Aflac dividend: payout and cash coverage
Aflac currently pays $0.61 per quarter and has a record of annual increases. The latest year paid out more to common shareholders than it earned, so dividend coverage depends on subsidiary cash generation and capital needs.
How much does Aflac pay in dividends?
The dividend base case rises from the current $0.61 quarterly rate to the measured annual increases shown in the table. The bear freezes the payout at $2.44 per share because Japan’s runoff, U.S. claims and capital demands could make the board cautious. The bull reaches $3.00 because higher investment income and subsidiary remittances support faster increases. Aflac’s 43-year record of annual increases supports the base, but 2025 distributions exceeded net income.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 6.82 | 9.63 | 7.78 | 6.93 | 6.25 |
| − Dividends, per share | 2.32 | 2.05 | 1.73 | 1.59 | 1.37 |
| − Share buybacks, per share | 6.60 | 4.96 | 4.68 | 3.77 | 3.40 |
| = Kept, per share | 2.63 | 1.38 | 1.57 | 1.48 |
What this means. In 2025, the company paid shareholders more than it earned because dividends plus share buybacks exceeded its profit per share.
Does Aflac’s cash cover its dividend?
The payout therefore needs context. In the latest year, Aflac paid out more to common shareholders than it earned for them. That does not automatically signal distress because an insurer can use capital accumulated earlier, but it does make buybacks discretionary rather than guaranteed. The central test is whether subsidiary cash generation can support shareholder returns without weakening the insurance operation.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 3,646 | 5,443 | 4,659 | 4,418 | 4,231 |
| = Earnings for common shareholders | 3,646 | 5,443 | 4,659 | 4,418 | 4,231 |
| − Dividends declared on common shares | 1,241 | 1,159 | 1,033 | 1,014 | 928 |
| − Share buybacks | 3,530 | 2,800 | 2,801 | 2,401 | 2,301 |
| = Kept to grow and build capital | 1,484 | 825 | 1,003 | 1,002 | |
| = Paid out more than it earned | 1,125 |
What could change Aflac’s dividend?
For 2026, management expects Japan underlying earned premiums to decline 1% to 2%. It expects U.S. net earned premium growth just below 3%. Its 2025–2027 U.S. target is a 3% to 6% CAGR. It targets annualized subsidiary dividends of $2,400 million to $3,000 million, subject to regulated subsidiaries’ remittances.
The view moves toward bear if Japan’s APIF and earned premiums deteriorate through 2027–2029, or if sales rise without replacing paid-up policies. Persistent U.S. benefit-ratio pressure during 2027–2028 would weaken margins and earnings.
What is Aflac’s dividend yield today?
The table sets out today's share price, market value, valuation multiples and dividend yield.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 119.97 |
| Market value (calculated) | 60,146.16 |
| Dividend yield (calculated) | 2.0% |
What this means. The core-earnings price-to-earnings figure uses Aflac’s own adjusted profit measure, so it differs from the ordinary price-to-earnings figure.