Document

EX-99.2 3 afl123125-fabdocument.htm EX-99.2 Document

FINAL 02/04/2026

Financial Supplement

Fourth Quarter 2025

This document is a statistical supplement to Aflac’s quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.

The Company adopted the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09 Financial Services - Insurance: Effective Date, and (ii) ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application (collectively, “LDTI”) as of January 1, 2023. The amended guidance is applied as of the beginning of the earliest period presented in the Company’s quarterly and annual financial statements, which results in a January 1, 2021 Transition Date. In conjunction with the adoption of LDTI, the Company changed its practice of recording the change in the deferred profit liability (DPL) on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This change in presentation has no impact on net earnings. All quarterly and annual amounts for 2021 and 2022 presented herein reflect these changes for LDTI and DPL.


			Aflac Incorporated:															Page
			Share Data															2
			Summary of Adjusted Results by Business Segment															3
			Statements of Earnings															4
			Analysis of Net Earnings and Net Earnings Per Share															5
			Balance Sheets															6
			Quarterly Financial Results															7
			Quarterly Book Value Per Share															8
			Return on Equity															9
			Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact															10
			Investment Results															11,12,13
			Long-Term Debt Data															14
			Ratings															15

			Aflac U.S.:
			Statement of Pretax Adjusted Earnings															16
			Balance Sheets															17
			Quarterly Pretax Adjusted Earnings															18
			Operating Ratios															19
			Sales															20,21

			Aflac Japan:
			Statement of Pretax Adjusted Earnings															22,23
			Balance Sheets															24,25
			Quarterly Pretax Adjusted Earnings															26
			Operating Ratios															27
			Sales															28,29,30
			Yen/Dollar Exchange Rates															31

			Corporate and Other:
			Statement of Pretax Adjusted Earnings															32

			Non-U.S. GAAP Financial Measures															33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com


Aflac Incorporated and Subsidiaries

	Share Data
	(In Thousands)

1				Shares Issued		Shares Purchased			QTD Weighted Avg. Shares			YTD Weighted Avg. Shares
		Period	Beginning Shares Outstanding	Stk. Bon. & DRP	Stk. Opt. & Misc.	Treas. Shares	Misc. Purch. (1)	Ending Shares Outstanding	Avg. Shares	Dilutive Shares	Avg. Diluted	Avg. Shares	Dilutive Shares	Avg. Diluted

	2023	1	615,256	239	1,152	10,348	347	605,952	611,205	2,745	613,950	611,205	2,745	613,950
		2	605,952	259	225	10,461	6	595,969	600,742	2,187	602,929	605,945	2,466	608,411
		3	595,969	210	115	9,390	7	586,897	591,246	2,350	593,596	600,991	2,427	603,419
		4	586,897	191	94	8,698	5	578,479	581,876	3,005	584,881	596,173	2,572	598,745

	2024	1	578,479	212	1,320	9,276	457	570,278	574,886	2,596	577,482	574,886	2,596	577,482
		2	570,278	217	186	9,288	24	561,369	564,573	2,265	566,838	569,730	2,430	572,160
		3	561,369	165	75	4,882	10	556,717	557,899	2,515	560,414	565,757	2,459	568,216
		4	556,717	156	77	6,982	4	549,964	552,767	2,716	555,483	562,492	2,523	565,015

	2025	1	549,964	173	1,251	8,497	398	542,493	544,707	2,171	546,878	544,707	2,171	546,878
		2	542,493	193	42	7,916	4	534,809	536,688	1,737	538,425	540,676	1,954	542,630
		3	534,809	171	66	9,331	5	525,710	530,050	1,965	532,015	537,095	1,957	539,052
		4	525,710	161	72	7,250	3	518,690	520,394	2,099	522,493	532,885	1,993	534,878

(1) Includes previously owned shares used to purchase options (swapped shares) and/or shares purchased for deferred compensation program


Aflac Incorporated and Subsidiaries

	Summary of Adjusted Results by Business Segment
	(In Millions, except per-share data)

		Years Ended December 31,															3 Months Ended December 31,								12 Months Ended December 31,
		2020			2021			2022			2023			2024			2024			2025			% Change		2024			2025			% Change

	Aflac Japan	$	3,263		$	3,756		$	3,281		$	3,234		$	3,494		$	747		$	712		(4.7)	%	$	3,494		$	3,440		(1.5)	%
	Aflac U.S.	1,268			1,356			1,359			1,501			1,419			330			300			(9.1)		1,419			1,421			0.1
1	Corporate and other (1)	(115)			(293)			(218)			(425)			32			(4)			(31)					32			101
	Pretax adjusted earnings	4,416			4,819			4,422			4,310			4,945			1,073			981			(8.6)		4,945			4,962			0.3
	Income taxes (1)	864			893			808			577			873			208			163			(21.6)		873			954			9.3
2	Adjusted earnings (2)	3,552			3,925			3,614			3,733			4,072			865			818			(5.4)		4,072			4,008			(1.6)

	Reconciling items:
	Adjusted net investment gains (losses)	(229)			462			447			914			1,495			1,084			591					1,495			(375)
	Other and non-recurring income (loss)	(28)			(73)			1			39			(23)			(22)			—					(23)			(54)
3	Income tax benefit (expense) on items excluded from adjusted earnings (3)	72			(83)			357			(26)			(101)			(25)			(30)					(101)			67
4	Tax valuation allowance release (4)	1,411			—			—			—			—			—			—					—			—
	Net earnings	$	4,778		$	4,231		$	4,418		$	4,659		$	5,443		$	1,902		$	1,379		(27.5)	%	$	5,443		$	3,646		(33.0)	%

	Effective Tax rate	(14.9)		%	18.7		%	9.3		%	11.5		%	15.2		%	10.9		%	12.3		%			15.2		%	19.6		%

	Earnings per share of common stock:
	Net earnings (basic)	$	6.69		$	6.28		$	6.96		$	7.81		$	9.68		$	3.44		$	2.65		(23.0)		$	9.68		$	6.84		(29.3)	%
	Net earnings (diluted)	6.67			6.25			6.93			7.78			9.63			3.42			2.64			(22.8)		9.63			6.82			(29.2)

	Adjusted earnings (basic) (2)	$	4.98		$	5.83		$	5.69		$	6.26		$	7.24		$	1.56		$	1.57		0.6	%	$	7.24		$	7.52		3.9	%
	Adjusted earnings (diluted) (2)	4.96			5.80			5.67			6.23			7.21			1.56			1.57			0.6		7.21			7.49			3.9

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $43 and $46 for the three-month periods and $65 and $165 for the twelve-month periods ended December 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $45 and $22 for the three-month periods and $69 and$164 for the twelve-month periods ended December 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.

(3) Primarily reflects release of $452 in deferred taxes in 2022.

(4) Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.


Aflac Incorporated and Subsidiaries

	Consolidated Statements of Earnings - U.S. GAAP
	(In Millions, except per-share data)

		Years Ended December 31,										3 Months Ended December 31,						12 Months Ended December 31,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	18,955	$	17,305	$	15,025	$	14,318	$	13,562	$	3,369	$	3,389			$	13,562	$	13,760
	Assumed (ceded)	(333)		(210)		(124)		(195)		(122)		(38)		(64)				(122)		(212)
1	Total net earned premiums (1)	18,622		17,095		14,901		14,123		13,440		3,331		3,325		(0.2)	%	13,440		13,548		0.8	%
	Net investment income	3,638		3,818		3,656		3,811		4,116		1,016		973		(4.2)		4,116		4,076		(1.0)
	Net investment gains (losses)	(270)		468		363		590		1,271		1,032		537				1,271		(572)
	Other income	157		173		220		177		100		24		31				100		112
	Total revenues	22,147		21,554		19,140		18,701		18,927		5,403		4,866		(9.9)		18,927		17,164		(9.3)

	Benefits and Claims:
	Benefits and claims, net:
	Incurred claims -direct	9,364		8,949		8,271		8,005		8,281		2,033		2,162				8,281		8,901
	Incurred claims -assumed (ceded)	(296)		(147)		(108)		(177)		(95)		(38)		(54)				(95)		(189)
2	Increase in FPB -direct (2)	2,707		1,819		888		594		(184)		(37)		(167)				(184)		(727)
	Increase in FPB -assumed (ceded) (2)	21		3		51		172		5		7		(3)				5		2
	Total net benefits and claims, excluding reserve remeasurement	N/A		10,623		9,102		8,594		8,008		1,966		1,938				8,008		7,987
	Reserve remeasurement (gain) loss	N/A		(147)		(215)		(383)		(558)		(43)		(36)				(558)		(694)
	Total net benefits and claims	11,796		10,476		8,887		8,211		7,450		1,923		1,902		(1.1)		7,450		7,293		(2.1)

	Acquisition and operating expenses:
3	Amortization of DAC (3)	1,214		835		792		816		851		213		219				851		874
	Insurance commissions	1,316		1,256		1,117		1,052		998		247		246				998		991
	Insurance expenses	3,420		3,541		3,249		3,165		3,014		835		866				3,014		3,253
	Interest expense	242		238		226		195		197		50		61				197		220

	Total acquisition and operating expenses	6,192		5,870		5,384		5,228		5,060		1,345		1,392		3.5		5,060		5,338		5.5
	Total benefits and expenses	17,988		16,346		14,271		13,439		12,510		3,268		3,294		0.8		12,510		12,631		1.0

	Pretax earnings	4,159		5,208		4,869		5,262		6,417		2,135		1,572				6,417		4,533

4	Income tax expense (benefit) (4)	(619)		977		451		603		974		233		193				974		887

	Net earnings	$	4,778	$	4,231	$	4,418	$	4,659	$	5,443	$	1,902	$	1,379	(27.5)	%	$	5,443	$	3,646	(33.0)	%

(1) Includes a gain (loss) of $3 and $(1) for the three-month periods and $(52) and $(81) for the twelve-month periods ended December 31, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited- payment contracts.

