AFL — what changed in the latest 10-Q
A section-by-section comparison of AFL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +78 | −68 | ~77 | 167 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
Total revenues were $3.3 billion in the third quarter of 2026, compared with $4.7 billion in the third quarter of 2025, primarily due to net investment losses of $1.1 billion in the third quarter of 2026 largely associated with a strategic repositioning of the investment portfolio, compared with net…
Net earnings were $303 million, or $.61 per diluted share, in the third quarter of 2026, compared with $1.6 billion, or $3.08 per diluted share, in the third quarter of 2025. Net earnings in the third quarter of 2026 included a $51 million tax capital loss valuation allowance established against a p…
Net earnings in the third quarter of 2026 included net investment losses of $1.1 billion, compared with net investment gains of $275 million in the third quarter of 2025. Net investment losses in the third quarter of 2026 included $842 million of net losses from sales and redemptions; $146 million o…
Total revenues were $11.7 billion in the first nine months of 2026, compared with $12.3 billion in the first nine months of 2025.
Net earnings were $2.1 billion, or $4.24 per diluted share, in the first nine months of 2026, compared with $2.3 billion, or $4.21 per diluted share, in the first nine months of 2025. Net earnings in the first nine months of 2026 included a $51 million tax capital loss valuation allowance establishe…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
Total revenues were $4.1 billion in the second quarter of 2026, compared with $4.2 billion in the second quarter of 2025.
Net earnings were $825 million, or $1.63 per diluted share, in the second quarter of 2026, compared with $599 million, or $1.11 per diluted share, in the second quarter of 2025.
Net earnings in the second quarter of 2026 included net investment losses of $153 million, compared with net investment losses of $421 million in the second quarter of 2025. Net investment losses in the second quarter of 2026 included $238 million of net losses from sales and redemptions; an increas…
Total revenues were $8.5 billion in the first six months of 2026, compared with $7.6 billion in the first six months of 2025, primarily due to net investment losses of $104 million in the first six months of 2026 compared with net investment losses of $1.4 billion in the first six months of 2025.
Net earnings were $1.8 billion, or $3.61 per diluted share, in the first six months of 2026, compared with $628 million, or $1.16 per diluted share, in the first six months of 2025.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice