{"schemaVersion":1,"research":true,"symbol":"afl","name":"Aflac","topic":"moat","path":"/stock/afl/moat","status":"published","version":5,"updatedAt":"2026-10-19T11:05:34.422Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Aflac's longstanding Japanese cancer-insurance leadership, extensive distribution relationships and demonstrated repeat demand support a narrow intangible-assets moat. These advantages help sustain customer access and an established insurance franchise, although nonexclusive distribution and competing bundled products limit protection. Realized pricing power remains unproven: disclosed repricing lacks direction and magnitude, while premium growth also reflects sales, product mix and reinsurance.","advantages":[{"mechanism":"intangible_assets","claim":"Aflac Japan combines an established cancer-insurance franchise with accumulated distribution relationships. Leadership dating from its 1974 market entry, agreements covering approximately 90% of Japanese banks, longstanding Japan Post arrangements and substantial premium persistency support a current customer-access and franchise advantage. They do not establish exclusive distribution, customer lock-in or a network effect.","durability":"Decades of continued cancer-insurance leadership and commercial arrangements maintained since 2008 support persistence beyond a single product cycle. Durability remains conditional on competitive products, distributor economics and policyholder trust.","risks":"Independent distributors can sell competing policies. Competition intensified after deregulation, and major medical carriers are bundling and discounting supplemental coverage in the U.S. Japan premium persistency weakened in early 2026, and the cyber incident creates unresolved reputational and financial exposure.","invalidation":"The thesis would fail if Aflac lost its Japanese cancer-insurance leadership alongside sustained deterioration in comparable premium persistency or distribution access; if major distribution arrangements ended without replacement; or if maintaining sales required sustained price concessions or commission increases that eliminated the franchise's economic benefit.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Aflac Japan, cancer-insurance market history and current leadership","excerpt":"Third Sector Insurance Products\nCancer Insurance Aflac Japan pioneered the cancer insurance market in Japan in 1974, and remains the number one provider of cancer insurance in Japan today."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Aflac Japan, bank distribution agreements","excerpt":"At December 31, 2025, Aflac Japan had agreements with approximately 90% of the total number of banks in Japan to sell its products."},{"id":"e3","sourceId":"filing-3","location":"Related person transactions, Japan Post commercial arrangements since 2008","excerpt":"Since 2008, the Company and Aflac Japan have maintained various commercial and contractual arrangements with Japan Post Holdings and certain of its affiliates."},{"id":"e4","sourceId":"filing-3","location":"Related person transactions, Japan Post distribution and servicing arrangements","excerpt":"Under these arrangements, affiliates of Japan Post Holdings conduct the sale of Aflac Japan cancer insurance policies and, among other things, provide supplemental support necessary or beneficial to effectuating the sale and servicing of such policies."},{"id":"e5","sourceId":"filing-3","location":"Related person transactions, earned premiums from Japan Post arrangements","excerpt":"Aflac Japan’s cancer insurance policies issued pursuant to these contractual arrangements constituted approximately 6.7% of Aflac Japan’s earned premium for 2025, representing approximately 3.3% of Aflac Incorporated’s total consolidated earned premium for 2025."},{"id":"e6","sourceId":"filing-3","location":"2025 selected results, Aflac Japan premium persistency","excerpt":"•Persistency remained strong at 93.1% for the year."},{"id":"e7","sourceId":"filing-1","location":"Item 1A, nonexclusive independent distribution","excerpt":"The Company's sales associates, brokers and other distribution partners are independent contractors and may sell products of its competitors."},{"id":"e8","sourceId":"filing-1","location":"Item 1, Japanese competitive markets after deregulation","excerpt":"Since the deregulation of the Japan market in 2001, the number of insurance companies offering stand-alone cancer and medical insurance has increased, intensifying competition."},{"id":"e9","sourceId":"filing-1","location":"Item 1, U.S. competitive bundling and discounting","excerpt":"products. However, given the profitability erosion some major medical carriers are facing in their core lines of business, the Company has seen a more competitive landscape as these carriers seek entry into Aflac's supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share."