Investment Thesis
Aflac sells supplemental insurance products in Japan and the U.S., generating stable float and investment income. Agents, bancassurance partnerships, and cancer insurance leadership sustain cash generation.
- Japan Franchise: Deep relationships with Japan Post and banks drive policy sales.
- Product Diversification: U.S. combines worksite benefits, dental/vision, and group offerings.
- Capital Returns: Robust free cash flow funds dividends and buybacks.