Shares of Aflac closed down 2.9% following Q1 2026 results, as the market appeared unenthused despite robust reported sales gains in Japan and the U.S. The absence of positive surprise in margins, outlook, or guidance likely left investors looking for more than incremental operating momentum.

• Adjusted earnings per share rose 6.6% year-over-year to $1.77 (ex-FX), aided by reserve remeasurement gains but modestly offset by softer variable investment income.
• Japan segment delivered a notable 25.5% increase in sales, propelled by new medical and cancer insurance products.
• U.S. operations saw sales increase 2.9% year-over-year, with net earned premium up 3.5% and stable premium persistency at 79.3%.
• Capital returns remained robust with $1.3 billion returned to shareholders via buybacks and dividends in the quarter.
• Margins and guidance commentary remained steady, with no clear indicators of meaningful upward revisions or acceleration that might have driven a more positive market response.