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% |
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.