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Aflac Incorporated  (AFL)
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Aflac Incorporated's

Competitiveness


 

AFL Sales vs. its Competitors Q2 2020



Comparing the results to its competitors, Aflac Incorporated reported Total Revenue decrease in the 2 quarter 2020 year on year by -1.89 %, despite revenue increase by most of its competitors of 11.51 %, recorded in the same quarter.

List of AFL Competitors

With net margin of 14.89 % company achieved higher profitability than its competitors.

More on AFL Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Aflac Incorporated Net Income in 2 quarter 2020 declined year on year by -1.47 %, slower than the average decrease reported by company's competitors of -22.88 %.

<<  More on AFL Income Comparisons


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.





  

Total Segment Market Share Q2 2020

despite revenue deterioration, Aflac Incorporated inceased its market share in this segment.

company inceased its market share in this segment to approximate 3.26 %.



<<  More on AFL Market Share.
 

*Market share is not actual measurement, only performance comparison of companies which report and operate within the same segment.


AFL's vs. Competition, Data

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



COMPANY NAME TICKER MARKET CAP REVENUES INCOME EMPLOYEES
Aflac Incorporated AFL 25,544 21,708 2,930 9,235
Allstate Corp ALL 30,033 44,882 4,805 38,800
American International Group Inc AIG 25,515 48,568 -4,270 65,000
Truist Financial Corporation TFC 50,912 16,085 3,575 0
Cigna Corporation CI 65,874 154,089 4,937 37,200
Cincinnati Financial Corporation CINF 12,952 8,479 2,211 4,305
Humana Inc HUM 55,331 70,554 3,502 57,000
Metlife Inc MET 34,634 71,628 8,925 66,000
Principal Financial Group inc PFG 11,834 16,172 1,301 14,873
Prudential Financial Inc PRU 25,447 63,180 3,031 48,331
Safeco Corporation SAFC 0 0 0 0
Unitedhealth Group Incorporated UNH 305,030 247,811 17,458 170,000
Unum Group UNM 3,541 11,887 965 9,500
Wellpoint, Inc. WLP 0 71,427 2,570 0
Aetna Inc AET 70,069 60,705 3,503 48,800
Aon Plc AON 45,428 10,988 1,812 69,000
Lincoln National Corporation LNC 12,723 17,717 686 9,627
Mbia Inc MBI 497 308 -611 252
The Hartford Financial Services Group Inc HIG 14,952 20,325 1,781 17,500
Assurant Inc AIZ 7,619 10,217 374 17,600
Loews Corp L 10,313 12,960 -1,640 17,510
Xl Group Ltd XL 15,041 11,388 -543 4,663
Genworth Financial Inc GNW 1,133 8,033 -408 5,300
Berkshire Hathaway Inc BRKA 498,965 255,203 10,363 0
Anthem Inc ANTM 70,576 112,966 5,916 48,200
Firstmerit Corp FMER 0 956 185 4,112
International Bancshares Corporation IBOC 2,084 553 188 2,822
Mb Financial Inc MBFI 3,598 955 331 2,980
Old National Bancorp ONB 2,357 767 193 2,652
Trustmark Corp TRMK 1,467 607 139 2,941
Leaf Group Ltd LEAF 123 169 -20 0
Investors Heritage Capital Corp IHRC 49 63 1 1
Security National Financial Corporation SNFCA 116 301 10 1,271
American Independence Corp. AMIC 0 0 0 268
Centene Corporation CNC 37,435 91,576 1,546 18,200
Cno Financial Group Inc CNO 2,298 3,710 336 3,500
Natur International Corp. FUTU 6,482 2 0 150
Triple s Management Corp GTS 437 3,409 32 3,257
Health Net Inc HNT 0 0 0 50
Molina Healthcare Inc MOH 11,530 17,684 797 21,000
Universal American Corp. UAM 0 0 0 961
Wellcare Health Plans inc WCG 17,792 26,983 631 6,900
Partnerre Ltd PRE 0 7,876 937 1,035
Atlantic American Corp AAME 38 183 -13 147
American National Group Inc ANAT 1,954 3,521 267 4,736
Citizens Inc CIA 294 245 2 620
Fbl Financial Group Inc FFG 883 706 -37 1,637
Fidelity & Guaranty Life FGL 1,532 1,585 243 220
First Trinity Financial Corp FTFC 0 51 5 9
Kansas City Life Insurance Co KCLI 323 484 30 436
National Security Group Inc NSEC 34 65 1 1
National Western Life Group Inc NWLI 686 654 89 261
Protective Life Corporation PL 0 5,799 457 2,541
Phoenix Companies Inc PNX 0 0 0 630
Symetra Financial Corporation SYA 0 2,111 210 1,400
Utg Inc UTGN 92 10 -10 42
Voya Financial Inc VOYA 6,845 6,964 -452 7,000
China United Insurance Service Inc CUII 88 105 3 2,239
Horace Mann Educators Corporation HMN 1,636 1,425 171 1,350
Onebeacon Insurance Group, Ltd. OB 1,734 1,242 147 1,150
United Fire Group Inc UFCS 661 1,067 -92 1,057
White Mountains Insurance Group ltd WTM 2,789 401 -369 2,973
Axis Capital Holdings Ltd AXS 3,623 4,941 -20 1,225
Kemper Corporation KMPR 5,497 4,987 604 5,600
National General Holdings Corp NGHC 3,907 5,335 440 4,630
Midwest Holding Inc MIDH 0 27 17 19
SUBTOTAL 1,512,347 1,564,796 80,174 870,719


       
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