8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 27, 2022

Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia	001-07434		58-1167100
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	File Number)		Identification No.)
1932 Wynnton Road	Columbus	Georgia	31999
(Address of principal executive offices)			(Zip Code)

706.323.3431

_________________________________________________________________________________________________________________________________________________________

(Registrant’s telephone number, including area code)

_________________________________________________________________________________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.10 Par Value	AFL	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

Aflac Incorporated (the "Company") is furnishing its press release dated April 27, 2022 in which it reported its 2022 first quarter results herein as Exhibit 99.1 to this report. The Company is also furnishing its first quarter supplemental earnings materials as Exhibit 99.2 to this report.

On April 27, 2022, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Executive Vice President and Chief Financial Officer, discussing the Company's 2022 first quarter earnings. The Company is furnishing a transcript of Mr. Brodén's comments and a copy of the slides referenced in the presentation as Exhibit 99.3 and Exhibit 99.4, respectively, to this report.

In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report (Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Exhibit Title or Description
99.1	Press release of Aflac Incorporated dated April 27, 2022
99.2	Financial Analyst Briefing Supplement for First Quarter 2022
99.3	Transcript of comments in video presentation by Max Brodén, Executive Vice President and Chief Financial Officer of Aflac Incorporated.
99.4	Slides referenced in video presentation by Max Brodén, Executive Vice President and Chief Financial Officer of Aflac Incorporated.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Aflac Incorporated
April 27, 2022	/s/ June Howard
	(June Howard)
	Senior Vice President, Financial Services
	Chief Accounting Officer

2

EX-99.1

News Release

FOR IMMEDIATE RELEASE

Aflac Incorporated Announces First Quarter Results,

Reports First Quarter Net Earnings of $1.0 Billion,

Declares Second Quarter Cash Dividend

COLUMBUS, Ga. - April 27, 2022 - Aflac Incorporated (NYSE: AFL) today reported its first quarter results.

Total revenues were $5.3 billion in the first quarter of 2022, compared with $5.9 billion in the first quarter of 2021. Net earnings were $1.0 billion, or $1.58 per diluted share, compared with $1.3 billion, or $1.87 per diluted share a year ago.

Net earnings in the first quarter of 2022 included net investment gains of $122 million, or $0.19 per diluted share, compared with net investment gains of $307 million, or $0.44 per diluted share a year ago. The net investment gains were driven by net gains from certain derivatives and foreign currency activities of $167 million, net gains from sales and redemptions of $86 million, and a decrease in the allowance associated with the company's estimate of current expected credit losses (CECL) of $25 million offset by a decrease of $156 million in the fair value of equity securities.

Adjusted earnings* in the first quarter were $927 million, compared with $1.1 billion in the first quarter of 2021, reflecting a decrease of 12.4%. Adjusted earnings per diluted share* decreased 7.2% to $1.42 in the quarter. It included variable investment income from alternative investments, which was $0.04 per share above return expectations, and a gain of $0.01 per share related to the sale of a parcel of non-core real estate. Adjusted earnings per diluted share excluded adjusted net investment gains* of $0.21 per share. The weaker yen/dollar exchange rate impacted adjusted earnings per share by $0.06.

The average yen/dollar exchange rate in the first quarter of 2022 was 116.18, or 8.9% weaker than the average rate of 105.88 in the first quarter of 2021.

Total investments and cash at the end of March 2022 were $132.6 billion, compared with $143.3 billion at March 31, 2021. In the first quarter, Aflac Incorporated deployed $500 million in capital to repurchase 8.0 million of its common shares. At the end of March 2022, the company had 47.8 million remaining shares authorized for repurchase.

Shareholders’ equity was $29.5 billion, or $45.75 per share, at March 31, 2022, compared with $32.1 billion, or $47.16 per share, at March 31, 2021. Shareholders’ equity at the end of the first quarter included a net unrealized gain on investment securities and derivatives of $5.8 billion, compared with a net unrealized gain of $8.8 billion at March 31, 2021. Shareholders’ equity at the end of the first quarter also included an unrealized foreign currency translation loss of $2.5 billion, compared with an unrealized foreign currency translation loss of $1.7 billion at March 31, 2021. The annualized return on average shareholders’ equity in the first quarter was 13.2%.

Shareholders’ equity excluding AOCI (or adjusted book value*) was $26.4 billion, or $40.93 per share at March 31, 2022, compared with $25.3 billion, or $37.16 per share, at March 31, 2021. The annualized adjusted return on equity excluding foreign currency impact* in the first quarter was 14.7%.

AFLAC JAPAN

In yen terms, Aflac Japan's net earned premiums were ¥316.4 billion for the quarter, or 4.3% lower than a year ago, mainly due to limited pay products reaching paid-up status and constrained sales from the impact of pandemic conditions. Adjusted net investment income increased 5.9% to ¥79.0 billion, mainly due to higher alternative and floating rate income as well as the impact of a weaker yen on the dollar-denominated investment income. Total adjusted revenues in yen declined 2.5% to ¥396.5 billion. Pretax adjusted earnings in yen for the quarter increased 6.8% on a reported basis to ¥100.2 billion, due to continued favorable claim trends and higher net investment income. Pretax adjusted earnings increased 2.5% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 25.3%, compared with 23.1% a year ago. The increase in the profit margin is largely due to continued lower incurred benefits and higher adjusted net investment income.

In dollar terms, net earned premiums decreased 12.8% to $2.7 billion in the first quarter. Adjusted net investment income decreased 3.5% to $680 million. Total adjusted revenues declined by 11.1% to $3.4 billion. Pretax adjusted earnings declined 2.8% to $862 million.

For the quarter, total new annualized premium sales (sales) decreased 14.8% to ¥11.9 billion, or $103 million, reflecting comparisons to the first quarter 2021 launch of a new medical product as well as on going pandemic conditions.

AFLAC U.S.

Aflac U.S. net earned premiums declined 0.6% to $1.4 billion in the first quarter, impacted by lower persistency. In terms of revenue, this was more than offset by a $12 million increase in fee income and an $8 million increase in adjusted net investment income. As a result, total adjusted revenues were up 0.7% to $1.6 billion. Pretax adjusted earnings were $325 million, 27.0% lower than a year ago, which was driven by higher incurred benefits as benefits approach pre-pandemic levels, and elevated adjusted expenses. The pretax adjusted profit margin for the U.S. segment was 19.8%, compared with 27.3% a year ago.

Aflac U.S. sales increased 19.0% in the quarter to $299 million, reflecting continued improvement in pandemic conditions and investment in growth initiatives.

CORPORATE AND OTHER

For the quarter, total adjusted revenues decreased 10.8% to $74 million, due to an $18 million decline in adjusted net investment income. This was primarily due to the impact of federal tax credit investments, as tax benefits are recognized in a corresponding lower income tax expense. Amortized hedge income was lower as a result of changing market conditions, partially offset by an increase in other income due to the receipt of interest on a tax refund and a gain on the sale of a parcel of non-core real estate. Pretax adjusted earnings were a loss of $44 million, compared with a loss of $26 million a year ago, primarily reflecting lower adjusted revenues and increases in other adjusted expenses.

DIVIDEND

The board of directors declared the second quarter dividend of $0.40 per share, payable on June 1, 2022 to shareholders of record at the close of business on May 18, 2022.

OUTLOOK

Commenting on the company’s results, Chairman and Chief Executive Officer Daniel P. Amos stated: "The company generated solid earnings for the first quarter, supported in part by the continuation of low benefit ratios associated with pandemic conditions and better-than-expected returns from alternative investments, despite the weakening yen. We continue to remain cautiously optimistic as we continue to navigate the pandemic.

"Looking at our operations in Japan, persistency remained strong in the first quarter, but sales were constrained as we continued to operate in the wake of evolving pandemic conditions, including various states of emergency that were in effect through mid-March. These impacted our ability to meet face-to-face with customers, which continues to be key to a recovery in sales. Recognizing pandemic conditions in Japan, we expect stronger sales in the second half of the year assuming that those conditions subside, productivity continues to improve at Japan Post, and we execute on our product introduction and refreshment plans.

"In the U.S., I am pleased with the 19% sales increase for the quarter, which reflects continued momentum in our core voluntary business; increased contribution from newly acquired growth platforms of dental, vision, and group benefits; and general recovery in pandemic conditions. We continue to work toward reinforcing our position and generating stronger sales for the year, while we keep an eye on potential headwinds.

"As always, we are committed to prudent liquidity and capital management. We continue to maintain strong capital ratios on behalf of our policyholders in both the U.S. and Japan. We value our record of dividend growth. Coming off our 39th consecutive year of dividend increases, I am pleased with the board’s decision to increase the first quarter dividend by 21.2%, as we announced last year. Our dividend track record is supported by the strength of our capital and cash flows. At the same time, we remain in the market repurchasing shares with a tactical approach, focused on integrating the growth investments we have made in our platform. By doing so, we look to emerge from this period in a continued position of strength and leadership."

*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan where it insures 1 in 4 households. In 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Ethisphere’s list of the World's Most Ethical Companies for the 16th consecutive year, Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."

A copy of Aflac’s Financial Analysts Briefing (FAB) supplement for the quarter can be found on the “Investors” page at aflac.com.

Aflac Incorporated will webcast its quarterly conference call via the “Investors” page of aflac.com at 8:00 a.m. (ET) on Thursday, April 28, 2022.

Note: Tables within this document may not foot due to rounding.

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31,	2022		2021		% Change
Total revenues	$	5,272	$	5,869	(10.2)	%
Benefits and claims, net	2,487		2,735		(9.1)
Total acquisition and operating expenses	1,509		1,531		(1.4)
Earnings before income taxes	1,276		1,603		(20.4)
Income taxes	244		310
Net earnings	$	1,032	$	1,293	(20.2)	%
Net earnings per share – basic	$	1.59	$	1.88	(15.4)	%
Net earnings per share – diluted	1.58		1.87		(15.5)
Shares used to compute earnings per share (000):
Basic	649,753		688,938		(5.7)	%
Diluted	652,827		691,940		(5.7)
Dividends paid per share	$	0.40	$	0.33	21.2	%

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
MARCH 31,	2022		2021		% Change
Assets:
Total investments and cash	$	132,599	$	143,289	(7.5)	%
Deferred policy acquisition costs	9,082		9,835		(7.7)
Other assets	5,365		5,033		6.6
Total assets	$	147,046	$	158,157	(7.0)	%
Liabilities and shareholders’ equity:
Policy liabilities	$	99,643	$	107,905	(7.7)	%
Notes payable and lease obligations	7,768		8,088		(4.0)
Other liabilities	10,108		10,061		0.5
Shareholders’ equity	29,527		32,103		(8.0)
Total liabilities and shareholders’ equity	$	147,046	$	158,157	(7.0)	%
Shares outstanding at end of period (000)	645,349		680,707		(5.2)	%

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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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 earnings release as follows:

•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 cannot be predicted or that are outside management’s control. 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 cash flows from derivatives associated with notes payable but excluding any nonrecurring 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 currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency 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.

