10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-07434

Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia			58-1167100
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer 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, former address and former fiscal year, if changed since last report)

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 per share	AFL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þ  Yes  ¨  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            þ  Yes  ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	þ	Accelerated filer	☐
Non-accelerated filer	¨	Smaller reporting company	☐
		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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes  þ  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 594,062,478 shares of the issuer's common stock were outstanding as of July 26, 2023.

Aflac Incorporated and Subsidiaries

Quarterly Report on Form 10-Q

For the Quarter Ended June 30, 2023

Table of Contents

PART I.		FINANCIAL INFORMATION:	Page
	Item 1.	Financial Statements (Unaudited)
		Consolidated Statements of Earnings   Three Months Ended June 30, 2023 and 2022   Six Months Ended June 30, 2023 and 2022	1
		Consolidated Statements of Comprehensive Income (Loss)    Three Months Ended June 30, 2023 and 2022   Six Months Ended June 30, 2023 and 2022	2
		Consolidated Balance Sheets   June 30, 2023, and December 31, 2022	3
		Consolidated Statements of Shareholders' Equity   Three Months Ended March 31, 2023 and 2022   Three Months Ended June 30, 2023 and 2022	4
		Consolidated Statements of Cash Flows   Six Months Ended June 30, 2023 and 2022	6
		Notes to the Consolidated Financial Statements	7
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	81
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	115
	Item 4.	Controls and Procedures	115
PART II.		OTHER INFORMATION:
	Item 1A.	Risk Factors	116
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	117
	Item 6.	Exhibits	118
Glossary of Selected Terms			119

Items other than those listed above are omitted because they are not required or are not applicable.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Statements of Earnings

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except for share and per-share amounts - Unaudited)	2023			2022			2023			2022
Revenues:
Net earned premiums, principally supplemental health insurance		$	3,573		$	3,764		$	7,262		$	7,844
Net investment income		999			937			1,942			1,840
Net investment gains (losses)		555			564			678			686
Other income (loss)		45			50			90			118
Total revenues		5,172			5,315			9,972			10,488
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement		2,152			2,299			4,354			4,816
Reserve remeasurement (gains) losses		(54)			(25)			(107)			(59)
Total benefits and claims, net		2,098			2,274			4,247			4,757
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs		202			197			407			405
Insurance commissions		268			279			547			579
Insurance and other expenses		728			802			1,505			1,633
Interest expense		51			55			99			112
Total acquisition and operating expenses		1,249			1,333			2,558			2,729
Total benefits and expenses		3,347			3,607			6,805			7,486
Earnings before income taxes		1,825			1,708			3,167			3,002
Income taxes		191			314			345			561
Net earnings		$	1,634		$	1,394		$	2,822		$	2,441
Net earnings per share:
Basic		$	2.72		$	2.18		$	4.66		$	3.78
Diluted		2.71			2.17			4.64			3.77
Weighted-average outstanding common shares used in   computing earnings per share (In thousands):
Basic		600,742			640,707			605,945			645,205
Diluted		602,929			643,243			608,411			648,010
Cash dividends per share		$	.42		$	.40		$	.84		$	.80

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

1

Aflac Incorporated and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions - Unaudited)	2023			2022			2023			2022
Net earnings		$	1,634		$	1,394		$	2,822		$	2,441
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during    period		(439)			(751)			(482)			(1,203)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities    during period		890			(3,503)			3,468			(8,254)
Reclassification adjustment for (gains) losses on    fixed maturity securities included in net earnings		(27)			(114)			(84)			(192)
Unrealized gains (losses) on derivatives during period		1			0			2			1
Effect of changes in discount rate assumptions during period		(209)			6,462			(3,745)			11,809
Pension liability adjustment during period		58			5			67			8
Total other comprehensive income (loss) before income taxes		274			2,099			(774)			2,169
Income tax expense (benefit) related to items of other comprehensive    income (loss)		334			628			135			738
Other comprehensive income (loss), net of income taxes		(60)			1,471			(909)			1,431
Total comprehensive income (loss)		$	1,574		$	2,865		$	1,913		$	3,872

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

2

Aflac Incorporated and Subsidiaries

Consolidated Balance Sheets

(In millions, except for share and per-share amounts - Unaudited)	June 30, 2023			December 31, 2022
Assets:
Investments and cash:
Fixed maturity securities available for sale, at fair value, (no allowance for credit losses in   2023 and 2022, amortized cost $67,927 in 2023 and $72,246 in 2022)		$	70,739		$	71,936
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value   (amortized cost $2,922 in 2023 and $3,223 in 2022)		3,766			3,805
Fixed maturity securities held to maturity, at amortized cost, net of allowance   for credit losses of $5 in 2023 and $7 in 2022 (fair value $19,938 in 2023 and $21,210 in 2022)		17,436			19,056
Equity securities, at fair value		965			1,091
Commercial mortgage and other loans, net of allowance for credit losses of $225 in 2023 and $192   in 2022 (includes $10,652 in 2023 and $10,832 in 2022 of consolidated variable interest entities)		13,346			13,496
Other investments   (includes $2,163 in 2023 and $1,909 in 2022 of consolidated variable interest entities)		5,491			4,070
Cash and cash equivalents		4,720			3,943
Total investments and cash		116,463			117,397
Receivables		755			647
Accrued investment income		719			745
Deferred policy acquisition costs		8,860			9,239
Property and equipment, at cost less accumulated depreciation		500			530
Other		3,329			3,180
Total assets		$	130,626		$	131,738
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits		$	85,904		$	88,241
Unpaid policy claims		244			201
Unearned premiums		1,544			1,825
Other policyholders’ funds		6,115			6,643
Total policy liabilities		93,807			96,910
Income taxes		343			698
Payables for return of cash collateral on loaned securities		4,679			1,809
Notes payable and lease obligations		7,087			7,442
Other		4,271			4,739
Total liabilities		110,187			111,598
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000    shares in 2023 and 2022; issued 1,355,227 shares in 2023 and 1,354,079 shares in 2022		136			135
Additional paid-in capital		2,697			2,641
Retained earnings		46,937			44,367
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(4,249)			(3,564)
Unrealized gains (losses) on fixed maturity securities		1,978			(702)
Unrealized gains (losses) on derivatives		(25)			(27)
Effect of changes in discount rate assumptions		(5,059)			(2,100)
Pension liability adjustment		17			(36)
Treasury stock, at average cost		(21,993)			(20,574)
Total shareholders’ equity		20,439			20,140
Total liabilities and shareholders’ equity		$	130,626		$	131,738

