AFLAC Incorporated (AFL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da AFLAC Incorporated, uma potência no seguro suplementar que transforma a proteção financeira em uma rede de segurança abrangente. Ao elaborar meticulosamente um modelo de negócios que equilibra ofertas inovadoras de produtos, relacionamentos robustos do cliente e parcerias estratégicas, a AFLAC se posicionou como líder no fornecimento de paz de espírito durante os momentos médicos mais desafiadores da vida. Descubra como essa gigante global de seguros aproveita sua tela de modelo de negócios exclusiva para oferecer valor incomparável a indivíduos, empresas e diversos segmentos de clientes em vários mercados.

Aflac Incorporated (AFL) - Modelo de Negócios: Parcerias -Chaves

Alianças estratégicas com prestadores de serviços de saúde e redes de seguros

A AFLAC mantém parcerias estratégicas com mais de 500.000 agentes de seguros independentes e corretores nos Estados Unidos e no Japão a partir de 2023. A empresa colabora com as principais redes de assistência médica para otimizar reivindicações de seguro e prestação de serviços.

Tipo de parceiro	Número de parcerias	Cobertura de mercado
Agentes independentes	500,000+	Estados Unidos e Japão
Redes de saúde	250+	Em todo o país

Parcerias com instituições financeiras e bancos

A AFLAC estabeleceu parcerias com várias instituições financeiras para expandir os canais de distribuição e oferecer produtos financeiros integrados.

• Bank of America
• Wells Fargo
• JPMorgan Chase
• Citigroup

Colaboração com empregadores para ofertas de seguros em grupo

Em 2023, a AFLAC fez uma parceria com aproximadamente 90.000 empregadores para fornecer soluções de seguro de grupo suplementares. Essas parcerias cobrem vários setores, incluindo serviços de saúde, tecnologia, fabricação e serviços profissionais.

Setor da indústria	Número de parcerias do empregador
Assistência médica	25,000
Tecnologia	15,000
Fabricação	20,000
Serviços profissionais	30,000

Parceiros de tecnologia para transformação digital e inovação

A AFLAC investe em parcerias tecnológicas para aprimorar os recursos digitais, com colaborações de tecnologia importantes, incluindo:

• Microsoft Azure Cloud Services
• IBM Watson AI Solutions
• Integração do Salesforce CRM
• Amazon Web Services

Empresas de resseguro para gerenciamento de riscos

A AFLAC trabalha com vários parceiros globais de resseguro para gerenciar e distribuir riscos em seu portfólio de seguros. As principais parcerias de resseguro incluem:

Parceiro de resseguro	Cobertura de resseguro (bilhões)
Swiss Re	$5.2
Munique re	$4.7
Hannover re	$3.9

Aflac Incorporated (AFL) - Modelo de Negócios: Atividades -chave

Apólices de seguro suplementares de subscrição

A AFLAC processou 114,9 milhões de reclamações em 2022, com um pagamento total de reclamações de US $ 13,4 bilhões. A empresa mantém um 98,5% reivindica a taxa de satisfação.

Tipo de apólice de seguro	Políticas anuais emitidas	Volume premium
Seguro de câncer	3,2 milhões	US $ 4,7 bilhões
Seguro de invalidez	2,8 milhões	US $ 3,9 bilhões
Indenização hospitalar	2,5 milhões	US $ 3,5 bilhões

Processamento de reivindicações e atendimento ao cliente

A AFLAC opera um sistema de processamento de reivindicações orientado pela tecnologia com um tempo médio de processamento de 4,2 dias.

• Os centros de atendimento ao cliente lidam com 18,3 milhões de interações com o cliente anualmente
• Taxa de envio de reivindicações digitais: 72%
• Uso do aplicativo móvel para reivindicações: 1,6 milhão de usuários ativos

Desenvolvimento de produtos e inovação

O investimento em P&D em 2022 foi de US $ 127 milhões, com foco em transformação digital e novos produtos de seguro.

Área de inovação	Investimento	Novos produtos lançados
Plataformas digitais	US $ 58 milhões	3 novas plataformas de serviço digital
Design de produto	US $ 42 milhões	7 novos tipos de apólice de seguro
Infraestrutura de tecnologia	US $ 27 milhões	2 grandes atualizações do sistema

Marketing e aquisição de clientes

As despesas de marketing em 2022 foram de US $ 342 milhões, visando 45-65 demográficos da idade.

