Aflac stock: Mizuho raises target as Q3 outlook stays mixed
Published on 11/09/2026 at 16:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSMizuho target rises as mixed outlook persists
- Mizuho lifted its Aflac price target while retaining an Underperform rating after the third-quarter report.
- The analyst cited higher earnings estimates, capital released by a Japan reinsurance transaction and uneven premium trends.
- Aflac's stronger U.S. operation continues to contrast with weaker Japan results and portfolio-related earnings volatility.
Mizuho raised its price target for Aflac Incorporated to 112 US dollars from 107 US dollars on Monday, November 9, while retaining an Underperform rating, according to Investing.com. The revision followed Aflac's mixed third-quarter report and higher earnings assumptions.
Higher estimates meet mixed operations
Mizuho raised its fiscal 2026 earnings estimate by 9 percent to 7.70 US dollars per share. Its fiscal 2027 and 2028 estimates increased to 7.65 US dollars and 8.05 US dollars, respectively.
The analyst expects Aflac's assumption review to modestly reduce future benefit ratios in both Japan and the United States, assuming no change in business mix. The assessment also cited more than 80 million US dollars in annualized net investment income added by portfolio switch transactions so far this year.
Japan transaction supports capital
Aflac's planned cession of approximately 500 billion yen of cancer reserves to Aflac Re Bermuda is expected to release roughly 1 billion US dollars of capital. That potential flexibility adds to the capital-return case, but Mizuho said earnings growth remains reliant on deployment of capital while Japan's new premium equivalents continue to shrink.
Aflac's third-quarter results showed the same divergence. U.S. pretax adjusted earnings rose 31.5 percent to 493 million US dollars, while Japan pretax adjusted earnings fell 21.0 percent in dollar terms to 961 million US dollars. Portfolio repositioning losses also pushed reported net income sharply lower, even as adjusted earnings per diluted share reached 2.43 US dollars.
Dividend remains a support
The board declared a fourth-quarter dividend of 0.61 US dollars per share, payable on December 1 to shareholders of record on November 18. The declaration marked 44 consecutive years of dividend increases, while the company returned 1.1 billion US dollars through repurchases and dividends in the third quarter.
Aflac stock traded at 111.23 euros on Lang & Schwarz at 16:36 CET on Monday, November 9, 2026. Investors can follow the Aflac stock market report.
U.S. equity-market conditions remain an important backdrop for insurers through the latest S&P 500 market coverage.
More earnings coverage is available in more news and analyses on Aflac stock.
Aflac Incorporated at a glance
- Company: Aflac Incorporated
- ISIN: US0010551028
- Exchange: NYSE
- Lang & Schwarz price: 111.23 euros, Monday, November 9, 2026, 16:36 CET
- Price target: 112 US dollars from Mizuho, raised from 107 US dollars
- Third-quarter adjusted earnings per diluted share: 2.43 US dollars
- Fourth-quarter dividend: 0.61 US dollars per share, payable December 1, 2026
