Aflac Incorporated (AFL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Cambie al plan estratégico de Aflac Incorporated, una potencia en el seguro complementario que transforma la protección financiera en una red de seguridad integral. Al crear meticulosamente un modelo de negocio que equilibra las ofertas innovadoras de productos, las relaciones sólidas de los clientes y las asociaciones estratégicas, Aflac se ha posicionado como un líder en la tranquilidad durante los momentos médicos más desafiantes de la vida. Descubra cómo este gigante global de seguros aprovecha su lienzo de modelo de negocio único para ofrecer un valor incomparable a las personas, empresas y diversos segmentos de clientes en múltiples mercados.

AFLAC Incorporated (AFL) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de atención médica y redes de seguros

AFLAC mantiene asociaciones estratégicas con más de 500,000 agentes y corredores de seguros independientes en los Estados Unidos y Japón a partir de 2023. La compañía colabora con las principales redes de salud para optimizar los reclamos de seguros y la prestación de servicios.

Tipo de socio	Número de asociaciones	Cobertura del mercado
Agentes independientes	500,000+	Estados Unidos y Japón
Redes de atención médica	250+	A escala nacional

Asociaciones con instituciones financieras y bancos

AFLAC ha establecido asociaciones con múltiples instituciones financieras para expandir los canales de distribución y ofrecer productos financieros integrados.

• Banco de América
• Wells Fargo
• JPMorgan Chase
• Citigroup

Colaboración con empleadores para ofertas de seguros grupales

En 2023, AFLAC se asoció con aproximadamente 90,000 empleadores para proporcionar soluciones de seguros grupales complementarias. Estas asociaciones cubren diversas industrias, incluidas la atención médica, la tecnología, la fabricación y los servicios profesionales.

Sector industrial	Número de asociaciones de empleador
Cuidado de la salud	25,000
Tecnología	15,000
Fabricación	20,000
Servicios profesionales	30,000

Socios tecnológicos para la transformación digital y la innovación

AFLAC invierte en asociaciones tecnológicas para mejorar las capacidades digitales, con colaboraciones de tecnología clave que incluyen:

• Servicios en la nube de Microsoft Azure
• IBM Watson AI Solutions
• Integración de Salesforce CRM
• Servicios web de Amazon

Empresas de reaseguros para la gestión de riesgos

AFLAC trabaja con múltiples socios de reaseguro mundial para administrar y distribuir riesgos en su cartera de seguros. Las principales asociaciones de reaseguros incluyen:

Socio de reaseguros	Cobertura de reaseguro (miles de millones)
Swiss RE	$5.2
Munich re	$4.7
Hannover re	$3.9

AFLAC Incorporated (AFL) - Modelo de negocio: actividades clave

Suscripción de pólizas de seguro suplementarias

AFLAC procesó 114.9 millones de reclamos en 2022, con un pago total de reclamos de $ 13.4 mil millones. La compañía mantiene un Tasa de satisfacción del 98.5% de reclamos.

Tipo de póliza de seguro	Políticas anuales emitidas	Volumen premium
Seguro de cáncer	3.2 millones	$ 4.7 mil millones
Seguro de discapacidad	2.8 millones	$ 3.9 mil millones
Indemnización del hospital	2.5 millones	$ 3.5 mil millones

Procesamiento de reclamos y servicio al cliente

AFLAC opera un sistema de procesamiento de reclamos basado en tecnología con un tiempo de procesamiento promedio de 4.2 días.

• Los centros de servicio al cliente manejan 18,3 millones de interacciones con el cliente anualmente
• Tasa de envío de reclamos digitales: 72%
• Uso de la aplicación móvil para reclamos: 1.6 millones de usuarios activos

Desarrollo de productos e innovación

La inversión de I + D en 2022 fue de $ 127 millones, centrándose en la transformación digital y los nuevos productos de seguros.

Área de innovación	Inversión	Nuevos productos lanzados
Plataformas digitales	$ 58 millones	3 nuevas plataformas de servicio digital
Diseño de productos	$ 42 millones	7 nuevos tipos de pólizas de seguro
Infraestructura tecnológica	$ 27 millones	2 actualizaciones principales del sistema

Marketing y adquisición de clientes

El gasto de marketing en 2022 fue de $ 342 millones, dirigido a 45-65 edad demográfica.

• Presupuesto de marketing digital: $ 127 millones
• Compromiso en las redes sociales: 2.3 millones de seguidores
• Costo de adquisición de clientes: $ 184 por nuevo titular de la póliza

Evaluación y gestión de riesgos

AFLAC mantiene un sólido marco de gestión de riesgos con $ 2.3 mil millones asignados a estrategias de mitigación de riesgos.

Categoría de riesgo	Presupuesto de mitigación	Porcentaje de reducción de riesgos
Riesgo de suscripción	$ 892 millones	Reducción del 87%
Riesgo de volatilidad del mercado	$ 673 millones	79% de cobertura
Riesgo operativo	$ 735 millones	92% Cumplimiento

AFLAC Incorporated (AFL) - Modelo de negocio: recursos clave

Fuerte reputación de marca en seguro suplementario

Valor de la marca AFLAC estimado en $ 5.4 mil millones a partir de 2023. Reconocimiento del mercado a través de la icónica mascota de pato utilizada desde 1999. Fortune 500 Company clasificada #86 en 2023.

