Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent considerable time examining Aflac Incorporated, the duck-mascot company that quietly built the largest supplemental health insurance franchise in Japan and a substantial workplace insurance business in the United States. Our conclusion, after working through the most recent 10-Q for the quarter ended March 31, 2026, the company's segment economics, its capital allocation history, and the long-term shape of the markets in which it operates, is that AFL is a good business — disciplined, profitable, and shareholder-friendly — but not a wonderful one in the sense Charlie uses the word.
Recent filings analysed: 8-K (2026-08-06), 8-K (2026-06-30), 8-K (2026-05-28), 8-K (2026-05-14).
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