(2) Future policy benefits

(3) Deferred acquisition costs

(4) Primarily reflects release of $452 in deferred taxes in 2022.


Aflac Incorporated and Subsidiaries

	Analysis of Net Earnings and Net Earnings Per Diluted Share
	(In Millions, except for per-share data)

		Period	Net Earnings		Net Investment Gains (Losses) (1)		Other and Non- Recurring Items (1)(3)		Foreign Currency Impact (2)		Net Earnings Per Share		Net Investment Gains (Losses) (1)		Other and Non-Recurring Items Per Share (1)(3)		Foreign Currency Impact Per Share (2)

1		2020	$	4,778	$	(181)	$	1,407	$	31	$	6.67	$	(0.25)	$	1.96	$	0.04
2		2021	4,231		365		(59)		(42)		6.25		0.54		(0.09)		(0.06)
		2022	4,418		803		1		(262)		6.93		1.26		—		(0.41)
3		2023	4,659		896		31		(113)		7.78		1.50		0.05		(0.19)
		2024	5,443		1,389		(18)		(103)		9.63		2.46		(0.03)		(0.18)
		2025	3,646		(319)		(43)		19		6.82		(0.60)		(0.08)		0.04

	2023	1	1,188		235		—		(41)		1.94		0.38		—		(0.07)
		2	1,634		653		28		(25)		2.71		1.08		0.05		(0.04)
		3	1,569		472		2		(33)		2.64		0.80		—		(0.06)
		4	268		(464)		—		(14)		0.46		(0.79)		—		(0.02)

	2024	1	1,879		920		(2)		(44)		3.25		1.59		—		(0.08)
		2	1,755		720		—		(37)		3.10		1.27		—		(0.07)
		3	(93)		(1,304)		—		(16)		(0.17)		(2.33)		—		(0.03)
		4	1,902		1,054		(17)		(6)		3.42		1.90		(0.03)		(0.01)

	2025	1	29		(835)		(42)		(8)		0.05		(1.53)		(0.08)		(0.01)
		2	599		(358)		—		23		1.11		(0.66)		—		0.04
		3	1,639		313		(1)		1		3.08		0.59		—		—
		4	1,379		561		—		(1)		2.64		1.07		—		—

(1) Items are presented net of tax.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact

(3) Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.


Aflac Incorporated and Subsidiaries

	Consolidated Balance Sheets
	(In Millions, except per-share data)

		December 31,
		2020		2021		2022		2023		2024		2025
	Assets:
	Investments and cash:
	Securities available for sale:
	Fixed maturity securities available for sale, at fair value	$	101,286	$	94,206	$	71,936	$	69,578	$	61,841	$	60,485
	Fixed maturity securities available for sale - consolidated variable interest entities, at fair value	4,596		4,490		3,805		3,712		3,428		3,636
	Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses	24,464		22,000		19,056		17,819		15,966		16,120
	Equity securities, at fair value	1,283		1,603		1,091		1,088		796		887
	Commercial mortgage and other loans, net of allowance for credit losses	10,554		11,786		13,496		12,527		10,869		9,765
	Other investments	2,429		3,842		4,070		4,530		5,958		6,622
	Cash and cash equivalents	5,141		5,051		3,943		4,306		6,229		6,245
	Total investments and cash	149,753		142,978		117,397		113,560		105,087		103,760

1	Receivables, net of allowance for credit losses (1)	778		672		647		848		779		835
	Accrued investment income	780		737		745		731		710		718
	Deferred policy acquisition costs	10,441		9,848		9,239		9,132		8,758		9,034
	Property and equipment, net	601		538		530		445		387		351
2	Other assets, net of allowance for credit losses (1)(2)	2,733		3,377		3,180		2,008		1,845		1,772
	Total assets	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566	$	116,470

	Liabilities and Shareholders' Equity:
	Liabilities:
	Total policy liabilities	$	114,391	$	126,331	$	96,910	$	91,599	$	77,508	$	69,583
	Notes payable	7,899		7,956		7,442		7,364		7,498		8,409
	Income taxes, primarily deferred	4,661		30		698		154		573		1,368
	Other liabilities	4,576		6,802		6,548		5,622		5,889		7,620
	Total liabilities	131,527		141,119		111,598		104,739		91,468		86,980
	Shareholders' equity:
	Common stock	135		135		135		136		136		136
	Additional paid-in capital	2,410		2,529		2,641		2,771		2,894		3,024
	Retained earnings	37,984		40,963		44,367		47,993		52,277		54,682
	Accumulated other comprehensive income (loss):
	Unrealized foreign currency translation gains (losses)	(1,109)		(1,985)		(3,564)		(4,069)		(4,998)		(4,847)
	Unrealized gains (losses) on fixed maturity securities	10,361		9,602		(702)		1,139		24		(1,809)
	Unrealized gains (losses) on derivatives	(34)		(30)		(27)		(22)		(20)		(13)
	Effect of change in discount rate assumption(s)	N/A		(15,832)		(2,100)		(2,560)		2,006		8,035
	Pension liability adjustment	(284)		(166)		(36)		(8)		10		86
	Treasury stock	(15,904)		(18,185)		(20,574)		(23,395)		(26,231)		(29,804)
	Total shareholders' equity	33,559		17,031		20,140		21,985		26,098		29,490
	Total liabilities & shareholders' equity	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566	$	116,470

(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

(2) Includes goodwill of $260 million in December 2025, $263 million in December 2024, $263 million in 2024, $265 million in 2023, $265 million in 2022, $268 million in 2021 and $269 million in 2020


Aflac Incorporated and Subsidiaries

	Quarterly Financial Results
	(In Millions, except per-share data)

1																			Net EPS				Adj. EPS (1)
		Period	Net Earned Premiums		Net Investment Income		Total Revenues		Benefits & Claims, Net		Total Acquisitions & Adj. Exp.		Total Pretax Earnings		Net Earnings		Adjusted Earnings (1)		Basic		Dil.		Basic		Dil.

		2020	$	18,622	$	3,638	$	22,147	$	11,796	$	6,192	$	4,159	$	4,778	$	3,552	$	6.69	$	6.67	$	4.98	$	4.96
		2021	17,095		3,818		21,554		10,476		5,870		5,208		4,231		3,925		6.28		6.25		5.83		5.80
		2022	14,901		3,656		19,140		8,887		5,384		4,869		4,418		3,614		6.96		6.93		5.69		5.67
		2023	14,123		3,811		18,701		8,211		5,228		5,262		4,659		3,733		7.81		7.78		6.26		6.23
		2024	13,440		4,116		18,927		7,450		5,060		6,417		5,443		4,072		9.68		9.63		7.24		7.21
		2025	13,548		4,076		17,164		7,293		5,338		4,533		3,646		4,008		6.84		6.82		7.52		7.49

	2023	1	3,688		943		4,800		2,150		1,308		1,342		1,188		953		1.94		1.94		1.56		1.55
		2	3,573		999		5,172		2,098		1,249		1,825		1,634		954		2.72		2.71		1.59		1.58
		3	3,476		1,004		4,950		1,860		1,285		1,805		1,569		1,095		2.65		2.64		1.85		1.84
		4	3,385		865		3,777		2,103		1,385		289		268		732		0.46		0.46		1.26		1.25

	2024	1	3,456		1,000		5,436		2,010		1,256		2,170		1,879		961		3.27		3.25		1.67		1.66
		2	3,325		1,095		5,138		1,921		1,198		2,019		1,755		1,035		3.11		3.10		1.83		1.83
		3	3,328		1,006		2,949		1,595		1,262		92		(93)		1,211		(0.17)		(0.17)		2.17		2.16
		4	3,331		1,016		5,403		1,923		1,345		2,135		1,902		865		3.44		3.42		1.56		1.56

	2025	1	3,381		955		3,398		1,945		1,308		145		29		906		0.05		0.05		1.66		1.66
		2	3,470		1,081		4,160		2,010		1,328		822		599		957		1.12		1.11		1.78		1.78
		3	3,372		1,067		4,740		1,436		1,310		1,994		1,639		1,327		3.09		3.08		2.50		2.49
		4	3,325		973		4,866		1,902		1,392		1,572		1,379		818		2.65		2.64		1.57		1.57

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.


