Q4 2025 Aflac Inc Earnings Call

February 5, 2026

Speaker #1: Good morning, everyone, and welcome to the Aflac Incorporated fourth quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Operator: Good morning, everyone, and welcome to the Aflac Incorporated Q4 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touch-tone phone. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. I would now like to turn the floor over to David Young, Vice President of Capital Markets. Please go ahead.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touch-tone phone.

Speaker #1: Press star and two. To withdraw your questions, you may. Please also note today's event is being recorded. I would now like to turn the floor over to David Young, Vice President of Capital Markets.

Speaker #1: Please go

Speaker #1: ahead. Good morning and

David Young: Good morning and welcome. Thank you for joining us for Aflac Incorporated's Fourth Quarter 2025 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 Broden, Senior Executive Vice President and CFO of Aflac Incorporated, will provide more detail on our financial results for the quarter, current capital, and liquidity. These topics are also addressed in the materials we posted with our earnings release, financial supplement, and quarterly CFO update on our investors.aflac.com. For Q&A today, we are joined by Virgil Miller, President of Aflac Incorporated and Aflac U.S., Charles Lake, Chairman and Representative Director, President of Aflac International, Masatoshi Koide, President and Representative Director, Aflac Life Insurance Japan, and Brad Dyslin, Global Chief Investment Officer, President of Aflac Global Investments.

Q4 2025 Aflac Inc Earnings Call

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Q4 2025 Aflac Inc Earnings Call

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Thursday, February 5th, 2026 at 1:00 PM

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Speaker #2: Vice President and CFO of Aflac Incorporated, will provide more detail on our financial results for the quarter: current capital, and liquidity. These topics are also addressed in the materials we posted with our earnings release, financial supplement, and quarterly CFO update on our investors.aflac.com.

Speaker #2: For Aflac Incorporated, Virgil Miller, President of Aflac U.S.; Charles Lake, Chairman and Representative Director, President of Aflac International; Masatoshi Kouide, President and Representative Director of Aflac Life Insurance Japan; and Brad Dislin, Global Chief Investment Officer and President of Aflac Global Investments.

Speaker #2: 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.

David Young: 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-K 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.com. I'll now hand the call over to Dan. Dan?

Speaker #2: Actual results could differ materially from those we discuss today. We encourage on Form 10-K for some of the various risk factors that could materially impact our you to look at our annual report results.

Speaker #2: As I mentioned earlier, the earnings release was reconciliations of certain non-U.S. gap measures and related earnings materials are available on investors.aflac.com. I'll now hand the call over to Dan.

Speaker #2: Dan?

Speaker #3: Thank you, David, and good morning, everyone. We're glad you joined us. Aflac Incorporated reported fourth quarter net earnings per diluted share of $2.64 and adjusted earnings per diluted share of $1.57.

Daniel Amos: Thank you, David, and good morning, everyone. We're glad you joined us. Aflac Incorporated reported Q4 net earnings per diluted share of $2.64 and adjusted earnings per diluted share of $1.57. For the year, Aflac Incorporated reported net earnings per diluted share of $6.82 and adjusted earnings per diluted share of $7.49. Max will expand upon these strong results for the quarter in a moment, but before he does, I'd like to comment on our operations. Beginning with Japan, I am very pleased with Aflac Japan's sales increase of 15.7% for the Q4 and 16% for 2025. These strong sales results were driven largely by the remarkable 35.6% sales increase, mainly due to Miraito, our latest cancer insurance product launched in March. While still early, we are also excited about the positive reception our newest medical product, Anshin Palette, has received since its late December introduction.

Dan Amos: Thank you, David, and good morning, everyone. We're glad you joined us. Aflac Incorporated reported Q4 net earnings per diluted share of $2.64 and adjusted earnings per diluted share of $1.57. For the year, Aflac Incorporated reported net earnings per diluted share of $6.82 and adjusted earnings per diluted share of $7.49. Max will expand upon these strong results for the quarter in a moment, but before he does, I'd like to comment on our operations. Beginning with Japan, I am very pleased with Aflac Japan's sales increase of 15.7% for the Q4 and 16% for 2025. These strong sales results were driven largely by the remarkable 35.6% sales increase, mainly due to Miraito, our latest cancer insurance product launched in March. While still early, we are also excited about the positive reception our newest medical product, Anshin Palette, has received since its late December introduction.

Speaker #3: For the year, Aflac Incorporated reported net earnings per diluted share of $6.82 and adjusted earnings per diluted share of $7.49. Max will expand upon these strong results for the quarter in a moment, but before he does, I'd like to comment on our operations.

Speaker #3: Beginning with Japan, I am very pleased with Aflac Japan's sales increase of 15.7% for the fourth quarter and 16% for 2025. These strong sales results were driven largely by the remarkable 35.6% sales increase, mainly due to Moraito, our latest cancer insurance product launched in March. While still early, we are also excited about the positive reception our newest medical product, Onshin Palette, has received since its late December introduction.

Speaker #3: As part of our ongoing strategy, we also continue to emphasize and promote the importance of third-sector protection to new and younger customers with our innovative first-sector product, Sumitas, which was repriced in September.

Daniel Amos: As part of our ongoing strategy, we also continue to emphasize and promote the importance of Third-sector protection to new and younger customers with our innovative First-sector product, Tsumitasu, which was repriced in September. While Premium persistency reflected lapses tied to the launch of Miraito, it still remains strong at 93.1% for the year. Our success with so many policyholders who realize the value of Aflac's products and keep them is a testament to Aflac's reputation, our strategy, and our customers' recognition of the value of our products. By maintaining this level of persistency while adding new premium through sales, we look to offset the impact of reinsurance and policies reaching paid-up status in the future. Maintaining strong persistency continues to be vital to the future of Aflac Japan. For the year, we also saw an increase in sales through each distribution channel.