•Adjusted return on equity is adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). 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 AOCI, 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 average equity (ROE) as determined using net earnings and average total shareholders’ equity.

•Adjusted return on equity excluding foreign currency impact is adjusted earnings excluding the current period foreign currency impact divided by average shareholders’ equity, excluding AOCI. The Company considers adjusted return on equity excluding foreign currency impact important as it excludes changes in foreign currency and components of AOCI, 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 impact is ROE as determined using net earnings and average total shareholders’ equity.

•Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign 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 term of the hedge. 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 book value is the U.S. GAAP book value (representing total shareholders’ equity), less AOCI 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 AOCI, 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 including unrealized foreign currency translation gains and losses is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate 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 measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses per common share are total book value and total book value per common share, respectively.

•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 cash flows 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 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 cash flows 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 cash flows 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.

RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31,	2022		2021		% Change
Net earnings	$	1,032	$	1,293	(20.2)	%
Items impacting net earnings:
Adjusted net investment (gains) losses	(134)		(304)
Other and non-recurring (income) loss	1		6
Income tax (benefit) expense on items excluded from adjusted earnings	28		62
Adjusted earnings	927		1,058		(12.4)	%
Current period foreign currency impact 1	37		N/A
Adjusted earnings excluding current period foreign currency impact 2	$	963	$	1,058	(9.0)	%
Net earnings per diluted share	$	1.58	$	1.87	(15.5)	%
Items impacting net earnings:
Adjusted net investment (gains) losses	(0.21)		(0.44)
Other and non-recurring (income) loss	—		0.01
Income tax (benefit) expense on items excluded from adjusted earnings	0.04		0.09
Adjusted earnings per diluted share	1.42		1.53		(7.2)	%
Current period foreign currency impact 1	0.06		N/A
Adjusted earnings per diluted share excluding current period foreign currency impact 2	$	1.48	$	1.53	(3.3)	%

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.

2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED MARCH 31,	2022		2021		% Change
Net investment (gains) losses	$	(122)	$	(307)	(60.3)	%
Items impacting net investment (gains) losses:
Amortized hedge costs	(26)		(19)
Amortized hedge income	11		17
Net interest cash flows from derivatives associated      with certain investment strategies	(9)		(8)
Interest rate component of the change in fair value of foreign      currency swaps on notes payable1	13		14
Adjusted net investment (gains) losses	$	(134)	$	(304)	(55.9)	%

1Amounts are included with interest expenses that are a component of adjusted expenses.

RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED MARCH 31,	2022		2021		% Change
Net investment income	$	903	$	925	(2.4)	%
Items impacting net investment income:
Amortized hedge costs	(26)		(19)
Amortized hedge income	11		17
Net interest cash flows from derivatives associated      with certain investment strategies	(9)		(8)
Adjusted net investment income	$	879	$	915	(3.9)	%

RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
MARCH 31,	2022		2021		% Change
U.S. GAAP book value	$	29,527	$	32,103
Less:
Unrealized foreign currency translation gains (losses)	(2,482)		(1,674)
Unrealized gains (losses) on securities and derivatives	5,758		8,761
Pension liability adjustment	(163)		(280)
Total AOCI	3,113		6,807
Adjusted book value	$	26,414	$	25,296
Add:
Unrealized foreign currency translation gains (losses)	(2,482)		(1,674)
Adjusted book value including unrealized foreign currency translation gains (losses)	$	23,932	$	23,622
Number of outstanding shares at end of period (000)	645,349		680,707
U.S. GAAP book value per common share	$	45.75	$	47.16	(3.0)	%
Less:
Unrealized foreign currency translation gains (losses) per common share	(3.85)		(2.46)
Unrealized gains (losses) on securities and derivatives per common share	8.92		12.87
Pension liability adjustment per common share	(0.25)		(0.41)
Total AOCI per common share	4.82		10.00
Adjusted book value per common share	$	40.93	$	37.16	10.1	%
Add:
Unrealized foreign currency translation gains (losses) per common share	(3.85)		(2.46)
Adjusted book value including unrealized foreign currency translation gains (losses) per common share	$	37.08	$	34.70	6.9	%

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
THREE MONTHS ENDED MARCH 31,	2022		2021
U.S. GAAP ROE - Net earnings1	13.2	%	15.8	%
Impact of excluding unrealized foreign currency translation gains (losses)	(1.1)		(0.9)
Impact of excluding unrealized gains (losses) on securities and derivatives	3.8		6.1
Impact of excluding pension liability adjustment	(0.1)		(0.2)
Impact of excluding AOCI	2.6		5.0
U.S. GAAP ROE - less AOCI	15.8		20.7
Differences between adjusted earnings and net earnings2	(1.6)		(3.8)
Adjusted ROE - reported	14.2		17.0
Less: Impact of foreign currency3	(0.6)		N/A
Adjusted ROE, excluding impact of foreign currency	14.7		17.0

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

2See separate reconciliation of net income to adjusted earnings.

3Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure.

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2022	Including Currency Changes		Excluding Currency Changes2
Net earned premiums3	(9.0)	%	(3.2)	%
Adjusted net investment income4	(3.9)	%	(0.8)
Total benefits and expenses	(6.2)		(0.2)
Adjusted earnings	(12.4)		(9.0)
Adjusted earnings per diluted share	(7.2)		(3.3)

1Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.

3Net of reinsurance

4Refer to previously defined adjusted net investment income.

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including those caused by COVID-19

•defaults and credit downgrades of investments

•exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable yen-denominated investments

•foreign currency fluctuations in the yen/dollar exchange rate

•differing judgments applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•concentration of the Company's investments in any particular single-issuer or sector

•the effects of COVID-19 and its variants (both known and emerging), and any resulting economic effects and government interventions, on the Company's business and financial results

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems

•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•the operational risks of third party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation

•allegations or determinations of worker misclassification in the United States

Analyst and investor contact - David A. Young, 706.596.3264 or 800.235.2667 or dyoung@aflac.com

Media contact - Ines Gutzmer, 762.207.7601 or igutzmer@aflac.com

EX-99.2

FINAL4/27/2022

Financial Analysts Briefing Supplement

First Quarter 2022

This document is a statistical supplement to the Financial Analysts Briefing book. 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.

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)
			Beginning	Shares Issued		Shares Purchased		Ending	QTD Weighted Avg. Shares			YTD Weighted Avg. Shares
			Shares	Stk. Bon.	Stk. Opt.	Treas.	Misc.	Shares	Avg.	Dilutive	Avg.	Avg.	Dilutive	Avg.
		Period	Outstanding	& DRP	& Misc.	Shares	Purch.(1)	Outstanding	Shares	Shares	Diluted	Shares	Shares	Diluted
	2020	1	726,793	468	1,613	9,984	508	718,382	724,366	3,146	727,512	724,366	3,146	727,512
		2	718,382	648	100	5,209	13	713,908	717,889	1,875	719,764	721,128	2,510	723,638
		3	713,908	468	134	10,916	20	703,574	711,698	2,095	713,793	717,962	2,372	720,333
		4	703,574	437	235	11,791	1	692,454	701,016	2,843	703,859	713,702	2,490	716,192
	2021	1	692,454	387	1,684	13,440	378	680,707	688,938	3,002	691,940	688,938	3,002	691,940
		2	680,707	330	130	9,174	3	671,990	678,050	2,871	680,921	683,464	2,936	686,400
		3	671,990	250	188	9,572	39	662,817	668,762	3,163	671,925	678,509	3,012	681,521
		4	662,817	249	224	11,140	18	652,132	659,100	3,412	662,512	673,617	3,112	676,729
	2022	1	652,132	259	1,308	8,007	343	645,349	649,753	3,074	652,827	649,753	3,074	652,827

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

2

Aflac Incorporated and Subsidiaries
	Summary of Adjusted Results by Business Segment
	(In Millions, except per-share data and where noted)
		Years Ended December 31,															3 Months Ended March 31,
																							%
		2017			2018			2019			2020			2021			2021			2022			Change
	Aflac Japan	$	3,054		$	3,208		$	3,261		$	3,263		$	3,754		$	887		$	862		(2.8)
	Aflac U.S.		1,245			1,285			1,272			1,268			1,478			445			325		(27.0)
	Corporate and other (1)		(214)			(139)			(72)			(115)			(298)			(26)			(44)
	Pretax adjusted earnings		4,086			4,354			4,461			4,416			4,934			1,306			1,143		(12.5)
	Income taxes (1)		1,370			1,129			1,147			864			915			248			216		(12.9)
	Adjusted earnings (2)		2,716			3,226			3,314			3,552			4,019			1,058			927		(12.4)
	Reconciling items:
	Adjusted net investment gains (losses)		—			(297)			(15)			(229)			462			304			134
	Other and non-recurring income (loss) (3)		(69)			(75)			(1)			(28)			(73)			(6)			(1)
	Income tax benefit (expense) on items excluded from adjusted earnings		24			83			3			72			(83)			(62)			(28)
	Tax reform adjustment (4)		1,933			(18)			4			—			—			—			—
	Tax valuation allowance release (5)		—			—			—			1,411			—			—			—
	Net earnings	$	4,604		$	2,920		$	3,304		$	4,778		$	4,325		$	1,293		$	1,032		(20.2)
	Effective Tax rate		(14.6)	%		26.7	%		25.7	%		(14.9)	%		18.7	%		19.4	%		19.1	%
	Earnings per share of common stock:
	Net earnings (basic)	$	5.81		$	3.79		$	4.45		$	6.69		$	6.42		$	1.88		$	1.59		(15.4)
	Net earnings (diluted)		5.77			3.77			4.43			6.67			6.39			1.87			1.58		(15.5)
	Adjusted earnings (basic) (2)	$	3.43		$	4.20		$	4.46		$	4.98		$	5.97		$	1.54		$	1.43		(7.1)
	Adjusted earnings (diluted) (2)		3.40			4.16			4.44			4.96			5.94			1.53			1.42		(7.2)
	(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $12 for the three-month period ended March 31, 2022, is included as a reduction to net investment    income. Tax credits on these investments of $16 for the three-month period ended March 31, 2022, have been recorded as an income tax benefit on the consolidated statement of earnings.
	(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.
	(3) Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.
	(4) The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.
	(5) Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.