Aflac Incorporated and Subsidiaries

	Quarterly Book Value Per Share
	(In Millions, except per-share data)
1
		Period	Equity BV Per Share		AOCI BV Per Share		Adjusted BV Per Share (1)		Adjusted BV Per Share % Change		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) (1) (2)		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) % Change (2)

		2020	$	48.46	$	12.90	$	35.56	15.7	%	$	35.56	15.7	%
		2021	26.12		(12.90)		39.01		9.7		37.71		6.0
		2022	32.73		(10.45)		43.18		10.7		38.94		3.3
		2023	38.00		(9.54)		47.55		10.1		41.15		5.7
		2024	47.45		(5.41)		52.87		11.2		42.46		3.2
		2025	56.85		2.80		54.06		2.3		42.66		0.5

	2023	1	32.65		(12.01)		44.66		10.8		40.05		4.8
		2	34.30		(12.31)		46.61		11.5		40.15		5.5
		3	38.63		(9.81)		48.44		10.1		41.10		7.7
		4	38.00		(9.54)		47.55		10.1		41.15		5.7

	2024	1	41.27		(8.95)		50.22		12.4		41.68		4.1
		2	46.40		(5.86)		52.26		12.1		41.98		4.6
		3	44.60		(6.60)		51.21		5.7		43.61		6.1
		4	47.45		(5.41)		52.87		11.2		42.46		3.2

	2025	1	48.55		(3.43)		51.98		3.5		42.61		2.2
		2	50.86		(0.92)		51.78		(0.9)		42.97		2.4
		3	54.57		1.24		53.33		4.1		43.52		(0.2)
		4	56.85		2.80		54.06		2.3		42.66		0.5

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value excluding foreign currency remeasurement

(2) Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) at June 30, 2025, and September 30, 2025 are corrected, due to a calculation error, (previously reported amounts were $44.17 and $46.35, respectively). The percentage change figures for the corresponding periods in Adjusted BV Per Share Excluding Foreign Currency Remeasurement G(L) % Change have been corrected accordingly (previously reported % changes were 5.2% at June 30, 2025 and 6.3% at September 30, 2025).


Aflac Incorporated and Subsidiaries

	Return on Equity

		Year ended December 31,										3 Months Ended December 31,				12 Months Ended December 31,
1		2020		2021 (4)		2022		2023		2024		2024		2025		2024		2025

2	U.S. GAAP ROE - Net earnings (1)	15.3	%	26.7	%	23.8	%	22.1	%	22.6	%	29.9	%	19.0	%	22.6	%	13.1	%

	Impact of excluding unrealized foreign currency translation gains (losses)	(0.9)		(1.7)		(2.5)		(3.1)		(3.6)		(4.8)		(3.1)		(3.6)		(2.6)
	Impact of excluding unrealized gains (losses) on securities and derivatives	6.2		10.7		4.1		0.2		0.4		0.3		(1.2)		0.4		(0.5)
	Impact of excluding effect on change in discount rate assumptions	N/A		(18.5)		(8.2)		(1.9)		(0.2)		1.0		4.9		(0.2)		2.6
	Impact of excluding pension liability adjustment	(0.2)		(0.2)		(0.1)		—		—		—		—		—		—

	Impact of excluding AOCI	5.1		(9.7)		(6.8)		(4.9)		(3.4)		(3.5)		0.7		(3.4)		(0.4)

	U.S. GAAP ROE - less AOCI	20.3		17.0		17.0		17.2		19.2		26.4		19.7		19.2		12.8

3	Differences between adjusted earnings and net earnings (2)	(5.2)		(1.2)		(3.1)		(3.4)		(4.8)		(14.4)		(8.0)		(4.8)		1.3

4	Adjusted ROE - reported (3)	15.1		15.8		13.9		13.8		14.4		12.0		11.7		14.4		14.0

5	Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)	N/A		0.1		1.0		1.8		2.9		2.5		2.8		2.9		3.6

	Adjusted ROE, excluding foreign currency remeasurement (5) (6)	N/A		15.9		14.9		15.6		17.3		14.5		14.5		17.3		17.6

(1) U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

(2) See separate reconciliation of net income to adjusted earnings.

(3) See non-U.S. GAAP financial measures for definition of adjusted return on equity

(4) Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.

(5) Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement

(6) For the second and third quarter 2025, due to a calculation error, the Company reported adjusted return on equity excluding foreign currency remeasurement in the second quarter of 16.4%, and adjusted return on equity excluding foreign currency remeasurement in the third quarter of 22.1%. The corrected adjusted return on equity excluding foreign currency remeasurement in the second quarter was 16.6%, and the corrected adjusted return on equity excluding foreign currency remeasurement in the third quarter was 23.1%.


Aflac Incorporated and Subsidiaries

	Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
	(Diluted Basis)

1		Period	Adjusted EPS (1)		Growth		QTD Foreign Currency Impact (1)	YTD Foreign Currency Impact (1)	Excluding Foreign Currency Impact (1)		Change Excluding Foreign Currency Impact

		2020	$	4.96	11.7	%	N/A	0.04	$	4.92	10.8	%
		2021	5.80		16.9		N/A	(0.06)	5.86		18.1
		2022	5.67		(2.2)		N/A	(0.41)	6.08		4.8
		2023	6.23		9.9		N/A	(0.19)	6.43		13.4
		2024	7.21		15.7		N/A	(0.18)	7.39		18.6
		2025	7.49		3.9		N/A	0.04	7.46		3.5

	2023	1	$	1.55	7.6	%	(0.07)	(0.07)	$	1.62	12.5	%
		2	1.58		7.5		(0.04)	(0.11)	1.62		10.2
		3	1.84		27.8		(0.06)	(0.17)	1.90		31.9
		4	1.25		(4.6)		(0.02)	(0.19)	1.28		(2.3)
			$	6.23	9.9	%			$	6.43	13.4	%

	2024	1	$	1.66	7.1	%	(0.08)	(0.08)	$	1.74	12.3	%
		2	1.83		15.8		(0.07)	(0.14)	1.89		19.6
		3	2.16		17.4		(0.03)	(0.17)	2.19		19.0
		4	1.56		24.8		(0.01)	(0.18)	1.57		25.6
			$	7.21	15.7	%			$	7.39	18.6	%

	2025	1	$	1.66	—	%	(0.01)	(0.01)	$	1.67	0.6	%
		2	1.78		(2.7)		0.04	0.03	1.73		(5.5)
		3	2.49		15.3		—	0.03	2.49		15.3
		4	1.57		0.6		—	0.04	1.57		0.6
			$	7.49	3.9	%			$	7.46	3.5	%

(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact


Aflac Incorporated and Subsidiaries

	Composition of Invested Assets
	(In Millions)

		December 31,
		2020		2021		2022		2023		2024		2025

1	Fixed Maturity Securities (1)	$	116,056	$	107,369	$	94,525	$	88,508	$	80,055	$	81,383

	Commercial mortgage and other loans, net of allowance for credit losses: (1)
	Transitional Real Estate (floating rate)	5,231		5,246		6,455		5,998		4,703		3,611
	Middle Market Loans (floating rate)	3,635		4,601		5,028		4,531		4,283		4,266
	Commercial Mortgage Loans	1,688		1,854		1,775		1,697		1,523		1,443
	Other Loans	—		20		238		301		360		445
	Total Commercial mortgage and other loans, net of allowance for credit losses (1)	10,554		11,721		13,496		12,527		10,869		9,765

	Equity Securities, at FV through net earnings	1,283		1,603		1,091		1,088		796		887

2	Alternatives (2)	919		1,703		2,107		2,619		3,167		3,809

	Total Portfolio	$	128,812	$	122,396	$	111,219	$	104,742	$	94,887	$	95,844


	Unrealized Gains (Losses) on Invested Assets
	(In Millions)

		December 31,
		2020		2021		2022		2023		2024		2025
Fixed Maturity Securities:
	Available For Sale - Gross Gains	$	14,771	$	13,566	$	4,800	$	6,050	$	5,308	$	4,782
	Available For Sale - Gross Losses	(481)		(239)		(4,528)		(3,449)		(4,128)		(5,924)
	Total Available For Sale	14,290		13,327		272		2,601		1,180		(1,142)

	Held to Maturity - Gross Gains	5,935		4,869		2,154		1,838		815		87
	Held to Maturity - Gross Losses	—		—		—		—		(9)		(731)
	Total Held to Maturity	$	5,935	$	4,869	$	2,154	$	1,838	$	806	$	(644)


	Credit Ratings on Fixed Maturities
	(At Amortized Cost)

		December 31,
Credit Rating:		2020		2021		2022		2023		2024		2025

	AAA	1.0	%	1.0	%	1.6	%	1.6	%	1.5	%	1.1	%
	AA	4.5		5.1		5.2		5.7		6.0		6.6
	A	69.3		68.9		68.0		68.1		68.0		69.0
	BBB	21.9		22.5		23.0		22.9		22.9		21.9
	BB or Lower	3.3		2.5		2.2		1.7		1.6		1.4
		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(1) Presented at amortized cost, net of reserves beginning in 2020

