Aflac Incorporated (AFL)
Aflac sells supplemental health and life insurance, with major operations in the US and Japan.
AFL vs AON: how the two businesses compare
- Similar size: AON and AFL each brought in about $17.2B of yearly revenue.
- More profitable: AON keeps 22 cents of each sales dollar as profit, against 21 cents at AFL.
- More cash from each sale: AON turns 20 cents of each sales dollar into operating cash flow, against 15 cents at AFL.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
AON and Aflac (AFL) reported similar revenue: $17.2B (fiscal year ended Dec 2025) versus $17.2B (fiscal year ended Dec 2025). AFL's net margin was 21.2% and AON's 21.5%. The SEC classifies them differently (Accident & Health Insurance; Insurance Agents, Brokers & Service); what connects them is shared exposure to the Rates & central banks research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 25, 2026
AFL vs AON: quick comparison
| Company fact | AFL | AON |
|---|---|---|
| Company | Aflac Incorporated | Aon plc |
| Exchange | NYSE | NYSE |
| SEC industry | Accident & Health Insurance | Insurance Agents, Brokers & Service |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-02-13 |
AFL vs AON: audited financials
- Scale: revenue is roughly in line ($17.2B for AON versus $17.2B for AFL).
- Net margin: nearly identical at 21.2% (AFL) and 21.5% (AON).
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | AFL | AON |
|---|---|---|
| Revenue | $17.2B2025-01-01 to 2025-12-31 · SEC filing | $17.2B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $3.6B2025-01-01 to 2025-12-31 · SEC filing | $3.7B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.6B2025-01-01 to 2025-12-31 · SEC filing | $3.5B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $6.822025-01-01 to 2025-12-31 · SEC filing | $17.022025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 21.2%2025-01-01 to 2025-12-31 · SEC filing | 21.5%2025-01-01 to 2025-12-31 · SEC filing |
AFL: FY ending 2025-12-31 · AON: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AFL and AON overlap, and where they don't
Overlap
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: AFL files as Accident & Health Insurance; AON as Insurance Agents, Brokers & Service.
- Only AFL maps to International markets.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Aon plc (AON)
Aon provides insurance and reinsurance brokerage plus risk, retirement, and health consulting.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AFL
- US supplemental health and life sales trends and agent distribution productivity
- Japan segment performance, including product mix shift and yen exchange-rate movement
- Investment portfolio yield and sensitivity to interest rates
- Policy persistency (retention) rates across both the US and Japan segments
What moves AON
We have not yet published a company-specific driver list for AON. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
The investment question
You now know how AFL and AON are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, including “US supplemental health and life sales trends and agent distribution productivity” at AFL, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 4 matched transaction rows for AFL and 4 matched transaction rows for AON. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AFL primary filings
AON primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving AFL or AON
AFL vs AON FAQs
Are AFL and AON direct competitors?
Not necessarily. Aflac files as Accident & Health Insurance and Aon as Insurance Agents, Brokers & Service. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is AFL or AON the bigger company by revenue?
AON and Aflac (AFL) reported similar revenue: $17.2B (fiscal year ended Dec 2025) versus $17.2B (fiscal year ended Dec 2025). AFL's net margin was 21.2% and AON's 21.5%. The SEC classifies them differently (Accident & Health Insurance; Insurance Agents, Brokers & Service); what connects them is shared exposure to the Rates & central banks research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AFL or AON?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AFL vs AON comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Aflac Incorporated and Aon plc tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AFL vs AON compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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