Aflac Incorporated reported first-quarter 2025 total revenues of $3.4 billion, a 37.5% decrease from $5.4 billion in the prior year, primarily due to $963 million in net investment losses. The company posted net earnings of $29 million, or $0.05 per diluted share, a significant drop from $1.9 billion, or $3.25 per diluted share, in Q1 2024.
Despite the substantial decline in GAAP net earnings, adjusted earnings for the quarter were $906 million, a 5.7% decrease from Q1 2024, with adjusted earnings per diluted share remaining flat year-over-year at $1.66. Aflac Japan's new annualized premium sales increased by 12.6% to ¥14.1 billion, driven by strong sales of the Tsumitasu product and initial sales of the new Miraito cancer insurance.
Aflac U.S. net earned premiums increased 1.8% to $1.5 billion, and sales grew 3.5% to $309 million, primarily from group products. The company deployed $900 million in capital to repurchase 8.5 million of its common shares during the quarter and declared a second-quarter dividend of $0.58 per share.
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