},{"id":"e10","sourceId":"filing-9","location":"First-quarter 2026 Japan operating ratios, persistency and premium movements","excerpt":"rolling)\n92.8 \n93.8 \n(100)\nTotal benefits and claims (net) / Net earned premiums\n62.9 \n65.8 \n(290)\nTotal adjusted expenses / Total adjusted revenues\n19.5 \n19.6 \n(10)\nPretax adjusted earnings / Total adjusted revenues\n35.0 \n31.8 \n320 \nIn yen terms, Aflac Japan's net earned premiums were ¥246.7 billion for the quarter, or 3.8% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status."},{"id":"e11","sourceId":"filing-6","location":"Note 13, cyber incident, affected personal information","excerpt":"In December 2025, the Company determined that personal information associated with approximately 22.65 million individuals was involved."},{"id":"e12","sourceId":"filing-6","location":"Note 13, cyber incident, unquantifiable potential loss","excerpt":"The Company believes that the potential amount of loss cannot be reasonably estimated at this time."},{"id":"e13","sourceId":"filing-3","location":"2025 selected results, U.S. premium persistency","excerpt":"•Persistency decreased slightly by 10 basis points but remained strong at 79.2%."},{"id":"e14","sourceId":"filing-8","location":"Japan operating-ratio methodology, January 2025 persistency definition change","excerpt":"Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted."},{"id":"e15","sourceId":"filing-3","location":"2025 selected results, Japanese sales growth and product performance","excerpt":"2025 Selected Results\n•Aflac Japan’s sales grew 16.0% for the year reflecting robust sales of Miraito, our latest cancer insurance product, and the continued success of agencies selling Tsumitasu, our repriced life insurance product which offers an asset formation component and options such as nursing care."},{"id":"e16","sourceId":"filing-11","location":"Management commentary, Tsumitasu repricing for new policies","excerpt":"We continue to promote awareness for third sector protection to new and younger customers through our innovative first sector product Tsumitasu, which was repriced for new policies effective in September."},{"id":"e17","sourceId":"filing-1","location":"Item 1, state regulation, approval of policy forms and premium rates","excerpt":"•approval of policy forms and premium rates"},{"id":"e18","sourceId":"filing-11","location":"Full-year 2025 Japan pretax adjusted profit margin comparison","excerpt":"As a result, the pretax adjusted profit margin for the Japan segment was 36.7%, compared with 36.0% a year ago."},{"id":"e19","sourceId":"filing-8","location":"Summary of adjusted results, earnings history and first-half 2026 comparisons","excerpt":"1,356 \n1,359 \n1,501 \n1,419 \n1,421 \n388 \n370 \n(4.6)\n746 \n733 \n(1.7)\n1\nCorporate and other (1)\n(293)\n(218)\n(425)\n32 \n101 \n20 \n(10)\n63 \n(10)\nPretax adjusted earnings\n4,819 \n4,422 \n4,310 \n4,945 \n4,962 \n1,198 \n1,101 \n(8.1)\n2,321 \n2,223 \n(4.2)\nIncome taxes (1)\n893 \n808 \n577 \n873 \n954 \n241 \n218 \n(9.5)\n458 \n439 \n(4.1)\n2\nAdjusted earnings (2)\n3,925 \n3,614 \n3,733 \n4,072 \n4,008 \n957 \n883 \n(7.7)\n1,863 \n1,784 \n(4.2)\nReconciling items:\nAdjusted net investment gains (losses)\n462 \n447 \n914 \n1,495 \n(375)\n(377)\n(106)\n(1,301)\n(3)\nOther and non-recurring income (loss)\n(73)\n1 \n39 \n(23)\n(54)\n— \n— \n(53)\n— \n3\nIncome tax benefit (expense) on items excluded from adjusted earnings (3)\n(83)\n357 \n(26)\n(101)\n67 \n19 \n48 \n119 \n63 \nNet earnings\n$\n4,231 \n$\n4,418 \n$\n4,659 \n$\n5,443 \n$\n3,646 \n$\n599 \n$\n825 \n37.7 \n%\n$\n628 \n$\n1,844 \n193.6 \n%\nEffective Tax rate\nThe Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings."},{"id":"e20","sourceId":"filing-2","location":"Consolidated statements of earnings, first-half 2026 and 2025","excerpt":"Financial Statements. Aflac Incorporated and Subsidiaries Consolidated Statements of Earnings Three Months Ended June 30, Six Months Ended June 30, (In millions, except for share and per-share amounts - Unaudited) 2026 2025 2026 2025 Revenues: Net earned premiums, principally supplemental health insurance (1) $ 3,252 $ 3,470 $ 6,562 $ 6,851 Net investment income 984 1,081 1,940 2,036 Net investment gains (losses) (153) (421) (104) (1,384) Other income (loss) 34 30 65 55 Total revenues 4,117 4,160 8,463 7,558 Benefits and expenses: Benefits and claims, excluding reserve remeasurement 1,898 2,047 3,812 4,033 Reserve remeasurement (gains) losses (46) (37) (128) (78) Total benefits and claims, net 1,852 2,010 3,684 3,955 Acquisition and operating expenses: Amortization of deferred policy acquisition costs 218 221 439 437 Insurance