower. As it relates to our interest rate swap, this is really a tail hedge swap that made sure that we protected our floating rate income from any significant declines in interest rates at the short end of the curve.

That means that obviously we are at higher rates now than when this swap was entered into. That means that it is out of the money and somewhat ineffective at this point. And that's why you see the full brunt of any relatively even relatively small declines of interest rates at the short end immediately flows through and impacts our net investment income in 2025. Also the mark to market component of the interest rate swap that falls below the line in the realized gainslosses I. E.

Outside of adjusted earnings but obviously included in our U. S. GAAP earnings. I hope that's helpful.

The next question comes from Jimmy Bhullar of JPMorgan. Please go ahead.

for Dan or for Charles. On Japan sales, you obviously grew at a strong pace this quarter. But if you look at where sales are versus where they used to be pre pandemic, they're still fairly depressed. So just wondering what's changed in the market and what's your optimism of being able to get to in an absolute sense the sales level that you had before that will allow you to potentially grow your in force as opposed to report declining premium growth?

Koide, do you want to start with that? Or let Yoshizumi

After the pandemic, most of the activities amongst the public has recovered. So we do not see we see that it has recovered and that is So we have been focusing on making a recovery in a solicitor's activity because during the two, three years of the COVID, the sales activities have been stagnant. So that has been a focus point, which is to make a recovery in the activity.

So let me answer. This is Yoshizumi. First of all, we have gone through this marketing and sales transformation starting January. This is to conduct integrated or end to end marketing activities based on the different brand group pipelines starting with medical, cancer, asset formation and nursing care. And we will be continuously injecting our competitive products centered around our main product, cancer and medical insurance.

And we plan to launch a new cancer reinsurance product in stages from March to April in order to respond to changing customer needs. And now with the launch of the new product Tsumitats, which was launched last June 2024, we have managed to expand our product lineup and now been able to approach more greater customer audience. And we will be executing measures in order to develop and enhance the potential of the Solicitors Agency. With these efforts, we would like to recover our performance on the pre COVID level. That's all.

Aflac (AFL) Q4 2024 Earnings Call Transcript

Company Participants