(2) Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances


Aflac Incorporated and Subsidiaries

	Supplemental Investment Data by Segment

		December 31,																		3 Months Ended December 31,
		2020			2021			2022			2023			2024			2025			2024			2025
	Aflac Japan:
1	Invested assets (in millions) (1)	¥	11,936,087		¥	12,405,531		¥	12,617,181		¥	12,127,531		¥	11,881,515		¥	11,994,018		¥	11,881,515		¥	11,994,018
2	Return on average invested assets (2)	2.38		%	2.72		%	2.78		%	2.90		%	3.33		%	3.22		%	3.35		%	3.23		%
3	Portfolio book yield at end of period (3)	2.59		%	2.60		%	3.06		%	3.18		%	3.22		%	3.26		%	3.22		%	3.26		%
	Total purchases for period (in millions) (3)	¥	714,124		¥	952,038		¥	716,964		¥	378,541		¥	735,141		¥	1,744,625		¥	88,037		¥	178,219
4	New money yield (3)(4)	3.75		%	3.50		%	4.48		%	5.18		%	6.11		%	4.17		%	8.01		%	5.96		%

	Aflac U.S.:
	Invested assets (in millions) (1)	$	14,848		$	15,841		$	16,772		$	17,075		$	17,341		$	17,373		$	17,341		$	17,373
	Return on average invested assets (2)	4.90		%	4.87		%	4.72		%	4.88		%	5.00		%	4.94		%	5.01		%	4.88		%
	Portfolio book yield at end of period (3)	5.18		%	4.94		%	5.39		%	5.53		%	5.58		%	5.47		%	5.58		%	5.47		%
	Total purchases for period (in millions) (3)	$	1,050		$	2,130		$	1,701		$	907		$	934		$	1,156		$	48		$	183
	New money yield (3)(4)	3.04		%	3.41		%	5.16		%	7.56		%	6.90		%	6.73		%	9.41		%	6.77		%

5	Hedge Costs/Income Metrics (5)(6)

6		December 31,																		3 Months Ended December 31,
		2020			2021			2022			2023			2024			2025			2024			2025
	Aflac Japan:
7	FX hedged notional at end of period (in billions) - forwards (7)	$	6.0		$	6.4		$	4.1		$	—		$	—		$	0.9		$	—		$	0.9
	FX hedged notional at end of period (in billions) - put options	13.1			11.6			13.5			24.7			24.2			25.0			24.2			25.0
	Amortized hedge costs for period (in millions)	(206)			(76)			(112)			(157)			(26)			(45)			(7)			(14)

	Corporate and Other (Parent Company):
	FX hedged notional at end of period (in billions) - forwards (7)	$	5.0		$	5.0		$	5.0		$	2.6		$	1.8		$	1.8		$	1.8		$	1.8
	FX hedged notional at end of period (in billions) - put options	2.0			1.9			2.6			0.5			—			—			—			—
	Amortized hedge income (costs) for period (in millions)	97			57			68			122			113			98			25			18

(1) Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.

(2) Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis.

(3) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging activities.

(4) Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs.

(5) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment’s "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Incorporated.

(6) Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options.

(7) Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.


Aflac Incorporated and Subsidiaries

1	Japan Segment Portfolio Allocation by Currency (1)
	(U.S. GAAP Basis)
	(In Millions)

		December 31, 2024				December 31, 2025
		Amortized Cost (3)		Fair Value		Amortized Cost (3)		Fair Value

	JGB	$	31,951	$	32,844	$	30,698	$	27,313
	Other	16,867		17,145		16,870		16,036
	Total yen denominated	48,818		49,989		47,568		43,349

	USD Program	21,303		23,501		23,503		25,855
	Other	1,645		2,406		1,632		2,398
	Total US dollar denominated	22,948		25,907		25,135		28,253

	Total	$	71,766	$	75,896	$	72,703	$	71,602

2	Distribution of Consolidated Fixed Maturities by Sector (2)
	(In millions)

						December 31, 2025
3						Amortized Cost (3)		% of Total

	Government and agencies					$	33,752	41.5		%
	Municipalities					2,276		2.8
	Mortgage- and asset-backed securities					4,195		5.2
	Public utilities:					6,895		8.5
	Electric					5,457		6.7
	Natural Gas					892		1.1
	Other					546		0.7
	Sovereign and supranational					765		0.9
	Banks/financial institutions:					9,054		11.1
	Banking					5,105		6.2
	Insurance					1,866		2.3
	Other					2,083		2.6
	Other corporate:					24,446		30.0
	Basic Industry					2,031		2.4
	Capital Goods					2,748		3.4
	Communications					2,630		3.2
	Consumer Cyclical					1,875		2.3
	Consumer Non-Cyclical					5,794		7.1
	Energy					2,327		2.9
	Other					982		1.2
	Technology					3,229		4.0
	Transportation					2,830		3.5
	Total fixed maturity securities					$	81,383	100.0		%

(1) Non-U.S.dollar-denominated investments in the U.S. segment are immaterial.

(2) In the first quarter of 2023, the Utility/Energy subsector was combined with the Natural Gas subsector to better reflect the risk characteristics of those issuers and align more closely with industry benchmarks.

(3) Net of reserves


Aflac Incorporated and Subsidiaries

	Long-Term Debt Data
	Adjusted Leverage Ratios
	(In Millions)

		December 31,
		2020			2021			2022			2023			2024			2025

	Notes payable	$	7,899		$	7,956		$	7,442		$	7,364		$	7,498		$	8,409
	50% of subordinated debentures and perpetual bonds	(432)			(389)			(337)			(315)			(282)			(285)
	Pre-funding of debt maturities	—			—			—			(211)			—			(399)
1	Adjusted debt (1)	7,467			7,568			7,105			6,839			7,216			7,725

	Total Shareholders' Equity	33,559			17,031			20,140			21,985			26,098			29,490
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses	1,109			1,985			3,564			4,069			4,998			4,847
	Unrealized (gains) losses on fixed maturity securities	(10,361)			(9,602)			702			(1,139)			(24)			1,809
	Unrealized (gains) losses on derivatives	34			30			27			22			20			13
	Effect on change in discount rate assumptions	N/A			15,832			2,100			2,560			(2,006)			(8,035)
	Pension liability adjustment	284			166			36			8			(10)			(86)
	Adjusted book value (1)	$	24,625		$	25,442		$	26,569		$	27,505		$	29,076		$	28,038

	Total capitalization (5)	$	41,458		$	24,987		$	27,582		$	29,349		$	33,596		$	37,899
	Debt to capitalization	19.1		%	31.8		%	27.0		%	25.1		%	22.3		%	22.2		%

2	Adjusted capitalization ex-AOCI (1)(2)	$	32,524		$	33,398		$	34,011		$	34,658		$	36,574		$	36,048
	Adjusted debt to adjusted capitalization ex-AOCI	23.0		%	22.7		%	20.9		%	19.7		%	19.7		%	21.4		%

3	Adjusted capitalization (1)(3)	$	31,131		$	31,247		$	30,411		$	30,581		$	31,586		$	31,287
	Adjusted debt to adjusted capitalization	24.0		%	24.2		%	23.4		%	22.4		%	22.8		%	24.7		%


4	Debt Maturities (4)
	(In Millions)

		December 31, 2025
		≤ 1 year		1 > 5 years		5 > 10 years		10 > 20 years		20 years +		Total

	Senior Notes			$	3,193	$	2,185	$	1,147	$	1,278	$	7,803
	Subordinated debt									575		575

	Total	$	—	$	3,193	$	2,185	$	1,147	$	1,853	$	8,378

(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value

(3) Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.

(5) Total capitalization is sum of notes payable and shareholders' equity.

Aflac Incorporated and Subsidiaries

Insurer Financial Strength Ratings

AM Best

Moody's

S&P

JCR

R&I

U.S. Operating Companies:

Aflac of Columbus

A+

Aa3

A+

AA+

Aflac of New York

A+

Continental American Insurance Company

A+

Japan Operating Company:

Aflac Life Insurance Japan Ltd.

A+

Aa3

A+

AA+

Bermuda Operating Company:

Aflac Re Bermuda Ltd.

AA+

Issuer Credit Ratings

AM Best

Moody's

S&P

JCR

R&I

Aflac Incorporated:

Long-term Senior Debt

A-

AA-

A+

Junior Subordinated Debt

Baa1

BBB

A-

Aflac of Columbus:

Long-term Senior Debt

A+

AA+

Aflac Life Insurance Japan, Ltd.:

Long-term Senior Debt

A+

AA+

The outlook for all ratings is stable.


Aflac U.S.

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended December 31,						12 Months Ended December 31,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	5,762	$	5,540	$	5,467	$	5,669	$	5,907	$	1,467	$	1,551			$	5,907	$	6,182
	Assumed (ceded)	(4)		73		103		6		(78)		(27)		(53)				(78)		(183)
	Total net earned premiums	5,758		5,614		5,570		5,675		5,829		1,441		1,498		4.0	%	5,829		5,999		2.9	%
	Adjusted net investment income	705		754		755		820		847		213		207		(2.8)		847		830		(2.0)
	Other income excl. realized foreign exchange gains (losses)	102		121		161		128		63		17		21				63		74
	Total adjusted revenues	6,565		6,489		6,486		6,623		6,739		1,671		1,726		3.3		6,739		6,903		2.4

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	2,498		2,183		2,245		2,423		2,892		728		805				2,892		3,193
	Incurred claims -assumed (ceded)	(1)		89		104		17		(75)		(33)		(49)				(75)		(177)
	Increase in FPB -direct	271		463		326		280		—		(6)		(11)				—		(55)
	Increase in FPB -assumed (ceded)	(3)		(11)		4		(5)		4		1		4				4		8
	Total benefits and claims, net, excluding reserve remeasurement	N/A		2,724		2,679		2,715		2,821		691		750				2,821		2,969
	Reserve remeasurement (gain) loss	N/A		(85)		(124)		(284)		(95)		(24)		(22)				(95)		(132)
	Total benefits and claims, net	2,765		2,639		2,555		2,431		2,726		667		728		9.1		2,726		2,837		4.1

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	570		442		455		490		530		134		141		5.2		530		551		4.0
	Insurance commissions	576		550		553		561		563		141		147		4.3		563		564		0.2
	Insurance and other expenses	1,386		1,502		1,564		1,640		1,501		399		410		2.8		1,501		1,530		1.9
	Total adjusted expenses	2,532		2,494		2,573		2,691		2,594		674		698				2,594		2,645

	Total benefits and adjusted expenses	5,297		5,132		5,127		5,122		5,320		1,341		1,426		6.3		5,320		5,482		3.0

	Pretax adjusted earnings	$	1,268	$	1,356	$	1,359	$	1,501	$	1,419	$	330	$	300	(9.1)	%	$	1,419	$	1,421	0.1	%


Aflac U.S.