Métrico de marca	Valor
Valor de marca	$ 5.4 mil millones
Ranking de Fortune 500	86

Red de distribución extensa

AFLAC opera en dos mercados primarios:

• Estados Unidos: 74,000 agencias de seguros independientes
• Japón: más de 93,000 representantes de ventas

Tecnología avanzada y plataformas digitales

Inversión tecnológica	Cantidad
Gasto de tecnología anual	$ 250 millones
Procesamiento de reclamos digitales	95% automatizado

Fuerza laboral calificada y experiencia en seguros

Total de empleados: 11,226 al 31 de diciembre de 2022. TENURA DEL EMPLEADO promedio: 9.2 años.

Capital financiero e cartera de inversiones

Métrica financiera	Valor 2022
Activos totales	$ 146.5 mil millones
Inversiones totales	$ 132.4 mil millones
Lngresos netos	$ 4.4 mil millones

AFLAC Incorporated (AFL) - Modelo de negocio: propuestas de valor

Cobertura de seguro complementaria integral

AFLAC ofrece diversos productos de seguro con el siguiente desglose de cobertura:

Categoría de productos	Ingresos anuales de prima	Penetración del mercado
Seguro de cáncer	$ 2.3 mil millones	37% del mercado suplementario
Seguro contra accidentes	$ 1.7 mil millones	28% del mercado suplementario
Seguro de discapacidad	$ 1.2 mil millones	22% del mercado suplementario
Seguro de vida	$ 0.8 mil millones	13% del mercado suplementario

Procesamiento de reclamos rápidos y confiables

Métricas de rendimiento de procesamiento de reclamos de AFLAC:

• Tiempo de procesamiento de reclamos promedio: 3.2 días hábiles
• Tasa de envío de reclamos digitales: 68%
• Tasa de aprobación de reclamos: 94.6%
• Procesamiento de reclamos móviles: 42% de las reclamaciones totales

Protección financiera durante emergencias médicas

Estadísticas de protección financiera:

Tipo de emergencia	Monto promedio de reclamo	Porcentaje de gastos cubiertos
Estadías en el hospital	$5,600	85%
Enfermedad crítica	$12,300	75%
Gastos relacionados con accidentes	$3,900	90%

Productos de seguro flexibles para individuos y grupos

Métricas de flexibilidad del producto:

• Opciones de personalización de políticas individuales: 17
• Configuraciones de políticas grupales: 12
• Tasa de ajuste de política anual: 36%
• Tasa de agrupación de productos cruzados: 44%

Tranquilidad para los asegurados durante los desafíos de salud

Métricas de satisfacción del titular de la póliza:

Métrica de satisfacción	Porcentaje
Tasa de retención de clientes	87%
Probabilidad de recomendación	79%
Satisfacción de reclamos	92%

AFLAC Incorporated (AFL) - Modelo de negocio: relaciones con los clientes

Servicio al cliente personalizado

AFLAC mantiene un equipo dedicado de servicio al cliente de 6.500 representantes a partir de 2023. La compañía brinda soporte de agente directo a través de:

• 1-800 líneas de atención al cliente
• Red de agentes locales con más de 70,000 agentes de seguros con licencia
• Servicios de asistencia de reclamos personalizados

Canal de servicio al cliente	Volumen de contacto anual
Soporte telefónico	4.2 millones de interacciones con los clientes
Soporte en línea	2.8 millones de interacciones digitales
Soporte de aplicaciones móviles	1,5 millones de interacciones móviles de usuario

Plataformas de autoservicio digital

Las plataformas digitales de AFLAC incluyen:

• Sistema de gestión de cuentas en línea de Myaflac
• Aplicación móvil con 92% de calificación de satisfacción del usuario
• Plataforma de envío de reclamos digitales

Actualizaciones regulares de comunicación y políticas

AFLAC utiliza múltiples canales de comunicación:

• Correos de extracto de política trimestral
• Boletines digitales mensuales
• Comunicaciones anuales de revisión de políticas

Canales de soporte en línea y móviles

Plataforma digital	Métricas de usuario
Descargas de aplicaciones móviles	1.3 millones de usuarios activos
Registros de cuentas en línea	2.5 millones de usuarios registrados
Procesamiento de reclamos digitales	68% de las reclamaciones procesadas digitalmente

Programas de fidelización y participación del cliente a largo plazo

Las estrategias de retención de clientes incluyen:

• Incentivos de renovación de políticas continuas
• Programa de descuento multipolicítico
• El seguimiento de recompensas de lealtad del cliente

Métrica de retención de clientes	Porcentaje
Tasa anual de renovación de políticas	87.5%
Porcentaje de cliente multipolicy	42%
Promedio de la tenencia del cliente	8.3 años

AFLAC Incorporated (AFL) - Modelo de negocio: canales

Representantes de ventas directas

A partir de 2023, AFLAC mantiene aproximadamente 70,000 representantes de ventas independientes en los Estados Unidos y Japón. Estos representantes generaron $ 22.1 mil millones en primas totales en 2022.

Canal de ventas	Número de representantes	Generación Total Premium
Estados Unidos	35,000	$ 12.3 mil millones
Japón	35,000	$ 9.8 mil millones

Portales de seguros en línea

Las plataformas digitales de AFLAC procesaron aproximadamente 1,5 millones de aplicaciones de seguros en línea en 2022, lo que representa el 35% del total de nuevas inscripciones de políticas.