Dan Amos: As part of our ongoing strategy, we also continue to emphasize and promote the importance of Third-sector protection to new and younger customers with our innovative First-sector product, Tsumitasu, which was repriced in September. While Premium persistency reflected lapses tied to the launch of Miraito, it still remains strong at 93.1% for the year. Our success with so many policyholders who realize the value of Aflac's products and keep them is a testament to Aflac's reputation, our strategy, and our customers' recognition of the value of our products. By maintaining this level of persistency while adding new premium through sales, we look to offset the impact of reinsurance and policies reaching paid-up status in the future. Maintaining strong persistency continues to be vital to the future of Aflac Japan. For the year, we also saw an increase in sales through each distribution channel.

Speaker #3: While premium persistency reflected lapses tied to the launch of Moraito, it still remains strong at year. Our 93.1% for the success with so many policyholders who realized the value of Aflac's products and keep them is a testament to Aflac's reputation, our strategy, and our customers' recognition of the value of our products.

Speaker #3: By maintaining this level of persistency, while adding new premium through sales, we look to offset the impact of reinsurance and policies reaching future. Maintaining strong persistency continues to be vital to the future of paid-up status in the Aflac Japan.

Speaker #3: For the year, we also saw an increase in sales through each distribution channel. Being where the customer wants to buy insurance has always been an important competitive strength of our growth strategy in Japan.

Daniel Amos: Being where the customer wants to buy insurance has always been an important competitive strength of our growth strategy in Japan. Our broadened networks of distribution channels, including agencies, alliance partners, and banks, are dedicated to continually optimizing opportunities to help provide financial protection to Japanese consumers. We will continue to work hard to support each channel as we evolve to meet customers' changing needs. Overall, I believe we have put in place the right people and the strategy to meet our customers' financial protection needs through their different stages of life. Turning to Aflac U.S., we generated nearly $1.6 billion in new sales in 2025, over 1/3 of which came from Q4. More importantly, we maintained strong premium persistency of 79.2% and increased net earned premiums by 2.9% for 2025.

Dan Amos: Being where the customer wants to buy insurance has always been an important competitive strength of our growth strategy in Japan. Our broadened networks of distribution channels, including agencies, alliance partners, and banks, are dedicated to continually optimizing opportunities to help provide financial protection to Japanese consumers. We will continue to work hard to support each channel as we evolve to meet customers' changing needs. Overall, I believe we have put in place the right people and the strategy to meet our customers' financial protection needs through their different stages of life. Turning to Aflac U.S., we generated nearly $1.6 billion in new sales in 2025, over 1/3 of which came from Q4. More importantly, we maintained strong premium persistency of 79.2% and increased net earned premiums by 2.9% for 2025.

Speaker #3: Our broadened networks of distribution channels including agencies, alliance partners, and banks are dedicated to continually optimizing opportunities to help provide financial protection to Japanese consumers.

Speaker #3: We will continue to work hard to support each channel as we evolve to meet customers' changing needs. Overall, I believe we have put in place the right people and the strategy to meet our customers' financial protection needs through their different stages of Turning to Aflac U.S., life.

Speaker #3: we generated nearly $1.6 billion in new sales in 2025. Over one-third quarter. More importantly, we maintain strong premium of which came from the fourth persistency of 79.2% and increased net earned premiums by 2.9% for 2025.

Speaker #3: We continue to focus on driving our profitable growth by exercising a strong underwriting discipline and maintaining strong premium persistency. We believe this will continue to drive net earned premium growth.

Daniel Amos: We continue to focus on driving our profitable growth by exercising a strong underwriting discipline and maintaining strong premium persistency. We believe this will continue to drive net earned premium growth. At the same time, Aflac U.S. has continued its prudent approach to expense management and maintaining a strong pretax margin, as Max will expand upon shortly. In both Japan and the United States, consumers continue to face financial hardships due to increasing out-of-pocket medical expenses. That is exactly where we come in as partners to be there when our policyholders need us most. As the pioneer of cancer insurance and the leader in the industry, our management teams, employees, and sales networks approach every day as a chance to help our policyholders fill the gap during challenging times, providing not just financial protection but also compassion and care.

Dan Amos: We continue to focus on driving our profitable growth by exercising a strong underwriting discipline and maintaining strong premium persistency. We believe this will continue to drive net earned premium growth. At the same time, Aflac U.S. has continued its prudent approach to expense management and maintaining a strong pretax margin, as Max will expand upon shortly. In both Japan and the United States, consumers continue to face financial hardships due to increasing out-of-pocket medical expenses. That is exactly where we come in as partners to be there when our policyholders need us most. As the pioneer of cancer insurance and the leader in the industry, our management teams, employees, and sales networks approach every day as a chance to help our policyholders fill the gap during challenging times, providing not just financial protection but also compassion and care.

Speaker #3: At the same time, Aflac U.S. has continued its prudent approach to expense management and maintaining a strong pre-tax margin, as Max will expand upon shortly.

Speaker #3: In both Japan and the United States, consumers continue to face financial hardships due to increasing out-of-pocket medical expenses. That is exactly where we come in as partners to be there when our policyholders need us most.

Speaker #3: As the pioneer of cancer insurance and the leader in the industry, our management teams, employees, and sales networks approach every day as a chance to help our policyholders fill the gap during challenging times, providing not just financial protection but also compassion and care.

Speaker #3: At the same time, we generate strong capital and cash flows on an ongoing basis, while maintaining our commitment to prudent liquidity and capital management.

Daniel Amos: At the same time, we generate strong capital and cash flows on an ongoing basis while maintaining our commitment to prudent liquidity and capital management. We continue to be pleased with our investments, producing solid net investment income. As an insurance company, our primary responsibility is to fulfill the promises we make to our policyholders while being responsive to the needs of our shareholders. Our financial strength is the foundation that backs up our promise to our policyholders, balanced with the financial flexibility and tactical capital deployment. I am very pleased with the company's financial strength, which supports our capital deployment, including the board's decision to increase the Q1 2026 dividend by 5.2%. In 2025, Aflac Incorporated deployed a record $3.5 billion to repurchase 33 million shares of our stock and paid dividends of $1.2 billion.