commissions 239 251 476 491 Insurance and other expenses 749 804 1,520 1,606 Interest expense 64 52 124 102 Total acquisition and operating expenses 1,270 1,328 2,559 2,636 Total benefits and expenses 3,122 3,338 6,243 6,591 Earnings before income taxes 995 822 2,220 967 Income taxes 170 223 376 339 Net earnings $ 825 $ 599 $ 1,844 $ 628 Net earnings per share: Basic $ 1.64 $ 1.12 $ 3.63 $ 1.16 Diluted 1.63 1.11 3.61 1.16 Weighted-average outstanding common shares used in computing earnings per share (In thousands): Basic 504,123 536,688 508,572 540,676 Diluted 505,578 538,425 510,150 542,629 Cash dividends per share $ .61 $ .58 $ 1.22 $ 1.16 (1) Includes a gain (loss) of an immaterial amount for the three- and six-month periods ended June 30, 2026 and 2025, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts."},{"id":"e21","sourceId":"filing-1","location":"Schedule II, parent-only cash flows, financing and distributions","excerpt":"199 SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT Aflac Incorporated (Parent Only) Condensed Statements of Cash Flows Years ended December 31, (In millions) 2025 2024 2023 Cash flows from operating activities: Net earnings $ 3,646 $ 5,443 $ 4,659 Adjustments to reconcile net earnings to net cash provided from operating activities: Equity in earnings of subsidiaries(1) (3,708) (5,090) (4,418) Cash dividends received from subsidiaries 3,824 4,274 3,410 Other, net (52) (292) (686) Net cash provided (used) by operating activities 3,710 4,335 2,965 Cash flows from investing activities: Fixed maturity securities sold 824 572 547 Fixed maturity securities purchased (772) (695) (345) Other investments sold (purchased) 125 (243) (34) Settlement of derivatives 277 469 693 Additional capitalization of subsidiaries(1) (15) (84) (203) Other, net (58) 0 1 Net cash provided (used) by investing activities 381 19 659 Cash flows from financing activities: Purchases of treasury stock (3,530) (2,800) (2,801) Proceeds from borrowings 1,039 823 0 Principal payments under debt obligations (84) 0 0 Dividends paid to shareholders (1,198) (1,087) (966) Treasury stock reissued 8 14 17 Proceeds from exercise of stock options 7 9 13 Net change in amount due to/from subsidiaries(1) 25 (5) (6) Other, net (20) (7) (17) Net cash provided (used) by financing activities (3,753) (3,053) (3,760) Net change in cash and cash equivalents 338 1,301 (136) Cash and cash equivalents, beginning of period 2,308 1,007 1,143 Cash and cash equivalents, end of period $ 2,646 $ 2,308 $ 1,007 (1) Eliminated in consolidation See the accompanying Notes to Condensed Financial Statements."},{"id":"e22","sourceId":"filing-1","location":"Liquidity and capital resources, Japan SMR at December 2025 and 2024","excerpt":"As of December 31, 2025, Aflac Japan's SMR was 995%, compared with 1,221% at December 31, 2024."},{"id":"e23","sourceId":"filing-1","location":"Glossary, SMR denominator","excerpt":"Solvency Margin Ratio (SMR) is solvency margin total divided by one half of the risk total."},{"id":"e24","sourceId":"filing-1","location":"Liquidity and capital resources, estimated December 2025 Japan ESR","excerpt":"As of December 31, 2025, Aflac Japan estimated the ESR to be above the Company's target range of 170% to 230%."},{"id":"e25","sourceId":"filing-3","location":"2025 business highlights, U.S. combined RBC ratio","excerpt":"COMBINED \nRISK-BASED CAPITAL (RBC) RATIO(2)\n570%\n Pay-For-Performance \n Compensation Philosophy \nOUR COMPENSATION PHILOSOPHY PILLARS\nWe Pay for Performance."},{"id":"e26","sourceId":"filing-1","location":"NAIC risk-based capital, regulatory ratio denominator","excerpt":"Regulatory compliance is determined by a ratio of a company's regulatory total adjusted capital to its authorized control level RBC as defined by the NAIC."},{"id":"e27","sourceId":"filing-3","location":"Business highlights footnote, combined RBC scope","excerpt":"(2)The Company calculates its combined RBC ratio to include all U.S."},{"id":"e28","sourceId":"filing-3","location":"Business highlights footnote, combined U.S. regulatory entities","excerpt":"regulated life insurance entities as if they were a single combined U.S."},{"id":"e29","sourceId":"filing-3","location":"Business highlights footnote, combined RBC intercompany netting","excerpt":"RBC entity net of intercompany items related to capital resources and risk."},{"id":"e30","sourceId":"filing-2","location":"Liquidity and capital resources, undrawn yen revolving facility","excerpt":"Purpose\nuncommitted bilateral\n364 days\nDecember 4, 2026\n$100 million\n$0 million\nThe rate quoted by the bank and agreed upon at the time of borrowing\nUp to 3 months\nNone\nGeneral corporate purposes\nunsecured revolving\n5 years\nMay 13, \n2030, or the date commitments are terminated pursuant to an event of default\n¥100.0 billion\n¥0.0 billion\nA rate per annum equal to, at the Company's option, either (a) Tokyo Interbank Market Rate (TIBOR) plus an applicable margin or (b) an alternative TIBOR based on the rate offered by the agent to major banks in yen for the applicable period plus an applicable margin\nNo later than \nMay 14, 2030\n.