3

Aflac Incorporated and Subsidiaries
	Consolidated Statements of Earnings - U.S. GAAP
	(In Millions, except per-share data)
			Years Ended December 31,										3 Months Ended March 31,
																	%
			2017		2018		2019		2020		2021		2021		2022		Change
	Revenues:
		Net earned premiums
		Gross premiums	$	18,875	$	19,018	$	19,122	$	18,955	$	17,857	$	4,652	$	4,214
		Assumed (ceded)		(345)		(341)		(342)		(333)		(210)		(59)		(36)
		Total net earned premiums		18,531		18,677		18,780		18,622		17,647		4,593		4,178	(9.0)
		Net investment income		3,220		3,442		3,578		3,638		3,818		925		903	(2.4)
		Net investment gains (losses) (1)		(151)		(430)		(135)		(270)		468		307		122
		Other income (1)		67		69		84		157		173		44		69
		Total revenues		21,667		21,758		22,307		22,147		22,106		5,869		5,272	(10.2)
	Benefits and Expenses:
		Benefits and claims, net
		Incurred claims -direct		8,853		9,121		9,279		9,364		8,947		2,395		2,342
		Incurred claims -assumed (ceded)		(446)		(421)		(372)		(296)		(148)		(43)		(24)
		Increase in FPB (2)-direct		3,628		3,167		2,952		2,707		1,759		379		163
		Increase in FPB (2)-assumed (ceded)		146		133		83		21		18		4		5
		Total net benefits and claims		12,181		12,000		11,942		11,796		10,576		2,735		2,487	(9.1)
		Acquisition and operating expenses:
		Amortization of DAC (3)		1,132		1,245		1,282		1,214		1,170		311		322
		Insurance commissions		1,316		1,320		1,321		1,316		1,256		326		300
		Insurance expenses		2,780		2,988		3,089		3,420		3,544		832		831
		Interest expense		240		222		228		242		238		62		56
		Other expenses		—		—		—		—		—		—		—
		Total acquisition and operating expenses		5,468		5,775		5,920		6,192		6,208		1,531		1,509	(1.4)
		Total benefits and expenses		17,649		17,775		17,862		17,988		16,784		4,266		3,996	(6.3)
		Pretax earnings		4,018		3,983		4,445		4,159		5,322		1,603		1,276
		Income tax expense (benefit)		(586)		1,063		1,141		(619)		997		310		244
		Net earnings	$	4,604	$	2,920	$	3,304	$	4,778	$	4,325	$	1,293	$	1,032	(20.2)
		(1) Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.
		(2) Future policy benefits
		(3) Deferred acquisition costs

4

Aflac Incorporated and Subsidiaries
Analysis of Net Earnings and Net Earnings Per Diluted Share
(In Millions, except for per-share data)
									Other and	Foreign
				Net	Other and Non-	Foreign	Net	Net	Non-Recurring	Currency
			Net	Investment	Recurring	Currency	Earnings	Investment	Items	Impact
		Period	Earnings	Gains (Losses) (1)	Items (1)(3)(4)	Impact (2)	Per Share	Gains (Losses) (1)	Per Share (1)(3)(4)	Per Share (2)
		2017	4,604	—	1,888	(41)	5.77	—	2.37	(.05)
		2018	2,920	(230)	(76)	28	3.77	(.30)	(.09)	.04
		2019	3,304	(13)	3	15	4.43	(.02)	.01	.02
		2020	4,778	(181)	1,407	31	6.67	(.25)	1.96	.04
		2021	4,325	365	(59)	(38)	6.39	.54	(.09)	(.06)
	2020	1	566	(322)	5	9	.78	(.44)	.01	.01
		2	805	(116)	—	5	1.12	(.16)	—	.01
		3	2,456	45	1,418	3	3.44	.06	1.99	—
		4	951	212	(15)	14	1.35	.30	(.02)	.02
	2021	1	1,293	240	(5)	13	1.87	.35	(.01)	.02
		2	1,105	67	(42)	(6)	1.62	.10	(.06)	(.01)
		3	888	(136)	(7)	(14)	1.32	(.20)	(.01)	(.02)
		4	1,039	194	(5)	(30)	1.57	.29	(.01)	(.05)
	2022	1	1,032	106	(1)	(37)	1.58	.16	—	(.06)
	(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) Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.
	(4 )Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.

5

Aflac Incorporated and Subsidiaries
	Consolidated Balance Sheets
	(In Millions, except per-share data)
				December 31,										March 31,
	Assets:			2017		2018		2019		2020		2021		2021		2022
	Investments and cash:
		Securities available for sale:
		Fixed maturity securities available for sale, at fair value		$	78,804	$	78,429	$	86,950	$	101,286	$	94,206	$	96,391	$	85,795
		Fixed maturity securities available for sale - consolidated variable interest entities, at fair value			5,509		4,466		4,312		4,596		4,490		4,353		4,170
		Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses			31,430		30,318		30,085		24,464		22,000		22,868		20,672
		Equity securities, at fair value			1,023		987		802		1,283		1,603		1,174		1,415
		Commercial mortgage and other loans, net of allowance for credit losses			3,002		6,919		9,569		10,554		11,786		10,847		12,312
		Other investments			400		787		1,477		2,429		3,842		2,666		3,960
		Cash and cash equivalents			3,491		4,337		4,896		5,141		5,051		4,990		4,275
			Total investments and cash		123,659		126,243		138,091		149,753		142,978		143,289		132,599
	Receivables, net of allowance for credit losses				827		851		828		796		693		777		730
	Accrued investment income				769		773		772		780		737		706		683
	Deferred policy acquisition costs				9,505		9,875		10,128		10,441		9,525		9,835		9,082
	Property and equipment, net				434		443		581		601		538		578		538
	Other assets, net of allowance for credit losses (1)				2,023		2,221		2,368		2,715		3,071		2,972		3,414
			Total assets	$	137,217	$	140,406	$	152,768	$	165,086	$	157,542	$	158,157	$	147,046
	Liabilities and Shareholders' Equity:
	Liabilities:
		Total policy liabilities		$	99,147	$	103,188	$	106,554	$	114,391	$	105,072	$	107,905	$	99,643
		Notes payable			5,289		5,778		6,569		7,899		7,956		8,088		7,768
		Income taxes, primarily deferred			4,745		4,020		5,370		4,661		4,339		4,350		3,503
		Other liabilities			3,438		3,958		5,316		4,576		6,922		5,711		6,605
			Total liabilities		112,619		116,944		123,809		131,527		124,289		126,054		117,519
	Shareholders' equity:
		Common stock			135		135		135		135		135		135		135
		Additional paid-in capital			2,052		2,177		2,313		2,410		2,529		2,438		2,560
		Retained earnings			29,895		31,788		34,291		37,984		41,381		39,277		42,413
		Accumulated other comprehensive income (loss):
			Unrealized foreign currency translation gains (losses)		(1,750)		(1,847)		(1,623)		(1,109)		(2,013)		(1,674)		(2,482)
			Unrealized gains (losses) on fixed maturity securities		5,964		4,234		8,548		10,361		9,602		8,794		5,787
			Unrealized gains (losses) on derivatives		(23)		(24)		(33)		(34)		(30)		(33)		(29)
			Pension liability adjustment		(163)		(212)		(277)		(284)		(166)		(280)		(163)
		Treasury stock			(11,512)		(12,789)		(14,395)		(15,904)		(18,185)		(16,554)		(18,694)
			Total shareholders' equity		24,598		23,462		28,959		33,559		33,253		32,103		29,527
			Total liabilities & shareholders' equity	$	137,217	$	140,406	$	152,768	$	165,086	$	157,542	$	158,157	$	147,046

(1) Includes goodwill of $268 million in 2022, $268 in 2021, $269 in 2020, $140 million in 2019, $67 million in 2018 and $67 million in 2017

6

Aflac Incorporated and Subsidiaries
Quarterly Financial Results
(Dollars In Millions, except per-share data)
							Total
			Net	Net		Benefits	Acquisitions	Total			Net EPS		Adj. EPS (1)
			Earned	Inv.	Total	&	&	Pretax	Net	Adjusted
		Period	Premiums	Income	Revenues	Claims	Adj. Exp.	Earn.	Earn.	Earn. (1)	Basic	Dil.	Basic	Dil.
		2017	18,531	3,220	21,667	12,181	5,468	4,018	4,604	2,716	5.81	5.77	3.43	3.40
		2018	18,677	3,442	21,758	12,000	5,775	3,983	2,920	3,226	3.79	3.77	4.20	4.16
		2019	18,780	3,578	22,307	11,942	5,920	4,445	3,304	3,314	4.45	4.43	4.46	4.44
		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	17,647	3,818	22,106	10,576	6,208	5,322	4,325	4,019	6.42	6.39	5.97	5.94
	2020	1	4,681	904	5,162	2,939	1,503	720	566	882	.78	.78	1.22	1.21
		2	4,664	870	5,407	2,897	1,440	1,070	805	921	1.12	1.12	1.28	1.28
		3	4,623	896	5,665	2,985	1,527	1,153	2,456	994	3.45	3.44	1.40	1.39
		4	4,653	968	5,913	2,974	1,723	1,216	951	755	1.36	1.35	1.08	1.07
	2021	1	4,593	925	5,869	2,735	1,531	1,603	1,293	1,058	1.88	1.87	1.54	1.53
		2	4,441	993	5,564	2,653	1,538	1,373	1,105	1,080	1.63	1.62	1.59	1.59
		3	4,372	991	5,237	2,609	1,515	1,113	888	1,031	1.33	1.32	1.54	1.53
		4	4,242	910	5,433	2,581	1,619	1,233	1,039	850	1.58	1.57	1.29	1.28
	2022	1	4,178	903	5,272	2,487	1,509	1,276	1,032	927	1.59	1.58	1.43	1.42

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

7

Aflac Incorporated and Subsidiaries
Quarterly Book Value Per Share
(Dollars In Millions, except per-share data)
								Adjusted BV
							Adjusted BV	Per Share Incl
			Equity	AOCI		Adjusted BV	Per Share Incl	Foreign Currency
			BV Per	BV Per	Adjusted BV	Per Share	Foreign Currency	Translation G/(L)
		Period	Share	Share	Per Share (1)	% Change	Translation G/(L)(1)	% Change
		2017	31.50	5.16	26.34	19.7%	24.10	23.3%
		2018	31.06	2.85	28.22	7.1%	25.77	6.9%
		2019	39.84	9.10	30.74	8.9%	28.51	10.6%
		2020	48.46	12.90	35.56	15.7%	33.96	19.1%
		2021	50.99	11.34	39.65	11.5%	36.57	7.7%
	2020	1	36.75	5.83	30.92	7.0%	28.77	8.9%
		2	41.21	9.45	31.75	7.5%	29.70	7.7%
		3	46.16	11.25	34.91	15.7%	33.08	17.4%
		4	48.46	12.90	35.56	15.7%	33.96	19.1%
	2021	1	47.16	10.00	37.16	20.2%	34.70	20.6%
		2	50.20	11.93	38.27	20.5%	35.80	20.5%
		3	50.62	11.56	39.06	11.9%	36.41	10.1%
		4	50.99	11.34	39.65	11.5%	36.57	7.7%
	2022	1	45.75	4.82	40.93	10.1%	37.08	6.9%

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value including unrealized foreign currency translation gains and losses.

8

Aflac Incorporated and Subsidiaries
	Return on Equity
				Year ended December 31,										3 months ended March 31,
				2017		2018		2019		2020		2021		2021			2022
	U.S. GAAP ROE (1) - Net earnings			20.4	%	12.2	%	12.6	%	15.3	%	12.9	%		15.8	%		13.2	%
		Impact of excluding unrealized foreign currency translation gains (losses)		(2.0)		(1.0)		(1.0)		(0.9)		(0.8)			(0.9)			(1.1)
		Impact of excluding unrealized gains (losses) on securities and derivatives		5.8		3.0		3.6		6.2		5.1			6.1			3.8
		Impact of excluding pension liability adjustment		(0.2)		(0.1)		(0.1)		(0.2)		(0.1)			(0.2)			(0.1)
			Impact of excluding AOCI	3.6		1.8		2.5		5.1		4.2			5.0			2.6
	U.S. GAAP ROE - less AOCI			24.0		13.9		15.1		20.3		17.1			20.7			15.8
	Differences between adjusted earnings and net earnings (2)			(9.8)		1.5		0.0		(5.2)		(1.2)			(3.8)			(1.6)
	Adjusted ROE - reported (3)			14.2		15.4		15.2		15.1		15.9			17.0			14.2
		(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

9

Aflac Incorporated and Subsidiaries
	Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
		(Diluted Basis)
												Change
								QTD	YTD	Excluding		Excluding
								Foreign	Foreign	Foreign		Foreign
				Adjusted				Currency	Currency	Currency		Currency
			Period	EPS(1)		Growth		Impact(1)	Impact(1)	Impact(1)		Impact
			2017	$	3.40	4.6	%	N/A	(.05)	$	3.45	6.2	%
			2018	$	4.16	22.4	%	N/A	.04	$	4.13	21.5	%
			2019	$	4.44	6.7	%	N/A	.02	$	4.42	6.3	%
			2020	$	4.96	11.7	%	N/A	.04	$	4.92	10.8	%
			2021	$	5.94	19.8	%	N/A	(.06)	$	6.00	21.0	%
		2020	1	$	1.21	8.0	%	.01	.01	$	1.20	7.1	%
			2	1.28		13.3		.01	.02	1.27		12.4
			3	1.39		19.8		—	.02	1.39		19.8
			4	1.07		3.9		.02	.04	1.05		1.9
				$	4.96	11.7	%			$	4.92	10.8	%
		2021	1	$	1.53	26.4	%	.02	.02	$	1.51	24.8	%
			2	1.59		24.2		(.01)	.01	1.59		24.2
			3	1.53		10.1		(.02)	(.01)	1.56		12.2
			4	1.28		19.6		(.05)	(.06)	1.33		24.3
				$	5.94	19.8	%			$	6.00	21.0	%
		2022	1	$	1.42	(7.2)	%	(.06)	(.06)	$	1.48	(3.3)	%
				$	1.42	(7.2)	%			$	1.48	(3.3)	%
		(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact

10

Aflac Incorporated and Subsidiaries
	Composition of Invested Assets
	(In Millions)
			December 31,															March 31,
			2017			2018			2019			2020			2021			2021			2022
	Fixed Maturity Securities(1)		$	106,562		$	107,174		$	109,456		$	116,056		$	107,369		$	111,306		$	102,136
	Commercial mortgage and other loans, net of allowance for credit losses (1)
	Transitional Real Estate (floating rate)			1,235			4,378			5,450			5,231			5,246			4,960			5,430
	Middle Market Loans (floating rate)			859			1,478			2,412			3,635			4,601			4,171			4,902
	Commercial Mortgage Loans			908			1,063			1,707			1,688			1,874			1,711			1,853
		Total Commercial mortgage and other loans, net of allowance for credit losses(1)		3,002			6,919			9,569			10,554			11,721			10,842			12,185
	Equity Securities, at FV through net earnings			846			987			802			1,283			1,603			1,174			1,415
	Alternatives(2)			113			370			551			919			1,703			1,005			1,801
	Total Portfolio		$	110,523		$	115,450		$	120,378		$	128,812		$	122,396		$	124,327		$	117,537
	Unrealized Gains (Losses) on Invested Assets
	(In Millions)
			December 31,															March 31,
			2017			2018			2019			2020			2021			2021			2022
	Fixed Maturity Securities
	Available For Sale - Gross Gains		$	9,985		$	7,733		$	12,266		$	14,771		$	13,566		$	12,715		$	9,438
	Available For Sale - Gross Losses			(804)			(1,694)			(375)			(481)			(239)			(409)			(937)
	Total Available For Sale			9,181			6,039			11,891			14,290			13,327			12,306			8,501
	Held to Maturity - Gross Gains			6,651			6,470			7,519			5,935			4,869			5,188			3,913
	Held to Maturity - Gross Losses			(9)			(66)			(10)			—			—			—			—
	Total Held to Maturity		$	6,642		$	6,404		$	7,509		$	5,935		$	4,869		$	5,188		$	3,913
		Credit Ratings on Fixed Maturities
		(At Amortized Cost)
			December 31,
																		March 31,
		Credit Rating	2017			2018			2019			2020			2021			2021			2022
		AAA		1.0	%		1.0	%		1.1	%		1.0	%		1.0	%		1.0	%		1.0	%
		AA		3.9			3.9			4.3			4.5			5.1			4.7			5.2
		A		65.8			67.9			68.6			69.3			68.9			68.9			68.5
		BBB		24.0			23.2			23.1			21.9			22.5			22.2			22.9
		BB or Lower		5.3			4.0			2.9			3.3			2.5			3.2			2.4
				100.0	%		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 managed by Global Investments; excludes Corporate driven activity

11

Aflac Incorporated and Subsidiaries
			Supplemental Investment Data by Segment
																			3 Months Ended
				December 31,															March 31,
				2017			2018			2019			2020			2021			2021			2022
	Aflac Japan:
		Invested assets (in millions)(1)		¥	11,017,560		¥	11,442,444		¥	11,784,586		¥	11,936,087		¥	12,405,531		¥	12,220,642		¥	12,510,655
		Return on average invested assets(2)		2.31		%	2.33		%	2.33		%	2.38		%	2.72		%	2.47		%	2.54		%
		Portfolio book yield at end of period(3)		2.56		%	2.61		%	2.64		%	2.59		%	2.60		%	2.58		%	2.62		%
		Total purchases for period (in millions)(3)		¥	1,078,586		¥	1,298,376		¥	1,003,885		¥	714,124		¥	952,038		¥	339,598		¥	156,697
		New money yield(3)(4)		1.98		%	3.06		%	3.83		%	3.75		%	3.50		%	2.72		%	3.90		%
	Aflac U.S.:
		Invested assets (in millions)(1)		$	13,764		$	13,798		$	14,036		$	14,848		$	15,841		$	15,203		$	16,098
		Return on average invested assets(2)		5.07		%	5.16		%	5.70		%	4.90		%	4.87		%	4.69		%	4.61		%
		Portfolio book yield at end of period(3)		5.52		%	5.55		%	5.40		%	5.18		%	4.94		%	5.12		%	4.95		%
		Total purchases for period (in millions)(3)		$	1,434		$	2,155		$	1,835		$	1,050		$	2,130		$	373		$	523
		New money yield(3)(4)		4.49		%	4.55		%	4.51		%	3.04		%	3.41		%	3.22		%	4.60		%
	Hedge Costs/Income Metrics (5)(6)
																			3 Months Ended
				December 31,															March 31,
				2017			2018			2019			2020			2021			2021			2022
	Aflac Japan:
			FX hedged notional at end of period (in billions)(7)	$	9.3		$	9.9		$	8.8		$	6.0		$	6.4		$	6.4		$	4.5
			Weighted average remaining tenor (in months)(8)	27.7			21.4			8.5			13.0			2.6			9.7			9.9
			Amortized hedge costs for period (in millions)	$	(228)		$	(236)		$	(257)		$	(206)		$	(76)		$	(19)		$	(26)
	Corporate and Other (Parent Company):
			FX hedged notional at end of period (in billions)(7)	$	—		$	2.5		$	4.9		$	5.0		$	5.0		$	5.0		$	5.0
			Weighted average remaining tenor (in months)(8)	—			16.1			13.7			12.1			11.5			11.5			10.9
			Amortized hedge income (costs) for period (in millions)	$	—		$	36		$	89		$	97		$	57		$	17		$	11
	(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
	(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 Inc.
	(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. The table does not include the notional amount and weighted average remaining tenor for these options. At March 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.6 months. At March 31, 2022, the Parent Company caps notional amount was $1.9 billion with a weighted average remaining tenor of 7.6 months.
	(7) Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.
	(8) Tenor based on period reporting date to settlement date

12

Aflac Incorporated and Subsidiaries
		Japan Segment Portfolio Allocation by Currency (1)
		(Dollars In Millions, U.S. GAAP Basis)
			December 31, 2021				March 31, 2022
			Amortized Cost (2)		Fair Value		Amortized Cost (2)		Fair Value
	JGB		$	50,186	$	57,862	$	47,146	$	52,760
	Other		23,661		27,684		22,222		24,885
	Total yen denominated		73,847		85,546		69,368		77,645
	USD Program		28,913		31,946		28,214		30,441
	Other		2,236		3,328		2,340		3,231
	US dollar denominated		31,149		35,274		30,554		33,672
	Total		$	104,996	$	120,820	$	99,922	$	111,317
		Distribution of Consolidated Fixed Maturities by Sector
							March 31, 2022
	(In millions)						Amortized Cost (2)		% of Total
	Government and agencies						$	48,466	47.4		%
	Municipalities						2,751		2.7
	Mortgage- and asset-backed securities						1,335		1.3
	Public utilities						8,063		7.9
	Electric						6,571		6.4
	Natural Gas						270		.3
	Other						580		.6
	Utility/Energy						642		.6
	Sovereign and Supranational						1,410		1.4
	Banks/financial institutions						9,824		9.6
	Banking						5,693		5.6
	Insurance						1,853		1.8
	Other						2,278		2.2
	Other corporate						30,287		29.7
	Basic Industry						2,714		2.7
	Capital Goods						3,317		3.2
	Communications						3,057		3.0
	Consumer Cyclical						2,594		2.5
	Consumer Non-Cyclical						6,730		6.6
	Energy						3,137		3.1
	Other						1,220		1.2
	Technology						4,066		4.0
	Transportation						3,452		3.4
	Total fixed maturity securities						$	102,136	100.0		%
	(1) The entire U.S. segment investment portfolio is U.S. dollar denominated.
	(2) Net of reserves