• Tráfico del sitio web: 3.2 millones de visitantes únicos mensualmente
• Solicitudes de cotización en línea: 750,000 anualmente
• Gestión de políticas digitales: 65% de los clientes existentes

Aplicación móvil

La aplicación móvil AFLAC, lanzada en 2019, se ha descargado 1.2 millones de veces con una calificación de 4.5 estrellas en plataformas iOS y Android.

Métrica de la aplicación	2022 estadísticas
Descargas totales	1.2 millones
Usuarios activos mensuales	450,000

Agentes de seguros independientes

AFLAC colabora con más de 100,000 agentes de seguros independientes en todo el país, que contribuyen con el 40% de las ventas totales de pólizas nuevas.

• Tasa de comisión promedio: 20-25%
• Cobertura de la red de agentes: 50 estados
• Nuevas políticas a través de agentes: 480,000 anuales

Programas de inscripción patrocinados por el empleador

En 2022, AFLAC trabajó con 70,000 empleadores, cubriendo aproximadamente 5.2 millones de empleados a través de programas de beneficios voluntarios.

Métricas del programa de empleadores	Datos 2022
Total de empleadores asociados	70,000
Empleados cubiertos	5.2 millones
Penetración de beneficios voluntarios	42%

AFLAC Incorporated (AFL) - Modelo de negocio: segmentos de clientes

Consumidores de seguros individuales

AFLAC atiende a 50 millones de clientes en todo el mundo, con 40 millones de clientes en Japón y 10 millones en los Estados Unidos a partir de 2023.

Categoría de clientes	Total de clientes	Penetración del mercado
Consumidores individuales en Japón	40 millones	74% del mercado de seguros suplementarios
Consumidores individuales en Estados Unidos	10 millones	26% del mercado de seguros complementarios

Pequeñas y medianas empresas

AFLAC admite aproximadamente 180,000 pequeños y medianos clientes comerciales en todo Estados Unidos.

• Valor de póliza promedio por cliente PYME: $ 5,200
• Tasa de retención para clientes de PYME: 87%
• Industrias atendidas: atención médica, minorista, servicios profesionales

Grandes empleadores corporativos

AFLAC atiende a más de 5,000 grandes clientes corporativos con soluciones de beneficios para empleados.

Segmento corporativo	Número de clientes	Prima anual promedio
Fortune 500 Companies	1,200	$750,000
Corporaciones de nivel medio	3,800	$250,000

Profesionales de trabajo por cuenta propia

AFLAC cubre aproximadamente 750,000 profesionales autónomos en los Estados Unidos.

• Prima anual promedio: $ 3,600
• Profesiones principales: Freelancers, Consultores, Contratistas Independientes

Grupos demográficos específicos

AFLAC se dirige a segmentos demográficos específicos con productos de seguro personalizados.

Grupo demográfico	Total de individuos cubiertos	Producto clave
Millennials (25-40 años)	2.5 millones	Seguro de salud suplementario
Baby Boomers (55-75 años)	3.2 millones	Cobertura de enfermedades críticas

AFLAC Incorporated (AFL) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de productos e innovación

En 2023, AFLAC reportó gastos de I + D de $ 214 millones, lo que representa el 2.1% de los ingresos operativos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 214 millones	2.1%
2022	$ 198 millones	1.9%

Procesamiento de reclamos y costos administrativos

Los gastos administrativos para AFLAC en 2023 totalizaron $ 1.67 mil millones, con los costos de procesamiento de reclamos que representan una parte significativa de los gastos operativos.

• Gastos administrativos totales: $ 1.67 mil millones
• Sobrecoss de procesamiento de reclamos: aproximadamente el 35-40% de los costos administrativos totales
• Tiempo de procesamiento de reclamos promedio: 5-7 días hábiles

Gastos de marketing y ventas

AFLAC asignó $ 537 millones a los gastos de marketing y ventas en 2023, lo que representa el 5.3% de los ingresos totales.

Canal de marketing	Asignación de gastos
Marketing digital	$ 186 millones
Publicidad tradicional	$ 221 millones
Comisión de ventas	$ 130 millones

Inversiones de infraestructura tecnológica

AFLAC invirtió $ 312 millones en infraestructura tecnológica y transformación digital en 2023.

• Inversiones en la computación en la nube: $ 98 millones
• Mejoras de ciberseguridad: $ 67 millones
• Desarrollo de la plataforma digital: $ 147 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para AFLAC en 2023 fueron de $ 1.24 mil millones.