Dan Amos: At the same time, we generate strong capital and cash flows on an ongoing basis while maintaining our commitment to prudent liquidity and capital management. We continue to be pleased with our investments, producing solid net investment income. As an insurance company, our primary responsibility is to fulfill the promises we make to our policyholders while being responsive to the needs of our shareholders. Our financial strength is the foundation that backs up our promise to our policyholders, balanced with the financial flexibility and tactical capital deployment. I am very pleased with the company's financial strength, which supports our capital deployment, including the board's decision to increase the Q1 2026 dividend by 5.2%. In 2025, Aflac Incorporated deployed a record $3.5 billion to repurchase 33 million shares of our stock and paid dividends of $1.2 billion.

Speaker #3: We continue to be pleased with our investments producing solid net investment income. As an insurance company, our primary responsibility is to fulfill the promises we make to our policyholders while being responsive to the needs of our shareholders.

Speaker #3: Our financial strength is the foundation that backs up our promise to our policyholders balanced with the financial flexibility and tactical capital deployment. I am very pleased with the company's financial strength, which supports our capital deployment including the board's decision to increase the first quarter of 2026 dividend by 5.2%.

Speaker #3: In 2025, Aflac Incorporated deployed a record $3.5 billion to repurchase 33 million shares of our stock and paid dividends of $1.2 billion. We treasure our 43 consecutive years of dividend increases and remain committed to extending this record.

Daniel Amos: We treasure our 43 consecutive years of dividend increases and remain committed to extending this record. Combining share repurchase and dividends, we delivered nearly $4.8 billion back to the shareholders in 2025. In doing so, we have maintained our position among companies with the highest return on capital and the lowest cost of capital in the industry. 2025 also marked three significant milestones for Aflac: the 70th year since the company's founding, the 30th anniversary of what is now Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta, and the 25th anniversary of the Aflac Duck. Each of these noteworthy milestones demonstrates the staying power of the financial protection Aflac's products help provide and the privilege of helping enrich the lives of millions of people.

Dan Amos: We treasure our 43 consecutive years of dividend increases and remain committed to extending this record. Combining share repurchase and dividends, we delivered nearly $4.8 billion back to the shareholders in 2025. In doing so, we have maintained our position among companies with the highest return on capital and the lowest cost of capital in the industry. 2025 also marked three significant milestones for Aflac: the 70th year since the company's founding, the 30th anniversary of what is now Aflac Cancer and Blood Disorders Center of Children's Healthcare of Atlanta, and the 25th anniversary of the Aflac Duck. Each of these noteworthy milestones demonstrates the staying power of the financial protection Aflac's products help provide and the privilege of helping enrich the lives of millions of people.

Speaker #3: Combining share repurchase and dividends, we delivered nearly $4.8 billion back to the shareholders in 2025. In doing so, we have maintained our position among companies with the highest return in the industry.

Speaker #3: 2025 also marked three significant milestones for Aflac: the 70th year since the company's founding, the 30th anniversary of what is now the Aflac Cancer and Blood Disorder Center of Children's Healthcare of Atlanta, and the 25th anniversary of the Aflac Duck.

Speaker #3: Each of these noteworthy milestones demonstrates the staying power of the financial protection Aflac's products help provide, and the privilege of helping enrich the lives of millions of people.

Speaker #3: In today's complex healthcare environment, our relevant products' financial strength, powerful brand, and broad distribution Aflac as the ideal they navigate the financial strain from out-of-pocket medical costs.

Daniel Amos: In today's complex healthcare environment, our relevant products, financial strength, powerful brand, and broad distribution network uniquely position Aflac as the ideal partner for consumers as they navigate the financial strain from out-of-pocket medical costs. The enduring foundational strengths of our business and our capacity for continued growth in Japan and the US, two of the largest life insurance markets in the world, support 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?

Dan Amos: In today's complex healthcare environment, our relevant products, financial strength, powerful brand, and broad distribution network uniquely position Aflac as the ideal partner for consumers as they navigate the financial strain from out-of-pocket medical costs. The enduring foundational strengths of our business and our capacity for continued growth in Japan and the US, two of the largest life insurance markets in the world, support 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?

Speaker #3: The enduring foundational strengths of our business and our capacity for continued growth in Japan and the U.S.—two of the largest life insurance markets in the world—support our leading position and build on our momentum.

Speaker #3: I will now turn the program over to Max to cover more details of the financial results.

Speaker #2: Thank you, Dan. For the fourth quarter of 2025, adjusted earnings per diluted share increased 0.6% year over year. To $1.57, excluding effect of foreign currency in the quarter.

Max Broden: Thank you, Dan. For Q4 2025, adjusted earnings per diluted share increased 0.6% year-over-year to $1.57, excluding effect of foreign currency in the quarter. In this quarter, remeasurement gains on reserves totaled $36 million, reducing benefits. Variable investment income ran $12 million below our long-term return expectations. Adjusted book value per share, excluding foreign currency remeasurement, increased 0.5%. The adjusted ROE was 11.7% and 14.5%, excluding foreign currency remeasurement, a solid spread to our cost of capital. Overall, we view these results in the quarter as solid. Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 1.9%. Aflac Japan's underlying earned premiums, which excludes the impact of deferred profit liability, paid-up policies, and reinsurance, declined 1.2%. We believe this metric provides a clearer insight into long-term premium trends.

Speaker #2: In this quarter, reimbursement gains on reserves totaled $36 million, reducing benefits. Variable investment income ran $12 million below our long-term return expectations. Adjusted book value per share, excluding foreign currency reimbursement, increased 0.5%.

Speaker #2: The adjusted ROE was 11.7% and 14.5%, excluding foreign currency reimbursement. A solid spread to our cost of capital. Overall, we view these results in the quarter as solid.

Speaker #2: Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 1.9%. Aflac Japan's underlying earned premiums which excludes the impact of deferred profit liability paid out policies and reinsurance declined 1.2%.

Speaker #2: We believe this metric provides a clearer insight into long-term premium trends. Japan's total benefit ratio came in at 65% for the quarter, down 150 basis points year over year.

Max Broden: Japan's total benefit ratio came in at 65% for the quarter, down 150 basis points year-over-year. We estimate the impact from reserve remeasurement gains to be approximately 110 basis points favorable to the benefit ratio in Q4 2025. Long-term experience trends, as they relate to treatments of cancer and hospitalization, continue to be in place, leading to continued favorable underwriting experience. Persistency remains solid year-over-year and in line with our expectations at 93.1%. With refreshed product introductions, we generally see an uptick in lapse and reissue activity, causing reported lapsation to increase. We did experience this uptick with our recently launched cancer insurance product, but overall lapses remain within our expectations. Lapses on our first-sector savings block remain low and in line with previous periods, despite the increase in yen interest rates.