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination"},{"id":"e31","sourceId":"filing-2","location":"Notes payable and credit facilities, June 2026 covenant compliance","excerpt":"dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowings\nNo later than December 2, 2026\nNone\nGeneral corporate purposes\n(1) Intercompany credit agreement\nThe Company was in compliance with all of the covenants of its notes payable and lines of credit at June 30, 2026."},{"id":"e32","sourceId":"filing-2","location":"Note 3, investment concentration, realized investment and credit losses","excerpt":"Investment exposures that individually exceeded 10% of shareholders' equity were as follows: June 30, 2026 December 31, 2025 (In millions) Credit Rating Amortized Cost Fair Value Credit Rating Amortized Cost Fair Value Japan National Government(1) A+ $29,714 $24,612 A+ $32,618 $28,434 (1) Japan Government Bonds (JGBs) or JGB-backed securities 16 Net Investment Gains and Losses Information regarding pretax net investment gains and losses was as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Net investment gains (losses): Sales and redemptions: Fixed maturity securities available-for-sale: Gross gains from sales $ 0 $ 5 $ 1 $ 119 Gross losses from sales (837) (98) (978) (333) Foreign currency gains (losses) 599 79 725 240 Other investments: Gross gains (losses) from sales and redemptions 0 11 (2) 12 Total sales and redemptions (238) (3) (254) 38 Equity securities 87 98 73 37 Impairment losses (11) (6) (35) (6) Credit losses: Fixed maturity securities held-to-maturity 0 0 1 0 Commercial mortgage and other loans (76) (61) (126) (114) Loan commitments (1) 2 1 0 Reinsurance recoverables and other 0 1 (14) 1 Total credit losses (77) (58) (138) (113) Derivatives and other: Derivative gains (losses) (134) 23 (229) (22) Foreign currency gains (losses) 220 (475) 479 (1,318) Total derivatives and other 86 (452) 250 (1,340) Total net investment gains (losses) $ (153) $ (421) $ (104) $ (1,384) In the three-month period ended June 30, 2026, the Company did not recognize impairment losses on real estate owned (REO) properties."},{"id":"e33","sourceId":"filing-2","location":"Note 3, real-estate and middle-market loan quality and writeoffs","excerpt":"Transitional Real Estate Loans (In millions) 2026 2025 2024 2023 2022 Prior Total Loan-to-Value Ratio: 0%-59.99% $ 0 $ 0 $ 0 $ 0 $ 141 $ 157 $ 298 60%-69.99% 0 0 0 0 324 304 628 70%-79.99% 0 0 0 14 515 457 986 80% or greater 65 0 0 0 349 1,018 1,432 Total $ 65 $ 0 $ 0 $ 14 $ 1,329 $ 1,936 $ 3,344 Current-period gross writeoffs: $ 0 $ 0 $ 0 $ 0 $ 8 $ 0 $ 8 Commercial Mortgage Loans (In millions) 2026 2025 2024 2023 2022 Prior Total Weighted-Average DSCR Loan-to-Value Ratio: 0%-59.99% $ 35 $ 11 $ 0 $ 31 $ 0 $ 1,061 $ 1,138 2.80 60%-69.99% 13 20 0 0 0 77 110 1.91 70%-79.99% 0 0 0 0 0 72 72 1.45 80% or greater 0 0 12 0 0 36 48 0.87 Total $ 48 $ 31 $ 12 $ 31 $ 0 $ 1,246 $ 1,368 2.59 Weighted Average DSCR 1.90 1.83 1.09 2.74 0.00 2.65 Current-period gross writeoffs: $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 26 Middle Market Loans (In millions) 2026 2025 2024 2023 2022 Prior Revolving Loans Total Credit Ratings: BBB $ 73 $ 13 $ 61 $ 22 $ 0 $ 94 $ 6 $ 269 BB 269 355 506 114 296 774 66 2,380 B 49 291 124 46 232 628 45 1,415 CCC 0 25 3 0 34 273 26 361 CC 6 5 2 0 10 81 8 112 C and lower 0 0 0 0 0 53 7 60 Total $ 397 $ 689 $ 696 $ 182 $ 572 $ 1,903 $ 158 $ 4,597 Current-period gross writeoffs: $ 0 $ 0 $ 0 $ 0 $ 0 $ 11 $ 0 $ 11 Other Loans (In millions) 2026 2025 2024 2023 2022 Prior Revolving Loans Total Credit Ratings: A $ 20 $ 0 $ 0 $ 0 $ 60 $ 0 $ 0 $ 80 AA 0 0 0 0 8 3 0 11 BBB 81 37 257 0 24 24 0 423 BB 0 0 0 64 0 0 0 64 Total $ 101 $ 37 $ 257 $ 64 $ 92 $ 27 $ 0 $ 578 Current-period gross writeoffs: $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Other Investments The table below presents the composition of the carrying value for other investments as of the periods presented."},{"id":"e34","sourceId":"filing-2","location":"Liquidity and capital resources, reinvestment yields versus liability accretion","excerpt":"Currently, when the Company's fixed maturity securities mature, the proceeds may be reinvested at a yield below that required for the accretion of policy benefit liabilities on policies issued in earlier years."