Categoría de gastos	Cantidad
Salarios base	$ 842 millones
Beneficios	$ 276 millones
Capacitación y desarrollo	$ 122 millones

AFLAC Incorporated (AFL) - Modelo de negocio: flujos de ingresos

Ingresos premium de políticas individuales

En el año fiscal 2022, AFLAC reportó ingresos de primas de política individual de $ 10.4 mil millones. El desglose de los ingresos de políticas individuales es el siguiente:

Tipo de política	Ingresos premium ($ B)
Seguro de cáncer	3.2
Ingresos por discapacidad	2.7
Seguro de vida	2.5
Otras políticas individuales	2.0

Ingresos del contrato de seguro grupal

Los ingresos del contrato de seguro grupal de AFLAC totalizaron $ 6.8 mil millones en 2022, con la siguiente distribución:

• Seguro de salud grupal: $ 4.3 mil millones
• Seguro dental del grupo: $ 1.2 mil millones
• Seguro de visión grupal: $ 0.8 mil millones
• Otros contratos grupales: $ 0.5 mil millones

Ingresos de inversión de la cartera financiera

Los ingresos por inversiones para AFLAC en 2022 fueron de $ 1.9 mil millones, con la siguiente asignación:

Categoría de inversión	Ingresos ($ B)
Valores de vencimiento fijo	1.4
Valores de renta variable	0.3
Otras inversiones	0.2

Ventas de seguro de salud suplementario

Las ventas de seguro de salud suplementario alcanzaron los $ 5.6 mil millones en 2022, con segmentos clave:

• Cobertura de enfermedad crítica: $ 2.3 mil millones
• Planes de indemnización del hospital: $ 1.8 mil millones
• Seguro de accidentes: $ 1.5 mil millones

Ingresos de expansión del mercado internacional

Los ingresos internacionales, principalmente de Japón, totalizaron $ 7.2 mil millones en 2022:

Mercado	Ingresos ($ B)
Mercado de Japón	6.5
Otros mercados internacionales	0.7

Aflac Incorporated (AFL) - Canvas Business Model: Value Propositions

The core value proposition of Aflac Incorporated is straightforward: providing a financial safety net that pays cash directly to you, the policyholder, which is a crucial difference from traditional health insurance. This simple mechanism is what allows you to pay for expenses your primary medical plan doesn't cover, like deductibles, travel, or even childcare while you recover.

This model is built on two pillars: rapid, predictable cash payments and highly specialized products tailored to the varying healthcare systems in the U.S. and Japan. It's a clear, tangible value-money when you need it most-and the numbers show the scale of this commitment.

Provides cash benefits directly to policyholders for covered events

Unlike major medical insurance that pays hospitals or doctors, Aflac's supplemental policies pay cash benefits directly to you, unless you assign otherwise. This is the single biggest value differentiator, giving you flexibility to manage non-medical costs that pile up during an illness or injury. Just to give you a sense of scale, in the second quarter of 2025 alone, Aflac reported net Benefits and claims paid of $2.010 billion.

Here's the quick math: that $2.010 billion in Q2 2025 represents the real dollars flowing back to policyholders and their families to maintain financial stability during a health crisis.

Offers financial protection against high out-of-pocket medical costs

The reality is that high-deductible health plans (HDHPs) have shifted significant financial risk onto employees. Aflac's products directly address this gap. According to the 2025 Aflac WorkForces Report, a startling 51% of American employees could not pay $1,000 out-of-pocket for an unexpected illness or injury.

This supplemental coverage is designed to mitigate that risk, ensuring a major medical event doesn't trigger a personal financial catastrophe. The cash benefit can be used to cover your deductible, copayments, or even rent and groceries. That's defintely more helpful than a discounted service you still can't afford.

Convenient premium payment via payroll deduction for employees

For the U.S. market, the primary distribution channel is through the worksite, making premium payment incredibly convenient. Employees can pay for their supplemental policies through payroll deduction (voluntary benefits), which is simple and ensures consistent coverage.

This mechanism is a key value for employers, too, because it allows them to offer a more comprehensive benefits package at little to no direct cost to the company. The convenience of this system drives high persistency rates-Aflac U.S. premium persistency was strong at 79.2% as of mid-2025.

Simple, fast claims process, often within one business day

When you are sick or hurt, you don't want to wait for a check. Aflac promises to pay claims fast, often in as little as one business day, for claims submitted online with all necessary documentation.

This speed is a critical part of the value proposition, translating directly into peace of mind. The company has invested heavily in its digital claims process to ensure that cash benefits hit your account quickly, allowing you to focus on recovery, not paperwork.

Products tailored to specific regional health systems (U.S. and Japan)

The product mix is not one-size-fits-all; it's highly localized to the two main markets. Aflac Japan, which generates the majority of the company's revenue, focuses on 'third sector products' like cancer and medical insurance, which are highly relevant in the Japanese system.

The U.S. segment, conversely, is heavily focused on worksite and group products to complement the employer-sponsored health model. This strategic tailoring drives new sales momentum in both regions.

Segment Focus	Key 2025 Product/Initiative	2025 Sales Impact (YOY)
Aflac Japan	New cancer product 'Miraito' and 'Tsumitasu' (life insurance for younger demographics)	Sales increased 23.2% in Q2 2025
Aflac U.S.	New Aflac Accident Insurance plan (nearly doubling post-accident benefits) and Group products	Sales increased 3.5% in Q1 2025

The product strategy is all about innovation that directly meets evolving customer needs:

• Aflac Japan: Launched Miraito cancer insurance in March 2025, driving a significant sales increase.
• Aflac U.S.: The new Accident Insurance plan, launched in February 2025, nearly doubles coverage for follow-up care, including new mental health benefits.

Aflac Incorporated (AFL) - Canvas Business Model: Customer Relationships

Dedicated, personal service from licensed agents and brokers

Aflac maintains a hybrid customer relationship model, but the core remains the personal touch delivered by its extensive agent network. This high-touch sales force is crucial for explaining the complexity of supplemental insurance (coverage that pays cash directly to the policyholder) and for establishing the long-term trust that drives high retention.

In the U.S. segment, this personal service is anchored by approximately 6,000 agents actively producing business weekly as of early 2025. These agents are responsible for the initial sale, enrollment, and ongoing relationship management, particularly within the worksite channel. The company also strategically uses external brokers and distribution partners to broaden its reach, ensuring customers can purchase protection where they prefer.

Digital self-service tools for policy management and claims filing

While the initial sale is often personal, Aflac heavily invests in digital capabilities to manage the ongoing relationship and service. This is a critical efficiency play, as digital self-service reduces operational costs and meets strong customer demand: 85% of employees consider the ability to manage their benefits online to be crucial.

The company's digital strategy focuses on the MyAflac mobile app and online portals, which allow policyholders to view coverage, update information, and file claims 24/7. This investment in automation is yielding significant results in claims processing, which is the ultimate test of the customer relationship.

• Submit and track claims online for faster payment.
• Enroll in direct deposit for immediate benefit payouts.
• Access policy details and update contact information.

High-touch support for employer group enrollment and administration

The relationship with the employer is a distinct and high-value customer segment, acting as the primary distribution channel for the majority of U.S. business. Aflac is the number one provider of supplemental health insurance, primarily serving small businesses (under 100 employees) through worksite sales.

To capture larger accounts, Aflac is expanding its Aflac Group segment, which provides a more consultative, high-touch model for brokers serving employers with 100 or more employees. A key relationship component here is technology integration: 59% of employers state they would choose an insurance carrier based on its ability to connect easily to their benefits platform. Aflac addresses this by integrating with major benefits platforms like ADP, Paycom, and Ceridian.

Proactive communication to improve claims experience

The company's goal is to pay claims fast, which is the most critical moment in the customer lifecycle. By leveraging artificial intelligence (AI) and machine learning, Aflac has significantly streamlined the process. For simpler claims, particularly wellness claims, approximately 46% are handled via straight-through processing (fully automated).

This automation frees up claims specialists to provide more dedicated, higher-touch support for complex cases where the insured is dealing with a severe health issue. The company's focus on a smooth claims experience is reflected in its strong retention, with Aflac U.S. premium persistency holding at 79.2% in the second quarter of 2025. What this estimate hides is the emotional impact of a quick, clean claim payment-it's defintely the best retention tool an insurer has.

Long-term, trust-based relationships with policyholders

Aflac's long-term relationship strategy is built on financial stability and ethical conduct, aiming to be a trusted partner for decades. This commitment is evidenced by its consistent recognition as a highly ethical and admired company.

The trust relationship was tested in June 2025 following a cybersecurity incident in the U.S. business. The company's immediate, proactive response-offering affected individuals free credit monitoring and identity theft protection for 24 months-demonstrated its commitment to policyholder care over financial minimization. This focus on trust is a key differentiator in the supplemental insurance market.

Customer Relationship Metric (2025 Data)	Aflac U.S. Segment Value	Aflac Japan Segment Value
Policies in Force (Approx.)	N/A (Supplemental Health Leader)	Over 22 million individual policies
Premium Persistency (Q2 2025)	79.2%	Strong (Focus on maintaining)
Active U.S. Agents (Weekly Producing)	Approximately 6,000	Broad network of agencies, alliance partners, and banks
Claims Automation (Straight-Through Processing)	About 46% (Primarily wellness claims)	N/A
Ethical Recognition (2025)	World's Most Ethical Companies for 19 consecutive years	World's Most Ethical Companies for 19 consecutive years

Aflac Incorporated (AFL) - Canvas Business Model: Channels

You need to know exactly how Aflac Incorporated gets its products in front of customers, because the distribution channel is where sales are won or lost, and Aflac's model is fundamentally different between its two core markets. The company uses a bifurcated approach: a highly-leveraged sales agent and partner network in Japan, and a broker-centric, multi-channel strategy in the U.S. to push supplemental insurance products (often called 'third sector' products in Japan) to the consumer.

This dual-market channel strategy is what drives their top-line performance. For instance, in the third quarter of 2025, Aflac Japan saw a strong 11.8% year-over-year sales increase, while Aflac U.S. net earned premiums increased by 2.5%, showing both segments are executing on their distinct channel plans.

Career sales agents (dominant in Aflac Japan)

The Aflac Japan segment relies heavily on a traditional, high-touch distribution model, which is their main sales channel. This is not a casual partnership; it's a deep network of dedicated agencies and long-standing alliances that provides massive market penetration, covering approximately 90% of banks in Japan.

The core of this channel is the traditional sales force, which includes both Aflac-preferred/exclusive agencies and large non-exclusive agencies. They are focused on selling the core 'third sector' products, like their cancer and medical insurance, and newer offerings like the asset accumulation product 'Tsumitasu,' launched in June 2024.

Aflac Japan's channel strength is best seen in the numbers:

• Exclusive and Non-Exclusive Agencies: Approximately 6,800 agencies as of mid-2025, with around 3,100 being exclusive agencies.
• Financial Institution Partners: Agreements with 358 financial institutions, which is among the most in Japan's life insurance industry.
• Alliance Partners: Major alliances include Japan Post Group, which sells Aflac's cancer insurance through approximately 20,000 post offices, and Dai-ichi Life, with around 37,000 sales representatives.

