Aflac management check
AFL · Financials · Life & Health Insurance · CEO Daniel P. Amos
Filings as of
6 good · 1 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $279, against $201 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.76 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.7% of net income$25.0m of reported pay in fiscal 2025, against $3.6bn of net income.
- Watch
Do they own the stock?
Insiders are selling7 insiders sold $5.0m in the last six months and none bought. 3 of 11 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -5.5% a year over the last three fiscal years.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Daniel P. Amos. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 98 | 49 | |
| Pay for performance | 88 | 83 | |
| CEO cost | 64 | 67 | |
| Skin in the game | — | — | 51 |
| Dilution | 100 | 69 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Life & Health Insurance, by management score. Aflac is 4th of 72 in its sector.
- 4AXPAmerican Express93
- 5AFLAflac92
- 141METMetLife73
- 261PFGPrincipal Financial Group64
- 313PRUPrudential Financial60
- 381GLGlobe Life56
Pay versus performance
From the proxy statement filed March 19, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Daniel P. Amos | $25.0m | $39.0m | $6.8m | $279 | $201 | $3.6bn |
| 2024 | Daniel P. Amos | $19.3m | $36.6m | $4.9m | $256 | $190 | $5.4bn |
| 2023 | Daniel P. Amos | $20.7m | $40.4m | $6.2m | $200 | $158 | $4.7bn |
| 2022 | Daniel P. Amos | $15.8m | $32.8m | $5.2m | $170 | $151 | $4.4bn |
| 2021 | Daniel P. Amos | $15.7m | $27.8m | $4.8m | $135 | $137 | $4.2bn |
The board says pay is tied most to Adjusted Return on Equity. Its other key measures: •Adjusted Return on Shareholders’ Equity, •U.S. Segment Net Earned Premium, •Japan Segment Net Earned Premium, •Adjusted Earnings per diluted Share (excluding foreign currency effect), •Japan Segment New Annualized Premium Sales, •Net Investment Income - Aflac Global Investments, •U.S. Segment New Annualized Premium Sales.
Insiders and the CEO's stake
7 insiders sold $5.0m in the last six months and none bought. 3 of 11 sales ran on pre-arranged 10b5-1 plans.
- SoldJoseph L MoskowitzDirector$1.6mAug 10, 2026
- SoldMasatoshi KoidePres. and Rep. Director, ALIJ$1.6mSep 16, 2026
- SoldCharles D Ii LakeChairman & Rep. Director, ALIJ$737kMay 5, 2026
- SoldSteven Kent BeaverEVP, CFO Aflac Japan$649kMay 22, 2026
Leadership and governance on file
- Oct 30, 2024Leadership change8-K 5.02
- Dec 8, 2023Leadership change8-K 5.02
- Nov 17, 2023Leadership change8-K 5.02
- Nov 1, 2023Leadership change8-K 5.02
- Jun 13, 2023Leadership change8-K 5.02
- Feb 10, 2023Leadership change8-K 5.02
- Oct 25, 2022Leadership change8-K 5.02
- Feb 11, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 7, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $18.9bn returned to owners in buybacks and dividends, 84% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $21.6bn | $19.1bn | $18.7bn | $18.9bn | $17.2bn |
| Net income | $4.2bn | $4.4bn | $4.7bn | $5.4bn | $3.6bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | $2.3bn | $2.4bn | $2.8bn | $2.8bn | $3.5bn |
| Dividends | $855.0m | $979.0m | $966.0m | $1.1bn | $1.2bn |
| Diluted shares | 677m | 638m | 599m | 565m | 535m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.