Speaker #2: We estimate the impact from reserve reimbursement gains to be approximately 110 basis points favorable to the benefit ratio in Q4 2025. Long-term experience trends, as they relate to treatments of cancer and hospitalization, continue to be in place.

Speaker #2: Leading to continued favorable underwriting experience. Persistency remains solid year over year and in line with our expectations at 93.1%. With refreshed product introductions, we generally see an uptick in laps and reissue activity, causing reported lapsation to increase.

Speaker #2: We did experience this uptick with our recently launched cancer insurance product, but overall lapses remain within our expectations. Lapses on our first sector savings block remain low and in line with previous periods, despite the increase in yen interest Japan was 22% for the rates.

Max Broden: Our expense ratio in Japan was 22% for the quarter, up 120 basis points year-over-year, driven primarily by sales promotion expenses associated with higher sales. For the quarter, adjusted net investment income in yen terms was down 3.9%, primarily driven by lower floating-rate income on our US dollar book and lower variable investment income, partially offset by higher US dollar fixed income due to higher volume. The pretax margin for Japan in the quarter was 31.3%, down 30 basis points year-over-year, a very good result. Now, turning to US results, net earned premiums were up 4% while premium persistency declined slightly by 10 basis points year-over-year. It remains strong at 79.2%.

Speaker #2: Quarter, up 120 basis points. Our expense ratio is up year over year, driven primarily by sales promotion expenses associated with higher sales. For the quarter, adjusted net investment income in yen terms was down 3.9%.

Speaker #2: Primarily driven by lower floating rate income on our US dollar book, and lower variable investment income, partially offset by higher US dollar fixed income due to higher volume.

Speaker #2: The pre-tax margin for Japan in the quarter was 31.3%, down 30 basis points year over year. A very good result. Now, turning to US results.

Speaker #2: Net earned premiums were up 4%, while premium persistency declined slightly by 10 basis points year over year. It remains strong at 79.2%. Our total benefit ratio came in at 48.6%.

Max Broden: Our total benefit ratio came in at 48.6%, 230 basis points higher than Q4 2024, driven by prior-year endorsements and higher claims activity on our individual voluntary block, as well as a higher benefit ratio on group life and disability. We estimate that reserve remeasurement gains impacted the benefit ratio by approximately 140 basis points in the quarter. Our expense ratio in the US was 40.4%, up 10 basis points year-over-year, primarily driven by timing of spend from previous quarters. Our growth initiatives, Group Life and Disability, Network Dental and Vision, and Direct to Consumer, increased the expense ratio by 60 basis points in the quarter. This is in line with our expectations as these businesses continue to scale. Adjusted net investment income in the US was down 2.8% for the quarter, primarily driven by a reduction in floating-rate assets and corresponding rates. Profitability in the US.

Speaker #2: $230 basis points higher than Q4 2024. Driven by prior year endorsements and higher claims activity on our individual voluntary block, as well as a higher benefit ratio on group life and disability.

Speaker #2: We estimate that reserve reimbursement gains impacted the benefit ratio by approximately $140 basis points in the quarter. Our expense ratio in the US was 40.4%, up 10 basis points year over year.

Speaker #2: Primarily driven by timing of spend from previous quarters. Our growth initiatives—group life and disability, network dental vision, and direct-to-consumer—increased the expense ratio by 60 basis points in the quarter.

Speaker #2: This is in line with our expectations as these businesses continue to scale. Adjusted net investment income in the U.S. was down 2.8% for the quarter, primarily driven by a reduction in floating rate assets and corresponding rates.

Speaker #2: Profitability in the US segment was solid with a pre-tax margin of 17.4%. A $230 basis points stronger quarter a year ago. In corporate and other, we recorded pre-tax decrease compared with a adjusted loss of $31 million in the quarter.

Max Broden: Segment was solid, with a pretax margin of 17.4%, a 230 basis points decrease compared with a stronger quarter a year ago. In corporate and other, we record a pretax adjusted loss of $31 million in the quarter. Total premiums decreased on closed blocks of business. Adjusted net investment income was $1 million higher than last year due to a combination of lower volume of tax credit investments and higher asset balances. Our tax credit investments impacted the net investment income line for US GAAP purposes negatively by $43 million in the quarter, with an associated credit to the tax line. The total Q4 earnings benefit from tax credit investments was $13 million. Adjusted earnings declined due to lower revenues and higher adjusted expenses, driven primarily by higher costs pertaining to business operations and higher interest expense, partially offset by lower net benefits and claims.

Speaker #2: Total premiums decreased on closed blocks of business. Adjusted net investment income was $1 million higher than last year, due to a combination of lower volume of tax credit investments and higher asset balances.

Speaker #2: Our tax credit investments impacted a net investment income line for US GAAP purposes negatively by 43 million in the quarter. With an associated credit to the tax line.

Speaker #2: The total fourth quarter earnings benefit from tax credit investments was $13 million. Adjusted earnings declined due to lower revenues and higher adjusted expenses, driven primarily by higher costs pertaining to business operations and higher interest expense partially offset by lower net benefits and claims.

Speaker #2: We continue to be pleased with the performance of our investment portfolio. During the quarter, we did not record any portfolio losses. Additionally, we did not foreclose on any properties in the period.

Max Broden: We continue to be pleased with the performance of our investment portfolio. During the quarter, we did not record any charge-offs for the commercial real estate portfolio. Additionally, we did not foreclose on any properties in the period. On our portfolio of first lien senior secured middle market loans, we recorded charge-offs of $22 million in the quarter. For U.S. statutory, we recorded a $3 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, there were net realized gains of JPY 380 million for securities impairments in Q4, and we booked a valuation allowance of JPY 87 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

Speaker #2: On our portfolio of first lien senior secured middle market loans, we recorded charge-ups of $22 million in the quarter. For US statutory we recorded a $3 million valuation allowance on mortgage loans as an unrealized loss during the quarter.