},{"id":"e35","sourceId":"filing-2","location":"Note 10, outstanding shares and first-half 2026 repurchases","excerpt":"Common stock - issued:\nBalance, beginning of period\n1,357,909 \n1,356,763 \nExercise of stock options and issuance of restricted shares\n1,027 \nBalance, end of period\n1,358,830 \n1,357,790 \nTreasury stock:\nBalance, beginning of period\n839,219 \n806,799 \nPurchases of treasury stock:\nShare repurchase program\n16,413 \nDispositions of treasury stock:\nShares issued to AFL Stock Plan\n(328)\n(366)\n(42)\n(41)\n(167)\n(226)\nBalance, end of period\n856,573 \n822,981 \nShares outstanding, end of period\n502,257 \n534,809 \nShare Repurchase Program: During the first six months of 2026, the Company repurchased 17.5 million shares of its common stock for $2.0 billion as part of its share repurchase program."},{"id":"e36","sourceId":"filing-1","location":"Note on share-based compensation, reported 2025 expense","excerpt":"(In millions, except for per-share amounts) 2025 2024 2023 Impact on earnings from continuing operations $ 82 $ 72 $ 79 Impact on earnings before income taxes 82 72 79 Impact on net earnings 65 57 62 Impact on net earnings per share: Basic $ .12 $ .10 $ .10 Diluted .12 .10 .10 175 Item 8."},{"id":"e37","sourceId":"filing-2","location":"Investing activities, Aflac Ventures commitment and deployment","excerpt":"As part of its overall corporate strategy, the Company has committed up to $400 million to Aflac Ventures, LLC (Aflac Ventures) as opportunities emerge, of which approximately $230 million has been deployed as of June 30, 2026."},{"id":"e38","sourceId":"filing-7","location":"First-half ROE reconciliation, GAAP return on average shareholders' equity","excerpt":"GAAP ROE - Net earnings1\n12.3 \n4.7 \nImpact of excluding unrealized foreign currency translation gains (losses)\n(2.2)\n(0.8)\nImpact of excluding unrealized gains (losses) on securities and derivatives\n(0.2)\nImpact of excluding effect of changes in discount rate assumptions\n4.0 \n0.7 \nImpact of excluding pension liability adjustment\n— \n— \nImpact of excluding AOCI\n0.9 \n(0.3)\nU.S."},{"id":"e39","sourceId":"filing-7","location":"First-half ROE reconciliation, adjusted return measures","excerpt":"GAAP ROE - less AOCI\n13.2 \n4.4 \nDifferences between adjusted earnings and net earnings2\n(0.4)\n8.7 \nAdjusted ROE - reported\n12.8 \n13.1 \nImpact of excluding gains (losses) associated with foreign currency remeasurement3\n3.9 \n3.0\nAdjusted ROE, excluding foreign currency remeasurement\n16.7 \n16.1 \n1 U.S."},{"id":"e40","sourceId":"filing-7","location":"Non-GAAP measures, adjusted ROE excluding currency remeasurement definition","excerpt":"•Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets."},{"id":"e41","sourceId":"filing-3","location":"Executive compensation, granted 2025–2027 performance award metrics","excerpt":"Miller 300 % Audrey Boone Tillman 325 % 52 AFLAC INCORPORATED EXECUTIVE COMPENSATION LTI Performance Metrics The PBRS will vest based on the Company’s achievement on a combination of these measures—AROE, RBC, SMR/ESR —for the cumulative three-year performance period beginning January 1, 2025 and ending December 31, 2027."},{"id":"e42","sourceId":"filing-2","location":"Note 11, actual 2026 performance-based stock grants","excerpt":"74 Performance-Based Restricted Stock In 2026, the Company granted 289 thousand shares of performance-based stock, which are contingent on the achievement of the Company's financial performance metrics and certain market conditions."},{"id":"e43","sourceId":"filing-2","location":"Note 11, performance-award payout range and relative shareholder return","excerpt":"Actual performance, including modification for relative total shareholder return, may result in the ultimate award of 0% to 200% of the initial number of performance-based restricted stock issued, with the potential for no award if the Company's performance goals are not achieved."},{"id":"e44","sourceId":"filing-3","location":"Termination benefits, retirement eligibility and equity vesting provisions","excerpt":"Tillman are retirement-eligible under the terms of the Company’s equity agreements and each will vest in all equity awards granted at least one year before the date his or her employment terminates (subject to satisfaction of performance goals)."