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

3

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity

(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2022	$	135	$	2,641	$	44,367	$	(6,429)	$	(20,574)	$	20,140
Net earnings	0		0		1,188		0		0		1,188
Unrealized foreign currency translation    gains (losses) during period, net of    income taxes	0		0		0		(54)		0		(54)
Unrealized gains (losses) on fixed maturity    securities during period, net of income    taxes and reclassification adjustments	0		0		0		1,991		0		1,991
Unrealized gains (losses) on derivatives    during period, net of income taxes	0		0		0		1		0		1
Effect of changes in discount rate assumptions    during period, net of income taxes	0		0		0		(2,794)		0		(2,794)
Pension liability adjustment during period,    net of income taxes	0		0		0		7		0		7
Dividends to shareholders (1)   ($.00 per share)	0		0		0		0		0		0
Exercise of stock options	0		3		0		0		0		3
Share-based compensation	0		14		0		0		0		14
Purchases of treasury stock	0		0		0		0		(732)		(732)
Treasury stock reissued	0		7		0		0		13		20
Balance at March 31, 2023	$	135	$	2,665	$	45,555	$	(7,278)	$	(21,293)	$	19,784
Net earnings	0		0		1,634		0		0		1,634
Unrealized foreign currency translation    gains (losses) during period, net of    income taxes	0		0		0		(631)		0		(631)
Unrealized gains (losses) on fixed maturity    securities during period, net of income    taxes and reclassification adjustments	0		0		0		689		0		689
Unrealized gains (losses) on derivatives    during period, net of income taxes	0		0		0		1		0		1
Effect of changes in discount rate assumptions    during period, net of income taxes	0		0		0		(165)		0		(165)
Pension liability adjustment during period,    net of income taxes	0		0		0		46		0		46
Dividends to shareholders (1)   ($.42 per share)	0		0		(252)		0		0		(252)
Exercise of stock options	0		5		0		0		0		5
Share-based compensation	1		17		0		0		0		18
Purchases of treasury stock	0		0		0		0		(708)		(708)
Treasury stock reissued	0		10		0		0		8		18
Balance at June 30, 2023	$	136	$	2,697	$	46,937	$	(7,338)	$	(21,993)	$	20,439

(1) Dividends to shareholders are recorded in the period in which they are declared.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

(continued)

4

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity (continued)

(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2021	$	135	$	2,529	$	40,963	$	(8,411)	$	(18,185)	$	17,031
Net earnings	0		0		1,047		0		0		1,047
Unrealized foreign currency translation    gains (losses) during period, net of    income taxes	0		0		0		(453)		0		(453)
Unrealized gains (losses) on fixed maturity    securities during period, net of income    taxes and reclassification adjustments	0		0		0		(3,815)		0		(3,815)
Unrealized gains (losses) on derivatives    during period, net of income taxes	0		0		0		1		0		1
Effect of changes in discount rate assumptions    during period, net of income taxes	0		0		0		4,224		0		4,224
Pension liability adjustment during period,    net of income taxes	0		0		0		3		0		3
Dividends to shareholders (1)   ($.00 per share)	0		0		0		0		0		0
Exercise of stock options	0		6		0		0		0		6
Share-based compensation	0		13		0		0		0		13
Purchases of treasury stock	0		0		0		0		(523)		(523)
Treasury stock reissued	0		12		0		0		14		26
Balance at March 31, 2022	$	135	$	2,560	$	42,010	$	(8,451)	$	(18,694)	$	17,560
Net earnings	0		0		1,394		0		0		1,394
Unrealized foreign currency translation    gains (losses) during period, net of    income taxes	0		0		0		(780)		0		(780)
Unrealized gains (losses) on fixed maturity    securities during period, net of income    taxes and reclassification adjustments	0		0		0		(2,857)		0		(2,857)
Unrealized gains (losses) on derivatives    during period, net of income taxes	0		0		0		0		0		0
Effect of changes in discount rate assumptions    during period, net of income taxes	0		0		0		5,105		0		5,105
Pension liability adjustment during period,    net of income taxes	0		0		0		3		0		3
Dividends to shareholders (1)   ($.40 per share)	0		0		(254)		0		0		(254)
Exercise of stock options	0		1		0		0		0		1
Share-based compensation	0		19		0		0		0		19
Purchases of treasury stock	0		0		0		0		(650)		(650)
Treasury stock reissued	0		9		0		0		8		17
Balance at June 30, 2022	$	135	$	2,589	$	43,150	$	(6,980)	$	(19,336)	$	19,558

(1) Dividends to shareholders are recorded in the period in which they are declared.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

5

Aflac Incorporated and Subsidiaries

Consolidated Statements of Cash Flows

	Six Months Ended June 30,
(In millions - Unaudited)	2023			2022
Cash flows from operating activities:
Net earnings		$	2,822		$	2,441
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Change in receivables and advance premiums		(35)			(27)
Capitalization of deferred policy acquisition costs		(525)			(509)
Amortization of deferred policy acquisition costs		407			405
Increase in policy liabilities		(37)			509
Change in income tax liabilities		(420)			57
Net investment (gains) losses		(678)			(686)
Other, net		(447)			(420)
Net cash provided (used) by operating activities		1,087			1,770
Cash flows from investing activities:
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities		1,548			2,164
Equity securities		244			398
Held-to-maturity fixed maturity securities		2			2
Commercial mortgage and other loans		728			1,270
Costs of investments acquired:
Available-for-sale fixed maturity securities		(1,817)			(2,395)
Equity securities		(191)			(320)
Commercial mortgage and other loans		(588)			(2,537)
Other investments, net		(1,247)			(180)
Settlement of derivatives, net		(289)			(330)
Cash received (pledged or returned) as collateral, net		3,427			1,839
Other, net		(84)			172
Net cash provided (used) by investing activities		1,733			83
Cash flows from financing activities:
Purchases of treasury stock		(1,400)			(1,150)
Dividends paid to shareholders		(491)			(498)
Change in investment-type contracts, net		(64)			(41)
Treasury stock reissued		5			10
Other, net		6			35
Net cash provided (used) by financing activities		(1,944)			(1,644)
Effect of exchange rate changes on cash and cash equivalents		(99)			(87)
Net change in cash and cash equivalents		777			122
Cash and cash equivalents, beginning of period		3,943			5,051
Cash and cash equivalents, end of period		$	4,720		$	5,173
Supplemental disclosures of cash flow information:
Income taxes paid		$	765		$	505
Interest paid		94			104
Noncash interest		6			8
Noncash financing activities:
Lease obligations		43			66
Treasury stock issued for:
Associate stock bonus		9			8
Shareholder dividend reinvestment		19			19
Share-based compensation grants		5			6

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See the accompanying Notes to the Consolidated Financial Statements.

6

Aflac Incorporated and Subsidiaries

Notes to the Consolidated Financial Statements

(Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in the United States (U.S.) and Japan. The Company's insurance business is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the U.S. and through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan. The Company’s operations consist of two reportable business segments: Aflac U.S., which includes Aflac, and Aflac Japan, which includes ALIJ. American Family Life Assurance Company of New York (Aflac New York) is a wholly owned subsidiary of Aflac. Most of Aflac's policies are individually underwritten and marketed through independent agents. With the exception of dental and vision products administered by Aflac Benefits Solutions, Inc. (ABS) and certain group life insurance products, Aflac U.S. markets and administers group products through Continental American Insurance Company (CAIC), branded as Aflac Group Insurance. Additionally, Aflac U.S. markets its consumer markets products through Tier One Insurance Company (TOIC). The Company's insurance operations in the U.S. and Japan service the two markets for the Company's insurance business. The Parent Company, other operating business units that are not individually reportable, and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other. Aflac Japan's revenues, including net gains and losses on its investment portfolio, accounted for 64% and 69% of the Company's total revenues in the six-month periods ended June 30, 2023 and 2022, respectively. The percentage of the Company's total assets attributable to Aflac Japan was 80% at June 30, 2023, compared with 80% at December 31, 2022.

In 2022, the Company established Aflac Re Bermuda Ltd. (Aflac Re), a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ. Aflac Re is subject to regulation in Bermuda, where the Bermuda Monetary Authority (BMA) has broad administrative powers relating to granting and revoking licenses to transact reinsurance business, approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices. Financial results from Aflac Re are included in Corporate and other.

Basis of Presentation

The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards CodificationTM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, interest rates, mortality, morbidity, commission and other acquisition expenses and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised and reflected in the consolidated financial statements. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and reflective of the best estimates of management.