13

Aflac Incorporated and Subsidiaries
Long-Term Debt Data
Adjusted Leverage Ratios
(In Millions)
		December 31,															March 31,
			2017			2018			2019			2020			2021			2021			2022
	Notes payable	$	5,289		$	5,778		$	6,569		$	7,899		$	7,956		$	8,088		$	7,768
	50% of subordinated debentures and perpetual bonds		(263)			(268)			(407.5)			(432)			(389)			(404)			(365)
	Pre-funding of debt maturities		—			—			(348)			—			—			—			—
	Adjusted debt (1)		5,026			5,510			5,814			7,467			7,568			7,685			7,403
	Total Shareholders' Equity		24,598			23,462			28,959			33,559			33,253			32,103			29,527
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses		1,750			1,847			1,623			1,109			2,013			1,674			2,482
	Unrealized (gains) losses on fixed maturity securities		(5,964)			(4,234)			(8,548)			(10,361)			(9,602)			(8,794)			(5,787)
	Unrealized (gains) losses on derivatives		23			24			33			34			30			33			29
	Pension liability adjustment		163			212			277			284			166			280			163
	Adjusted book value (1)		20,570			21,311			22,344			24,625			25,860			25,296			26,414
	Adjusted capitalization ex-AOCI (1) (2)	$	25,859		$	27,089		$	28,565		$	32,524		$	33,816		$	33,384		$	34,182
	Adjusted debt to adjusted capitalization ex-AOCI		19.4	%		20.3	%		20.4	%		23.0	%		22.4	%		23.0	%		21.7	%
	Adjusted capitalization (1) (3)	$	23,946		$	25,030		$	26,665		$	31,131		$	31,637		$	31,430		$	31,537
	Adjusted debt to adjusted capitalization		21.0	%		22.0	%		21.8	%		24.0	%		23.9	%		24.4	%		23.5	%

Debt Maturities(4)
(In Millions)
March 31, 2022
		≤ 1 year		1 > 5 years		5 > 10 years		10 > 20 years		20 years +		Total
	Senior Notes	$	—	$	2,532	$	2,146	$	1,157	$	1,113	$	6,948
	Subordinated debt		—		—		—		—		735		735
	Total	$	—	$	2,532	$	2,146	$	1,157	$	1,848	$	7,683

(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.

14

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	AA-
	Aflac of New York	A+	_	A+	_	_
	Continental American Insurance Company	A+	_	_	_	_
	Japan Operating Company
	Aflac Life Insurance Japan Ltd.	A+	Aa3	A+	AA	AA-
Issuer Credit Ratings
		AM Best	Moody's	S&P	JCR	R&I
	Aflac Incorporated
	Long-term Senior Debt	a-	A3	A-	A+	A
	Junior Subordinated Debt	bbb+	Baa1	BBB	_	BBB+
	Aflac of Columbus
	Long-term Senior Debt	aa-	_	A+	AA	_
	Aflac Life Insurance Japan, Ltd.
	Long-term Senior Debt	aa-	_	A+	AA	_
	Subordinated Bonds	_	_	_	AA-	_
	The outlook for all ratings assigned by S&P, Moody's and JCR is stable.
	The outlook for all Financial Strength Ratings assigned by AM Best is stable. The Long-Term Issuer Credit Rating assigned by AM Best is positive. The outlook for all ratings assigned by R&I is positive.

15

Aflac U.S.
	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)
			Years Ended December 31,										3 Months Ended March 31,
																	%
			2017		2018		2019		2020			2021		2021		2022	Change
	Revenues:
		Net earned premiums
		Gross premiums	$	5,563	$	5,711	$	5,818	$	5,762	$	5,540	$	1,405	$	1,384
		Assumed (ceded)		—		(3)		(11)		(4)		73		17		29
		Total net earned premiums		5,563		5,708		5,808		5,758		5,614		1,422		1,413	(.6)
		Adjusted net investment income		721		727		720		705		754		176		184	4.5
		Other income excl. realized foreign
		exchange gains (losses)		5		8		22		102		121		30		42
		Total adjusted revenues		6,289		6,443		6,550		6,565		6,489		1,628		1,639	.7
	Benefits and claims:
		Benefits and claims, net
		Incurred claims -direct		2,526		2,560		2,611		2,498		2,174		493		591
		Incurred claims -assumed (ceded)		(4)		(4)		(5)		(1)		89		19		37
		Increase in FPB -direct		363		331		268		271		187		46		(6)
		Increase in FPB -assumed (ceded)		—		(1)		(2)		(3)		(3)		(1)		—
		Total net benefits and claims		2,885		2,887		2,871		2,765		2,447		556		622	11.9
	Adjusted expenses:
		Amortization of deferred policy
		acquisition costs		502		534		573		570		517		139		168	20.9
		Insurance commissions		580		585		590		576		550		139		140	.7
		Insurance and other expenses		1,077		1,152		1,244		1,386		1,498		347		384	10.7
		Total adjusted expenses		2,159		2,271		2,407		2,532		2,564		626		692
		Total benefits and adjusted expenses		5,044		5,158		5,279		5,297		5,011		1,182		1,314	11.2
		Pretax adjusted earnings	$	1,245	$	1,285	$	1,272	$	1,268	$	1,478	$	445	$	325	(27.0)

16

Aflac U.S.
	Balance Sheets
	(In Millions)
			December 31,										March 31,
			2017		2018		2019		2020		2021		2021		2022
	Assets:
	Investments and cash		$	15,488	$	14,518	$	16,141	$	17,949	$	18,324	$	17,417	$	17,204
	Receivables, net of allowance for credit losses			505		568		662		685		595		656		593
	Accrued investment income			184		178		174		172		169		167		166
	Deferred policy acquisition costs			3,355		3,491		3,544		3,450		3,292		3,320		3,240
	Other assets			361		345		424		608		726		717		741
		Total assets	$	19,893	$	19,100	$	20,945	$	22,864	$	23,106	$	22,278	$	21,944
	Liabilities and Shareholders' Equity:
	Future policy benefits		$	8,806	$	9,137	$	9,404	$	9,674	$	9,865	$	9,725	$	9,859
	Policy and contract claims			1,700		1,727		1,779		2,010		1,933		1,938		1,977
	Other policy liabilities			119		116		111		126		119		145		140
	Deferred income taxes			982		(397)		51		235		187		81		(44)
	Other liabilities			1,625		1,577		1,803		2,016		2,034		1,929		2,072
	Shareholders' equity			6,661		6,939		7,796		8,803		8,968		8,460		7,940
		Total liabilities & shareholders' equity	$	19,893	$	19,100	$	20,945	$	22,864	$	23,106	$	22,278	$	21,944

17

Aflac U.S.
Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Restated to conform to current classifications)
(Dollars In Millions)
		Net				Total						Total		Pretax
		Earned	%	Adjusted	%	Adjusted	%	Total	%		%	Adjusted	%	Adjusted	%
	Period	Premiums	Change	NII	Change	Revenues	Change	Benefits	Change	Amort.	Change	Expenses	Change	Earn.	Change
	2017	5,563	2.0	721	2.6	6,289	2.0	2,885	.6	502	1.0	2,159	3.3	1,245	3.1
	2018	5,708	2.6	727	.8	6,443	2.4	2,887	.1	534	6.4	2,271	5.2	1,285	3.2
	2019	5,808	1.8	720	(1.0)	6,550	1.7	2,871	(.6)	573	7.3	2,407	6.0	1,272	(1.0)
	2020	5,758	(.9)	705	(2.1)	6,565	.2	2,765	(3.7)	570	(.5)	2,532	5.2	1,268	(.3)
	2021	5,614	(2.5)	754	7.0	6,489	(1.2)	2,447	(11.5)	517	(9.3)	2,564	1.3	1,478	16.6
2020	1	1,483	1.5	177	—	1,687	2.9	713	(1.1)	160	.6	648	8.7	326	.9
	2	1,458	(.1)	172	(4.4)	1,656	.9	646	(11.7)	134	2.3	584	2.3	426	26.0
	3	1,407	(2.6)	175	(4.4)	1,606	(1.5)	679	(4.4)	141	1.4	597	2.1	329	(1.8)
	4	1,410	(2.3)	182	1.1	1,617	(1.3)	727	2.5	135	(6.3)	703	7.5	187	(32.0)
2021	1	1,422	(4.1)	176	(.6)	1,628	(3.5)	556	(22.0)	139	(13.1)	626	(3.4)	445	36.5
	2	1,408	(3.4)	189	9.9	1,627	(1.8)	613	(5.1)	111	(17.2)	601	2.9	413	(3.1)
	3	1,393	(1.0)	191	9.1	1,616	.6	628	(7.5)	123	(12.8)	629	5.4	358	8.8
	4	1,391	(1.3)	197	8.2	1,619	.1	649	(10.7)	143	5.9	709	.9	261	39.6
2022	1	1,413	(.6)	184	4.5	1,639	.7	622	11.9	168	20.9	692	10.5	325	(27.0)

18

Aflac U.S.

Operating Ratios
(Before Management Fee)
		12-Mo. Rolling			Total Adjusted	Combined	Pretax
		Premium	Tot. Ben./	Amort./	Expenses/	Ratio/	Profit
	Period	Persistency	Premium	Premium	Total Adj. Rev.	Total Adj. Rev.	Margin
	2017	78.4	51.9	9.0	34.3	80.2	19.8
	2018	78.7	50.6	9.4	35.2	80.1	19.9
	2019	77.7	49.4	9.9	36.7	80.6	19.4
	2020	79.3	48.0	9.9	38.6	80.7	19.3
	2021	79.6	43.6	9.2	39.5	77.2	22.8
	2022 YTD	78.5	44.0	11.9	42.2	80.2	19.8
2020	1	77.6	48.1	10.8	38.4	80.7	19.3
	2	78.3	44.3	9.2	35.3	74.3	25.7
	3	78.8	48.3	10.0	37.2	79.5	20.5
	4	79.3	51.6	9.6	43.5	88.4	11.6
2021	1	80.0	39.1	9.8	38.5	72.6	27.3
	2	80.1	43.5	7.9	36.9	74.6	25.4
	3	79.9	45.1	8.8	38.9	77.8	22.2
	4	79.6	46.7	10.3	43.8	83.9	16.1
2022	1	78.5	44.0	11.9	42.2	80.2	19.8

19

Aflac U.S.

