AFLAC INCAFL

Market cap

$60B

P/E ratio

	Dec 31, 2010	Dec 31, 2011	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017	Dec 31, 2018	Dec 31, 2019	Dec 31, 2020	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024
Net earnings	2,344	1,964	2,866	3,158	2,951	2,533	2,659	4,604	2,920	3,304	4,778	4,325	4,201	4,659	5,443
Change in receivables and advance premiums	-1,078	-2,940	-5,669	8	7	-147	-42	91	55	32	-52	-72	-2	133	-51
Capitalization of deferred policy acquisition costs	-	-	-	-	-	-	-	-	-	-	-	1,063	1,054	1,086	1,056
Amortization of deferred policy acquisition costs	1,030	1,102	1,117	1,074	1,108	1,066	1,141	1,132	1,245	1,282	1,214	1,170	1,152	816	851
Increase in policy liabilities	3,448	4,685	6,033	6,806	3,614	3,524	3,331	2,890	2,343	2,104	2,023	976	661	-552	-302
Change in income tax liabilities	128	251	712	993	123	-36	-93	-1,240	64	-244	-1,419	118	-558	-967	-393
Net investment (gains) losses	-	-1,552	-349	399	215	140	-123	-151	-430	-135	-270	468	363	590	1,271
Other, net	-	-24	34	-401	-309	-989	-231	-150	-571	-358	-182	79	162	-1,043	616
Net cash provided (used) by operating activities	6,989	10,842	14,952	10,547	6,550	6,776	5,987	6,128	6,014	5,455	5,958	5,051	3,879	3,190	2,707
Available-for-sale fixed maturity securities	-	-	-	-	-	-	-	-	7,888	5,284	3,725	4,157	4,418	3,811	7,205
Equity securities	-	-	-	-	-	-	-	-	-	-	-	264	570	404	782
Held-to-maturity fixed maturity securities	-	728	1,859	6,515	8,475	766	1,399	2,212	1,670	622	4	4	3	3	3
Commercial mortgage and other loans	-	-	-	-	-	-	-	-	936	1,814	2,085	4,099	2,190	1,641	2,435
Available for sale fixed maturity securities	9,943	8,392	19,533	22,967	10,978	6,507	10,890	9,867	9,086	6,934	4,772	5,813	3,514	2,801	5,542
Equity securities	-	-	-	-	-	-	-	-	-	-	-	492	461	357	411
Commercial mortgage and other loans	-	-	-	-	-	-	-	-	4,848	4,401	3,263	5,282	3,897	996	1,376
Other investments, net	-	-	-	-	-	-	-	-	-	-	-	-	-	417	972
Settlement of derivatives, net	-	-	-	-	636	2,119	-1,252	621	241	9	-18	-199	61	-79	184
Cash received (pledged or returned) as collateral, net	-	-	-	-1,037	3,217	1,391	416	205	-348	-926	1,027	-1,511	673	401	-780
Other, net	28	62	-514	354	-30	86	76	68	-176	123	265	-41	-112	149	-61
Net cash provided (used) by investing activities	-7,432	-10,829	-16,952	-11,091	-4,241	-4,897	-3,855	-5,431	-3,582	-3,171	-4,619	-2,378	-1,540	817	2,781
Purchases of treasury stock	121	308	118	813	1,210	1,315	1,422	1,351	1,301	1,627	1,537	2,301	2,401	2,801	2,800
Proceeds from borrowings	748	620	1,506	700	750	998	986	1,040	1,020	615	1,545	1,153	1,277	204	823
Principal payments under debt obligations	451	462	341	-	335	1,272	610	1,161	550	-	350	700	1,416	-	194
Dividends paid to shareholders	535	552	603	635	654	656	658	661	793	771	769	855	979	966	1,087
Change in investment-type contracts, net	419	733	1,457	1,790	1,253	256	159	35	-31	-1	-11	-36	-83	-160	-214
Treasury stock reissued	45	26	32	88	33	36	46	33	58	49	34	26	17	17	14
Other, net	56	7	12	6	16	-234	-120	-	-19	22	-27	-26	34	-17	-28
Net cash provided (used) by financing activities	161	64	1,945	1,136	-147	-2,187	-1,619	-2,065	-1,616	-1,713	-1,115	-2,739	-3,551	-3,723	-3,486
Effect of exchange rate changes on cash and cash equivalents	-	-	-	-	-	-	-	-	-	-	-	-	104	79	-79
Net change in cash and cash equivalents	-	-	-	-	-	-	-	-	-	-	245	-90	-1,108	363	1,923
Income taxes paid	1,017	828	788	754	1,416	996	1,526	780	998	1,384	800	880	961	1,569	1,367
Interest paid	-	-	-	-	-	-	-	-	-	190	210	213	211	185	180
Noncash interest	-	-	83	82	76	53	57	44	41	37	32	24	14	10	17
Real Estate Owned, Transfer to Real Estate Owned	-	-	-	-	-	-	-	-	-	-	-	-	-	217	468
Lease obligations	3	6	4	-	9	6	1	12	11	132	56	46	102	75	33
Associate stock bonus	-	32	35	36	35	35	30	29	7	15	19	19	14	17	20
Shareholder dividend reinvestment	-	23	25	25	26	26	27	29	8	30	29	32	37	37	41
Share-based compensation grants	-	2	4	4	4	3	4	1	2	5	6	4	6	5	6