Aflac(AFL) - 2025 Q1 - Earnings Call Presentation

Financial Performance - Aflac's U S GAAP ROE decreased significantly from 33% in 1Q24 to 04% in 1Q25[9, 33] - Adjusted earnings per diluted share remained consistent at $166 in both 1Q25 and 1Q24[31] - Adjusted earnings excluding current period foreign currency impact saw a slight increase of 06% from $166 in 1Q24 to $167 in 1Q25[31] - Adjusted earnings decreased by 57% from $961 million in 1Q24 to $906 million in 1Q25[32] - Adjusted earnings excluding current period foreign currency impact decreased by 49% from $961 million in 1Q24 to $914 million in 1Q25[32] Persistency and Operating Ratios - Aflac Japan maintained solid persistency with a rate of 938% in 1Q25[11] - Aflac U S also maintained solid persistency with a rate of 793% in 1Q25[16] - Aflac Japan's YTD actual benefit ratio was 658%, expense ratio was 196%, and pretax profit margin was 318%[14] - Aflac U S's YTD actual benefit ratio was 477%, expense ratio was 376%, and pretax profit ratio was 208%[18] Capital Management and Ratios - Aflac continued tactical capital deployment through dividends and share repurchases, with $317 million in dividends and repurchase in 1Q25[20] - The company maintains strong capital ratios, with an estimated regulatory ESR in Japan greater than 250% and a combined RBC ratio in the U S greater than 600%[22] - The adjusted leverage ratio was 207% in 1Q25[25]