On November 8, 2022, Insurer Aflac Inc. (AFL) announced that it will raise its quarterly dividend by 5% to $0.42 per share. This marks exactly 40 consecutive years of dividend growth for AFL and follows a double digit (21.2%) increase announced in 2021.
The increased AFL dividend is payable on March 1, 2023 to shareholders of record at the close of business on February 15, 2023. The new annualized dividend rate of $1.68 per share yields 2.3% at a stock price of $72.50.
Aflac Incorporated is engaged in supplemental health and life insurance. The company is a provider of voluntary insurance at the worksite in the United States and medical and cancer insurance in Japan. The Company offers cancer plans, critical illness plans, and critical care and recovery plans. When a policyholder gets sick or hurt, Aflac pays cash benefits fast, giving policyholders the opportunity to direct cash where it’s needed most when a specific health event or life situation causes financial challenges. This is often due to income loss from missed work as well as asset loss from many medical and non-medical out-of-pocket expenses that often arise. Aflac was founded in 1955 and has increased its dividend every year since 1982.