For most investors, how much a stock's price changes over time is important. This factor can impact your investment portfolio as well as help you compare investment results across sectors and industries.

Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.

What if you'd invested in Aflac (AFL Quick QuoteAFL - Free Report) ten years ago? It may not have been easy to hold on to AFL for all that time, but if you did, how much would your investment be worth today?

Aflac's Business In-Depth

With that in mind, let's take a look at Aflac's main business drivers.

Aflac Incorporated was formed in 1973 under the laws of the state of Georgia. The company is a general business holding company and oversees the operations of its subsidiaries by providing management services and making capital available.

Its principal business is voluntary supplemental and life insurance, which is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the United States (Aflac U.S.) and, effective Apr 1, 2018, through Aflac Life Insurance Japan Ltd. in Japan (Aflac Japan). Aflac primarily operates in these two countries. The majority of the company's policies are individually underwritten and marketed through independent agents.

Aflac Japan (55.5% of the adjusted revenues in 2024) offers supplemental insurance products including cancer plans, general medical indemnity plans, medical/sickness riders, care plans, living benefit life plans, ordinary life insurance plans and annuities.

At 2024-end, 77% of the company's total assets were attributable to Aflac Japan. The firm founded Aflac Re Bermuda Ltd. in 2022 to reinsure some products issued by Aflac Life Insurance Japan.

Aflac U.S. (38.8%) markets and administers group products through Continental American Insurance Company (CAIC). The segment offers products including accident, critical illness, cancer, short-term disability, long-term care and disability, as well as term and whole life insurance in the domestic market. This unit also provides dental, vision, hospital indemnity and other products.

The remaining portion in adjusted revenues is contributed by the Corporate and Other (5.7%).

Bottom Line

Anyone can invest, but building a successful investment portfolio requires research, patience, and a little bit of risk. So, if you had invested in Aflac, ten years ago, you're likely feeling pretty good about your investment today.

According to our calculations, a $1000 investment made in August 2015 would be worth $3,888.47, or a gain of 288.85%, as of August 26, 2025, and this return excludes dividends but includes price increases.

Compare this to the S&P 500's rally of 244.79% and gold's return of 187.76% over the same time frame.

Going forward, analysts are expecting more upside for AFL.

Aflac's second quarter earnings beat estimates. Its U.S. segment is poised for growth with multiple product launches and the expansion of a virtual sales channel. U.S. unit's sales rose 3.1% YoY in the first half of 2025. Its investments in digital transformation will enhance operational efficiency and boost customer satisfaction and product sales. It has a strong balance sheet with a favorable solvency position. It bought back shares worth $1.7 billion in the first half of 2025. It authorised additional shares under its share repurchase program. However, softness persists in the Japan segment, evident from its declining premiums. The declining free cash flows reflect weakness in Aflac's operations. Japan unit's pretax adjusted earnings decreased 9.7% YoY in the first half of 2025. As such, the stock warrants a cautious stance.

Over the past four weeks, shares have rallied 6.44%, and there have been 6 higher earnings estimate revisions in the past two months for fiscal 2025 compared to none lower. The consensus estimate has moved up as well.