Speaker #2: FSA basis, there were net On our Japan realized gains of $380 million yen for securities impairments in Q4. And we booked a valuation allowance of $87 million yen related to transitional real estate loans.

Speaker #2: This is well within our expectations and has a limited impact on regulatory earnings and capital. In the third quarter of 2025, we enhanced our liquidity and capital flexibility by $2 billion of two off-balance sheet pre-capitalized trusts, with the creation that issued securities commonly referred to as PCAPs.

Max Broden: In Q3 2025, we enhanced our liquidity and capital flexibility by $2 billion with the creation of two off-balance sheet pre-capitalized trusts that issued securities commonly referred to as P-Caps. With increased off-balance sheet capital resources and improved liquidity flexibility, we have lowered our minimum liquidity balance at the holding company by $750 million to $1 billion. This means that Aflac Inc. unencumbered liquidity stood at $4.1 billion, which was $3.1 billion above our minimum balance at the end of the quarter. The full P-Caps facility remains undrawn. Our adjusted leverage was 21.4% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 63% 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 US.

Speaker #2: With increased off-balance sheet capital resources and improved liquidity flexibility, we have lowered our minimum liquidity balance at the holding company by $750 million to $1 billion.

Speaker #2: This means that Aflac Inc unencumbered liquidity stood at 4.1 billion dollars, which was 3.1 billion dollars above our minimum balance at the end of the quarter.

Speaker #2: The full PCAP facility remains undrawn. Our adjusted leverage was 21.4% for the quarter, which is within our target range of 20 to 25%. As we hold approximately 63% of our debt in yen, this leverage ratio is impacted by moves in the yen dollar exchange rate.

Speaker #2: This is intentional and part of our enterprise hedging program, protecting the economic value of Aflac Japan in US dollar terms. Our capital position remains strong.

Max Broden: Dollar terms. Our capital position remains strong. We ended the quarter with an SMR above 970% and an estimated regulatory ESR with the undertaking specific parameter, or USP, of 253%. We estimate that the USP benefits the regulatory ESR by 18 points. We estimate our combined RBC to be 575%. These are strong capital ratios, which we actively monitor, stress, and manage to withstand market volatility and credit cycles as well as external shocks. We last updated our ESR sensitivities at our financial analysts' briefing in December 2024. Since then, we have seen significant movements in both the dollar/yen and yen interest rates, so we wanted to provide an updated estimate before the ESR comes into effect on 31 March 2025. We have deliberately improved our ALM during this time, which has led to reduced exposure to interest rate risk. We generally have lowered our sensitivities to market risk factors.

Speaker #2: We ended the quarter with an SMR above 970% and an estimated regulatory ESR with the OR USP of undertaking specific parameter at 253%. We estimate that the USP benefits the regulatory ESR by 18 points.

Speaker #2: We estimate our combined RBC to be $575%. These are strong capital ratios, which we actively monitor, stress, and manage to withstand market volatility and credit cycles as well as external shocks.

Speaker #2: We last updated our ESR sensitivities at our financial analysts' briefing in December 2024. Since then, we have seen significant movements in both the dollar yen and yen interest rates.

Speaker #2: So we wanted to provide an updated estimates before the ESR comes into effect on March 31st. We have deliberately improved our ALM during this time, which has led to reduced exposure to interest rate risk.

Speaker #2: We generally have lowered our sensitivities to market risk factors. We've also refreshed the sensitivity analysis related to our combined RBC ratio in the US.

Max Broden: We have also refreshed the sensitivity analysis related to our combined RBC ratio in the U.S. I will characterize these refreshed estimates also as being in line with what we shared at FAB in December 2024. Given the strengths of our capital and liquidity, we repurchased $800 million of our own stock and paid dividends of $303 million in Q4, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in the way 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. Before concluding, I would like to address our 2026 outlook. At our 2024 financial analysts' briefing, I provided ranges for net earned premiums, benefits and expense ratios, and pretax profit margin for each segment for 2025 through 2027.

Speaker #2: Our characterize these refreshed estimates also as being in line with what we shared at FAB in December 2024. Given the strength of our capital, and liquidity, we repurchased $800 million of our own stock and paid dividends of $303 million in Q4, offering good relative IRR on these capital deployments.

Speaker #2: We will continue to be flexible and tactical in the way 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.

Speaker #2: Before concluding, I would like to address our 2026 outlook. At our 2024 financial analyst briefing, I provided ranges for net earned premiums benefits and expense ratios and pre-tax profit margin for each segment for 2025 through 2027.

Speaker #2: These ranges remain substantially intact for 2026, but with a couple of exceptions. For Aflac Japan, we expect underlying earned premiums to decline 1% to 2%.

Max Broden: These ranges remain substantially intact for 2026, but with a couple of exceptions. For Aflac Japan, we expect underlying earned premiums to decline 1% to 2% in 2026, and we also expect the expense ratio to be in the 20% to 23% range. However, we expect the benefit ratio in Japan to be in the 60% to 63% range and the pretax profit margin to be in the 33% to 36% range. In the US, we continue to expect net earned premium growth to be in the lower end of the 3% to 6% range. We also expect the benefit ratio for 2026 to be in the 48% to 52% range and the expense ratio to be in the 36% to 39% range as we continue to scale new business lines.

Speaker #2: In 2026, we also expect the expense ratio to be in the 20 to 23% range. However, we expect the benefit ratio in Japan to be in the 60 to 63% range and the pre-tax profit margin to be in the 33 to 36% range.

Speaker #2: Expect net earned premium growth to be in the lower end of the 3% to 6% range. In the US, we continue to expect the benefit ratio for 2026 to be in the 48% to 52% range and the expense ratio to be in the 36% to 39% range as we continue to scale new business lines.

Speaker #2: At the same time, we expect pre-tax profit margin for 2026 to be in the range of 17 to 20%. Thank you. I will now turn the call back over to David for Q&A.