The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated.

In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of June 30, 2023 and December 31, 2022, the consolidated statements of earnings and comprehensive income (loss) for the three- and six-month periods ended June 30, 2023 and 2022, the consolidated statements of shareholders' equity for the three-month periods ended March 31, 2023 and 2022 and June 30, 2023 and 2022, and the consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read

7

in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report).

Significant Accounting Policies

The Company revised the following accounting policies as a result of the adoption of amended accounting guidance effective January 1, 2023 and certain reclassifications. Refer to Recently Adopted Accounting Pronouncements below for details of the adoption of Accounting Standards Update (ASU) 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In conjunction with the adoption of ASU 2018-12, the Company changed its practice of recording the change in the deferred profit liability on products with limited payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This reclassification had no impact on net earnings. The change in presentation has been made for all comparative periods presented. All other categories of significant accounting policies remain unchanged from the 2022 Annual Report.

Insurance Revenue and Expense Recognition: Substantially all of the supplemental health and life insurance policies the Company issues are classified as long-duration contracts. The contract provisions generally cannot be changed or canceled during the contract period; however, the Company may adjust premiums for supplemental health policies issued in the U.S. within prescribed guidelines and with the approval of state insurance regulatory authorities.

Insurance premiums for most of the Company's health and life policies, including cancer, accident, hospital, critical illness, supplemental dental and vision, term life, whole life, long-term care and disability, are recognized as earned premiums over the premium-paying periods of the contracts when due from policyholders. When earned premiums are reported, the related amounts of benefits and expenses are charged against such revenues. This association is accomplished by means of annual increases or decreases to the liability for future policy benefits (LFPB) and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features, including cancer, medical and nursing care, term life, whole life, WAYS, and child endowment, are collected over a significantly shorter period than the contract term (i.e., the period during which benefits are provided). Premiums for these products are recognized as earned premiums over the premium-paying periods when due from policyholders. Any gross premium in excess of the net premium is deferred and recorded as a deferred profit liability, which is subsequently amortized in net earned premiums such that profits are recognized in a constant relationship with insurance in force. Benefits are recorded as an expense when they are incurred. An LFPB is recorded when premiums are recognized using the net premium method.

Policyholders also have an option to pay discounted advanced premiums for certain of the Company's products. Advanced premiums are deferred and recognized when due from policyholders over the otherwise required contractual premium payment period.

Benefit expense is bifurcated between benefits and claims and reserve remeasurement (gains) losses. The net premium ratio (NPR) is used to measure benefit expense and is calculated as the ratio of the present value of actual and future expected benefits and expenses to the present value of actual and future expected gross premiums. A revised NPR is calculated as of the beginning of each reporting period using updated future cash flow expectations.

Reserve remeasurement (gains) losses represent the difference between two reserve measures both calculated as of the beginning of the current reporting period using the same locked-in discount rates. One reserve measure uses the NPR as of the end of the prior reporting period, and the second uses the revised NPR. Benefits and claims represent the difference in the liability balance calculated as of the beginning of the current reporting period and the end of the current reporting period both using the revised NPR and the locked-in discount rates. The locked-in interest accretion rate utilized for accretion of interest expense on insurance reserves is the original discount rate used at contract issue date.

Advertising expense is reported as incurred in insurance and other expenses in the consolidated statement of earnings.

Deferred Policy Acquisition Costs: Certain direct and incremental costs of acquiring insurance contracts are deferred and amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount, and insurance in force, respectively. For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively. Amortization is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the LFPB, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized

8

prospectively over the remaining contract term as a revision of the future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. Deferred costs include the excess of current-year commissions over ultimate renewal-year commissions and certain incremental direct policy issue, underwriting and sales expenses directly related to successful policy acquisition.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. The Company performs a two-stage analysis of the internal replacements to determine if the modification is substantive to the base policy. The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

For internal replacement transactions where the resulting contract is substantially unchanged, unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the cohort, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred.

For an internal replacement transaction that results in a policy that is substantially changed, the policy is treated as lapsed for amortization purposes, and the costs of acquiring the new policy are capitalized and amortized in accordance with the Company's accounting policies for deferred acquisition costs.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment. Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required. Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.

Policy Liabilities: For long-duration insurance contracts, the Company calculates an integrated reserve that represents all payments under the contract including future expected claims and unpaid policy claims and related expenses. The liability for future policy benefits is measured using the net level premium method.

Long-duration insurance contracts issued by the Company are grouped into annual calendar-year cohorts based on the contract issue date, reportable segment, legal entity and product type. Limited-pay contracts are grouped into separate cohorts from other traditional products in the same manner and are further separated based on their premium payment structures.

The LFPB is determined as the present value of future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of future net premiums receivable under the Company’s insurance contracts, where future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are the result of applying the updated best estimate assumptions as of the beginning of the reporting period and are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings. Expense assumptions are established at policy inception and determined for each issue-year cohort as a percentage of paid claims. These expense assumptions are locked-in and remain unchanged over the term of the insurance policy. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense in the consolidated statement of earnings. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheet are updated each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

9

The Company has designed its discount rate methodology for the U.S. and Japan insurance business. The methodology incorporates constructing a discount rate curve separately for discounting cash flows used to calculate the U.S. and Japan LFPBs, reflective of the characteristics of the insurance liabilities, such as currency and tenor. Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities. The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards. Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent net premium ratio to the forward curve and will remain unchanged after the calendar year of issue.

Unearned premiums consist primarily of discounted advance premiums on deposit from policyholders in conjunction with their purchase of certain Aflac Japan limited-pay insurance products. These advanced premiums are deferred upon collection and recognized as earned premiums over the contractual premium payment period.

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.

For internal replacements that are determined to be substantially changed, policy liabilities related to the original policy that was replaced are immediately released, and policy liabilities are established for the new insurance contract. The policy reserves are evaluated based on the new policy features, and changes are recognized at the date of contract change/modification. For internal replacements that are substantially unchanged, no changes to the reserves are recognized. For modifications that are not integrated with the base policy, new coverage is recognized as a separately issued contract within the current cohort.

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

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by:

ASU 2019-09 Financial Services - Insurance: Effective Date

ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application

In August 2018, the FASB issued amendments that significantly changed how insurers account for long-duration contracts. The Company adopted the standard on January 1, 2023 using a modified retrospective transition method which resulted in applying the amended guidance as of the beginning of the earliest period presented on the January 1, 2021 transition date (Transition Date). The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. On the Transition Date, the Company calculated the ratio of the present value of future expected benefits and expenses less existing carrying values to the present value of future expected gross premiums (Transition Date NPR) using updated assumptions and the discount rate immediately before the Transition Date. The Company capped the Transition Date NPR at 100% for any cohorts with a Transition Date NPR greater than 100%. The Company calculated the LFPB using the Transition Date NPR (capped at 100% if required) and two different discount rates: (i) the discount rate used immediately before the Transition Date, and (ii) the discount rate determined by reference to the Transition Date market level yields for upper-medium grade (low credit

10

risk) fixed income instruments (as of December 31, 2020). For cohorts with their Transition Date NPR capped at 100%, the Company recorded as an adjustment (decrease) to opening retained earnings any difference between the LFPB calculated using the discount rate immediately before the Transition Date and the existing carrying value as of the Transition Date. For all cohorts on the Transition Date, the Company recorded in AOCI net of tax, the difference in the LFPB calculated using the two different discount rates (i.e., the discount rate used immediately before the Transition Date and the updated discount rate as of the Transition Date).

