U.S. sales in Q2 2026 rose 2.6% year over year, with management calling the year in line with expectations but weighted toward a stronger second half, especially in Q4. Agency-driven gains in dental and vision are meeting expectations, while brokers expand into voluntary benefits. Aflac also reports a solid attach ratio and ongoing emphasis on agency execution to support future growth.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
How are U.S. sales tracking this year, and how are the traditional agency channels performing relative to the brokerage channel?
Bottom line on “tracking”: The evidence in the excerpts points to modest year-to-date/near-term strength (Q2 +2.6% YoY in sales) but with management characterizing the overall year as roughly in-line and slightly below the midpoint of expectations, expecting materially better performance later in the year (especially Q4). 123
The question asks specifically for how traditional agency is performing relative to the brokerage channel.
Aflac gave product-level results that they directly connected to agency execution:
Interpretation tied to the question: While the excerpts do not provide a formal “agency vs brokerage” quantitative market-share or channel-mix chart, they do provide a qualitative comparison:
Bottom line on relative performance: The excerpts suggest brokers are leaning more into voluntary benefits (benefiting group product sales broadly), while Aflac’s traditional agency channel is showing strong execution in dental/vision and is successfully attaching voluntary benefits alongside, supported by management’s explicit attribution of Q2 dental/vision strength to the agency force and the favorable $1.07 VB-per-$1 dental/vision metric. 24
Implication for the “relative to brokerage” part: Even as management credits agency strength and attach success, it also signals that broker adoption of certain products (network dental) is a lever they plan to press in the second half—consistent with the competitive reality that brokers have been reallocating effort toward voluntary/group products. 2
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