Max Broden: At the same time, we expect pretax profit margin for 2026 to be in the range of 17% to 20%. Thank you. I will now turn the call back over to David for Q&A. Thank you, Max. Before we begin our Q&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 will now take the first question. And ladies and gentlemen, we will now begin that question and answer session. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two. Our first question today comes from Wes Carmichael from Wells Fargo. Please go ahead with your question. Hey, good morning. Thank you.

Max Broden: At the same time, we expect pretax profit margin for 2026 to be in the range of 17% to 20%. Thank you. I will now turn the call back over to David for Q&A.

David Young: Thank you, Max. Before we begin our Q&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 will now take the first question.

Speaker #2: Thank you, Max. Before we begin our Q&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.

Speaker #2: We'll now take the first

Speaker #2: question. And ladies and

Operator: And ladies and gentlemen, we will now begin that question and answer session. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two. Our first question today comes from Wes Carmichael from Wells Fargo. Please go ahead with your question.

Speaker #1: gentlemen, we'll now begin that question and answer session. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two.

Speaker #1: Our first question today comes from Wes Carmichael from Wells Fargo. Please go ahead with your question.

Speaker #3: Hey, good morning. Thank you. I had a question on the Japan business and, Max, I think you touched on this a little bit in your prepared remarks, but in particular in the savings products wave for sector, you know, we've seen considerably.

Wes Carmichael: Hey, good morning. Thank you.

Max Broden: I had a question on the Japan business, and Max, I think you touched on this a little bit in your prepared remarks, but in particular in the savings products, WAYS, first sector, we've seen super long yields in Japan rise pretty considerably. And I think more broadly, there's some concern that we could see additional surrenders with interest-sensitive products. So curious if you expect higher levels of surrender going forward. I know that was pretty stable recently. But thank you, Wes, for the question. Yes, obviously, we've seen quite significant moves up, especially at the long end of the yen yield curve lately. And if everybody is 100% efficient in their behavior, you would expect both demand and potentially lapsation of enforced policies to increase somewhat. We have not experienced that yet, but obviously, it's something that we closely monitor and prepare the company for. Got it. Thank you.

Wes Carmichael: I had a question on the Japan business, and Max, I think you touched on this a little bit in your prepared remarks, but in particular in the savings products, WAYS, first sector, we've seen super long yields in Japan rise pretty considerably. And I think more broadly, there's some concern that we could see additional surrenders with interest-sensitive products. So curious if you expect higher levels of surrender going forward. I know that was pretty stable recently.

Speaker #3: And I think more broadly, there's some concern that we could see additional, I guess, surrenders with interest-sensitive products. So curious if you expect higher levels of surrender going forward.

Speaker #3: I know that was pretty stable recently.

Max Broden: But thank you, Wes, for the question. Yes, obviously, we've seen quite significant moves up, especially at the long end of the yen yield curve lately. And if everybody is 100% efficient in their behavior, you would expect both demand and potentially lapsation of enforced policies to increase somewhat. We have not experienced that yet, but obviously, it's something that we closely monitor and prepare the company for.

Speaker #1: question. Yes, obviously we've But thank you, Wes, for the seen quite significant moves up, especially at the long end of the yen yield curve lately.

Speaker #1: And if everybody is 100% efficient in their behavior, you would expect both demand and potentially laxation of enforced policies to increase somewhat. We have not experienced that yet.

Speaker #1: But obviously, it's something that we closely monitor and prepare the company for.

Speaker #1: for. Got it.

Wes Carmichael: Got it. Thank you.

Speaker #3: Thank you. And my follow-up's just on capital. It seems like you've got a lot of flexibility in terms of regulatory solvency in Japan and the US, but also at the parent two and you continue to be pretty tactical with the buyback.

Max Broden: And my follow-up is just on capital. It seems like you've got a lot of flexibility in terms of regulatory solvency in Japan and the US, but also at the Parent II. And you continue to be pretty tactical with the buyback. But curious, if once ESR is printed in 2026, is there any change to the thinking around M&A or capital deployment, just given the capital flexibility you have, and maybe what could be incremental for you? From a capital standpoint, we've been traveling with significant capital for quite some time, and we continue to both enhance and increase the flexibility of both the sources and how we can use that as well. When it comes to M&A, that's predominantly an operational and strategic question, and that secondarily is a financial question.

Wes Carmichael: And my follow-up is just on capital. It seems like you've got a lot of flexibility in terms of regulatory solvency in Japan and the US, but also at the Parent II. And you continue to be pretty tactical with the buyback. But curious, if once ESR is printed in 2026, is there any change to the thinking around M&A or capital deployment, just given the capital flexibility you have, and maybe what could be incremental for you?

Speaker #3: But curious if once ESR is printed in 2026, is there any change to the thinking around M&A or capital deployment, just given the capital flexibility you have?

Speaker #3: And maybe what could be an incremental for

Speaker #3: you? You know,

Speaker #1: from a capital standpoint, we've been traveling with significant capital for quite some time. And we continue to both enhance and increase the flexibility of both the sources and how we can use that as well.

Max Broden: From a capital standpoint, we've been traveling with significant capital for quite some time, and we continue to both enhance and increase the flexibility of both the sources and how we can use that as well. When it comes to M&A, that's predominantly an operational and strategic question, and that secondarily is a financial question.

Speaker #1: When it comes to M&A, that's predominantly an operational and strategic question, and then secondarily it's a financial question. So the way we evaluate M&A really goes through those lenses, and it needs to tick all those boxes.

Max Broden: So the way we evaluate M&A, it really goes through those lenses, and it needs to take all those boxes. But the fact of the matter is, do we have capital available if we wanted to do something? That is absolutely true. But I would also acknowledge that we are operating in a relatively narrow niche, both in the United States and in Japan, and to sort of find operational and strategic targets within those niches is relatively difficult to find. So we continue to obviously evaluate things, but for the time being, we're very happy with the businesses that we have. Thank you for the caller. Our next question comes from John Barnidge from Piper Sandler. Please go ahead with your question. Good morning. Thank you for the opportunity. My question is around Japan. Can you maybe talk about the lower benefit ratio embedded in the guidance?

Speaker #1: But the fact of the matter is, do we have capital available? If we wanted to do something that is absolutely true. But I would also acknowledge that we are operating in a relatively narrow niche both in the United States and in Japan.

