15 Best Cheap Dividend Stocks to Buy

6. Aflac Incorporated (NYSE:AFL)

Forward P/E as of April 9: 14.53

On April 9, UBS lowered its price recommendation on Aflac Incorporated (NYSE:AFL) to $114 from $116. It reiterated a Neutral rating on the shares. The update came as part of a Q1 earnings preview for the North American life insurance group. UBS said it expects continued attention on disability margins, with “relatively limited wiggle-room” given cyclicality and economic uncertainty. The firm also rolled its target forward to 2027 estimates from 2026.

During the Q4 2025 earnings call, Max Broden, Senior EVP & CFO, said most of the company’s 2026 guidance remains in place, with some adjustments. In Japan, underlying earned premiums are expected to decline by 1% to 2%. The expense ratio is projected between 20% and 23%. He also noted that the benefit ratio is expected in the 60% to 63% range, with a pretax profit margin of 33% to 36%.

For the US business, Broden said net earned premium growth is still expected at the lower end of the 3% to 6% range. The benefit ratio is projected between 48% and 52%. The expense ratio in the U.S. is expected to range from 36% to 39% as the company continues to expand its newer business lines.

Aflac Incorporated (NYSE:AFL) provides financial protection through its subsidiaries in the United States and Japan. Its core business focuses on supplemental health and life insurance products.

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