Upon adoption, the Company adjusted opening equity for the Transition Date impacts to AOCI and retained earnings and adjusted prior periods presented (years 2021 and 2022) following the updated standard. Based upon the modified retrospective transition method, the Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings (RE) of approximately $0.3 billion.

See Note 6 and Note 7 of the Notes to the Consolidated Financial Statements for expanded disclosures for DAC and future policy benefits, respectively, required as a result of the amended guidance.

Transition Impact to Shareholder's Equity

The following table presents the cumulative transition impact as of January 1, 2021 to the Company’s Shareholder’s Equity as a result of the adoption of ASU 2018-12, using the modified retrospective transition method.

(In millions - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2020	$	135	$	2,410	$	37,984	$	8,934	$	(15,904)	$	33,559
Cumulative effect of change in accounting   principle, ASU 2018-12, net of income taxes	0		0		(324)		(18,570)		0		(18,894)
Balance at January 1, 2021	$	135	$	2,410	$	37,660	$	(9,636)	$	(15,904)	$	14,665

The following table presents the transition impacts as of January 1, 2021 to the Company's AOCI and RE as a result of the adoption of ASU 2018-12 by reporting segment and disaggregated by product type, using the modified retrospective transition method.

(In millions - Unaudited)	Impact to Retained Earnings			Impact to AOCI
Transition impacts:
Aflac Japan
Cancer		$	0		$	14,529
Medical and other health		1			2,382
Life insurance		0			3,314
Other (1)		398			433
Aflac U.S.
Accident		0			92
Disability		0			149
Critical care		4			2,258
Hospital indemnity		0			223
Dental/vision		0			65
Life insurance		5			149
Other		2			218
Reinsurance		0			(305)
Transition impact before income taxes		410			23,507
Less: income taxes		86			4,937
Total transition impact, net of income taxes		$	324		$	18,570

(1) Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.

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Transition Impact on the Liability for Future Policy Benefits

The Company adopted ASU 2018-12 using the modified retrospective transition method. The tables below present the disaggregated transition impacts to the Company’s LFPB as a result of adoption, split between the changes in the present value of expected net premiums and the present value of expected future policy benefits as of the Transition Date and the LFPB rollforward for the year ended December 31, 2021. The locked-in discount rates on the policies held at the Transition Date reflect the locked-in rates in existence immediately before the Transition Date. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.

Under the modified retrospective transition method, the NPR for future policy benefits existing as of the Transition Date considers the carryover basis of those liabilities, which equals the future policy benefits and unpaid policy claims balance as of December 31, 2020. If the revised Transition Date NPR for a cohort is greater than 100%, the Company capped the Transition Date NPR at 100% and increased the LFPB with an offsetting decrease to opening retained earnings.

The LFPB recorded in the consolidated balance sheet includes the deferred profit liability for limited-payment contracts. This deferred profit liability is not included in the Transition Date and LFPB rollforwards. For products with limited-payment features, to the extent the transition date adjustment related to updating cash flow assumptions is favorable, the Company increased the deferred profit liability.

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The following table presents the transition impacts to the present value of expected net premiums by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2020	$	25,601	$	21,270	$	12,440	$	2,080	$	3,350	$	1,921	$	5,898	$	1,376	$	281	$	710	$	154
Impact to retained earnings from capping Transition Date NPR	0		(1)		0		(398)		0		0		(4)		0		0		(5)		(2)
Impact of deferred profit liability	15		7		36		26		0		0		0		0		0		0		0
Beginning balance at original discount rate	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of change in discount rate assumptions	3,982		2,598		908		148		479		197		1,048		154		41		78		27
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179

The following table presents the changes in the present value of expected net premiums by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179
Beginning balance at original discount rate (1)	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of changes in cash flow assumptions	32		88		40		1		(163)		(129)		(302)		0		(26)		31		0
Effect of actual variances from expected   experience	(134)		(449)		(135)		(11)		(109)		(38)		(290)		(32)		(14)		34		(3)
Adjusted beginning of period balance	25,514		20,915		12,381		1,698		3,078		1,754		5,302		1,344		241		770		149
Issuances	1,116		1,132		284		55		365		345		552		263		39		112		0
Interest accrual	586		439		202		27		116		61		210		45		10		25		6
Net premium earned (2)	(2,206)		(1,692)		(1,609)		(151)		(552)		(393)		(665)		(268)		(47)		(124)		(19)
Foreign currency translation	(2,539)		(2,111)		(1,194)		(167)		0		0		0		0		0		0		0
Other	(1)		(2)		0		(1)		(8)		(7)		(8)		(4)		(2)		(3)		(1)
Ending balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in discount rate assumptions	3,423		2,493		783		125		284		102		632		87		23		54		18
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153

(1) Includes the adjustment for capping the Transition Date NPR.

(2) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

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The following table presents the transition impacts to the present value of expected future policy benefits by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at December 31, 2020	$	64,056	$	34,638	$	43,729	$	7,620	$	3,818	$	2,919	$	13,427	$	2,258	$	599	$	1,562	$	661
Effect of change in discount rate assumptions	18,511		4,980		4,222		581		571		346		3,306		377		106		227		245
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906

The following table presents the changes in the present value of expected future policy benefits by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906
Beginning balance at original discount rate	64,056		34,638		43,729		7,620		3,818		2,919		13,427		2,258		599		1,562		661
Effect of changes in cash flow assumptions	24		85		31		(11)		(178)		(143)		(326)		(3)		(29)		31		0
Effect of actual variances from expected   experience	(149)		(458)		(139)		(15)		(115)		(41)		(304)		(36)		(15)		34		(3)
Adjusted beginning of period balance	63,931		34,265		43,621		7,594		3,525		2,735		12,797		2,219		555		1,627		658
Issuances	1,133		1,155		287		62		372		355		563		271		40		115		0
Interest accrual	2,014		769		833		129		137		100		553		85		23		58		33
Benefit payments	(3,894)		(1,313)		(1,373)		(238)		(439)		(520)		(834)		(275)		(69)		(107)		(46)
Foreign currency translation	(6,377)		(3,478)		(4,366)		(760)		0		0		0		0		0		0		0
Other	0		0		0		0		(1)		0		0		0		0		1		0
Ending balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in discount rate assumptions	15,940		4,623		3,718		535		355		201		2,309		252		67		149		192
Balance at December 31, 2021	72,747		36,021		42,720		7,322		3,949		2,871		15,388		2,552		616		1,843		837
Net liability for future policy benefits	46,854		14,847		31,873		5,736		666		1,009		9,365		1,085		352		1,009		684
Less: reinsurance recoverable	0		2,150		0		0		0		0		0		0		0		10		0
Net liability for future policy benefits after   reinsurance recoverable	$	46,854	$	12,697	$	31,873	$	5,736	$	666	$	1,009	$	9,365	$	1,085	$	352	$	999	$	684

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The following table presents a reconciliation of the rollforwards by reporting segment and disaggregated by product type for the year ended December 31, 2021 to the liability for future policy benefits as of December 31, 2021 under the amended guidance. The deferred profit liability for limited-payment contracts and reinsurance is presented together with the LFPB in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	December 31, 2021
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	46,854
Medical and other health		14,847
Life insurance		31,873
Other		5,736
Aflac U.S.
Accident		666
Disability		1,009
Critical care		9,365
Hospital indemnity		1,085
Dental/vision		352
Life insurance		1,009
Other		684
Corporate and other		30
Deferred profit liability - limited-payment contracts		1,595
Deferred profit liability - reinsurance		859
Total		$	115,964

The adoption of ASU 2018-12 did not have an impact on the Company's balance for deferred policy acquisition costs upon adoption.

