The company is huge but it did not try to actively expand outside of its own markets and stayed stable in its profitable niche. Basically all of AFLAC's growth strategy is based on organic growth by opening new retail branches in newer locations. AFLAC did not expand greatly but at the same time they took little to no risk in times very uncertain otherwise for financial firms, and they have done a great job at keeping their margins high.
If you look at the broader picture and check how this company has been doing over the past decade, the picture tells another story, actually they did much better than the indices, with +108% share price increase since 2000
Therefore we feel that the recent dip creates and opportunity to invest in this stable company that ovtherwise remains a great dividend sock. AFL (AFLAC Inc) now yields 2.8% in annual dividends, that is much more than saving accounts generate these days.