Broker and third-party administrator (TPA) networks (dominant in Aflac U.S.)

The U.S. market is a different beast, moving away from the old-school agent model toward a more sophisticated, broker-led distribution. Aflac U.S. has shifted its focus to the mid- to large-case employer market, where brokers are the gatekeepers for employee benefits. They are building a diverse sales channel network to support revenue growth opportunities.

The U.S. sales force includes roughly 6,000 agents actively producing business weekly, but the strategic growth is through the broker channel. This broker network is crucial for distributing group products like group life and disability, which saw a sales increase of 2.7% in the second quarter of 2025. TPAs are also key; for example, Aflac transferred the administration of network dental to a third party in 2025 to help scale that business.

Here's the quick math on the channel split:

Channel Segment	Primary Market Focus	Key 2025 Metric/Data Point
Career Sales Agents	Aflac Japan (Third Sector/Individual)	6,800 total agencies; 22 million individual policies in force.
Broker/TPA Networks	Aflac U.S. (Group/Worksite)	Aflac U.S. sales force includes 6,000 actively producing agents; Group Life and Disability sales increased 2.7% in Q2 2025.
Financial Institution Alliances	Aflac Japan (Individual)	Partnerships with 358 banks, covering ~90% of Japan's banks.

Direct-to-consumer digital enrollment platforms

Aflac is defintely pushing to expand its direct-to-consumer (DTC) reach, moving sales outside of the traditional worksite model, especially in the U.S. The company is making significant platform investments to enhance sales and operational efficiency, aiming to meet customers where they prefer to purchase, including directly. While specific DTC sales figures are not public, the strategy is clear: modernize the buying process to capture the younger, digitally-native customer segment in both markets.

Worksite marketing through employer presentations

Worksite marketing remains a foundational channel in the U.S. segment, where supplemental insurance is offered through employers and premiums are often payroll-deducted. This channel is where the traditional Aflac agent model meets the employer. The company is actively focusing on the 2025-2026 open enrollment season, emphasizing that only 46% of employers communicate about benefits throughout the year, creating a clear opportunity for Aflac's worksite sales teams to step in and provide education.

Telephonic and online enrollment support

The shift to digital platforms necessitates robust telephonic and online support. The focus is on providing seamless, intuitive technology for enrollment, which both employers and employees want. The 2025 Aflac WorkForces Report highlighted that 69% of employees want more information about their benefits, and a 7-point decline in employee understanding was noted, which means the enrollment support channel is critical for closing the knowledge gap and completing the sale. Investment in these platforms is a key part of their 2025 growth initiative in the U.S. segment.

Aflac Incorporated (AFL) - Canvas Business Model: Customer Segments

You're looking at Aflac Incorporated's customer base, and the key takeaway is simple: the business is a two-engine machine, with the Japanese individual consumer market being the financial powerhouse, while the U.S. employer-sponsored market drives growth in supplemental benefits.

Aflac's strategy is to provide financial protection (supplemental insurance) that helps individuals cover the rising out-of-pocket costs their primary health insurance misses. This approach targets specific pain points for both the employee and the employer, which is why the customer segments are so clearly delineated by geography and distribution method.

Working individuals seeking financial protection against health events.

This segment represents the individual policyholders who sign up for supplemental insurance, often through their workplace, to get cash benefits when they are sick or hurt. The core value proposition here is financial stability during a health crisis. Aflac is the No. 1 provider of supplemental health insurance products in the United States, which confirms their dominance in this space.

In the U.S. segment, which primarily serves this customer type, net earned premiums were up, showing the segment's stability and continued adoption. For the second quarter of 2025, Aflac U.S. net earned premiums increased 3.4% year-over-year to $1.5 billion. The U.S. new sales reached $390 million in the third quarter of 2025, reflecting a 2.8% year-over-year increase, so the demand for this protection is defintely still there.

Small and medium-sized enterprises (SMEs) offering voluntary benefits.

SMEs are a critical distribution channel in the U.S. for Aflac, as they are often looking for cost-effective ways to offer competitive benefits. The supplemental plans are typically employee-paid through payroll deduction (voluntary benefits), meaning they come at little to no direct cost to the employer.

This approach addresses the major challenge for SMEs: recruiting and retaining talent without inflating their benefits budget. The supplemental coverage helps employees manage the higher deductibles and out-of-pocket costs that are common in 2025 health plans. The entire U.S. segment, which includes this employer base, reported total adjusted revenues of $1.7 billion in the second quarter of 2025.

Large corporations seeking to supplement core benefits packages.

For large corporations, Aflac's products act as a strategic layer of protection over their major medical plans, which often have significant gaps. The focus here is on enhancing the overall benefits package to improve employee morale and retention, which was a No. 1 operational priority for organizations in 2024.

Aflac's group products, such as Group Term Life and Group Short-Term Disability, are especially relevant to this segment. The U.S. segment saw a sales increase in Q1 2025, driven specifically by the sale of group products. This signals that the strategy of integrating supplemental insurance into large-scale, comprehensive benefits platforms is working.

Public sector employees and associations.

This segment includes employees of federal, state, and local governments, as well as members of various professional associations. These workers often face unique benefits challenges, including budget cuts and rising healthcare costs that strain their existing coverage.