Accounting Pronouncements Pending Adoption

ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued amendments to permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit).

The amendments are effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted and if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period.

The adoption of this guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures.

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business. 

For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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2.    BUSINESS SEGMENT INFORMATION

The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other.

The Company does not allocate corporate overhead expenses to business segments. Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. 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 net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. 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. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings. Information regarding operations by reportable segment and Corporate and other, follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Revenues:
Aflac Japan:
Net earned premiums	$	2,064	$	2,334	$	4,234	$	4,959
Adjusted net investment income (1),(2)	637		723		1,248		1,402
Other income	9		9		18		18
Total adjusted revenue Aflac Japan	2,710		3,066		5,500		6,379
Aflac U.S.:
Net earned premiums	1,425		1,394		2,853		2,807
Adjusted net investment income (3)	203		193		400		377
Other income	35		41		70		83
Total adjusted revenue Aflac U.S.	1,663		1,628		3,323		3,267
Corporate and other (4),(5)	140		42		268		116
Total adjusted revenues	4,513		4,736		9,091		9,762
Net investment gains (losses) (1),(2),(3),(4)	659		579		881		726
Total revenues	$	5,172	$	5,315	$	9,972	$	10,488

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.

(5) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

16

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Pretax earnings:
Aflac Japan (1),(2)	$	822	$	873	$	1,610	$	1,743
Aflac U.S. (3)	369		343		721		675
Corporate and other (4),(5),(6)	(52)		(75)		(58)		(117)
Pretax adjusted earnings (7)	1,139		1,141		2,273		2,301
Net investment gains (losses) (1),(2),(3),(4),(5)	651		567		859		701
Other income (loss)	35		0		35		0
Total earnings before income taxes	$	1,825	$	1,708	$	3,167	$	3,002
Income taxes applicable to pretax adjusted earnings	$	186	$	195	$	366	$	414
Effect of foreign currency translation on after-tax   adjusted earnings	(25)		(59)		(66)		(94)

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.

(5) A gain of $12 and $12 for the three-month periods and $24 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.

(6) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

(7) Includes $36 and $41 for the three-month periods and $70 and $82 for the six-month periods ended June 30, 2023, and 2022, respectively, of interest expense on debt.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Assets were as follows:

(In millions)	June 30, 2023			December 31, 2022
Assets:
Aflac Japan		$	103,972		$	105,734
Aflac U.S.		20,932			21,002
Corporate and other		5,722			5,002
Total assets		$	130,626		$	131,738

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

17

3.     INVESTMENTS

Investment Holdings

The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	23,313	$	0	$	1,435	$	975	$	23,773
Municipalities	946		0		150		35		1,061
Mortgage- and asset-backed securities	213		0		8		6		215
Public utilities	3,665		0		367		51		3,981
Sovereign and supranational	498		0		34		4		528
Banks/financial institutions	5,767		0		349		309		5,807
Other corporate	5,947		0		745		280		6,412
Total yen-denominated	40,349		0		3,088		1,660		41,777
U.S. dollar-denominated:
U.S. government and agencies	187		0		0		7		180
Municipalities	1,251		0		62		51		1,262
Mortgage- and asset-backed securities	2,521		0		189		70		2,640
Public utilities	3,384		0		347		143		3,588
Sovereign and supranational	122		0		34		10		146
Banks/financial institutions	2,766		0		346		70		3,042
Other corporate	20,269		0		2,396		795		21,870
Total U.S. dollar-denominated	30,500		0		3,374		1,146		32,728
Total securities available for sale	$	70,849	$	0	$	6,462	$	2,806	$	74,505

18

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	25,418	$	0	$	1,259	$	1,724	$	24,953
Municipalities	1,034		0		124		61		1,097
Mortgage- and asset-backed securities	241		0		8		12		237
Public utilities	3,932		0		301		108		4,125
Sovereign and supranational	659		0		24		5		678
Banks/financial institutions	6,348		0		324		531		6,141
Other corporate	6,288		0		555		408		6,435
Total yen-denominated	43,920		0		2,595		2,849		43,666
U.S. dollar-denominated:
U.S. government and agencies	169		0		0		8		161
Municipalities	1,269		0		43		89		1,223
Mortgage- and asset-backed securities	1,926		0		67		84		1,909
Public utilities	3,481		0		240		180		3,541
Sovereign and supranational	133		0		35		12		156
Banks/financial institutions	2,992		0		271		105		3,158
Other corporate	21,579		0		1,549		1,201		21,927
Total U.S. dollar-denominated	31,549		0		2,205		1,679		32,075
Total securities available for sale	$	75,469	$	0	$	4,800	$	4,528	$	75,741

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	16,717	$	2	$	16,715	$	2,387	$	0	$	19,102
Municipalities	261		0		261		53		0		314
Public utilities	35		0		35		4		0		39
Sovereign and supranational	411		3		408		54		0		462
Other corporate	17		0		17		4		0		21
Total yen-denominated	17,441		5		17,436		2,502		0		19,938
Total securities held to maturity	$	17,441	$	5	$	17,436	$	2,502	$	0	$	19,938

19

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	18,269	$	2	$	18,267	$	2,045	$	0	$	20,312
Municipalities	287		0		287		48		0		335
Public utilities	38		1		37		4		0		41
Sovereign and supranational	450		4		446		54		0		500
Other corporate	19		0		19		3		0		22
Total yen-denominated	19,063		7		19,056		2,154		0		21,210
Total securities held to maturity	$	19,063	$	7	$	19,056	$	2,154	$	0	$	21,210

(In millions)	June 30, 2023			December 31, 2022
Equity securities, carried at fair value through net earnings:	Fair Value			Fair Value
Equity securities:
Yen-denominated		$	703		$	670
U.S. dollar-denominated		218			374
Other currencies		44			47
Total equity securities		$	965		$	1,091

The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5.

During the first six months of 2023 and 2022, respectively, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category.

Contractual and Economic Maturities

The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2023, were as follows:

20

(In millions)	Amortized Cost (1)			Fair Value
Available for sale:
Due in one year or less		$	1,808		$	1,896
Due after one year through five years		6,636			7,114
Due after five years through 10 years		16,133			17,931
Due after 10 years		43,538			44,709
Mortgage- and asset-backed securities		2,734			2,855
Total fixed maturity securities available for sale		$	70,849		$	74,505
Held to maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		37			39
Due after five years through 10 years		9,300			10,414
Due after 10 years		8,099			9,485
Mortgage- and asset-backed securities		0			0
Total fixed maturity securities held to maturity		$	17,436		$	19,938

(1) Net of allowance for credit losses

Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates.

Investment Concentrations

The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income.

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

	June 30, 2023			December 31, 2022
(In millions)	Credit Rating	Amortized Cost	Fair Value	Credit Rating	Amortized Cost	Fair Value
Japan National Government(1)	A+	$39,043	$41,826	A+	$42,618	$44,178

(1)Japan Government Bonds (JGBs) or JGB-backed securities

21

Net Investment Gains and Losses

Information regarding pretax net gains and losses from investments is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales	$	7	$	15	$	8	$	85
Gross losses from sales	(6)		(23)		(9)		(26)
Foreign currency gains (losses)	26		123		85		133
Other investments:
Gross gains (losses) from sales	(3)		0		(3)		9
Total sales and redemptions	24		115		81		201
Equity securities	(9)		(135)		(12)		(291)
Credit losses:
Fixed maturity securities held to maturity	0		0		1		0
Commercial mortgage and other loans	(2)		(12)		(33)		4
Impairment losses	0		(17)		0		(17)
Loan commitments	1		(5)		4		2
Reinsurance recoverables and other	0		0		(3)		2
Total credit losses	(1)		(34)		(31)		(9)
Derivatives and other:
Derivative gains (losses)	(594)		(558)		(577)		(1,024)
Foreign currency gains (losses)	1,135		1,176		1,217		1,809
Total derivatives and other	541		618		640		785
Total net investment gains (losses)	$	555	$	564	$	678	$	686

The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the three-month period ended June 30, 2023, that relate to equity securities still held at the June 30, 2023 reporting date, were $16 million. The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the six-month period ended June 30, 2023, that relate to equity securities still held at the June 30, 2023 reporting date, were $21 million.