Speaker #1: And to sort of find operational and strategic targets within those niches is relatively difficult to find. So we continue to obviously evaluate things, but for the time being, we're very happy with the businesses that we have.

Speaker #1: have. Thank you for the

Wes Carmichael: Thank you for the caller.

Speaker #3: color. Our next question comes from John Barnage from Piper Sandler. Please go ahead with your question.

Operator: Our next question comes from John Barnidge from Piper Sandler. Please go ahead with your question.

John Barnidge: Good morning. Thank you for the opportunity. My question is around Japan. Can you maybe talk about the lower benefit ratio embedded in the guidance?

Speaker #4: opportunity. My question Good morning. Thank you for the is around Japan. Can you maybe talk about the lower benefit ratio embedded in the guidance?

Speaker #4: And I think it's based on Japan new business versus the enforce block. I know there's been some repricing and new products being introduced. But how enduring does that benefit seem to be?

Max Broden: I think it's based on Japan new business versus the in-force block. I know there's been some repricing and new products being introduced, but how enduring does that benefit seem to be? Thank you. Thank you, John. So there's a couple of factors that are pushing our benefit ratio down on a GAAP basis in 2026. The first one, I would put in a more permanent category, and that is, as we updated our actuarial assumptions in Q3 2025, we lowered the net premium ratio by about 130 basis points. That is for the full in-force block, and that was obviously a one-timer in Q3, but it also feeds through into the future net premium ratio as well. So that is directly impacting the benefit ratio for future periods by 130 basis points lower, all things being equal.

John Barnidge: I think it's based on Japan new business versus the in-force block. I know there's been some repricing and new products being introduced, but how enduring does that benefit seem to be? Thank you.

Speaker #4: Thank

Speaker #4: you. Thank you, John.

Max Broden: Thank you, John. So there's a couple of factors that are pushing our benefit ratio down on a GAAP basis in 2026. The first one, I would put in a more permanent category, and that is, as we updated our actuarial assumptions in Q3 2025, we lowered the net premium ratio by about 130 basis points. That is for the full in-force block, and that was obviously a one-timer in Q3, but it also feeds through into the future net premium ratio as well. So that is directly impacting the benefit ratio for future periods by 130 basis points lower, all things being equal.

Speaker #1: So there's a couple of factors that is pushing our benefit ratio down on a gap basis in 2026. The first one, I would put in a more permanent category and that is as we updated our actuarial assumptions in the third quarter of 2025, we lowered the net premium ratio by about 130 basis points.

Speaker #1: That is for the full enforce block and that it was obviously a one-timer in the third quarter, but it also feeds through into the future net premium ratio as well.

Speaker #1: So that is directly impacting the benefit ratio for future periods by 130 basis points lower all things being equal. The other impact is with new product introductions that we've seen on our cancer product and as we now introduce our medical product, we've seen an elevation of laps and reissue activity when those product introductions take place.

Max Broden: The other impact is with new product introductions that we've seen on our cancer product, and as we now introduce our medical product, we've seen an elevation of lapse and reissue activity when those product introductions take place. When you have lapse and reissue increase, the old policies that lapse, we will then release the reserves associated with those policies, and it runs through our GAAP financials, lowering the benefit ratio. Generally speaking, we have lower reserves on our older policies than the new policies that we are reissuing. So that also has an impact for us. The last piece is, if you go back and analyze our full in-force, we did sell quite a lot of life insurance savings policies in the years 2010 through 2016, and this is the old WAYS product. That WAYS product runs through our GAAP financials with a very high benefit ratio.

Speaker #1: When you have lapses and reissue increase, the old policies that lapse, we will then release the reserves associated with those policies, and it runs through our GAAP financials, lowering the benefit ratio.

Speaker #1: And generally speaking, we have lower reserves on our older policies than the new policies that we are reissuing. So that also has an impact for us.

Speaker #1: The last piece is if you go back and analyze our full enforce, we did sell quite a lot of life insurance savings policies in the years 2010 through 2016.

Speaker #1: And this is the old WAIS product. That WAIS product runs through our gap financials with a very high benefit ratio. On an economic basis, it carries a significantly lower benefit ratio but on a gap basis, it's very high.

Max Broden: On an economic basis, it carries a significantly lower benefit ratio, but on a GAAP basis, it's very high. That block obviously is in runoff, and as that block shrinks, then obviously, the mixed impact is such that our total benefit ratio is then lower. So I will characterize those three factors as the main factors for the lower benefit ratio expected in 2026. Thanks, Max. And my related follow-up, sticking with Japan on distribution, looks like Tsumitasu got repriced and Anshin Palette got introduced. Can you talk about what you see as the total addressable market for these new products? And then within the context of Miraito and Ability, do you need to reprice that? Thank you. はい、ご質問ありがとうございます。日本のマーケティング営業を担当している吉住です。 Thank you for your question. This is Yoshizumi speaking from marketing and sales division of Aflac Japan. はい。おっしゃるとおり、昨年の9月に両立改定をしました。 As you mentioned, we went through a rate revision last September.

Speaker #1: That block obviously is in runoff, and as that block shrinks, then obviously the mix impact is such that our total benefit ratio is then lower.

Speaker #1: So our characterize those three factors as the main factors for the lower benefit ratio expected in 2026.

John Barnidge: Thanks, Max. And my related follow-up, sticking with Japan on distribution, looks like Tsumitasu got repriced and Anshin Palette got introduced. Can you talk about what you see as the total addressable market for these new products? And then within the context of Miraito and Ability, do you need to reprice that? Thank you.

Speaker #4: Thanks, Max. My related follow-up, sticking with Japan—on distribution, it looks like Sumitaso got repriced and Ancient Palette got introduced. Can you talk about what you see as the total addressable market for these new products?

Speaker #4: And then within the context of Mareacto, an ability—do you need to reprice that? Thank you.

Speaker #3: Hey, your question. This is Yoshizumi speaking from marketing and sales division of Aflac Japan. Hi. As you mentioned, we went through a rate revision last September.