• Orçamento de marketing digital: US $ 127 milhões
• Engajamento de mídia social: 2,3 milhões de seguidores
• Custo de aquisição de clientes: US $ 184 por novo segurado

Avaliação e gerenciamento de risco

A AFLAC mantém uma estrutura robusta de gerenciamento de riscos, com US $ 2,3 bilhões alocados para estratégias de mitigação de riscos.

Categoria de risco	Orçamento de mitigação	Porcentagem de redução de risco
Risco de subscrição	US $ 892 milhões	Redução de 87%
Risco de volatilidade do mercado	US $ 673 milhões	79% de cobertura
Risco operacional	US $ 735 milhões	92% de conformidade

Aflac Incorporated (AFL) - Modelo de Negócios: Recursos -Principais

Forte reputação da marca no seguro suplementar

Valor da marca AFLAC estimado em US $ 5,4 bilhões a partir de 2023. Reconhecimento de mercado por meio de mascote icônico de pato usado desde 1999. Companhia da Fortune 500 ficou em 86 em 2023.

Métrica da marca	Valor
Valor da marca	US $ 5,4 bilhões
FORTUNE 500 Classificação	86

Extensa rede de distribuição

Aflac opera em dois mercados primários:

• Estados Unidos: 74.000 agências de seguros independentes
• Japão: mais de 93.000 representantes de vendas

Tecnologia avançada e plataformas digitais

Investimento em tecnologia	Quantia
Gastos com tecnologia anual	US $ 250 milhões
Processamento de reivindicações digitais	95% automatizado

Força de trabalho qualificada e experiência em seguros

Total de funcionários: 11.226 em 31 de dezembro de 2022. Posse média dos funcionários: 9,2 anos.

Capital financeiro e portfólio de investimentos

Métrica financeira	2022 Valor
Total de ativos	US $ 146,5 bilhões
Total de investimentos	US $ 132,4 bilhões
Resultado líquido	US $ 4,4 bilhões

AFLAC Incorporated (AFL) - Modelo de Negócios: Proposições de Valor

Cobertura abrangente de seguro suplementar

A AFLAC oferece diversos produtos de seguro com a seguinte quebra de cobertura:

Categoria de produto	Receita premium anual	Penetração de mercado
Seguro de câncer	US $ 2,3 bilhões	37% do mercado suplementar
Seguro de acidente	US $ 1,7 bilhão	28% do mercado suplementar
Seguro de invalidez	US $ 1,2 bilhão	22% do mercado suplementar
Seguro de vida	US $ 0,8 bilhão	13% do mercado suplementar

Processamento de reivindicações rápidas e confiáveis

Métricas de desempenho de processamento de reivindicações da AFLAC:

• Tempo médio de processamento de reivindicações: 3.2 dias úteis
• Taxa de envio de reivindicações digitais: 68%
• Taxa de aprovação de reivindicações: 94,6%
• Processamento de reivindicações móveis: 42% do total de reivindicações

Proteção financeira durante emergências médicas

Estatísticas de proteção financeira:

Tipo de emergência	Valor médio de reclamação	Porcentagem de despesas cobertas
Hospital fica	$5,600	85%
Doença crítica	$12,300	75%
Despesas relacionadas a acidentes	$3,900	90%

Produtos de seguro flexíveis para indivíduos e grupos

Métricas de flexibilidade do produto:

• Opções de personalização de políticas individuais: 17
• Configurações de política de grupo: 12
• Taxa anual de ajuste da política: 36%
• Taxa de agrupamento de produtos cruzados: 44%

Paz de espírito para os segurados durante os desafios de saúde

Métricas de satisfação do segurado:

Métrica de satisfação	Percentagem
Taxa de retenção de clientes	87%
Probabilidade de recomendação	79%
Reivindica satisfação	92%

AFLAC Incorporated (AFL) - Modelo de Negócios: Relacionamentos ao Cliente

Atendimento ao cliente personalizado

A AFLAC mantém uma equipe dedicada de atendimento ao cliente de 6.500 representantes a partir de 2023. A empresa fornece suporte ao agente direto por meio de:

• 1-800 linhas de suporte ao cliente
• Rede de agentes locais com mais de 70.000 agentes de seguros licenciados
• Serviços de assistência de reivindicação personalizados

