Aflac (NYSE: AFL) is one of the world’s largest supplemental insurance companies, with a dominant position in Japan and a strong, growing presence in the United States. Shares recently traded near $109, giving the company a market value of about $56.2B. Founded by John Amos, Aflac has built a reputation for disciplined underwriting, consistent profitability, and reliable free cash flow.
Over the past decade, Aflac has become known for its steady earnings profile and predictable capital returns. Management’s long running commitment to buybacks and balance sheet strength has helped the company navigate shifting macro conditions while maintaining long term visibility. Even during slower premium cycles, Aflac benefits from durable recurring revenue and a conservative approach to risk.
Looking at who owns Aflac and how insiders and hedge funds are acting offers a clearer sense of how major investors view the company’s long term earnings stability, cash flow durability, and valuation today.
Aflac’s Largest Shareholders
Aflac’s investor base is dominated by large institutions that tend to favor companies with stable earnings and recurring cash generation. Their recent moves signal steady confidence with a mix of selective trimming and targeted accumulation.
- Japan Post Holdings: 52,300,000 shares (9.98%), $5.69B value. No change.
- The Vanguard Group: 50,134,269 shares (9.57%), $5.46B value. Cut 407,268 shares (0.81%).
- State Street Investment Management: 24,322,534 shares (4.64%), $2.65B value. Added 22,629 shares (0.09%).
- BlackRock Institutional Trust: 24,185,183 shares (4.61%), $2.63B value. Cut 816,936 shares (3.27%).
- Wells Fargo Advisors: 10,867,683 shares (2.07%), $1.18B value. Cut 3,590,523 shares (24.83%).
- Geode Capital: 10,702,333 shares (2.04%), $1.16B value. Cut 62,212 shares (0.58%).
- BlackRock Asset Management Ireland: 5,037,157 shares (0.96%), $548.3M value. Added 488,032 shares (10.73%).
- Dimensional Fund Advisors: 4,414,180 shares (0.84%), $480.5M value. Added 310,220 shares (7.56%).
- Northern Trust Investments: 4,122,976 shares (0.79%), $448.8M value. Cut 14,308 shares (0.35%).
- Norges Bank Investment Management: 4,098,246 shares (0.78%), $446.1M value. Added 717,556 shares (21.23%).
This steady institutional base provides a long term anchor for the stock, and for investors it reinforces the perception of Aflac as a stable, lower volatility compounder supported by consistent cash generation.
Hedge Fund Highlights
One highlight from last quarter is Winton Group, led by David Harding, which increased its Aflac holdings by 2077.29%, now owning around 57.81k shares valued near $6.46M. The scale of the increase suggests the firm may be recognizing Aflac’s predictable free cash flow profile.
Another notable move comes from AQR Capital Management, founded by Cliff Asness. AQR lifted its position by 1184.46% to roughly 1.26M shares valued around $141.20M, which looks like a meaningful shift toward Aflac’s defensive characteristics.
A third highlight is Two Sigma Advisers, co founded by John Overdeck. The firm raised its stake by 643.08%, now holding about 296.49k shares worth approximately $33.12M. This increase may reflect quantitative models responding to Aflac’s low volatility and stable fundamentals.
Finally, Citadel Advisors, founded by Ken Griffin, grew its position by 194.27%, now holding roughly 916.28k shares valued at $102.35M. The increase may indicate recognition of Aflac’s consistent earnings and resilient cash generation.
Together, these shifts show that several prominent quantitative and multi strategy funds appear to be leaning more positively on Aflac’s long term risk adjusted return profile.
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Aflac’s Recent Insider Trades
Recent filings show several small transactions. While motivations are not confirmed, some entries look like timing or compensation related adjustments. None appear large enough to shift overall ownership.
- Audrey Boone Tillman (Officer): Sold 1,038 shares on 12/4/25 at $0, sold 15,862 shares at $112 on 11/17/25, bought 15,862 shares at $28.97, and sold 3,452 shares at $115.1 on 11/13/25.
- Steven Kent Beaver (Officer): Sold 3,452 shares at $109.26 on 12/4/25, and bought 3,452 shares at $28.97 on the same day.
- Joseph L. Moskowitz (Director): Sold 2,000 shares on 11/16/25, sold 786 shares at $113.75, and bought 2,000 shares at $44.59.
- Max Broden (Officer): Sold 4,668 shares on 11/9/25, and bought 4,668 shares at $38.76.
These transactions appear modest and provide context on how leadership is adjusting exposure around current price levels.
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What the Ownership & Insider Trade Data Tell Us
Aflac’s ownership remains anchored by large institutions and supported by notable hedge fund accumulation, reinforcing its standing as a stable, cash generative insurer with a long record of disciplined capital allocation. Insider activity appears measured and does not indicate a major shift in sentiment, which aligns with the steady positioning seen among institutional holders. For investors this combination supports the view that Aflac is positioned to continue operating as a durable long term compounder with consistent earnings, reliable free cash flow, and a shareholder base that favors stability.
For investors, this setup suggests that expectations remain grounded in steady performance rather than rapid growth. The alignment between institutional holders, hedge funds, and insiders points to confidence in Aflac’s ability to maintain margins, return capital, and preserve its defensive characteristics even in softer premium environments. This makes Aflac a potential fit for investors seeking predictable cash flows and lower volatility exposure within the financial sector.
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