	Balance Sheets
	(In Millions)

		December 31,
		2020		2021		2022		2023		2024		2025
	Assets:
	Investments and cash	$	17,949	$	18,324	$	15,987	$	16,718	$	16,775	$	17,090
1	Receivables, net of allowance for credit losses (1)	667		574		584		688		671		707
	Accrued investment income	172		169		184		183		178		171
	Deferred policy acquisition costs	3,450		3,366		3,463		3,573		3,656		3,732
	Other assets (1)	626		758		784		698		650		618
	Total assets	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930	$	22,317

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	9,674	$	14,212	$	10,870	$	11,234	$	10,584	$	10,798
	Policy and contract claims	2,010		151		200		258		376		483
	Other policy liabilities	126		119		117		107		103		97

	Deferred income taxes	235		(328)		(243)		(311)		(231)		(178)
	Other liabilities	2,016		2,010		2,080		2,062		2,055		1,621
	Shareholders' equity	8,803		7,027		7,978		8,510		9,043		9,496
	Total liabilities & shareholders' equity	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930	$	22,317


Aflac U.S.

	Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
	(Restated to conform to current classifications)
	(In Millions)

		Period	Net Earned Premiums		% Change		Adjusted NII		% Change		Total Adjusted Revenues		% Change		Benefits & Claims, Net		% Change		Amort.		% Change		Total Adjusted Expenses		% Change		Pretax Adjusted Earn.		% Change

		2020	$	5,758	(0.9)	%	$	705	(2.1)	%	$	6,565	0.2	%	$	2,765	(3.7)	%	$	570	(0.5)	%	$	2,532	5.2	%	$	1,268	(0.3)	%
		2021	5,614		(2.5)		754		7.0		6,489		(1.2)		2,639		(4.6)		442		(22.5)		2,494		(1.5)		1,356		6.9
		2022	5,570		(0.8)		755		0.1		6,486		—		2,555		(3.2)		455		2.9		2,573		3.2		1,359		0.2
		2023	5,675		1.9		820		8.6		6,623		2.1		2,431		(4.9)		490		7.7		2,691		4.6		1,501		10.4
		2024	5,829		2.7		847		3.3		6,739		1.8		2,726		12.1		530		8.2		2,594		(3.6)		1,419		(5.5)
		2025	5,999		2.9		830		(2.0)		6,903		2.4		2,837		4.1		551		4.0		2,645		2.0		1,421		0.1

	2023	1	1,428		1.1		197		7.1		1,660		1.3		651		(2.3)		119		4.4		657		2.7		352		5.7
		2	1,425		2.2		203		5.2		1,663		2.1		645		(2.0)		120		6.2		648		3.3		369		7.6
		3	1,419		3.2		209		13.0		1,661		3.9		510		(17.2)		122		7.0		674		5.6		478		38.6
		4	1,403		1.1		211		9.9		1,639		1.1		626		2.0		129		12.2		712		6.7		302		(10.9)

	2024	1	1,475		3.3		206		4.6		1,699		2.3		686		5.4		132		10.9		658		0.2		356		1.1
		2	1,455		2.1		218		7.4		1,684		1.3		680		5.4		132		10.0		621		(4.2)		383		3.8
		3	1,459		2.8		210		0.5		1,684		1.4		694		36.1		132		8.2		640		(5.0)		350		(26.8)
		4	1,441		2.7		213		0.9		1,671		2.0		667		6.5		134		3.9		674		(5.3)		330		9.3

	2025	1	1,502		1.8		202		(1.9)		1,721		1.3		716		4.4		137		3.8		647		(1.7)		358		0.6
		2	1,504		3.4		207		(5.0)		1,728		2.6		712		4.7		136		3.0		628		1.1		388		1.3
		3	1,495		2.5		214		1.9		1,728		2.6		681		(1.9)		137		3.8		672		5.0		375		7.1
		4	1,498		4.0		207		(2.8)		1,726		3.3		728		9.1		141		5.2		698		3.6		300		(9.1)


Aflac U.S.

	Operating Ratios
	(Before Management Fee)

1		Period	12-Mo. Rolling Premium Persistency (1)		Total Benefit/ Premium		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		2020	79.3	%	48.0	%	9.9	%	38.6	%	80.7	%	19.3	%
		2021	79.7		47.0		7.9		38.4		79.1		20.9
		2022	77.3		45.9		8.2		39.7		79.0		21.0
		2023	78.6		42.8		8.6		40.6		77.3		22.7
		2024	79.3		46.8		9.1		38.5		78.9		21.1
		2025	79.2		47.3		9.2		38.3		79.4		20.6

	2023	1	77.9		45.6		8.3		39.6		78.8		21.2
		2	78.2		45.3		8.4		39.0		77.8		22.2
		3	78.7		35.9		8.6		40.6		71.2		28.8
		4	78.6		44.6		9.2		43.4		81.6		18.4

	2024	1	78.7		46.5		8.9		38.7		79.0		21.0
		2	78.7		46.7		9.1		36.9		77.3		22.7
		3	78.9		47.6		9.0		38.0		79.2		20.8
		4	79.3		46.3		9.3		40.3		80.3		19.7

	2025	1	79.3		47.7		9.1		37.6		79.2		20.8
		2	79.2		47.3		9.0		36.3		77.5		22.5
		3	79.0		45.6		9.2		38.9		78.3		21.7
		4	79.2		48.6		9.4		40.4		82.6		17.4

(1) Includes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products beginning in 2021


Aflac U.S.

	Aflac U.S. Sales Results
	(In Millions)

		Period	Annualized Premiums In Force		% Change		New Annualized Premiums Sales		% Change

		2020	$	6,099	(3.2)	%	$	1,093	(30.8)	%
		2021	6,003		(1.6)		1,278		16.9
		2022	5,967		(0.6)		1,483		16.1
		2023	6,161		3.3		1,558		5.0
		2024	6,383		3.6		1,543		(1.0)
		2025	6,694		4.9		1,589		3.0

	2023	1	6,023		1.4		315		5.3
		2	6,064		2.3		324		6.4
		3	6,062		2.9		359		7.5
		4	6,161		3.3		559		2.6

	2024	1	6,211		3.1		298		(5.2)
		2	6,239		2.9		331		2.0
		3	6,265		3.3		379		5.5
		4	6,383		3.6		534		(4.5)

	2025	1	6,505		4.7		309		3.5
		2	6,506		4.3		340		2.7
		3	6,500		3.8		390		2.8
		4	6,694		4.9		551		3.1


Aflac U.S.

	Aflac U.S. Product Mix
	(New Annualized Premium Sales)
	(In Millions)

1		Period	Disability		% of Total		Life		% of Total		Accident		% of Total		Critical Care (1)		% of Total		Hospital Indemnity		% of Total		Dental/ Vision		% of Total		Total

		2020	$	243	22.3	%	$	80	7.3	%	$	285	26.1	%	$	242	22.2	%	$	197	18.0	%	$	45	4.1	%	$	1,093
		2021	296		23.1		114		9.0		321		25.1		273		21.3		209		16.4		65		5.1		1,278
		2022	378		25.5		156		10.5		338		22.8		299		20.1		226		15.3		85		5.8		1,483
		2023	399		25.6		188		12.0		326		20.9		322		20.7		225		14.5		98		6.3		1,558
		2024	406		26.3		219		14.2		302		19.6		322		20.9		212		13.7		82		5.3		1,543
		2025	420		26.4		246		15.5		300		18.9		315		19.8		209		13.2		98		6.2		1,589

	2023	1	79		25.2		26		8.3		74		23.5		64		20.5		50		15.9		21		6.6		315
		2	80		24.8		35		10.7		73		22.4		66		20.4		46		14.3		24		7.4		324
		3	101		28.2		54		15.0		72		19.9		67		18.6		45		12.6		20		5.7		359
		4	139		24.8		73		13.0		107		19.2		124		22.2		83		14.9		33		5.9		559

	2024	1	69		23.0		32		10.8		67		22.5		66		22.1		45		15.1		19		6.5		298
		2	85		25.7		41		12.4		70		21.2		70		21.1		45		13.7		19		5.9		331
		3	109		28.8		69		18.3		67		17.7		70		18.6		45		11.9		18		4.7		379
		4	143		26.8		77		14.4		97		18.2		115		21.6		76		14.3		25		4.7		534