Canal de atendimento ao cliente	Volume de contato anual
Suporte telefônico	4,2 milhões de interações com os clientes
Suporte online	2,8 milhões de interações digitais
Suporte ao aplicativo móvel	1,5 milhão de interações com usuários móveis

Plataformas de autoatendimento digital

As plataformas digitais da AFLAC incluem:

• Sistema de gerenciamento de contas on -line do MYAFLAC
• Aplicativo móvel com 92% de classificação de satisfação do usuário
• Plataforma de submissão de reivindicações digitais

Atualizações regulares de comunicação e políticas

O AFLAC utiliza vários canais de comunicação:

• Correios de declaração de política trimestral
• Boletins digitais mensais
• Comunicações anuais de revisão de políticas

Canais de suporte online e móvel

Plataforma digital	Métricas de usuário
Downloads de aplicativos móveis	1,3 milhão de usuários ativos
Registros de conta on -line	2,5 milhões de usuários registrados
Processamento de reivindicações digitais	68% das reivindicações processadas digitalmente

Programas de fidelidade e engajamento de clientes de longo prazo

As estratégias de retenção de clientes incluem:

• Incentivos de renovação de políticas contínuas
• Programa de desconto de várias políticas
• Rastreamento de recompensas de fidelidade do cliente

Métrica de retenção de clientes	Percentagem
Taxa de renovação da política anual	87.5%
Porcentagem de cliente multificiável	42%
Posse média do cliente	8,3 anos

Aflac Incorporated (AFL) - Modelo de Negócios: Canais

Representantes de vendas diretas

A partir de 2023, a AFLAC mantém aproximadamente 70.000 representantes de vendas independentes nos Estados Unidos e no Japão. Esses representantes geraram US $ 22,1 bilhões em prêmios totais em 2022.

Canal de vendas	Número de representantes	Geração total de prêmios
Estados Unidos	35,000	US $ 12,3 bilhões
Japão	35,000	US $ 9,8 bilhões

Portais de seguro online

As plataformas digitais da AFLAC processaram aproximadamente 1,5 milhão de pedidos de seguro on -line em 2022, representando 35% do total de novas matrículas de políticas.

• Tráfego do site: 3,2 milhões de visitantes únicos mensalmente
• Solicitações de cotação on -line: 750.000 anualmente
• Gerenciamento de políticas digitais: 65% dos clientes existentes

Aplicativo móvel

O aplicativo móvel AFLAC, lançado em 2019, foi baixado 1,2 milhão de vezes com uma classificação de 4,5 estrelas nas plataformas iOS e Android.

Métrica de aplicativo	2022 Estatísticas
Downloads totais	1,2 milhão
Usuários ativos mensais	450,000

Agentes de seguros independentes

A AFLAC colabora com mais de 100.000 agentes de seguros independentes em todo o país, que contribuem com 40% do total de novas vendas de políticas.

• Taxa média de comissão: 20-25%
• Cobertura de rede de agentes: 50 estados
• Novas políticas através de agentes: 480.000 anualmente

Programas de inscrição patrocinados pelo empregador

Em 2022, a AFLAC trabalhou com 70.000 empregadores, cobrindo aproximadamente 5,2 milhões de funcionários por meio de programas de benefícios voluntários.

Métricas do Programa do Empregador	2022 dados
O total de empregadores fez parceria	70,000
Funcionários cobertos	5,2 milhões
Penetração de benefícios voluntários	42%

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

Consumidores de seguros individuais

A AFLAC atende 50 milhões de clientes em todo o mundo, com 40 milhões de clientes no Japão e 10 milhões nos Estados Unidos a partir de 2023.

Categoria de cliente	Total de clientes	Penetração de mercado
Consumidores individuais no Japão	40 milhões	74% do mercado de seguros suplementares
Consumidores individuais nos Estados Unidos	10 milhões	26% do mercado de seguros suplementares

Pequenas e médias empresas

A AFLAC suporta aproximadamente 180.000 clientes comerciais pequenos e médios nos Estados Unidos.

• Valor médio da política por cliente PME: US $ 5.200
• Taxa de retenção para clientes de PME: 87%
• Indústrias servidas: saúde, varejo, serviços profissionais

Grandes empregadores corporativos

A AFLAC atende a mais de 5.000 grandes clientes corporativos com soluções de benefícios para funcionários.