Unrealized Investment Gains and Losses

Effect on Shareholders’ Equity

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:

(In millions)	June 30, 2023			December 31, 2022
Unrealized gains (losses) on securities available for sale		$	3,656		$	272
Deferred income taxes		(1,678)			(974)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	1,978		$	(702)

Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

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	June 30, 2023
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	179		$	7		$	97		$	3		$	82		$	4
Japan government and       agencies:
Yen-denominated		8,274			975			529			102			7,745			873
Municipalities:
U.S. dollar-denominated		700			51			96			6			604			45
Yen-denominated		283			35			0			0			283			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		1,057			70			753			55			304			15
Yen-denominated		61			6			0			0			61			6
Public utilities:
U.S. dollar-denominated		1,296			143			690			58			606			85
Yen-denominated		710			51			57			2			653			49
Sovereign and supranational:
U.S. dollar-denominated		33			10			0			0			33			10
Yen-denominated		63			4			0			0			63			4
Banks/financial institutions:
U.S. dollar-denominated		857			70			387			13			470			57
Yen-denominated		3,626			309			425			9			3,201			300
Other corporate:
U.S. dollar-denominated		7,385			795			2,691			118			4,694			677
Yen-denominated		1,818			280			412			13			1,406			267
Total		$	26,342		$	2,806		$	6,137		$	379		$	20,205		$	2,427

23

	December 31, 2022
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	159		$	8		$	85		$	3		$	74		$	5
Japan government and       agencies:
Yen-denominated		8,856			1,724			3,733			580			5,123			1,144
Municipalities:
U.S. dollar-denominated		854			89			735			57			119			32
Yen-denominated		286			61			150			26			136			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		936			84			640			42			296			42
Yen-denominated		62			12			38			6			24			6
Public utilities:
U.S. dollar-denominated		1,852			180			1,667			144			185			36
Yen-denominated		880			108			576			61			304			47
Sovereign and supranational:
U.S. dollar-denominated		30			12			0			0			30			12
Yen-denominated		71			5			34			4			37			1
Banks/financial institutions:
U.S. dollar-denominated		1,147			105			786			58			361			47
Yen-denominated		3,957			531			1,760			174			2,197			357
Other corporate:
U.S. dollar-denominated		10,529			1,201			8,636			785			1,893			416
Yen-denominated		2,090			408			1,507			273			583			135
Total		$	31,709		$	4,528		$	20,347		$	2,213		$	11,362		$	2,315

Analysis of Securities in Unrealized Loss Positions

The unrealized losses on the Company's fixed maturity securities investments have been primarily related to general market changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal. In the first six months of 2023, the decrease in unrealized losses has been driven by improvements in credit spreads, which have been partially offset by interest rates which have increased along all durations in both the U.S. and Japan.

For any of its fixed maturity securities with significant declines in fair value, the Company performs detailed analyses to identify whether the drivers of the declines are due to general market drivers, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company‘s resources to securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market related, the Company performs a more focused review of the related issuers' specific credit profile.

For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other

24

relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal.

Assuming no credit-related factors develop, unrealized gains and losses on fixed maturity securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its fixed maturity investments in the sectors shown in the table above have the ability to service their obligations to the Company. Further, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

However, from time to time the Company identifies certain available-for-sale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit-related factors and as a result, a credit allowance will be estimated. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities had not incurred a credit loss and therefore, should not have a credit loss allowance as of June 30, 2023. Refer to the Allowance for Credit Losses section below for additional information.

As of June 30, 2023 and December 31, 2022, the Company had an immaterial amount of fixed maturity securities on nonaccrual status.

Commercial Mortgage and Other Loans

The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs) and middle market loans (MMLs) as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses.

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.

(In millions)	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	2,162	15.9	%	$	2,158	15.8	%
Retail	468		3.4		493		3.6
Apartments/Multi-Family	2,642		19.5		2,701		19.7
Industrial	449		3.3		123		.9
Hospitality	812		6.0		803		5.9
Other	242		1.8		231		1.7
Total transitional real estate loans	6,775		49.9		6,509		47.6
Commercial mortgage loans:
Office	378		2.8		388		2.8
Retail	306		2.3		310		2.3
Apartments/Multi-Family	607		4.5		630		4.6
Industrial	465		3.4		694		5.1
Total commercial mortgage loans	1,756		13.0		2,022		14.8
Middle market loans	5,040		37.1		5,157		37.6
Total commercial mortgage and other loans	$	13,571	100.0	%	$	13,688	100.0	%
Allowance for credit losses	(225)				(192)
Total net commercial mortgage and other loans	$	13,346			$	13,496

CMLs and TREs were secured by properties entirely within the U.S. (with the largest concentrations in California (20%), Texas (12%) and Florida (10%)). MMLs are issued only to companies domiciled within the U.S. and Canada.

25

Transitional Real Estate Loans

TREs are commercial mortgage loans that are typically relatively short-term floating rate instruments secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date.

As of June 30, 2023, the Company had $792 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed.

Commercial Mortgage Loans

CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans.

Middle Market Loans

MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade. The carrying value for MMLs included $26 million and $28 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of June 30, 2023, and December 31, 2022, respectively.

As of June 30, 2023, the Company had commitments of approximately $726 million to fund future MMLs. These commitments are contingent upon the availability of MMLs that meet the Company's underwriting criteria.

Credit Quality Indicators

For TREs, the Company’s key credit quality indicator is loan-to-value (LTV), which is calculated by dividing the current outstanding loan balance by the estimated property value at origination. Given that TREs involve properties undergoing a repositioning of their commercial profile, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed-in-lieu of foreclosure is anticipated.

For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). DSCR is the most recently available operating income of the underlying property compared to the required debt service of the loan.

For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

For the Company’s reinsurance recoverable balance, the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. As of June 30, 2023, the Company's reinsurance counterparties were rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

26

The following tables present as of June 30, 2023 the amortized cost basis of TREs, CMLs and MMLs by year of origination and credit quality indicator.

Transitional Real Estate Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	116	$	653	$	598	$	36	$	153	$	10	$	1,566
60%-69.99%	42		733		751		136		497		382		2,541
70%-79.99%	0		868		918		100		365		146		2,397
80% or greater	0		108		163		0		0		0		271
Total	$	158	$	2,362	$	2,430	$	272	$	1,015	$	538	$	6,775

Commercial Mortgage Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	298	$	46	$	504	$	617	$	1,465	2.53
60%-69.99%	0		0		15		0		45		124		184		1.82
70%-79.99%	0		0		0		0		39		20		59		1.18
80% or greater	0		0		0		0		0		48		48		2.67
Total	$	0	$	0	$	313	$	46	$	588	$	809	$	1,756	2.42
Weighted Average DSCR	0.00		0.00		2.93		1.98		2.44		2.23

Middle Market Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	7	$	58	$	147	$	68	$	37	$	27	$	145	$	489
BB	31		340		458		299		170		126		392		1,816
B	22		236		624		381		445		344		287		2,339
CCC	0		0		21		39		104		156		50		370
CC	0		0		0		0		7		10		0		17
C and lower	0		0		0		0		0		6		3		9
Total	$	60	$	634	$	1,250	$	787	$	763	$	669	$	877	$	5,040

Loan Modifications

The Company granted certain loan modifications in its MML and TRE portfolios during the first six months of 2023. As of June 30, 2023, these loan modifications did not have a material impact on the Company’s results of operations.