Aflac addresses this by offering specialized products like Cancer, Accident, and Short-Term Disability insurance directly to public sector entities. A concrete example of their commitment to this segment is the premium grace period offered to federal government employees who were not receiving pay during a government shutdown, demonstrating a focus on policyholder support in a public sector context.

Consumers in Japan seeking cancer and medical coverage.

Japan is Aflac's largest market, generating the majority of the company's revenue, and the customer base is heavily concentrated in individual sales of 'third sector' products (supplemental health insurance).

The numbers here are massive: Aflac Japan has over 22 million individual policies in force, making it the leading provider of cancer and medical insurance policies in the country. The cancer insurance line is particularly strong, with more than 14 million cancer policies in force. This segment is growing fast, too; cancer insurance sales saw a significant 42% year-over-year increase in Q3 2025, largely driven by the launch of the new Miraito product.

Customer Segment	Primary Geographic Focus	Key 2025 Metric (Proxy for Size)	Metric Value
Consumers in Japan (Cancer/Medical)	Japan	Individual Policies in Force (Feb 2025)	Over 22 million
Working Individuals (U.S.)	United States	U.S. Net Earned Premiums (Q2 2025)	$1.5 billion
SMEs / Large Corporations (U.S.)	United States	U.S. New Sales (Q3 2025 YoY Increase)	2.8% (reaching $390 million)
Japan Cancer Coverage	Japan	Cancer Policies in Force (Feb 2025)	More than 14 million

Here's the quick math: with over 50 million people worldwide protected by Aflac, the Japan segment alone accounts for nearly half of that policyholder base, which is why its financial performance is so critical.

What this estimate hides is the difference in revenue mix; Japan's business accounted for 55% of the company's total adjusted revenues in 2024, showing its outsized financial importance compared to the U.S. segment.

• Focus on supplemental health products is key.
• Japan drives the policy count with 22 million policies.
• U.S. growth is driven by employer-sponsored group sales.
• Cancer insurance sales in Japan grew 42% in Q3 2025.

Next step: Finance needs to model the impact of the 42% cancer sales surge in Japan on the full-year 2025 revenue forecast by Friday.

Aflac Incorporated (AFL) - Canvas Business Model: Cost Structure

You're looking at Aflac Incorporated's cost structure, and the story is simple: claims payments are the main event, but the cost of acquiring and servicing those policies-especially agent compensation-is the critical variable to manage. This is a high-volume, high-payout model, so efficiency in the operating expense line is what separates a good year from a great one.

For the full fiscal year 2024, the most recent complete data available in late 2025, Aflac Incorporated reported total revenues of $18.9 billion. The total cost base is dominated by two massive line items: policyholder benefits and the combined acquisition/operating expenses. Here's the quick math on the core outflows:

Cost Category (Full Year 2024, in millions)	Amount	Commentary
Policyholder Benefits and Claims, net	$7,444 million	The largest single outflow, representing the core promise of the insurance business.
Total Acquisition and Operating Expenses	$5,143 million	The sum of commissions, general overhead, technology, and other administrative costs.
Total Core Expenses	$12,587 million	Represents 66.6% of total revenue.

Policyholder Benefits and Claims Payments (The Largest Outflow)

This is the single largest cost, representing the cash paid out to policyholders for covered events like cancer treatment or disability. For 2024, this expense line totaled approximately $7.44 billion. This figure is the ultimate measure of Aflac's core value proposition-paying claims quickly-but it's also the biggest risk.

To be fair, this cost isn't just payments; it also includes changes in actuarial reserves (the money set aside for future claims). The total benefits and claims figure is highly sensitive to policyholder behavior and mortality/morbidity rates, but also to internal reserve remeasurement gains and losses. For example, in the third quarter of 2024, the U.S. segment saw higher incurred claims partially offset by reserve remeasurement gains.

Sales Commissions and Agent Compensation, a Major Expense

Aflac relies on a vast network of independent agents and brokers, especially in the U.S., meaning commissions are a huge, variable cost. This cost is classified under 'Total Acquisition and Operating Expenses,' which hit approximately $5.14 billion for the full year 2024.

Commissions are structured to incentivize new sales (first-year commissions) and policy retention (renewal commissions). In the Aflac Japan segment, for instance, 'Insurance commissions' made up about 4.5% of total adjusted revenues in 2024. This compensation model is necessary to drive sales volume, but it puts constant pressure on the expense ratio. It's a classic trade-off: pay agents well to grow, or cut commissions and risk losing market share.

Significant General and Administrative Expenses (G&A)

The remaining portion of the operating expense line, often referred to as General and Administrative (G&A) or 'Insurance and other expenses,' covers everything from salaries for non-sales personnel to rent, utilities, and regulatory compliance. In the Japan segment, 'Insurance and other expenses' accounted for about 11.3% of total adjusted revenues in 2024.

The company has a clear focus on expense management, with Aflac Japan specifically keeping general adjusted expenses below target in 2024 due to company-wide cost-reduction efforts. This is a defintely a key area for margin improvement.

Technology Development and Maintenance Costs

While not broken out as a separate line item in the consolidated statement, technology development is a growing, strategic cost embedded within the overall acquisition and operating expenses. It's a crucial investment for future efficiency.

