Aflac spreads its wings: growth, challenges & new opportunities

Aflac shared its growth strategy at the Bank of America Financial Services Conference 2025 (Feb 12), highlighting its position as the #1 provider of supplemental health insurance, mainly sold through worksite channels and small businesses (under 100 employees). The company is also expanding its reach through Aflac Group, giving brokers the ability to serve larger employers with 100 or more employees.

Aflac US’s product lineup includes critical care, cancer, accident, disability, and hospital indemnity insurance, along with expanded offerings like Dental and Vision products. With a 27% market share, the company sees plenty of room to grow in the US supplemental health insurance market, as 112 million of 181 million workers are employed at businesses that don’t offer its products, and 25 million of the 32.6 million (77%) who have access haven’t signed up.

In Japan, Aflac Life Insurance leads the market in cancer and medical insurance, generating 55% of Aflac’s adjusted revenue and holding 77% of its total assets. Aflac introduced cancer insurance to Japan and marked its 50th anniversary in the market in 2024. Looking ahead, the company plans to launch a new cancer insurance product across its distribution channels in March–April 2025. While Aflac enjoys 90% brand recognition in Japan, attracting younger customers remains a challenge.

CEO Dan Amos acknowledged that recruiting is tougher when employment is high since Aflac’s sales team works on commission. However, he noted that teachers and coaches have been particularly successful in sales roles. “In our sales force, my favorite recruit—and I did it for 10 years—was always school teachers. They were low paid, highly educated, and generally had three months during the summer to try it out. If they liked it, they could come to work, and if not, they could go back to teaching. And so that worked—and interestingly enough, probably will surprise you, coaches even did better, male or female, because they were motivational in style.”