Aflac U.S. Sales Results
(Dollars In Millions)
		Annl.			New Annl.
		Prem.		%	Prem.		%
	Period	In Force		Change	Sales		Change
	2017		6,052	2.6		1,552	4.7
	2018		6,231	3.0		1,601	3.2
	2019		6,301	1.1		1,580	(1.3)
	2020		6,099	(3.2)		1,093	(30.8)
	2021		6,003	(1.6)		1,278	16.9
2020	1		6,224	.7		323	(5.2)
	2		6,079	(1.7)		161	(55.6)
	3		5,969	(2.9)		221	(35.7)
	4		6,099	(3.2)		388	(27.2)
2021	1		6,027	(3.2)		251	(22.1)
	2		5,988	(1.5)		264	64.1
	3		5,929	(.7)		299	35.0
	4		6,003	(1.6)		464	19.6
2022	1		5,942	(1.4)		299	19.0

20

Aflac U.S.

Aflac U.S. Product Mix
(New Annualized Premium Sales, Dollars in Millions)
				% of		% of		% of	Critical	% of	Hospital	% of	Dental/	% of
		Period	Disability	Total	Life	Total	Accident	Total	Care(1)	Total	Indemnity	Total	Vision	Total	Total
		2017	356	22.9	78	5.0	456	29.4	354	22.8	229	14.8	79	5.1	1,552
		2018	363	22.7	88	5.5	468	29.2	354	22.1	253	15.8	75	4.7	1,601
		2019	355	22.5	97	6.1	450	28.5	346	21.9	263	16.6	69	4.4	1,580
		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
	2020	1	73	22.6	25	7.7	88	27.3	68	21.1	55	16.9	14	4.4	323
		2	38	23.9	14	8.6	41	25.7	33	20.6	28	17.1	7	4.1	161
		3	54	24.2	16	7.1	58	26.4	45	20.5	37	16.8	11	5.0	221
		4	79	20.4	26	6.6	98	25.2	95	24.5	77	20.0	13	3.3	388
	2021	1	58	23.1	17	6.7	66	26.3	57	22.6	42	16.7	11	4.6	251
		2	60	22.7	19	7.3	72	27.2	56	21.0	43	16.4	14	5.4	264
		3	79	26.2	27	9.2	76	25.5	57	19.1	45	15.1	15	4.9	299
		4	100	21.4	51	11.0	107	23.1	104	22.3	79	17.0	24	5.2	464
	2022	1	70	23.3	24	7.9	75	25.3	63	21.2	50	16.7	17	5.6	299

Aflac U.S. Sales Force Data
					Average	Productivity
					Weekly	(Production/
		Recruited Agents			Producer	Avg. Weekly
	Period	Career	Broker	Total	Equivalents	Producers)
	2017	16,817	3,073	19,890	8,808	176,183
	2018	15,774	3,380	19,154	8,531	187,720
	2019	15,227	3,603	18,830	8,184	193,120
	2020	11,826	1,861	13,687	5,918	184,706
	2021	10,641	5,445	16,086	5,993	213,235
2020	1	3,436	494	3,930	7,411	43,517
	2	2,190	381	2,571	4,252	37,814
	3	3,136	486	3,622	5,485	40,367
	4	3,064	500	3,564	6,523	59,533
2021	1	2,890	1,063	3,953	5,643	44,530
	2	2,754	1,355	4,109	5,925	44,540
	3	2,502	1,615	4,117	5,926	50,448
	4	2,495	1,412	3,907	6,477	71,723
2022	1	1,987	455	2,442	6,061	49,322

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

21

Aflac Japan

Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
		Years Ended December 31,										3 Months Ended March 31,
																%
		2017		2018		2019		2020		2021		2021		2022		Change
Revenues:
	Net earned premiums
	Gross premiums	¥	1,493,299	¥	1,468,894	¥	1,450,586	¥	1,409,134	¥	1,350,945	¥	343,705	¥	328,794
	Assumed (ceded)		(62,873)		(60,198)		(57,974)		(55,926)		(50,864)		(13,110)		(12,365)
	Total net earned premiums		1,430,426		1,408,697		1,392,612		1,353,208		1,300,082		330,595		316,429	(4.3)
	Net investment income (1)
	Yen denominated		145,114		141,575		142,473		138,397		138,513		34,730		34,818	.3
	US$ denominated		131,168		149,801		157,717		167,541		202,905		42,023		47,170	12.2
	Net investment income		276,282		291,377		300,191		305,938		341,419		76,753		81,988	6.8
	Amortized hedge costs on foreign investments (2)		(24,528)		(25,858)		(28,938)		(22,816)		(8,391)		(2,132)		(2,946)	38.2
	Adjusted net investment income		251,754		265,519		271,253		283,122		333,028		74,621		79,042	5.9
	Other income excl. realized foreign
	currency gains (losses)		4,640		4,636		4,869		4,497		4,512		1,289		1,074
	Total adjusted revenues		1,686,820		1,678,852		1,668,734		1,640,827		1,637,621		406,505		396,545	(2.5)
Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct		710,251		724,556		727,491		734,471		743,610		201,734		203,353
	Incurred claims -assumed (ceded)		(55,691)		(51,892)		(45,657)		(37,806)		(31,801)		(7,926)		(8,277)
	Increase in FPB -direct		366,376		313,343		292,444		260,200		172,525		35,072		19,668
	Increase in FPB -assumed (ceded)		(1,557)		(2,000)		(6,497)		(11,377)		(11,132)		(2,915)		(2,562)
	Total net benefits and claims		1,019,378		984,007		967,782		945,487		873,202		225,965		212,182	(6.1)
Adjusted expenses:
	Amortization of deferred policy
	acquisition costs		70,670		78,459		77,286		68,818		71,657		18,225		17,882	(1.9)
	Insurance commissions		82,495		81,045		79,661		79,036		77,449		19,758		18,650	(5.6)
	Insurance and other expenses		170,636		181,139		189,203		199,606		203,169		48,750		47,676	(2.2)
	Total adjusted expenses		323,801		340,643		346,150		347,460		352,275		86,732		84,208
	Total benefits and adjusted expenses		1,343,180		1,324,651		1,313,932		1,292,947		1,225,477		312,697		296,391	(5.2)
	Pretax adjusted earnings	¥	343,640	¥	354,201	¥	354,802	¥	347,881	¥	412,144	¥	93,808	¥	100,154	6.8
	(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

22

Aflac Japan

Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
		Years Ended December 31,										3 Months Ended March 31,
																%
		2017		2018		2019		2020		2021		2021		2022		Change
Revenues:
	Net earned premiums
	Gross premiums	$	13,312	$	13,307	$	13,304	$	13,193	$	12,317	$	3,247	$	2,830
	Assumed (ceded)		(561)		(546)		(532)		(524)		(463)		(124)		(106)
	Total net earned premiums		12,752		12,762		12,772		12,670		11,853		3,123		2,724	(12.8)
	Net investment income (1)
	Yen denominated		1,294		1,283		1,307		1,296		1,262		328		299	(8.8)
	US$ denominated		1,169		1,356		1,446		1,569		1,845		397		406	2.3
	Net investment income		2,463		2,639		2,753		2,865		3,107		724		705	(2.6)
	Amortized hedge costs on foreign investments (2)		(228)		(236)		(257)		(206)		(76)		(19)		(26)	36.8
	Adjusted net investment income		2,235		2,403		2,496		2,659		3,031		705		680	(3.5)
	Other income excl. realized foreign
	currency gains (losses)		41		41		45		42		41		13		9
	Total adjusted revenues		15,028		15,206		15,313		15,371		14,925		3,841		3,413	(11.1)
Benefits and claims
	Benefits and claims, net
	Incurred claims -direct		6,332		6,566		6,671		6,875		6,783		1,905		1,750
	Incurred claims -assumed (ceded)		(497)		(471)		(419)		(354)		(290)		(75)		(71)
	Increase in FPB -direct		3,265		2,836		2,684		2,437		1,572		333		170
	Increase in FPB -assumed (ceded)		(14)		(18)		(60)		(107)		(102)		(28)		(22)
	Total net benefits and claims		9,087		8,913		8,877		8,851		7,963		2,135		1,827	(14.4)
Adjusted expenses:
	Amortization of deferred policy
	acquisition costs		630		710		709		644		653		172		154	(10.5)
	Insurance commissions		736		735		731		740		706		187		161	(13.9)
	Insurance and other expenses		1,521		1,640		1,734		1,873		1,849		460		410	(10.9)
	Total adjusted expenses		2,887		3,085		3,174		3,257		3,208		818		725
	Total benefits and adjusted expenses		11,974		11,998		12,051		12,108		11,171		2,954		2,551	(13.6)
	Pretax adjusted earnings	$	3,054	$	3,208	$	3,261	$	3,263	$	3,754	$	887	$	862	(2.8)
	(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

23

Aflac Japan

Balance Sheets
(In Millions)
	December 31,										March 31,
	2017		2018		2019		2020		2021		2021		2022
Assets:
Investments and cash	¥	11,854,224	¥	12,031,549	¥	12,847,994	¥	13,080,154	¥	13,645,902	¥	13,328,567	¥	13,419,598
Receivables, net of allowance for credit losses		37,692		37,083		28,219		20,782		22,439		23,612		27,184
Accrued investment income		64,439		66,350		65,485		62,722		67,493		58,246		64,048
Deferred policy acquisition costs		695,025		708,638		721,341		723,579		716,984		721,217		715,032
Other assets		276,050		292,335		308,411		320,351		331,449		328,347		371,538
Total assets	¥	12,927,431	¥	13,135,956	¥	13,971,450	¥	14,207,588	¥	14,784,268	¥	14,459,990	¥	14,597,400
Liabilities and Shareholders' Equity:
Future policy benefits	¥	8,323,560	¥	8,637,152	¥	8,924,868	¥	9,175,501	¥	9,336,894	¥	9,207,671	¥	9,353,727
Policy and contract claims		304,248		317,043		315,477		328,778		333,900		333,289		339,842
Unearned premiums		659,977		552,419		453,133		361,010		284,045		339,250		268,004
Other policyholders' funds		784,117		793,148		801,588		808,429		812,512		814,272		819,600
Income taxes (prim. deferred)		431,949		510,528		618,901		478,969		467,877		484,722		413,657
Other liabilities		150,143		194,949		357,135		253,219		513,580		421,441		525,048
Shareholders' equity		2,273,438		2,130,718		2,500,349		2,801,682		3,035,460		2,859,345		2,877,521
Total liabilities & shareholders' equity	¥	12,927,431	¥	13,135,956	¥	13,971,450	¥	14,207,588	¥	14,784,268	¥	14,459,990	¥	14,597,400