},{"id":"e45","sourceId":"filing-3","location":"Corporate governance, independent committees and shareholder rights","excerpt":"In particular: •a substantial majority of our Board members are independent; •the Audit and Risk, Compensation, and Corporate Governance Committees all comprise independent Directors; •the Company has a Lead Non-Management Director with significant responsibilities, as described below; •the Non-employee Directors meet at each regularly scheduled Board meeting in executive session without management present; •the Corporate Governance Committee oversees and manages the annual assessment of Board performance, which includes consideration of the effectiveness of our Board leadership structure; •our shareholders have several avenues to make their views known, including the ability to amend the Bylaws of the Company, to call a special meeting of shareholders and to include director nominations in our proxy materials; and •members of our management team and/or independent Directors proactively engage on a year-round basis with our shareholders to understand their perspectives on our business, strategy, management, Board, and governance practices."},{"id":"e46","sourceId":"filing-3","location":"Ownership arrangements, time-phased voting rights and trustee restrictions","excerpt":"Total for PEO(1)\nActually Paid to\nPEO(2)(7)\nAverage Summary\nTotal for Non-PEO\nNEOs(3)\nActually Paid to\nNon-PEO\nNEOs(2)(9)\nValue of Initial Fixed $100\nInvestment Based On:\nIncome*(5)\nEquity(5)(6)(7)\nPeer Group Total\nReturn(4)\n$25,033,687 \n$38,988,251 \n$6,833,991 \n$9,579,272 \n$278.50 \n$201.00 \n$3,646 \n$19,268,254 \n$36,602,092 \n$4,853,760 \n$7,733,169 \n(8)\n$255.62 \n$189.87 \n$5,443 \n17.7\n$20,703,253 \n$40,403,440 \n$6,201,143 \n$8,477,924 \n(8)\n$199.58 \n$157.83 \n$4,659 \n14.2\n$15,776,291 \n$32,797,790 \n$5,168,408 \n$8,807,464 \n$170.03 \n$150.82 \n$4,418 \n13.9\n$15,728,233 \n$27,847,653\nIn light of the fact that the shares acquired by the Trust, like all Aflac Incorporated shares of Common Stock, are eligible for 10-for-1 voting rights, having been held for 48 consecutive months, the Shareholders Agreement further provides for voting restrictions that effectively limit the trustee’s voting rights to no more than 20% of the voting rights in the Company and further restrict the trustee’s voting rights with respect to certain change in control transactions."},{"id":"e47","sourceId":"filing-3","location":"Director summary, combined chairman and CEO roles","excerpt":"DANIEL P. AMOS, 74\nChairman and \nChief Executive Officer,\nDirector Since 1983\nCommittees: E, FI\nW."},{"id":"e48","sourceId":"filing-6","location":"Note 13, cyber incident, continued policyholder service","excerpt":"The Company's systems were not affected by ransomware, and the Company remained able to serve its policyholders and underwrite policies, review claims, and otherwise service customers as usual."},{"id":"e49","sourceId":"filing-3","location":"2025 selected results, U.S. new sales","excerpt":"•Sales of nearly $1.6 billion were up 3.0%."},{"id":"e50","sourceId":"filing-1","location":"State regulation, completed examination findings","excerpt":"There were no material findings in any of the NDOI and NYSDFS final examination reports."},{"id":"e51","sourceId":"filing-2","location":"Note 11, restricted-share activity and unrecognized compensation cost","excerpt":"(In thousands of shares) Shares Weighted-Average Grant-Date Fair Value Per Share Restricted stock at December 31, 2025 1,867 $ 86.15 Granted in 2026 928 119.68 Canceled in 2026 (18) 101.26 Vested in 2026 (1,093) 75.39 Restricted stock at June 30, 2026 1,684 $ 102.84 As of June 30, 2026, total compensation cost not yet recognized in the Company's consolidated financial statements related to restricted stock was $82 million, of which $42 million (1.4 million shares) was related to performance-based restricted stock."},{"id":"e52","sourceId":"filing-7","location":"Second-quarter 2026 actual buybacks and dividends","excerpt":"•The company returned $1.3 billion to shareholders, consisting of $983 million in share repurchase and $309 million in dividends."},{"id":"e53","sourceId":"filing-1","location":"Japan solvency regime transition, initial ESR reporting date","excerpt":"The initial report on the ESR will be issued as of March 31, 2026, which is Aflac Japan's 2025 fiscal year-end."},{"id":"e54","sourceId":"filing-1","location":"Japan premiums in force, limited-pay policies reaching paid-up status","excerpt":"The decrease in annualized premiums in force in Japanese yen of 2.5% in 2025 and 3.0% in 2024 was driven primarily by limited-pay products reaching premium paid-up status."