	2025	1	70		22.8		39		12.5		65		21.1		67		21.8		46		15.0		21		6.8		309
		2	94		27.7		45		13.1		65		19.0		74		21.8		40		11.9		22		6.5		340
		3	130		31.8		76		19.3		66		16.9		55		15.9		41		10.5		22		5.6		390
		4	126		22.7		86		15.7		105		19.0		119		21.7		82		14.8		33		6.1		551


Aflac U.S. Sales Force Data

		Recruited Agents			Average Weekly Producer Equivalents	Productivity (Production/ Avg. Weekly Producers)
	Period	Career	Broker	Total

	2020	11,826	1,861	13,687	5,918	184,706
	2021	10,641	5,445	16,086	5,993	213,235
	2022	9,550	1,500	11,050	6,186	239,786
	2023	10,103	1,463	11,566	6,239	249,663
	2024	9,994	1,366	11,360	6,271	256,210
	2025	10,048	1,248	11,296	5,341	297,543

2023	1	2,676	348	3,024	6,108	51,525
	2	2,801	399	3,200	6,196	52,361
	3	2,407	431	2,838	6,044	59,425
	4	2,219	285	2,504	6,608	84,645

2024	1	2,330	346	2,676	5,800	51,432
	2	3,113	422	3,535	6,098	54,262
	3	2,553	335	2,888	5,890	64,336
	4	1,998	263	2,261	6,271	85,225

2025	1	2,405	340	2,745	5,146	59,985
	2	3,069	352	3,421	5,354	63,505
	3	2,549	302	2,851	5,233	74,459
	4	2,025	254	2,279	5,632	97,806

(1) Includes cancer, critical illness, and hospital intensive care products


Aflac Japan

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended December 31,						12 Months Ended December 31,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	¥	1,409,134	¥	1,290,527	¥	1,246,657	¥	1,212,654	¥	1,159,719	¥	289,757	¥	283,232			¥	1,159,719	¥	1,133,651
	Assumed (ceded)	(55,926)		(50,864)		(48,578)		(84,838)		(109,719)		(32,332)		(30,601)				(109,719)		(124,776)
	Total net earned premiums	1,353,208		1,239,663		1,198,079		1,127,816		1,050,000		257,425		252,631		(1.9)	%	1,050,000		1,008,875		(3.9)	%
1	Net investment income: (1)
	Yen denominated	138,397		138,513		149,449		138,073		133,059		31,270		31,982		2.3		133,059		133,651		0.4
	US$ denominated	167,541		202,905		215,171		247,277		280,628		71,159		67,588		(5.0)		280,628		258,933		(7.7)
	Net investment income	305,938		341,419		364,621		385,352		413,687		102,429		99,569		(2.8)		413,687		392,584		(5.1)
2	Amortized hedge costs on foreign investments (2)	(22,816)		(8,391)		(13,155)		(19,773)		(3,755)		(1,004)		(2,138)		112.9		(3,755)		(6,754)		79.9
	Adjusted net investment income	283,122		333,028		351,466		365,579		409,932		101,425		97,431		(3.9)		409,932		385,830		(5.9)
	Other income excl. realized foreign currency gains (losses)	4,497		4,512		4,442		4,720		4,109		1,085		1,170				4,109		4,739
	Total adjusted revenues	1,640,827		1,577,203		1,553,988		1,498,115		1,464,041		359,935		351,231		(2.4)		1,464,041		1,399,444		(4.4)

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	734,471		743,247		788,572		781,774		815,894		198,831		208,831				815,894		854,566
	Incurred claims -assumed (ceded)	(37,806)		(31,798)		(36,141)		(70,748)		(82,320)		(25,566)		(25,097)				(82,320)		(102,280)
	Increase in FPB -direct	260,200		149,084		73,592		44,121		(26,672)		(4,588)		(23,594)				(26,672)		(100,493)
	Increase in FPB -assumed (ceded)	(11,377)		(11,425)		(5,618)		2,226		13,877		5,304		6,803				13,877		26,091
	Total benefits and claims, net, excluding reserve remeasurement	N/A		849,108		820,405		757,373		720,780		173,982		166,943				720,780		677,884
	Reserve remeasurement (gain) loss	N/A		(6,879)		(13,337)		(13,072)		(64,197)		(2,723)		(2,685)				(64,197)		(79,134)
	Total benefits and claims, net	945,487		842,229		807,068		744,301		656,583		171,258		164,258		(4.1)		656,583		598,750		(8.8)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	68,818		43,131		44,123		45,840		48,581		12,040		12,140		0.8		48,581		48,397		(0.4)
	Insurance commissions	79,036		77,449		73,482		68,751		65,889		16,105		15,272		(5.2)		65,889		63,897		(3.0)
	Insurance and other expenses	199,606		202,586		198,493		182,364		165,314		46,688		49,734		6.5		165,314		174,718		5.7
	Total adjusted expenses	347,460		323,166		316,097		296,955		279,784		74,834		77,146				279,784		287,012

	Total benefits and adjusted expenses	1,292,947		1,165,395		1,123,165		1,041,256		936,367		246,093		241,404		(1.9)		936,367		885,762		(5.4)

	Pretax adjusted earnings	¥	347,881	¥	411,808	¥	430,823	¥	456,859	¥	527,675	¥	113,843	¥	109,829	(3.5)	%	¥	527,675	¥	513,683	(2.7)	%

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income


Aflac Japan

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended December 31,						12 Months Ended December 31,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums
	Gross premiums	$	13,193	$	11,765	$	9,558	$	8,649	$	7,654	$	1,901	$	1,837			$	7,654	$	7,578
	Assumed (ceded)	(524)		(463)		(372)		(602)		(724)		(212)		(198)				(724)		(834)
	Total net earned premiums	12,670		11,301		9,186		8,047		6,930		1,689		1,639		(3.0)	%	6,930		6,744		(2.7)	%
1	Net investment income (1)
	Yen denominated	1,296		1,262		1,140		985		879		206		207		0.5		879		894		1.7
	US$ denominated	1,569		1,845		1,641		1,755		1,849		467		438		(6.2)		1,849		1,732		(6.3)
	Net investment income	2,865		3,107		2,782		2,739		2,727		672		645		(4.0)		2,727		2,626		(3.7)
2	Amortized hedge costs on foreign investments (2)	(206)		(76)		(112)		(157)		(26)		(7)		(14)		100.0		(26)		(45)		73.1
	Adjusted net investment income	2,659		3,031		2,669		2,582		2,701		665		631		(5.1)		2,701		2,581		(4.4)
	Other income excl. realized foreign currency gains (losses)	42		41		35		35		28		8		8				28		32
	Total adjusted revenues	15,371		14,373		11,890		10,664		9,659		2,362		2,278		(3.6)		9,659		9,357		(3.1)

	Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct	6,875		6,776		6,038		5,582		5,390		1,305		1,355				5,390		5,707
	Incurred claims -assumed (ceded)	(354)		(290)		(275)		(502)		(543)		(167)		(163)				(543)		(684)
	Increase in FPB -direct	2,437		1,356		562		314		(184)		(31)		(155)				(184)		(671)
	Increase in FPB -assumed (ceded)	(107)		(104)		(43)		15		99		41		45				99		175
	Total benefits and claims, net, excluding reserve remeasurement	N/A		7,738		6,282		5,409		4,761		1,147		1,082				4,761		4,528
	Reserve remeasurement (gain) loss	N/A		(62)		(91)		(96)		(444)		(23)		(16)				(444)		(529)
	Total benefits and claims, net	8,851		7,675		6,191		5,313		4,317		1,124		1,066		(5.2)		4,317		3,999		(7.4)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	644		393		338		326		321		79		78		(1.3)		321		323		0.6
	Insurance commissions	740		706		563		491		435		105		99		(5.7)		435		427		(1.8)
	Insurance and other expenses	1,873		1,843		1,517		1,300		1,092		307		323		5.2		1,092		1,168		7.0
	Total adjusted expenses	3,257		2,942		2,417		2,117		1,848		491		500				1,848		1,918

	Total benefits and adjusted expenses	12,108		10,618		8,609		7,430		6,165		1,615		1,566		(3.0)		6,165		5,917		(4.0)

	Pretax adjusted earnings	$	3,263	$	3,756	$	3,281	$	3,234	$	3,494	$	747	$	712	(4.7)	%	$	3,494	$	3,440	(1.5)	%

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies.

(2) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income.