24

Aflac Japan

Balance Sheets
(In Millions)
	December 31,										March 31,
	2017		2018		2019		2020		2021		2021		2022
Assets:
Investments and cash	$	104,905	$	108,392	$	117,269	$	126,378	$	118,639	$	120,392	$	109,646
Receivables, net of allowance for credit losses		334		334		258		201		195		213		222
Accrued investment income		570		598		598		606		587		526		523
Deferred policy acquisition costs		6,150		6,384		6,584		6,991		6,233		6,514		5,842
Other assets		2,443		2,634		2,815		3,095		2,882		2,966		3,036
Total assets	$	114,402	$	118,342	$	127,523	$	137,271	$	128,536	$	130,611	$	119,270
Liabilities and Shareholders' Equity:
Future policy benefits	$	73,661	$	77,812	$	81,461	$	88,652	$	81,176	$	83,169	$	76,426
Policy and contract claims		2,692		2,856		2,879		3,177		2,903		3,010		2,777
Unearned premiums		5,840		4,977		4,136		3,488		2,469		3,064		2,190
Other policyholders' funds		6,939		7,145		7,316		7,811		7,064		7,355		6,697
Income taxes (prim. deferred)		3,823		4,601		5,650		4,630		4,067		4,383		3,369
Other liabilities		1,328		1,756		3,260		2,447		4,465		3,807		4,290
Shareholders' equity		20,119		19,194		22,820		27,068		26,391		25,822		23,522
Total liabilities & shareholders' equity	$	114,402	$	118,342	$	127,523	$	137,271	$	128,536	$	130,611	$	119,270

25

Aflac Japan

Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Yen In Millions)
		Net						Total									Total			Pretax
		Earned		%	Adjusted		%	Adjusted		%	Total		%			%	Adjusted		%	Adjusted		%
	Period	Premiums		Change	NII		Change	Revenues		Change	Benefits		Change	Amort.		Change	Expense		Change	Earn.		Change
	2017		1,430,426	(2.7)		251,754	(2.0)		1,686,820	(2.5)		1,019,378	(4.5)		70,670	1.2		323,801	.5		343,640	.6
	2018		1,408,697	(1.5)		265,519	5.5		1,678,852	(.5)		984,007	(3.5)		78,460	11.0		340,642	5.2		354,201	3.1
	2019		1,392,612	(1.1)		271,253	2.2		1,668,734	(.6)		967,782	(1.6)		77,286	(1.5)		346,150	1.6		354,802	.2
	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	.4		347,881	(2.0)
	2021		1,300,082	(3.9)		333,028	17.6		1,637,621	(.2)		873,202	(7.6)		71,657	4.1		352,275	1.4		412,144	18.5
2020	1		343,054	(2.1)		69,812	4.0		414,045	(1.1)		238,148	(1.7)		18,842	(5.9)		82,939	(2.0)		92,958	1.2
	2		339,891	(2.5)		68,036	2.0		409,126	(1.8)		237,328	(1.2)		16,697	(14.3)		81,648	(4.1)		90,150	(1.2)
	3		336,488	(3.3)		70,219	(.2)		407,874	(2.8)		240,025	(1.4)		16,001	(16.5)		88,661	2.5		79,188	(11.6)
	4		333,775	(3.5)		75,054	11.9		409,782	(1.0)		229,986	(4.9)		17,277	(7.2)		94,211	4.9		85,585	4.2
2021	1		330,595	(3.6)		74,621	6.9		406,505	(1.8)		225,965	(5.1)		18,225	(3.3)		86,732	4.6		93,808	.9
	2		327,071	(3.8)		86,681	27.4		414,825	1.4		218,791	(7.8)		18,541	11.0		86,088	5.4		109,947	22.0
	3		323,072	(4.0)		84,035	19.7		408,185	.1		213,430	(11.1)		17,011	6.3		87,234	(1.6)		107,521	35.8
	4		319,344	(4.3)		87,690	16.8		408,105	(.4)		215,016	(6.5)		17,880	3.5		92,221	(2.1)		100,868	17.9
2022	1		316,429	(4.3)		79,042	5.9		396,545	(2.5)		212,182	(6.1)		17,882	(1.9)		84,208	(2.9)		100,154	6.8

26

Aflac Japan

Operating Ratios
(Before Management Fee)
		12-Mo. Rolling		Tot. Ben./		Tot. Adj.	Combined	Pretax
		Premium	Tot. Ben./	Premiums	Amort./	Expenses/	Ratio/	Profit
	Period	Persistency(1)	Premium	(3rd sector)	Premium	Total Adj. Rev.	Total Adj. Rev.	Margin
	2017	94.9	71.3	60.5	4.9	19.2	79.6	20.4
	2018	94.1	69.9	59.2	5.6	20.3	78.9	21.1
	2019	94.4	69.5	59.3	5.5	20.7	78.7	21.3
	2020	95.1	69.9	59.7	5.1	21.2	78.8	21.2
	2021	94.3	67.2	56.6	5.5	21.5	74.8	25.2
	2022 YTD	94.3	67.1	56.4	5.7	21.2	74.7	25.3
2020	1	94.5	69.4	59.0	5.5	20.0	77.5	22.5
	2	94.8	69.8	59.6	4.9	20.0	78.0	22.0
	3	95.0	71.3	61.7	4.8	21.7	80.6	19.4
	4	95.1	68.9	58.6	5.2	23.0	79.1	20.9
2021	1	95.0	68.4	58.0	5.5	21.3	76.9	23.1
	2	94.7	66.9	56.5	5.7	20.8	73.5	26.5
	3	94.5	66.1	55.0	5.3	21.4	73.7	26.3
	4	94.3	67.3	57.0	5.6	22.6	75.3	24.7
2022	1	94.3	67.1	56.4	5.7	21.2	74.7	25.3

(1) Premium persistency presented on a 12-month rolling basis for all periods, rather than year to date

27

Aflac Japan

Aflac Japan Sales Results
(Yen In Millions, unless otherwise noted)
		Annl.			Third Sector
		Prem.			New Annl.			Total
		In Force		%	Prem.		%	New Annual.		%
	Period	(Billions)		Change	Sales		Change	Premium Sales		Change
	2017		1,552.2	(3.4)		87,417	4.1		94,851	(16.6)
	2018		1,527.1	(1.6)		88,813	1.6		95,894	1.1
	2019		1,489.3	(2.5)		72,836	(18.0)		79,697	(16.9)
	2020		1,426.5	(4.2)		45,110	(38.1)		50,852	(36.2)
	2021		1,360.0	(4.7)		48,977	8.6		54,764	7.7
2020	1		1,474.3	(2.8)		12,486	(26.7)		14,021	(25.4)
	2		1,457.7	(3.4)		8,656	(60.9)		9,827	(58.8)
	3		1,441.9	(.5)		11,167	(33.7)		12,601	(32.0)
	4		1,426.5	(4.2)		12,801	(23.8)		14,404	(22.2)
2021	1		1,410.0	(4.4)		12,492	—		13,998	(.2)
	2		1,391.7	(4.5)		12,125	40.1		13,602	38.4
	3		1,375.0	(4.6)		11,275	1.0		12,605	—
	4		1,360.0	(4.7)		13,084	2.2		14,559	1.1
2022	1		1,345.6	(4.6)		10,679	(19.0)		11,925	(14.8)

28

Aflac Japan

Aflac Japan Product Mix
(New Annualized Premium Sales, Yen In Billions)
			% of		% of	Income	% of	Child	% of		% of	Ordinary	% of		% of
	Period	Cancer	Total	Medical	Total	Support	Total	Endowment	Total	WAYS	Total	Life Other	Total	Other	Total	Total
	2017	53.0	55.8	32.4	34.1	2.2	2.3	.5	.5	.6	.6	5.6	6.0	.6	.7	94.9
	2018	63.1	65.8	23.9	25.0	1.7	1.8	.3	.3	.5	.5	5.9	6.1	.5	.5	95.9
	2019	47.2	59.2	24.6	31.0	1.0	1.2	.2	.2	.4	.5	5.9	7.4	.4	.5	79.7
	2020	28.8	56.6	15.9	31.2	.5	1.0	.2	.4	.4	.7	4.8	9.5	.3	.6	50.9
	2021	27.0	49.2	20.4	37.2	.3	.5	.2	.3	.4	.8	4.9	9.0	1.6	3.0	54.8
2020	1	7.8	55.5	4.5	32.4	.2	1.2	—	.3	.1	.6	1.3	9.3	.1	.7	14.0
	2	5.4	54.7	3.2	32.5	.1	.9	—	.4	.1	.8	1.0	10.0	—	.7	9.8
	3	7.0	55.7	4.0	32.0	.1	.9	.1	.4	.1	.8	1.2	9.6	.1	.6	12.6
	4	8.6	59.7	4.1	28.4	.1	.8	.1	.3	.1	.8	1.3	9.3	.1	.7	14.4
2021	1	6.4	45.4	6.1	43.3	.1	.6	—	.3	.1	.7	1.2	8.9	.1	.8	14.0
	2	6.7	48.9	5.4	39.7	.1	.6	—	.4	.1	.8	1.2	8.9	.1	.7	13.6
	3	6.3	49.9	4.6	36.3	.1	.5	—	.3	.1	.7	1.1	9.0	.4	3.3	12.6
	4	7.7	52.7	4.4	29.9	.1	.4	—	.3	.1	.8	1.2	8.6	1.1	7.3	14.6
2022	1	6.4	53.0	3.8	31.4	.1	1.1	—	.3	.1	.7	1.1	9.0	.5	4.5	11.9

29

Aflac Japan

Aflac Japan Sales Force Data
			Number of Agencies by Type				Sales Contribution by Agency Type
		Period	Individual/ Independent Corporate	Affiliated Corporate	Bank	Total	Individual/ Independent Corporate	Affiliated Corporate	Bank	Licensed Sales Associates(1)	Recruited Agencies
		2017	9,492	1,455	374	11,321	42.8	52.0	5.2	109,197	174
		2018	8,453	1,392	371	10,216	40.1	55.3	4.6	109,482	85
		2019	7,683	1,343	367	9,393	45.7	50.0	4.3	109,265	77
		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
	2020	1	7,537	1,332	364	9,233	52.8	42.7	4.5	110,129	17
		2	7,426	1,329	364	9,119	53.8	42.8	3.4	109,850	5
		3	7,312	1,317	364	8,993	51.7	41.4	6.9	111,016	19
		4	7,231	1,312	361	8,904	51.3	43.4	5.3	111,886	7
	2021	1	7,142	1,308	360	8,810	54.3	40.6	5.1	112,252	13
		2	7,055	1,305	359	8,719	51.1	44.0	4.9	113,259	22
		3	6,898	1,299	360	8,557	49.9	43.8	6.3	112,100	13
		4	6,779	1,283	360	8,422	49.2	46.3	4.5	111,854	14
	2022	1	6,447	1,266	360	8,073	48.9	46.5	4.6	109,873	6

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

30

Aflac Japan

Yen/Dollar Exchange Rates
				Yearly
		Closing	Qtr	Cum	%
	Period	Rate(1)	Avg	Avg	Change
	2017	113.00	N/A	112.16	(3.1)
	2018	111.00	N/A	110.39	1.6
	2019	109.56	N/A	109.07	1.2
	2020	103.50	N/A	106.86	2.1
	2021	115.02	N/A	109.79	(2.7)
2020	1	108.83	108.84	108.84	1.3
	2	107.74	107.65	108.25	1.7
	3	105.80	106.23	107.63	1.4
	4	103.50	104.57	106.86	2.1
2021	1	110.71	105.88	105.88	2.8
	2	110.58	109.48	107.79	.4
	3	111.92	110.11	108.58	(.9)
	4	115.02	113.70	109.79	(2.7)
2022	1	122.39	116.18	116.18	(8.9)
	(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.

