AFLAC Business Summary

Aflac Inc. (AFL) operates as a leading provider of supplemental health and life insurance, generating revenue primarily through insurance premiums and income from a massive $100 billion+ investment portfolio. The company’s business model is bifurcated into two primary segments: Aflac Japan, which contributes the majority of total earnings by focusing on "third sector" products like cancer and medical insurance, and Aflac U.S., which provides supplemental disability, accident, and critical illness coverage. Aflac utilizes a multi-channel distribution strategy, leveraging a vast network of independent agents and brokers to sell policies directly to consumers at their worksites via payroll deduction. Its primary direct competitors include Unum Group (specifically its Colonial Life brand), MetLife, Prudential Financial, and American International Group (AIG). Within this landscape, Aflac maintains a dominant market position as the number one provider of supplemental health insurance in both the United States and Japan, differentiating itself through a specialized focus on "gap" coverage rather than traditional core medical insurance. Aflac was founded in 1955 by brothers John, Paul, and Bill Amos in Columbus, Georgia. The company is currently led by Chairman and CEO Daniel P. Amos, who has served as Chief Executive since 1990 and is the longest-tenured CEO in the Fortune 250. The executive leadership team includes Virgil R. Miller, who was promoted to President of Aflac Incorporated and Aflac U.S. in early 2025, and Max K. Brodén, the Senior Executive Vice President and Chief Financial Officer. Other key leaders include Audrey Boone Tillman (Senior EVP and General Counsel), Bradley E. Dyslin (EVP and Global Chief Investment Officer), and Masatoshi Koide (President of Aflac Life Insurance Japan). The company’s Board of Directors features notable members such as Lead Non-Management Director W. Paul Bowers, former Chairman of Georgia Power, and Nobuchika Mori, the former Commissioner of the Japan Financial Services Agency, reflecting the company’s deep strategic ties to its primary Japanese market.