}],"changes":["Changed from uncertain to narrow. The supplied evidence establishes continued cancer-insurance leadership since 1974, extensive bank access and commercial distribution arrangements maintained since 2008. Together with demonstrated persistency, these support a limited franchise advantage despite nonexclusive distribution.","Pricing power remains unproven. Added explicit treatment of the persistency methodology change, early-2026 persistency deterioration, actual cyber exposure, compensation arrangements and insurer-specific financial assessments."],"limitations":["The passages identify generic competing insurer categories but establish no named competitor comparison. Named distribution partners, affiliates and companies mentioned in director biographies are not treated as competitors.","Market leadership, brand strength and operating measures are issuer disclosures. No comparative acquisition costs, exclusive distribution protections or demonstrated customer switching costs are supplied; claimed low-cost operations are not established as a cost advantage.","Tsumitasu repricing is disclosed without its direction, magnitude or isolated profitability effect. Premium movements cannot establish realized pricing because sales, policy mix, currency, paid-up policies and reinsurance also affect them.","Japan persistency methodology changed in January 2025 without retrospective adjustment. Current persistency demonstrates repeat demand but does not prove customer dependency or permit an unqualified comparison with earlier years.","All dates used are catalog filing dates. Financial grades rely on 2026-filed sources within 550 days of October 19, 2026; older filings do not establish current capital sufficiency.","Latest supplied quantified Japan and U.S. solvency ratios concern December 2025. The estimated ESR is not an observed result under the subsequently introduced reporting regime. June 2026 consolidated equity is not substituted for regulatory capital.","Reinsurance counterparty recoverability, quantified duration gaps, current parent liquidity allocation and realized venture-investment returns are incompletely disclosed. Governance policies and award terms do not establish actual executive ownership compliance or future vesting."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Continued Japanese cancer-insurance leadership, broad bank access and established commercial distribution arrangements jointly support a franchise advantage. Nonexclusive channels limit its strength; size alone is insufficient.","evidenceIds":["e1","e2","e3","e4","e7"]},{"criterion":"durability","grade":3,"rationale":"Leadership dating from 1974 and distribution arrangements maintained since 2008 demonstrate persistence across product cycles. Intensified competition prevents an exceptional durability assessment.","evidenceIds":["e1","e3","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Japan's 93.1% and U.S. 79.2% 2025 premium persistency establish repeat demand, but do not demonstrate lock-in or indispensable coverage. Japan persistency subsequently fell to 92.8% in the first quarter of 2026.","evidenceIds":["e6","e13","e10","e14"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Japanese sales grew 16.0% in 2025 despite competitive pressure, supporting adaptation. Bundling, nonexclusive distribution, weakening Japan persistency and the actual cyber incident leave resilience mixed.","evidenceIds":["e15","e7","e9","e10","e11","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Repricing new Tsumitasu policies is confirmed, but neither its direction nor magnitude is supplied. Sales success and competitors' discounting do not establish Aflac's own realized pricing outcome.","evidenceIds":["e16","e15","e9"]},{"criterion":"retention","grade":3,"rationale":"Reported 2025 premium persistency directly demonstrates substantial repeat demand, particularly in Japan. This is premium retention rather than customer-count retention; methodology changes and early-2026 weakening limit the assessment.","evidenceIds":["e6","e13","e14","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Japan's adjusted pretax margin increased from 36.0% to 36.7% in 2025 and improved in the first quarter of 2026. However, claims assumptions, reinsurance and investment income influence profitability, and first-half consolidated adjusted earnings declined 4.2%. This supports mixed resilience, not demonstrated pricing causation.","evidenceIds":["e18","e10","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"U.S. premium rates and policy forms require regulatory approval, constraining unilateral pricing freedom. New-policy repricing demonstrates some flexibility, but rights to reprice existing contracts are absent.","evidenceIds":["e17","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual buybacks reduced shares while disclosed regulatory ratios remained substantial. However, 2025 parent dividends and treasury purchases exceeded parent operating cash inflows, with new borrowing contributing funding. Repurchases are not themselves proof of attractive investment returns.","evidenceIds":["e21","e22","e25","e35"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual performance-share grants link multiyear awards to returns, capital measures and relative shareholder return, with possible zero payout. Retirement provisions relax service requirements while preserving performance