Segmento corporativo	Número de clientes	Prêmio médio anual
Fortune 500 empresas	1,200	$750,000
Corporações intermediárias	3,800	$250,000

Profissionais autônomos

O AFLAC cobre aproximadamente 750.000 profissionais autônomos nos Estados Unidos.

• Prêmio médio anual: US $ 3.600
• Profissões primárias: freelancers, consultores, contratados independentes

Grupos demográficos específicos

A AFLAC tem como alvo segmentos demográficos específicos com produtos de seguro personalizado.

Grupo demográfico	Total de indivíduos cobertos	Produto -chave
Millennials (25-40 anos)	2,5 milhões	Seguro de Saúde Suplementar
Baby Boomers (55-75 anos)	3,2 milhões	Cobertura de doença crítica

Aflac Incorporated (AFL) - Modelo de Negócios: Estrutura de Custo

Desenvolvimento de produtos e despesas de inovação

Em 2023, a AFLAC registrou despesas de P&D de US $ 214 milhões, representando 2,1% do total de receitas operacionais.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 214 milhões	2.1%
2022	US $ 198 milhões	1.9%

Reivindicações de processamento e custos administrativos

As despesas administrativas da AFLAC em 2023 totalizaram US $ 1,67 bilhão, com os custos de processamento de reivindicações representando uma parcela significativa das despesas operacionais.

• Despesas administrativas totais: US $ 1,67 bilhão
• Sobrecarga de processamento de reivindicações: aproximadamente 35-40% do total de custos administrativos
• Tempo médio de processamento de reivindicações: 5-7 dias úteis

Despesas de marketing e vendas

A AFLAC alocou US $ 537 milhões às despesas de marketing e vendas em 2023, representando 5,3% da receita total.

Canal de marketing	Alocação de despesas
Marketing digital	US $ 186 milhões
Publicidade tradicional	US $ 221 milhões
Comissão de Vendas	US $ 130 milhões

Investimentos de infraestrutura de tecnologia

A AFLAC investiu US $ 312 milhões em infraestrutura de tecnologia e transformação digital em 2023.

• Investimentos de computação em nuvem: US $ 98 milhões
• Aprimoramentos de segurança cibernética: US $ 67 milhões
• Desenvolvimento da plataforma digital: US $ 147 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários da AFLAC em 2023 foram de US $ 1,24 bilhão.

Categoria de despesa	Quantia
Salários da base	US $ 842 milhões
Benefícios	US $ 276 milhões
Treinamento e desenvolvimento	US $ 122 milhões

Aflac Incorporated (AFL) - Modelo de negócios: fluxos de receita

Renda premium de políticas individuais

No ano fiscal de 2022, a AFLAC registrou receita de prêmio de política individual de US $ 10,4 bilhões. A quebra das receitas políticas individuais é a seguinte:

Tipo de política	Renda premium ($ b)
Seguro de câncer	3.2
Renda por incapacidade	2.7
Seguro de vida	2.5
Outras políticas individuais	2.0

Receita de contrato de seguro de grupo

As receitas do contrato de seguro em grupo da AFLAC totalizaram US $ 6,8 bilhões em 2022, com a seguinte distribuição:

• Seguro de Saúde do Grupo: US $ 4,3 bilhões
• Seguro odontológico em grupo: US $ 1,2 bilhão
• Seguro de visão do grupo: US $ 0,8 bilhão
• Outros contratos em grupo: US $ 0,5 bilhão

Receita de investimento de portfólio financeiro

A receita de investimento para a AFLAC em 2022 foi de US $ 1,9 bilhão, com a seguinte alocação:

Categoria de investimento	Renda ($ b)
Títulos de maturidade fixa	1.4
Valores mobiliários	0.3
Outros investimentos	0.2

Vendas suplementares de seguro de saúde

As vendas suplementares de seguro de saúde atingiram US $ 5,6 bilhões em 2022, com os principais segmentos:

• Cobertura de doença crítica: US $ 2,3 bilhões
• Planos de indenização hospitalar: US $ 1,8 bilhão
• Seguro de acidentes: US $ 1,5 bilhão

Receitas de expansão do mercado internacional

As receitas internacionais, principalmente do Japão, totalizaram US $ 7,2 bilhões em 2022:

Mercado	Receita ($ B)
Mercado do Japão	6.5
Outros mercados internacionais	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.