31

Corporate and Other

Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
		Years Ended December 31,															3 Months Ended March 31,
																							%
		2017			2018			2019			2020			2021			2021			2022			Change
Revenues:
	Total net earned premiums		$	216		$	208		$	200		$	194		$	180		$	48		$	41	(14.6)
	Net investment income (1)		35			77			88			80			(73)			16			4		(75.0)
	Amortized hedge income (2)		—			36			89			97			57			17			11		(35.3)
	Adjusted net investment income		35			113			177			177			(16)			33			15		(54.5)
	Other income		21			18			15			13			11			2			18		800.0
	Total adjusted revenues		272			339			393			384			175			83			74		(10.8)
Benefits and expenses:
	Total net benefits and claims		209			199			194			180			166			43			39		(9.3)
	Interest expense		122			120			133			164			165			44			40		(9.1)
	Other adjusted expenses		154			159			137			155			142			22			39		77.3
	Total benefits and adjusted expenses		486			478			464			499			473			109			118		8.3
	Pretax adjusted earnings		$	(214)		$	(139)		$	(72)		$	(115)		$	(298)		$	(26)		$	(44)	(69.2)
	(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $12 for the three-month period ended March 31, 2022, is included as a reduction to net investment    income. Tax credits on these investments of $16 for the three-month period ended March 31, 2022, have been recorded as an income tax benefit on the consolidated statement of earnings.
	(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income

32

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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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 AOCI 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 AOCI, 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 including unrealized foreign currency translation gains and losses is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate 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 measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses 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 AOCI, 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.

33

• 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 cannot be predicted or that are outside management’s control. 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 cash flows from derivatives associated with notes payable but excluding any nonrecurring 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 currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency 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 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 term of the hedge. 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 cash flows 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 cash flows 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 cash flows 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 adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). 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 AOCI, 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 average equity (ROE) as determined using net earnings and average total shareholders’ equity.

34

EX-99.3

First Quarter 2022

Earnings Call

Video Update

Max K. Brodén

April 27, 2022

For more information contact:

Investor and Rating Agency Relations

800.235.2667

aflacir@aflac.com

Aflac Worldwide Headquarters

1932 Wynnton Road

Columbus, GA 31999

Preliminary note: Forward-Looking Information and Non-U.S. GAAP Financial Measures

Forward-Looking Information

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This transcript contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including those caused by COVID-19

•defaults and credit downgrades of investments

•exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate

•differing judgments applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•concentration of the Company's investments in any particular single-issuer or sector

•the effects of COVID-19 and its variants (both known and emerging), and any resulting economic effects and government interventions, on the Company's business and financial results

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems

•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•the operational risks of third-party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation

•allegations or determinations of worker misclassification in the United States

Non-U.S. GAAP Financial Measures and Reconciliations

This transcript 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.

Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided in the presentation slides that accompany this transcript.

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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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).

Max K. Brodén

1Q22 Earnings Call

April 27, 2022

Hello, and thank you for joining me as I provide a financial update on Aflac Incorporated’s results for the first quarter of 2022.

Aflac Incorporated reported first quarter net earnings per diluted share of $1.58 versus $1.87 in first quarter 2021. Adjusted earnings per diluted share decreased 7.2% to $1.42, with a $0.06 negative impact from FX in the quarter. The quarter a year ago benefited from abnormally low claims utilization and strong variable investment income. Adjusting for these factors, we view the financial performance in Q1 as solid, and on track for our full year objectives.

Variable investment income ran $27 million above our long-term return expectations. Adjusted book value per share including foreign currency translation gains and losses grew 6.9%, and the adjusted ROE was a strong 14.2%, a significant spread to our cost of capital.

Starting with our Japan segment, total earned premium for the quarter declined 4.3%, and policies and riders in-force declined 1.6%. Both these numbers are key metrics for us when analyzing the underlying business. Recognizing the impact of paid-up policies on our earned premium trends and revenue recognition, we watch policies and riders in-force as an indicator of trends pertaining to Japan’s economic value. That said, premium and policies in-force have been depressed as we recover from two years of COVID impact.

Japan’s total benefit ratio came in at 67.1% for the quarter, down 130 basis points year over year, and the third sector benefit ratio was 56.4%, down 160 basis points year over year. We experienced a greater than normal IBNR release in our third sector block, as experience continues to come in favorably relative to the initial reserving. Adjusting for greater-than-normal IBNR releases and slightly higher-than-normal lapses, we estimate our normalized benefit ratio for Q1 to be 69.1%.

Persistency remained strong with a rate of 94.3%, down 70 basis points year over year. Our expense ratio in Japan was 21.2%, down 10 basis points year over year. Constrained business activity due to pandemic conditions impacted our sales and marketing expenses in Q1, which we expect to be a temporary phenomenon. We anticipate increased spending on key initiatives to continue and especially in the second half of the year as we tend to see some seasonality in spending and the progression of project and product development.

Adjusted net investment income increased 5.9% in yen terms, primarily driven by favorable returns on our growing private equity portfolio and favorable FX translation on our USD denominated investments, partially offset by lower reinvestment yield on our fixed rate yen portfolio. The pretax margin for Japan in the quarter was 25.3%, up 220 basis points year over year, a very good result for the quarter.

Turning to U.S. results, net earned premium was down 0.6%, as lapses were higher than sales despite an uptick in our new business written. Persistency declined 150 basis points to 78.5%. Breaking down the 150 basis points persistency rate decline further, 60 basis points can be explained by the emergency orders in place and 90 basis points by a general decline in persistency across the book. Greater movement of the U.S. labor force has a fairly immediate impact on our in-force as individuals change jobs in between enrollment cycles or move to an employer not offering Aflac. This increase is

broad and across the whole book with no specific concentrations by geography, industry or policyholder duration.

The bottom line financial impact from the higher-than-normal lapses is a favorable $5 million, the net impact from reserve releases and DAC write offs, with significant impact to our key value drivers discussed in more detail in a moment.

Our total benefit ratio came in lower than expected at 44.0%, or 490 basis points higher than Q1 2021, which was heavily impacted by the initial pandemic. The lapse impact is estimated to have lowered the benefit ratio by 290 basis points, as

reserves associated with lapsed policies were released. Furthermore, we estimate that the net IBNR adjustments in the quarter and COVID incurred claims had a net 210 basis points favorable impact, leading to an underlying benefit ratio of 49.0%.

Our expense ratio in the U.S. was 42.2%, up 370 basis points year over year. About 230 basis points can be explained by higher lapsation discussed earlier, which directly hits expenses by greater DAC amortization.

As policies lapse, the DAC balance associated with those policies will be written off and flow through our P&L. The expense ratio is also impacted by a lower denominator as increased lapses leads to lower net earned premiums. Our continued build-out of growth initiatives - Group life & disability, Network Dental and Vision and Direct to Consumer – increased our U.S. expense ratio by 260 basis points. We would expect this impact to decrease over time as these businesses transition from build to delivering on sales and revenue generation.

Adjusted net investment income in the U.S. was up 4.5%, mainly driven by favorable VII in the quarter. Profitability in the U.S. segment was solid with a pretax margin of 19.8% with the low benefit ratio as the core driver.

In our corporate segment, we recorded a pretax loss of $44 million as adjusted Net investment income was $18 million lower than last year due to low interest rates at the short end of the yield curve and change in value of certain tax credit investments. These tax credit investments serve to depress the net investment income line for U.S. GAAP purposes with an associated credit to the tax line. The net impact to our bottom line including the tax benefit was a positive $4.5 million in the quarter. To date, these investments are performing well and in line with expectations.

Our capital position remains strong, and we ended the quarter with an SMR north of 900% in Japan and a combined RBC north of 600%. Unencumbered Holding company liquidity stood at $3.6 billion, $1.2 billion above our minimum balance. I would note that Q1 tends to be our lowest cash level quarter due to seasonality in dividends from our insurance subsidiaries.

Leverage, which includes the sustainability bond, remains at a comfortable 21.7%, toward the lower end of our leverage corridor of 20-25%. In this quarter alone, the FX rate lowered our leverage by 60 basis points as roughly $4.5 billion of debt is denominated in yen when including cross currency swaps and did depreciate in the quarter.

I would like to address a topic that I know is on your mind, and that is how we approach and manage FX exposure and hedging. We fundamentally believe that the best approach is to strategically hedge our economic exposure to the yen in order to protect the long-term value of Aflac Japan as well as the dividends the holding company receives, reducing volatility and the cost of capital.

We do this through holding unhedged USD assets in the Japan general account, which stands at about $26 billion, entering into FX forwards at the holding company with a notional balance of $5 billion and borrowing in yen, which we have about $4.5 billion equivalent of yen debt outstanding, when including cross currency swaps. These are economic hedges that do not run through adjusted GAAP EPS, but protect the shareholder from changes in the yen/dollar exchange rate.

Adjusted GAAP EPS is protected by the translation impact from USD denominated net investment income, but not by fair value adjustments of economic hedge instruments described above. Taking the FX impact in Q1, we would expect every 5 yen move to the dollar to have about a $0.06 to $0.08 impact to our annualized adjusted EPS going forward.

We repurchased $500 million of our own stock and paid dividends of $260 million in Q1, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in how we manage the balance sheet and deploy capital in order to drive strong risk adjusted ROE with a meaningful spread to our cost of capital.

I appreciate your attention, and look forward to discussing our results in further detail on tomorrows earnings call. Thank you.

EX-99.4

XML

Document and Entity Information Document	Apr. 27, 2022
Entity Central Index Key	0000004977
Document Type	8-K
Document Period End Date	Apr. 27, 2022
Entity Registrant Name	Aflac Incorporated
Entity Incorporation, State or Country Code	GA
Entity File Number	001-07434
Entity Tax Identification Number	58-1167100
Entity Address, Address Line One	1932 Wynnton Road
Entity Address, City or Town	Columbus
Written Communications	false
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31999
City Area Code	706
Local Phone Number	323.3431
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC. [Member]
Title of 12(b) Security	Common Stock, $.10 Par Value
Trading Symbol	AFL
Security Exchange Name	NYSE