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,
		2020		2021		2022		2023		2024		2025
	Assets:

	Investments and cash	¥	13,080,154	¥	13,645,902	¥	12,777,746	¥	12,566,939	¥	12,216,793	¥	11,941,237
	Receivables, net of allowance for credit losses	20,782		22,439		23,138		24,848		31,172		26,100
	Accrued investment income	62,722		67,493		76,489		74,666		77,899		82,868
	Deferred policy acquisition costs	723,579		745,510		766,506		788,394		806,920		830,075
	Other assets	320,351		386,832		387,065		946,644		1,136,609		981,002

	Total assets	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393	¥	13,861,283

	Liabilities and Shareholders' Equity:

	Future policy benefits	¥	9,175,501	¥	11,755,704	¥	10,315,140	¥	10,444,044	¥	9,630,864	¥	8,234,312
	Policy and contract claims	328,778		—		28		465		754		1,029
	Unearned premiums	361,010		284,045		227,732		192,595		189,583		195,068
	Other policyholders' funds	808,429		877,690		880,989		874,854		863,699		852,379
	Income taxes (prim. deferred)	478,969		36,166		114,688		95,297		136,262		236,939
	Other liabilities	253,219		502,633		575,554		576,879		526,477		850,287
	Shareholders' equity	2,801,682		1,411,938		1,916,812		2,217,357		2,921,754		3,491,267

	Total liabilities & shareholders' equity	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393	¥	13,861,283


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,
		2020		2021		2022		2023		2024		2025
	Assets:

	Investments and cash	$	126,378	$	118,639	$	96,290	$	88,606	$	77,233	$	76,273
	Receivables, net of allowance for credit losses	201		195		174		175		197		167
	Accrued investment income	606		587		576		526		492		529
	Deferred policy acquisition costs	6,991		6,482		5,776		5,559		5,102		5,302
	Other assets	3,095		3,363		2,917		6,675		7,186		6,266

	Total assets	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210	$	88,537

	Liabilities and Shareholders' Equity:

	Future policy benefits	$	88,652	$	102,206	$	77,733	$	73,638	$	60,885	$	52,595
	Policy and contract claims	3,177		—		—		3		5		7
	Unearned premiums	3,488		2,470		1,716		1,358		1,199		1,245
	Other policyholders' funds	7,811		7,631		6,639		6,169		5,460		5,445
	Income taxes (prim. deferred)	4,630		314		781		619		884		1,541
	Other liabilities	2,447		4,369		4,337		4,067		3,328		5,431
	Shareholders' equity	27,068		12,276		14,528		15,687		18,449		22,272

	Total liabilities & shareholders' equity	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210	$	88,537


Aflac Japan

	Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
	(In Millions)

		Period	Net Earned Premiums		% Change		Adjusted NII		% Change		Total Adjusted Revenues		% Change		Benefits & Claims, Net		% Change		Amort.		% Change		Total Adjusted Expense		% Change		Pretax Adjusted Earn.		% Change

		2020	¥	1,353,208	(2.8)	%	¥	283,122	4.4	%	¥	1,640,827	(1.7)	%	¥	945,487	(2.3)	%	¥	68,818	(11.0)	%	¥	347,459	0.4	%	¥	347,881	(2.0)	%
		2021	1,239,663		(8.4)		333,028		17.6		1,577,203		(3.9)		842,229		(10.9)		43,131		(37.3)		323,166		(7.0)		411,808		18.4
		2022	1,198,079		(3.4)		351,466		5.5		1,553,988		(1.5)		807,068		(4.2)		44,123		2.3		316,097		(2.2)		430,823		4.6
		2023	1,127,816		(5.9)		365,579		4.0		1,498,115		(3.6)		744,301		(7.8)		45,840		3.9		296,955		(6.1)		456,859		6.0
		2024	1,050,000		(6.9)		409,932		12.1		1,464,041		(2.3)		656,583		(11.8)		48,581		6.0		279,784		(5.8)		527,675		15.5
		2025	1,008,875		(3.9)		385,830		(5.9)		1,399,444		(4.4)		598,750		(8.8)		48,397		(0.4)		287,012		2.6		513,683		(2.7)

	2023	1	287,048		(5.9)		80,931		2.4		369,145		(4.1)		192,270		(7.1)		11,281		3.6		72,625		(5.8)		104,251		3.2
		2	283,377		(6.2)		87,963		(6.4)		372,544		(6.2)		186,310		(9.0)		11,359		3.6		72,808		(7.9)		113,426		(0.1)
		3	285,305		(2.8)		98,866		7.2		385,363		(0.5)		185,855		(5.2)		11,435		3.3		73,068		(5.7)		126,440		11.4
		4	272,085		(8.5)		97,819		13.5		371,063		(3.5)		179,866		(9.7)		11,766		5.0		78,454		(4.9)		112,742		9.7

	2024	1	269,859		(6.0)		96,551		19.3		367,593		(0.4)		180,873		(5.9)		12,289		8.9		66,157		(8.9)		120,564		15.6
		2	267,319		(5.7)		112,987		28.4		381,181		2.3		178,904		(4.0)		11,995		5.6		67,754		(6.9)		134,523		18.6
		3	255,397		(10.5)		98,969		0.1		355,332		(7.8)		125,548		(32.4)		12,257		7.2		71,039		(2.8)		158,745		25.5
		4	257,425		(5.4)		101,425		3.7		359,935		(3.0)		171,258		(4.8)		12,040		2.3		74,834		(4.6)		113,843		1.0

	2025	1	256,464		(5.0)		89,222		(7.6)		346,482		(5.7)		168,645		(6.8)		12,097		(1.6)		67,821		2.5		110,017		(8.7)
		2	254,574		(4.8)		101,145		(10.5)		357,488		(6.2)		169,409		(5.3)		12,132		1.1		73,768		8.9		114,310		(15.0)
		3	245,206		(4.0)		98,032		(0.9)		344,243		(3.1)		96,438		(23.2)		12,028		(1.9)		68,277		(3.9)		179,527		13.1
		4	252,631		(1.9)		97,431		(3.9)		351,231		(2.4)		164,258		(4.1)		12,140		0.8		77,146		3.1		109,829		(3.5)


Aflac Japan

	Operating Ratios
	(Before Management Fee)

1		Period	12-Month Rolling Premium Persistency (1)		Total Benefit/ Premium		Total Benefit/ Premiums (3rd sector)		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		2020	95.1	%	69.9	%	59.7	%	5.1	%	21.2	%	78.8	%	21.2	%
		2021	94.3		67.9		58.7		3.5		20.5		73.9		26.1
		2022	94.1		67.4		58.5		3.7		20.3		72.3		27.7
		2023	93.4		66.0		56.2		4.1		19.8		69.5		30.5
		2024	93.4		62.5		53.5		4.6		19.1		64.0		36.0
		2025	93.1		59.3		49.3		4.8		20.5		63.3		36.7

	2023	1	93.9		67.0		57.7		3.9		19.7		71.8		28.2
		2	93.8		65.7		56.2		4.0		19.5		69.6		30.4
		3	93.5		65.1		54.8		4.0		19.0		67.2		32.8
		4	93.4		66.1		56.2		4.3		21.1		69.6		30.4

	2024	1	93.4		67.0		57.5		4.6		18.0		67.2		32.8
		2	93.3		66.9		57.8		4.5		17.8		64.7		35.3
		3	93.3		49.2		41.8		4.8		20.0		55.3		44.7
		4	93.4		66.5		56.9		4.7		20.8		68.4		31.6

	2025	1	93.8		65.8		56.3		4.7		19.6		68.2		31.8
		2	93.7		66.5		57.4		4.8		20.6		68.0		32.0
		3	93.3		39.3		27.8		4.9		19.8		47.8		52.2
		4	93.1		65.0		55.6		4.8		22.0		68.7		31.3

(1) Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.


Aflac Japan

	Aflac Japan Sales Results
	(In Millions, unless otherwise noted)

		Period	Annualized Premium In Force (Billions)		% Change		Third Sector New Annualized Premium Sales		% Change		Total New Annualized Premium Sales		% Change

		2020	¥	1,426.5	(4.2)	%	¥	45,110	(38.1)	%	¥	50,852	(36.2)	%
		2021	1,360.6		(4.7)		48,977		8.6		54,764		7.7
		2022	1,301.0		(4.4)		47,998		(2.0)		54,765		—
		2023	1,246.4		(4.2)		52,234		8.8		60,730		10.9
		2024	1,209.0		(3.0)		47,651		(8.8)		64,111		5.6
		2025	1,179.1		(2.5)		59,121		24.1		74,351		16.0

	2023	1	1,281.4		(4.8)		10,952		2.6		13,213		10.8
		2	1,268.4		(4.8)		13,964		22.8		16,112		26.6
		3	1,257.4		(4.4)		13,606		7.7		15,600		12.4
		4	1,246.4		(4.2)		13,711		3.0		15,805		(2.6)

	2024	1	1,232.6		(3.8)		10,767		(1.7)		12,534		(5.1)
		2	1,222.5		(3.6)		12,712		(9.0)		16,833		4.5
		3	1,216.7		(3.2)		11,925		(12.4)		17,522		12.3
		4	1,209.0		(3.0)		12,246		(10.7)		17,222		9.0

	2025	1	1,199.1		(2.7)		10,655		(1.0)		14,112		12.6
		2	1,194.1		(2.3)		17,463		37.4		20,736		23.2
		3	1,185.7		(2.5)		15,871		33.1		19,586		11.8
		4	1,179.1		(2.5)		15,132		23.6		19,918		15.7


Aflac Japan

	Aflac Japan Product Mix
	(New Annualized Premium Sales)
	(In Billions)

		Period	Cancer		% of Total		Medical and Other Health		% of Total		Child Endowment		% of Total		WAYS		% of Total		Ordinary Life Other		% of Total		Other		% of Total		Total

