---
title: "Aflac: Business Model & Revenue Engine"
description: "Aflac revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/aflac/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Aflac: Business Model & Revenue Engine



## Direct Answer

Aflac reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Aflac Japan is the largest, with $9.4 billion of revenue (55% of the total), followed by Aflac US at $6.9 billion (40%).

## How Does Aflac Make Money?

No single line supplies a majority of revenue: the largest, Aflac Japan, is 55%, which spreads Aflac's exposure across several demand drivers. Between fiscal 2024 and 2025, Corporate and Other grew fastest (+26.8%) and Aflac Japan slowest (-3.1%), so the revenue mix tilts toward Corporate and Other while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Aflac Japan | $9.4 billion | $9.7 billion | 54.5% | -3.1% |
| Aflac US | $6.9 billion | $6.7 billion | 40.2% | 2.4% |
| Corporate and Other | $1.3 billion | $1.0 billion | 7.4% | 26.8% |

![Bar chart of Aflac revenue by segment for fiscal 2025: Aflac Japan 54.5%, Aflac US 40.2%, Corporate and Other 7.4%.](https://www.getswoopr.com/images/charts/aflac-business-model-segment-mix.webp)
*Aflac revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 102% of Aflac's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Aflac reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001628280-26-011402), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Aflac's business segments?

In its fiscal 2025 Form 10-K, Aflac reports revenue for Aflac Japan, Aflac US and Corporate and Other.

### Which part of Aflac brings in the most revenue?

Aflac Japan, with $9.4 billion of revenue in fiscal 2025, or 55% of the total.

### Where does Aflac report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 25, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: AFLAC INC Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm)
- [SEC EDGAR: AFLAC INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=4977&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Aflac company dossier](https://www.getswoopr.com/stocks/companies/aflac/)
- [Aflac financial metrics](https://www.getswoopr.com/stocks/companies/aflac/metrics/)
- [Aflac financial risk indicators](https://www.getswoopr.com/stocks/companies/aflac/risks/)
- [Aflac peer comparison](https://www.getswoopr.com/stocks/companies/aflac/competitors/)
- [Aflac business model and revenue mix](https://www.getswoopr.com/stocks/companies/aflac/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





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