Past Due and Nonaccrual Loans

The Company designates nonaccrual status for a nonperforming loan or debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest or principal by the borrower. The Company applies the cash basis method to record any payments received on nonaccrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).

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The following table presents an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the period presented.

	June 30, 2023
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More  Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional Real Estate Loans	$	6,141	$	207	$	427	$	634	$	6,775	$	612
Commercial Mortgage Loans	1,756		0		0		0		1,756		0
Middle Market Loans	4,997		0		43		43		5,040		43
Total	$	12,894	$	207	$	470	$	677	$	13,571	$	655

(1) As of June 30, 2023, there were no loans that were 90 days or more past due that continued to accrue interest

For the three-month and six-month periods ended June 30, 2023, the Company recognized no interest income for TREs, CMLs, or MMLs on nonaccrual status. Of these loans, TREs with an amortized cost of $218 million had no credit loss allowance as of June 30, 2023, because these loans are collateral dependent assets for which the estimated fair values are in excess of amortized cost. As of June 30, 2023, there were no MMLs on nonaccrual status without an allowance for credit losses.

As of December 31, 2022, the Company had an immaterial amount of loans on nonaccrual status.

Allowance for Credit Losses

The Company calculates its allowance for credit losses for held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverable by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity fixed maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country.

The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s LTV and DSCR. On a quarterly basis, CMLs and TREs within a portfolio segment that share similar risk characteristics are pooled for calculation of credit loss allowance. On an ongoing basis, TREs and CMLs with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable), are evaluated individually for credit loss. For example, the credit loss allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the credit loss allowance which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

The credit allowance for the reinsurance recoverable balance is estimated using a probability-of-default (PD) / loss-given-default (LGD) method. The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a PD / LGD method, discounted for the time value of money. For held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and supportable forecasts of macroeconomic variables that impact the determination of PD/LGD over a two-year period for held-to-maturity fixed maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary.

The Company’s held-to-maturity fixed maturity portfolio includes Japan Government and Agency securities of $16.6 billion amortized cost as of June 30, 2023 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement.

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An investment in an available-for-sale fixed maturity security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its fixed maturity security investments portfolio for declines in fair value. The Company's debt impairment model focuses on the ultimate collection of the cash flows from its investments and whether the Company has the intent to sell or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. The determination of the amount of impairments under this model is based upon the Company's periodic evaluation and assessment of known and inherent risks associated with the respective securities. Such evaluations and assessments are revised as conditions change and new information becomes available.

When determining the Company's intention to sell a security prior to recovery of its fair value to amortized cost, the Company evaluates facts and circumstances such as, but not limited to, future cash flow needs, decisions to reposition its security portfolio, and risk profile of individual investment holdings. The Company performs ongoing analyses of its liquidity needs, which includes cash flow testing of its policy liabilities, debt maturities, projected dividend payments, and other cash flow and liquidity needs.

The Company’s methodology for estimating credit losses for available-for-sale fixed maturity securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the fixed maturity securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows.

The following table presents the roll forward of the allowance for credit losses by portfolio segment.

(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Held to Maturity Securities		Available for Sale Securities		Reinsurance Recoverables
Three Months Ended June 30, 2023:
Balance at March 31, 2023	$	(65)	$	(9)	$	(149)	$	(6)	$	0	$	(11)
(Addition to) release of allowance for credit    losses	(11)		0		9		0		0		0
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Three Months Ended June 30, 2022:
Balance at March 31, 2022	$	(52)	$	(8)	$	(98)	$	(8)	$	0	$	(9)
(Addition to) release of allowance for credit    losses	(1)		0		(16)		0		0		0
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)
Six Months Ended June 30, 2023:
Balance at December 31, 2022	$	(54)	$	(9)	$	(129)	$	(7)	$	0	$	(8)
(Addition to) release of allowance for credit    losses	(22)		0		(11)		1		0		(2)
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		0
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Six Months Ended June 30, 2022:
Balance at December 31, 2021	$	(68)	$	(10)	$	(96)	$	(8)	$	0	$	(13)
(Addition to) release of allowance for credit    losses	15		2		(18)		0		0		2
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		3
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)

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During the first six months of 2023, the Company identified certain TREs collateralized with commercial real estate properties with an amortized cost of $626 million in anticipation of potential foreclosure or deed-in lieu foreclosure transactions. As of June 30, 2023, the Company established a credit allowance of $21 million for those amortized loans of $365 million for which the fair value of the collateral was below the amortized cost of the loans.

For assets that are subject to the credit loss measurement, the change in credit loss allowance will be significantly impacted by purchases and sales in those assets during the period as well as entering into new non-cancelable loan commitments. The estimate of credit losses for loan commitments as of June 30, 2023 was $20 million.

Other Investments

The table below reflects the composition of the carrying value for other investments as of the periods presented.

(In millions)	June 30, 2023			December 31, 2022
Other investments:
Policy loans		$	202		$	214
Short-term investments (1)		2,706			1,532
Limited partnerships		2,551			2,290
Other		32			34
Total other investments		$	5,491		$	4,070

(1) Includes securities lending collateral

The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheet. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statement of earnings.

As of June 30, 2023, the Company had $2.3 billion in outstanding commitments to fund alternative investments in limited partnerships.

Variable Interest Entities (VIEs)

As a condition of its involvement or investment in a VIE, the Company enters into certain protective rights and covenants that preclude changes in the structure of the VIE that would alter the creditworthiness of the Company's investment or its beneficial interest in the VIE.

For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature. The Company is not, nor has it been, required to purchase any securities issued in the future by these VIEs.

The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable.

The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments held in the VIE.

VIEs - Consolidated

The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

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Investments in Consolidated Variable Interest Entities

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost (1)			Fair Value			Amortized Cost (1)			Fair Value
Assets:
Fixed maturity securities, available for sale		$	2,922		$	3,766		$	3,223		$	3,805
Commercial mortgage and other loans		10,652			10,605			10,832			10,762
Other investments (2)		2,163			2,163			1,909			1,909
Other assets (3)		61			61			62			62
Total assets of consolidated VIEs		$	15,798		$	16,595		$	16,026		$	16,538
Liabilities:
Other liabilities (3)		$	450		$	450		$	390		$	390
Total liabilities of consolidated VIEs		$	450		$	450		$	390		$	390

(1) Net of allowance for credit losses

(2) Consists entirely of alternative investments in limited partnerships

(3) Consists entirely of derivatives

The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature.

Investments in Unit Trust Structures

The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes. As the sole investor of these VIEs, the Company is required to consolidate these trusts under U.S. GAAP.

VIEs - Not Consolidated

The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported.