		2020	¥	28.8	56.6	%	¥	16.4	32.2	%	¥	0.2	0.4	%	¥	0.4	0.7	%	¥	4.8	9.5	%	¥	0.3	0.6	%	¥	50.9
		2021	27.0		49.2		20.7		37.7		0.2		0.3		0.4		0.8		4.9		9.0		1.6		3.0		54.8
		2022	30.9		56.5		15.3		27.9		0.2		0.3		1.9		3.5		4.5		8.1		2.0		3.7		54.8
		2023	38.9		64.1		12.6		20.6		0.2		0.4		4.1		6.8		3.9		6.5		1.0		1.6		60.7
		2024	36.9		57.5		10.4		16.1		0.1		0.2		1.4		2.2		14.8		23.0		0.6		1.0		64.1
		2025	50.0		67.2		8.8		11.9		0.1		0.1		0.8		1.1		14.2		19.1		0.5		0.6		74.4

	2023	1	7.9		59.9		2.8		21.4		0.1		0.6		1.2		8.9		1.0		7.3		0.2		1.9		13.2
		2	10.9		67.7		2.9		17.9		0.1		0.4		1.0		6.6		1.0		6.1		0.2		1.3		16.1
		3	10.3		65.6		3.2		20.4		0.1		0.4		0.9		6.0		0.9		6.1		0.2		1.5		15.6
		4	9.9		62.5		3.7		23.2		—		0.3		0.9		6.0		1.1		6.6		0.2		1.4		15.8

	2024	1	7.9		63.2		2.7		21.4		—		0.3		0.7		5.3		1.0		8.1		0.2		1.7		12.5
		2	9.9		58.8		2.7		16.0		—		0.2		0.4		2.3		3.7		21.8		0.1		0.9		16.8
		3	9.7		55.1		2.2		12.4		—		0.1		0.1		0.8		5.4		30.8		0.1		0.8		17.5
		4	9.4		54.5		2.7		16.1		—		0.1		0.2		1.3		4.7		27.1		0.1		0.9		17.2

	2025	1	8.4		59.7		2.1		15.3		—		0.1		0.2		1.8		3.2		22.3		0.1		0.8		14.1
		2	15.1		73.0		2.2		10.9		—		0.1		0.2		1.1		3.0		14.4		0.1		0.5		20.7
		3	13.7		70.0		2.1		10.7		—		0.1		0.2		1.0		3.5		17.7		0.1		0.5		19.6
		4	12.7		63.9		2.3		11.5		—		0.1		0.1		0.7		4.6		23.1		0.2		0.7		19.9


Aflac Japan

	Aflac Japan Sales Force Data

			Number of Agencies by Type				Sales Contribution by Agency Type
1		Period	Individual/ Independent Corporate	Affiliated Corporate	Bank	Total	Individual/ Independent Corporate		Affiliated Corporate		Bank		Licensed Sales Associates (1)	Recruited Agencies

		2020	7,231	1,312	361	8,904	52.3	%	42.6	%	5.1	%	111,886	48
		2021	6,779	1,283	360	8,422	51.1		43.7		5.2		111,854	62
		2022	6,159	1,239	359	7,757	49.5		46.5		4.0		110,259	38
		2023	5,751	1,203	360	7,314	46.7		50.0		3.3		113,010	24
		2024	5,384	1,166	360	6,910	48.2		48.6		3.2		113,836	50
		2025	5,155	1,125	358	6,638	47.5		49.2		3.3		111,915	236

	2023	1	6,056	1,232	359	7,647	50.9		45.4		3.7		109,769	4
		2	5,947	1,219	360	7,526	44.8		52.5		2.7		112,593	5
		3	5,843	1,211	360	7,414	44.4		51.9		3.7		112,795	6
		4	5,751	1,203	360	7,314	47.7		49.2		3.1		113,010	9

	2024	1	5,659	1,191	360	7,210	48.9		48.0		3.1		112,645	12
		2	5,542	1,180	360	7,082	49.5		48.4		2.1		114,424	12
		3	5,464	1,176	360	7,000	46.2		50.2		3.6		114,473	19
		4	5,384	1,166	360	6,910	48.5		47.7		3.8		113,836	7

	2025	1	5,300	1,155	358	6,813	52.8		43.8		3.4		112,996	18
		2	5,225	1,141	358	6,724	46.8		50.4		2.8		111,387	76
		3	5,213	1,136	358	6,707	45.1		51.4		3.5		111,736	73
		4	5,155	1,125	358	6,638	47.0		49.5		3.5		111,915	69

(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life


Aflac Japan

	Yen/Dollar Exchange Rates

1		Period	Closing Rate(1)	Quarterly Average	Yearly Cumulative Average	% Change

		2020	103.50	N/A	106.86	2.1	%
		2021	115.02	N/A	109.79	(2.7)
		2022	132.70	N/A	130.17	(15.7)
		2023	141.83	N/A	140.57	(7.4)
		2024	158.18	N/A	150.97	(6.9)
		2025	156.56	N/A	149.32	1.1

	2023	1	133.53	132.30	132.30	(12.2)
		2	144.99	137.53	134.97	(9.0)
		3	149.58	144.97	138.38	(8.5)
		4	141.83	148.11	140.57	(7.4)

	2024	1	151.41	148.67	148.67	(11.0)
		2	161.07	155.70	152.30	(11.4)
		3	142.73	147.95	150.60	(8.1)
		4	158.18	152.35	150.97	(6.9)

	2025	1	149.52	152.40	152.40	(2.4)
		2	144.81	144.60	148.32	2.7
		3	148.88	147.68	148.03	1.7
		4	156.56	154.20	149.32	1.1

(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.


Corporate and Other

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended December 31,						12 Months Ended December 31,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Total net earned premiums	$	194	$	180	$	145	$	400	$	680	$	201	$	188	(6.5)	%	$	680	$	806	18.5	%
1	Net investment income (1)	80		(73)		30		(77)		201		55		64		16.4		201		368		83.1
2	Amortized hedge income (2)	97		57		68		121		113		26		18		(30.8)		113		98		(13.3)
	Adjusted net investment income	177		(16)		98		44		314		81		82		1.2		314		466		48.4
	Other income	13		11		24		15		13		2		2		—		13		5		(61.5)
	Total adjusted revenues	384		175		267		460		1,007		284		272		(4.2)		1,007		1,277		26.8

	Benefits and expenses:
	Total benefits and claims, net, excluding reserve remeasurement	180		161		141		470		426		128		107		(16.4)		426		491		15.3
	Reserve remeasurement (gain) loss	—		—		—		(3)		(19)		4		2		(50.0)		(19)		(33)		(73.7)
	Total benefits and claims, net	180		161		141		467		407		132		109		(17.4)		407		458		12.5

	Interest expense	164		165		162		144		156		43		59		37.2		156		210		34.6
	Other adjusted expenses	155		142		181		273		412		113		135		19.5		412		508		23.3
	Total benefits and adjusted expenses	499		469		485		885		975		288		303		5.2		975		1,176		20.6

	Pretax adjusted earnings	$	(115)	$	(293)	$	(218)	$	(425)	$	32	$	(4)	$	(31)	(675.0)	%	$	32	$	101	215.6	%

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $43 and $46 for the three-month periods and $65 and $165 for the twelve-month periods ended December 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $45 and $22 for the three-month periods and $69 and $164 for the twelve-month periods ended December 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income

Non-U.S. GAAP Financial Measures

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The Company defines the non-U.S. GAAP financial measures included in this document as follows:


•			Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.
			Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.
•			Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.
•			Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.
•			Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.


•			Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
•			Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
•			Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.
•			Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.
•			Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
•			Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity.
•			Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity.

Operational Measures

The Company defines the operational measures included in this document as follows:

Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

Annualized premiums in force is the amount of gross premium that a policyholder must pay over a full year in order to keep coverage. The growth of net earned premiums is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates. Management uses this measure as a key indicator of source of earnings.

Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

New money yield is gross yields earned on purchases of fixed maturities, loan receivables, and equities. Purchases exclude capitalized interest, securities lending/repurchase agreements, short-term/cash activity, and alternatives. New money yield for equities is based on the assumed dividend yield at the time of purchase. The new money yield for Aflac Japan excludes the impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments. Management uses this metric as a leading indicator of future investment earning potential.

Return on average invested assets is net investment income as a percentage of average invested assets during the period. Management uses this metric to demonstrate how the Company's actual net investment income results represent an overall return on the portfolio to provide a more comparative metric as the size of the Company's investment portfolio changes over time.

Portfolio book yield expressed as a percentage of the investments' book value, represents the gross return expected to be realized on a security at a point in time and is calculated for fixed maturity securities, commercial mortgage and other loans and equity securities. It excludes amortized hedge costs, investments in limited partnerships and short-term securities. The yield assumes any early redemption options will be exercised. Management uses this metric to measure the future total return on the portfolio.

Average weekly producer is the total number of writing agents, including brokers, in the U.S. who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period. The Company believes this metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. productivity is total new annualized sales divided by average weekly producer and is calculated on a quarterly and annual basis. The Company believes this metric allows sales management to monitor agent progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. recruited agents/brokers represent a newly contracted agent or broker who has never held a contract with the Company before or previously held a contract but has been separated from the Company for more than 365 days. The distinction between a career recruit and a broker recruit is determined by the type of contract the individual signs. The Company believes this metric is an important indicator of future production potential.