Aflac Incorporated AFL

Company Overview

Aflac Incorporated is a U.S.-based insurance holding company that specializes in supplemental health and life insurance products. The company operates primarily through its insurance subsidiaries in Japan and the United States, offering products designed to provide cash benefits for policyholders facing medical expenses, disability, accidents, cancer diagnoses, hospitalization, and loss of income. Aflac is widely recognized for its supplemental insurance model, which differs from primary medical insurance by paying policyholders directly rather than healthcare providers. Its principal revenue drivers are premium income from insurance policies and investment income generated from its large portfolio of fixed-income securities and other invested assets.

The company was founded in 1955 in Columbus, Georgia, by brothers John, Paul, and Bill Amos as American Family Life Assurance Company. Aflac expanded significantly into the Japanese market beginning in the 1970s, where it became one of the leading providers of cancer and medical insurance products. Over time, the company evolved from a regional supplemental insurer into a multinational insurance organization with strong brand recognition, aided in part by its long-running advertising campaigns and distribution partnerships with financial institutions and employers. Aflac’s strategic positioning has historically been supported by its scale in supplemental insurance, strong cash flow generation, and dominant market presence in Japan’s cancer insurance segment.