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Aflac Incorporated  (AFL)
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Aflac Incorporated's

Competitiveness


 

AFL Sales vs. its Competitors Q3 2021



Comparing the results to its competitors, Aflac Incorporated reported Total Revenue decrease in the 3 quarter 2021 year on year by -7.56 %, despite revenue increase by most of its competitors of 11.18 %, recorded in the same quarter.

List of AFL Competitors

With net margin of 16.96 % company achieved higher profitability than its competitors.

More on AFL Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Aflac Incorporated Net Income in 3 quarter 2021 declined year on year by -63.84 %, faster than the decline experianced by the competitors of -36.31 %.

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Aflac Incorporated's Comment on Competitors and Industry Peers


Aflac competes against several voluntary supplemental insurance carriers on a national and regional basis. We believe our policies, premium rates, and sales commissions are competitive by product type. Moreover, we believe that Aflac products are distinct from competitive offerings given our product focus (including features, benefits, and our claims service model), distribution capabilities, and brand awareness. For many companies with which we compete, voluntary supplemental insurance products are sold as a secondary business. However, a growing number of major medical and life insurance carriers are entering into the voluntary supplemental insurance market. For Aflac, supplemental insurance products are our primary business and are sold via a large distribution network of independent sales associates and brokers. Aflac's advertising campaigns have increased our name awareness and understanding by consumers and businesses of the value our products provide.

Both private and publicly-traded insurers offer major medical insurance for hospitalization and medical expenses. Much of this insurance is sold on a group basis to accounts that are both fully and self-insured. The federal and state governments also pay substantial costs of medical treatment through various programs. Major medical insurance generally covers a substantial portion of the medical expenses incurred by an insured. Aflac policies are designed to provide coverage that supplements major medical insurance by paying cash directly to the policyholder to use for expenses their major medical insurance is not designed to cover. Thus, we do not compete directly with major medical insurers. Any reduction of coverage, increase in employee participation costs, or increased deductibles and copayments by major medical commercial or government insurance carriers could favorably affect our business opportunities. With the implementation of the ACA, we anticipate a larger burden of the cost of care will be borne by some consumers, potentially creating a favorable impact on key markets for Aflac products. We also expect the ACA potentially will result in a more competitive landscape for Aflac, as major medical carriers face profitability erosion in some of their core lines of business and seek competitive entry into Aflac's supplemental product segments to offset this impact.

In 1974, Aflac was granted an operating license to sell life insurance in Japan, making Aflac the second non-Japanese life insurance company to gain direct access to the Japanese insurance market. Through 1981, we faced limited competition for cancer insurance policy sales. However, Japan has experienced two periods of deregulation since we entered the market. The first came in the early 1980s, when nine mid-sized insurers, including domestic and foreign companies, were allowed to sell cancer insurance products for the first time. In 2001, all life and non-life insurers were allowed to sell stand-alone cancer and medical insurance products as well as other stand-alone health insurance products. As a result, the number of insurance companies offering stand-alone cancer and medical insurance has more than doubled since the market was deregulated in 2001. However, based on our growth of annualized premiums in force and agencies, we do not believe that our market-leading position has been significantly impacted by increased competition. Furthermore, we believe the continued development and maintenance of operating efficiencies will allow us to offer affordable products that appeal to consumers. Aflac is the largest life insurer in Japan in terms of individual policies in force.





  

Overall company Market Share Q3 2021

Overall company, revenue fell by -7.56 % and company lost market share, to approximate 1.33 %.





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*Market share calculated with total revenue.


AFL's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME MARKET CAP REVENUES INCOME EMPLOYEES
Aflac Incorporated 22,583 36,472 4,237 9,235
Allstate Corp 49,595 32,269 3,399 38,800
American International Group Inc 47,646 46,070 5,801 65,000
Truist Financial Corporation 22,914 78,764 6,165 0
Cigna Corporation 170,102 67,494 8,424 37,200
Cincinnati Financial Corporation 9,001 18,861 2,525 4,305
Humana Inc 81,072 54,529 2,673 57,000
Metlife Inc 70,409 51,061 5,522 66,000
Principal Financial Group inc 13,482 18,862 1,488 14,873
Prudential Financial Inc 70,539 40,302 7,574 48,331
Safeco Corporation 0 0 0 0
Unitedhealth Group Incorporated 278,969 429,101 16,797 170,000
Unum Group 13,308 4,767 800 9,500
Wellpoint, Inc. 71,427 0 2,570 0
Aetna Inc 60,705 70,069 3,503 48,800
Aon Plc 12,090 66,017 969 69,000
Lincoln National Corporation 18,761 12,408 1,328 9,627
Mbia Inc 233 561 -348 252
The Hartford Financial Services Group Inc 21,902 23,324 2,152 17,500
Assurant Inc 10,168 9,055 1,388 17,600
Loews Corp 14,799 14,449 1,685 17,510
Xl Fleet Corp 28 551 -15 4,663
Genworth Financial Inc 8,359 2,005 1,019 5,300
Berkshire Hathaway Inc 267,320 511,121 81,322 0
Anthem Inc 133,882 97,236 5,521 48,200
Firstmerit Corp 956 0 185 4,112
International Bancshares Corporation 575 2,649 246 2,822
Mb Financial Inc 955 3,598 331 2,980
Old National Bancorp 860 2,926 295 2,652
Trustmark Corp 687 1,956 172 2,941
Leaf Group Ltd 231 304 -4 0
Investors Heritage Capital Corp 63 49 1 1
Security National Financial Corporation 496 181 38 1,271
American Independence Corp. 0 0 0 268
Centene Corporation 121,702 41,969 724 18,200
Cno Financial Group Inc 4,124 2,985 437 3,500
Futu Holdings Ltd 427 41,145 171 150
Triple s Management Corporation 4,115 830 81 3,257
Health Net Inc 0 0 0 50
Molina Healthcare Inc 25,597 16,622 590 21,000
Universal American Corp. 0 0 0 961
Wellcare Health Plans inc 26,983 17,792 631 6,900
Partnerre Ltd 7,876 0 254 1,035
Atlantic American Corp 210 76 13 147
American National Group Inc 4,376 5,095 756 4,736
Citizens Inc 246 268 0 620
Fbl Financial Group Inc 788 1,494 103 1,637
Fidelity & Guaranty Life 1,585 1,532 243 220
First Trinity Financial Corp 56 0 3 9
Kansas City Life Insurance Co 484 458 30 436
National Security Group Inc 66 27 -3 1
National Western Life Group Inc 831 743 187 261
Protective Life Corporation 5,799 0 457 2,541
Phoenix Companies Inc 0 0 0 630
Symetra Financial Corporation 2,111 0 210 1,400
Utg Inc 44 86 15 42
Voya Financial Inc 4,626 7,693 2,167 7,000
China United Insurance Service inc 128 48 9 2,239
Horace Mann Educators Corporation 1,351 1,587 150 1,350
Outbrain Inc 1,097 693 -6 1,150
United Fire Group Inc 1,105 559 14 1,057
White Mountains Insurance Group ltd 1,116 0 112 2,973
Axis Capital Holdings Ltd 5,206 4,430 416 1,225
Kemper Corporation 5,707 3,442 112 5,600
National General Holdings Corp 5,552 3,976 524 4,630
Midwest Holding Inc 13 59 -22 0
SUBTOTAL 1,707,439 1,850,617 176,142 870,700


       
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