conditions. Actual personal ownership and realized award outcomes are not established.","evidenceIds":["e41","e42","e43","e44"]},{"criterion":"execution","grade":2,"rationale":"Japan and U.S. sales growth demonstrates product and distribution execution; service continued through the cyber incident. The incident affected personal information for approximately 22.65 million individuals, while first-half 2026 adjusted earnings declined. Execution is assessed from operating outcomes, not management praise.","evidenceIds":["e15","e49","e48","e11","e19"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, executive sessions and shareholder rights support oversight, and completed regulatory examinations had no material findings. Combined CEO/chair leadership and time-phased enhanced voting rights temper accountability. No shareholder proposal is assumed adopted.","evidenceIds":["e45","e50","e46","e47"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"December 2025 Japan SMR was 995%, down from 1,221%, and U.S. combined RBC was 570%. SMR divides solvency margin by half the risk total; regulatory RBC uses total adjusted capital over authorized control level RBC, with combined U.S. entities net of intercompany items. These denominators are not interchangeable. Estimated Japan ESR above the 170%–230% target supports the assessment but is not a subsequently reported regulatory result.","evidenceIds":["e22","e23","e24","e25","e26","e27","e28","e29","e53"]},{"criterion":"liquidity_funding","grade":3,"rationale":"Parent cash reached $2.646 billion at December 2025, supported by actual subsidiary remittances and operating cash inflows. An undrawn ¥100 billion revolving facility and June 2026 covenant compliance provide additional support. Parent reliance on regulated subsidiary distributions and incomplete current liquidity allocation prevent an exceptional grade.","evidenceIds":["e21","e30","e31"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"First-half 2026 credit losses of $138 million, substantial higher-LTV transitional real-estate loans and below-investment-grade middle-market exposures demonstrate actual investment risk. The disclosed possibility of reinvesting below legacy liability accretion yields adds matching pressure. Favorable reserve remeasurement supports claims experience, but full duration and reinsurance-recoverability evidence is missing.","evidenceIds":["e32","e33","e34","e20"]},{"criterion":"earnings_resilience","grade":3,"rationale":"The supplied five-year series shows consistently positive consolidated earnings and adjusted earnings. First-half 2026 net earnings were $1.844 billion versus $628 million, although adjusted earnings declined 4.2% to $1.784 billion. Investment volatility and reserve remeasurement preclude exceptional stability.","evidenceIds":["e19","e20","e32"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"First-half 2026 annualized GAAP ROE was 12.3%, while adjusted ROE excluding foreign currency remeasurement was 16.7%. The latter uses adjusted earnings and excludes AOCI and specified cumulative currency effects from equity. These demonstrate productive capital use, with accounting scope and limited comparative evidence preventing an exceptional assessment.","evidenceIds":["e38","e39","e40"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Second-quarter 2026 distributions comprised $983 million of buybacks and $309 million of dividends. Disclosed December solvency ratios support capacity, but 2025 parent distributions exceeded operating inflows and borrowing increased. Current post-distribution regulatory buffers are not quantified.","evidenceIds":["e52","e21","e22","e25"]},{"criterion":"dilution_and_cost","grade":3,"rationale":"June outstanding shares fell to 502.257 million from 534.809 million a year earlier, demonstrating net share reduction despite equity issuance. Reported 2025 pretax share-based compensation was $82 million; June 2026 unrecognized restricted-stock cost was another $82 million. Financing costs increased, limiting the strength of the result.","evidenceIds":["e35","e36","e51","e20"]},{"criterion":"investment_discipline","grade":2,"rationale":"Actual credit losses, writeoffs and realized securities-sale losses show imperfect investment outcomes despite a profitable overall franchise. Aflac Ventures had deployed approximately $230 million against a $400 million commitment, but realized venture returns are absent. Available evidence supports a mixed assessment rather than treating stated underwriting processes as proven 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earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":21.31576248589888,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this 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