Aflac is a supplemental insurance company operating in Japan and the United States. Its core product is supplemental health insurance — policies that pay fixed cash benefits directly to policyholders when they are diagnosed with or treated for a covered illness or injury, regardless of what their primary health insurance pays. Aflac's flagship products are cancer insurance and medical/accident insurance. Japan is the larger and more profitable segment, where Aflac pioneered cancer insurance in 1974 and remains the market leader. The U.S. segment sells supplemental coverage including accident, disability, cancer, critical illness, and hospital indemnity, designed to supplement employer-sponsored coverage. Aflac sells almost entirely through the worksite — in the U.S. via independent career agents focused on small businesses and brokers serving larger employers; in Japan through a network of agencies and major alliance partners including Japan Post, Dai-ichi Life, and roughly 90% of Japanese banks. Aflac's profitability rests on three drivers: underwriting margins (Aflac pays fixed-dollar benefits, insulating it from medical cost inflation), premium persistency (Japan runs ~93%, the U.S. ~79%), and investment income from large portfolios backing policy liabilities. In Japan, Aflac's growth strategy centers on product refresh cycles, including the 2025 launch of Miraito cancer insurance, and attracting younger customers through savings products. In the U.S., Aflac is expanding beyond its core worksite model into group life and disability, network dental and vision, and direct-to-consumer channels. Aflac generates substantial free cash flow and returns most of it to shareholders through buybacks and dividends, having raised its dividend for 43 consecutive years.