Koichiro Yoshizumi: はい、ご質問ありがとうございます。日本のマーケティング営業を担当している吉住です。

[Translator]: Thank you for your question. This is Yoshizumi speaking from marketing and sales division of Aflac Japan.

Koichiro Yoshizumi: はい。おっしゃるとおり、昨年の9月に両立改定をしました。

[Translator]: As you mentioned, we went through a rate revision last September.

Max Broden: その後、順調に販売額も伸びてきております。 Since then, sales are growing steadily. ツミタスという商品の目的は、もともと日本がきっちり資産形成をしていくと、預貯金から資産を形成していくんだというところに国がシフトしてきていると。そういう中で、若中年層のそういう資産形成ニーズにフィットするべく商品を出しました。 The purpose of launching Tsumitasu is to respond to the citizens' needs of asset formation, as the government is also promoting people to shift from saving to investment. So our purpose was to encourage those young and middle-aged generations to promote such activities. はい。だからマーケットとしては、個人の円で定額で安定した資産を形成していきたいという人たちがマーケットということになります。 Our market audience will be those of the individual customers who seek for yen-denominated level payment products. ただ、中高年層の方にもこのツミタスという商品は非常に人気がある商品になってきました。 In fact, actually, the Tsumitasu is also gaining popularity from middle age to older generation. これは前脳の両立を変えたことによって、まとまったお金をお持ちの中高年の方にも販売が伸びるという結果を、いい効果をもたらすことができました。 This is a result from gaining attention and popularity from affluent customers who prefer to pay with the discounted advance premium option. ツミタスの特徴として、このツミタスのレートというのを機動的に、適切な時期にいつでも変えていけるというような商品になっていますので。 One of the Tsumitasu's strengths is the fact that we can change the premium rate in a timely manner with agility.

Koichiro Yoshizumi: その後、順調に販売額も伸びてきております。

[Translator]: Since then, sales are growing steadily.

Speaker #3: And since then, sales are growing steadily. And the purpose of launching Sumitas is to respond to the citizens' needs of asset formation as the government is also promoting people to shift from saving to investment.

Koichiro Yoshizumi: ツミタスという商品の目的は、もともと日本がきっちり資産形成をしていくと、預貯金から資産を形成していくんだというところに国がシフトしてきていると。そういう中で、若中年層のそういう資産形成ニーズにフィットするべく商品を出しました。

[Translator]: The purpose of launching Tsumitasu is to respond to the citizens' needs of asset formation, as the government is also promoting people to shift from saving to investment. So our purpose was to encourage those young and middle-aged generations to promote such activities.

Speaker #3: So we are purpose was to encourage those young and middle-aged generation to promote such activities. So our market audience will be those of the individual customers who seek for yen-denominated level payment products.

Koichiro Yoshizumi: はい。だからマーケットとしては、個人の円で定額で安定した資産を形成していきたいという人たちがマーケットということになります。

[Translator]: Our market audience will be those of the individual customers who seek for yen-denominated level payment products.

Koichiro Yoshizumi: ただ、中高年層の方にもこのツミタスという商品は非常に人気がある商品になってきました。

[Translator]: In fact, actually, the Tsumitasu is also gaining popularity from middle age to older generation.

Speaker #3: But in fact, actually, the Sumitas is also gaining popularity from middle-aged to older generation. This is a result from gaining attention and popularity from affluent customers whose preferred to pay advance premium with the DAP or discounted option.

Koichiro Yoshizumi: これは前脳の両立を変えたことによって、まとまったお金をお持ちの中高年の方にも販売が伸びるという結果を、いい効果をもたらすことができました。

[Translator]: This is a result from gaining attention and popularity from affluent customers who prefer to pay with the discounted advance premium option.

Koichiro Yoshizumi: ツミタスの特徴として、このツミタスのレートというのを機動的に、適切な時期にいつでも変えていけるというような商品になっていますので。

[Translator]: One of the Tsumitasu's strengths is the fact that we can change the premium rate in a timely manner with agility.

Speaker #3: One of the can change the premium rate in Sumitas' strengths is the fact that we a timely manner with agility. So going forward, whenever we interest rate given the interest rate market situation, when time comes, we will increase or decrease our premium rate as all from necessary.

Max Broden: この金利環境が変化する中で、金利を上げるべきときが来たら上げると。また、下げるべきときは下げるというようなことをやっていきたいと思っています。 So going forward, whenever we see a necessity given the interest rate market situation, when time comes, we will increase or decrease our premium rate as necessary. 以上です。 That's all from me. This is Dan. Let me just make a couple of comments about sales to have a more concise way of you looking at it. Miraito, our newest cancer policy, did terrific, better than we even thought. And we feel like it was a product that was wanted and needed by the consumers, and that's what's driving it. Saying that, we had enormous sales in 2025, and we would expect sales to be more level, where I think you'll see an increase in sales will be at the medical product. And also, the potential is for Tsumitasu, depending on what interest rates do, but that has the potential.

Koichiro Yoshizumi: この金利環境が変化する中で、金利を上げるべきときが来たら上げると。また、下げるべきときは下げるというようなことをやっていきたいと思っています。

[Translator]: So going forward, whenever we see a necessity given the interest rate market situation, when time comes, we will increase or decrease our premium rate as necessary.

Koichiro Yoshizumi: 以上です。

[Translator]: That's all from me.

Dan Amos: This is Dan. Let me just make a couple of comments about sales to have a more concise way of you looking at it. Miraito, our newest cancer policy, did terrific, better than we even thought. And we feel like it was a product that was wanted and needed by the consumers, and that's what's driving it. Saying that, we had enormous sales in 2025, and we would expect sales to be more level, where I think you'll see an increase in sales will be at the medical product. And also, the potential is for Tsumitasu, depending on what interest rates do, but that has the potential.

Speaker #1: This is Dan. Let me just make a couple of comments

Speaker #1: about sales to have a more concise way of you looking at That's it. Mareacto are newest cancer policy did terrific, better than we even thought.

Speaker #1: And we feel like it was a product that was wanted and needed by the consumers and that's what's driving it. Saying that, we had enormous sales in 2020.

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Q4 2025 Aflac Inc Earnings Call

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Q4 2025 Aflac Inc Earnings Call

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