• Digitize enrollment: Streamline the process for both U.S. and Japan agents and customers.
• Platform investment: Ongoing capital expenditures to maintain and modernize the U.S. platform.
• Software write-offs: In 2023, the company wrote off approximately $31 million in capitalized software development costs, which shows the inherent risk in large-scale tech projects.

Investment Management and Asset Servicing Fees

As a major insurer, Aflac manages a massive investment portfolio (around $94.9 billion book value in 2024) to generate investment income, but managing this portfolio incurs costs like asset servicing fees, custodial fees, and external manager fees. These costs are generally netted against investment income or included in the 'Insurance and other expenses' line.

The strategic move toward alternative assets, which contributed $257 million of variable investment income in 2024, means the complexity and, consequently, the cost of managing the portfolio are rising. You can't chase higher yields without accepting higher management fees. The goal is simple: ensure the adjusted net investment income-which was $847 million for Aflac U.S. and ¥409.9 billion for Aflac Japan in 2024-outpaces the associated management costs by a wide margin.

Aflac Incorporated (AFL) - Canvas Business Model: Revenue Streams

Aflac Incorporated's revenue model is a dual-engine machine, fundamentally driven by the stable, recurring cash flow from insurance premiums and the variable, but substantial, income generated by its massive investment portfolio. This structure provides a strong foundation, but the investment component introduces a significant layer of market volatility you must factor into your valuation.

Net earned premiums from supplemental insurance policies.

This is the core, most predictable revenue stream for Aflac, representing the monthly payments policyholders make for their supplemental health and life coverage. It's a highly sticky revenue source, especially in the Aflac Japan segment, which historically accounts for the majority of the company's premium volume. The U.S. segment is showing solid momentum, with net earned premiums increasing by 3.4% to reach $1.5 billion in the second quarter of 2025 alone, reflecting better sales and persistency (the rate at which policyholders keep their coverage).

The Japan segment, while still dominant, faces currency and product mix headwinds. For instance, Aflac Japan's net earned premiums in the first quarter of 2025 were about $1.7 billion in dollar terms, a 7.4% decline year-over-year, largely due to the weaker yen and internal reinsurance transactions.

Net investment income from the large asset portfolio.

The company's investment portfolio is a critical profit center, generating income from interest, dividends, and other routine investment activities. With total investments and cash standing at approximately $109.516 billion as of September 30, 2025, the sheer size of the portfolio ensures a steady flow of income.

Here's the quick math for the most recent quarter: Total net investment income for the third quarter of 2025 was a robust $1,067 million, a 6.1% increase from the prior year. Still, the component parts show different trends:

• Aflac U.S. adjusted net investment income was $207 million in Q2 2025, a 5.0% dip, mostly due to lower floating rate income.
• Aflac Japan's adjusted net investment income was relatively flat year-over-year in the third quarter of 2025, coming in at ¥98.0 billion.

Estimated total revenue for the 2025 fiscal year is approximately $20.5 billion.

While the full-year number is an estimate, it reflects the combined power of the two main engines. For context, the total revenue for the first nine months of 2025 was approximately $12.3 billion, which was actually down 9.1% from the same period in 2024, showing the impact of volatile investment results on the top line. To hit the $20.5 billion full-year mark, the fourth quarter would need to deliver a significant rebound, likely driven by strong investment performance or favorable foreign currency translation. This is defintely a high-end estimate.

Aflac Incorporated Revenue Breakdown (Select 2025 Data)

Revenue Stream Component	Period	Amount (USD/JPY)	Note
Net Earned Premiums (U.S.)	Q2 2025	$1.5 billion	Core supplemental insurance revenue
Net Earned Premiums (Japan)	Q1 2025	$1.7 billion	Impacted by weaker yen and reinsurance
Net Investment Income (Total)	Q3 2025	$1,067 million	Interest and dividends from the portfolio
Realized Net Investment Gains	Q3 2025	$275 million	Volatile component from sales/derivatives
Total Investments and Cash	Sep 30, 2025	$109.516 billion	The asset base generating investment income

Fee income from administrative services only (ASO) arrangements.

This revenue stream is a smaller, but strategically important, component, particularly within the Aflac U.S. segment's group products. Administrative Services Only (ASO) arrangements mean Aflac provides administrative and claims processing services for self-funded employer health plans but does not take on the insurance risk itself. It's a low-risk, fee-based revenue generator that diversifies the business model away from pure underwriting risk.

While ASO fee income isn't broken out explicitly in the public quarterly reports, it resides in the 'Corporate and Other' segment, which reported total adjusted revenues of $326 million in the first quarter of 2025, a 32.0% increase year-over-year. This segment's growth shows the company is successfully driving revenue from non-core insurance services and other activities, which is a smart way to help stabilize revenue growth.

Realized gains on investments, though volatile.

This is the most unpredictable revenue stream, reflecting gains or losses from the sale of investment securities and the mark-to-market changes in derivatives used for currency and interest rate hedging. It can swing wildly from quarter to quarter. For example, the first half of 2025 saw extreme volatility: Aflac reported a net investment loss of $963 million in Q1 2025, which then swung to a net investment gain of $275 million in Q3 2025. This massive swing of over $1.2 billion in just two quarters demonstrates why you must look at adjusted earnings-which strip out these non-cash, volatile items-to understand the true operating performance of the core insurance business.