Investments in Variable Interest Entities Not Consolidated

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Assets:
Fixed maturity securities, available for sale		$	3,522		$	3,924		$	3,998		$	4,259
Other investments (1)		388			388			381			381
Total investments in VIEs not consolidated		$	3,910		$	4,312		$	4,379		$	4,640

(1) Consists entirely of alternative investments in limited partnerships

Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed by their corporate parents or sponsors. These VIEs are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance,

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nor does it have the obligation to absorb losses of the entity or the right to receive benefits from the entity. As such, the Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them.

The Company holds alternative investments in limited partnerships that have been determined to be VIEs. These partnerships invest in private equity and structured investments. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as Other investments in the consolidated balance sheets.

Securities Lending and Pledged Securities

The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These short-term security-lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's security lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected on the consolidated financial statements.

Details of collateral by loaned security type and remaining maturity of the agreements were as follows:

Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	June 30, 2023								December 31, 2022
(In millions)	Overnight and Continuous(1)		Up to 30 days		30-90 days		Total		Overnight and Continuous(1)		Up to 30 days		Total
Securities lending   transactions:
Fixed maturity securities:
Japan government and   agencies	$	0	$	3,784	$	566	$	4,350	$	0	$	1,087	$	1,087
Public utilities	6		0		0		6		12		0		12
Banks/financial institutions	38		0		0		38		89		0		89
Other corporate	285		0		0		285		621		0		621
Total borrowings	$	329	$	3,784	$	566	$	4,679	$	722	$	1,087	$	1,809
Gross amount of recognized liabilities for securities    lending transactions							$	4,679					$	1,809

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $5.0 billion and $6.8 billion at June 30, 2023 and December 31, 2022, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected on the consolidated financial statements.

The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of June 30, 2023, and December 31, 2022, respectively.

Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements on certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.

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4.    DERIVATIVE INSTRUMENTS

The Company's freestanding derivative financial instruments have historically consisted of:

•foreign currency forwards and options used in hedging foreign exchange risk on U.S. dollar-denominated investments in Aflac Japan's portfolio, with options used on a standalone basis and/or in a collar strategy;

•foreign currency forwards and options used to economically hedge certain portions of forecasted cash flows denominated in yen and hedge the Company's long term exposure to a weakening yen;

•cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain senior notes and subordinated debentures;

•foreign currency swaps that are associated with variable interest entity (VIE) bond purchase commitments, and investments in special-purpose entities, including VIEs where the Company is the primary beneficiary;

•interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

•interest rate swaptions used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale fixed-maturity securities; and

•bond purchase commitments at the inception of investments in consolidated VIEs.

Some of the Company's derivatives are designated as cash flow hedges, fair value hedges or net investment hedges; however, other derivatives do not qualify for hedge accounting or the Company elects not to designate them as accounting hedges.

Derivative Types

Foreign currency forwards and options are executed for the Aflac Japan segment in order to hedge the currency risk on the carrying value of certain U.S. dollar-denominated investments. The average maturity of these forwards and options can change depending on factors such as market conditions and types of investments being held. In situations where the maturity of the forwards and options is shorter than the underlying investment being hedged, the Company may enter into new forwards and options near maturity of the existing derivative in order to continue hedging the underlying investment. In forward transactions, Aflac Japan agrees with another party to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. The Company also uses one-sided foreign currency put options to mitigate the settlement risk on U.S. dollar-denominated assets related to extreme foreign currency rate changes. From time to time, Aflac Japan also executes foreign currency option transactions in a collar strategy, where Aflac Japan agrees with another party to simultaneously purchase put options and sell call options. In the purchased put transactions, Aflac Japan obtains the option to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. In the sold call transactions, Aflac Japan agrees to sell a fixed amount of yen and buy a corresponding amount of U.S. dollars at a specified future date. The combination of purchasing the put option and selling the call option results in no net premium being paid (i.e. a costless or zero-cost collar).

From time to time, the Company may also enter into foreign currency forwards and options to hedge the currency risk associated with the net investment in Aflac Japan. In these forward transactions, the Company agrees with another party to buy a fixed amount of U.S. dollars and sell a corresponding amount of yen at a specified price at a specified future date. In the option transactions, the Company may use a combination of foreign currency options to protect expected future cash flows by simultaneously purchasing yen put options (options that protect against a weakening yen) and selling yen call options (options that limit participation in a strengthening yen). The combination of these two actions create a zero-cost collar. Additionally, the Company enters into purchased options to hedge cash flows from the net investment in Aflac Japan.

The Company enters into foreign currency swaps pursuant to which it exchanges an initial principal amount in one currency for an initial principal amount of another currency, with an agreement to re-exchange the principal amounts at a future date. There may also be periodic exchanges of payments at specified intervals based on the agreed upon rates and notional amounts. Foreign currency swaps are used primarily in the consolidated VIEs in the Company's Aflac Japan portfolio to convert foreign-denominated cash flows to yen, the functional currency of Aflac Japan, in order to minimize cash flow fluctuations. The Company also uses foreign currency swaps to economically convert certain of its U.S. dollar-denominated senior note and subordinated debenture principal and interest obligations into yen-denominated obligations.

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In order to reduce investment income volatility from its variable-rate investments, the Company enters into receive–fixed, pay–floating interest rate swaps. These derivatives are cleared and settled through a central clearinghouse.

Swaptions are used to mitigate the adverse impact resulting from significant changes in the fair value of U.S. dollar-denominated available-for-sale securities due to fluctuation in interest rates. In a payer swaption, the Company pays a premium to obtain the right, but not the obligation, to enter into a swap contract where it will pay a fixed rate and receive a floating rate. Interest rate swaption collars are combinations of two swaption positions. In order to maximize the efficiency of the collars while minimizing cost, a collar strategy is used whereby the Company purchases a long payer swaption (the Company purchases an option that allows it to enter into a swap where the Company will pay the fixed rate and receive the floating rate of the swap) and sells a short receiver swaption (the Company sells an option that provides the counterparty with the right to enter into a swap where the Company will receive the fixed rate and pay the floating rate of the swap). The combination of purchasing the long payer swaption and selling the short receiver swaption results in no net premium being paid (i.e. a costless or zero-cost collar).

Bond purchase commitments result from repackaged bond structures that are consolidated VIEs whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated VIE that issues the repackaged bond. Since the Company has a commitment to purchase the underlying bond at a specified price, the agreement meets the definition of a derivative where the value is derived based on the current market value of the bond compared to the fixed purchase price to be paid on the settlement date.

Derivative Balance Sheet Classification

The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in “Other Assets,” while derivative liabilities are included in “Other Liabilities” within the Company’s Consolidated Balance Sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.

		June 30, 2023									December 31, 2022
(In millions)				Asset Derivatives			Liability Derivatives						Asset Derivatives			Liability Derivatives
Hedge Designation/ Derivative   Type	Notional Amount			Fair Value			Fair Value			Notional Amount			Fair Value			Fair Value
Cash flow hedges:
Foreign currency swaps - VIE		$	18		$	0		$	4		$	18		$	0		$	3
Total cash flow hedges		18			0			4			18			0			3
Fair value hedges:
Foreign currency options		8,241			0			0			7,940			45			0
Total fair value hedges		8,241			0			0			7,940			45			0
Net investment hedge:
Foreign currency forwards		5,002			552			0			4,982			383			85
Foreign currency options		2,368			0			0			2,630			7			0
Total net investment hedge		7,370			552			0			7,612			390			85
Non-qualifying strategies:
Foreign currency swaps		1,200			46			0			1,900			66			0
Foreign currency swaps - VIE		3,510			61			446			3,420			62			387
Foreign currency forwards		3,701			0			440			5,049			17			640
Foreign currency options		5,221			0			0			5,521			30			0
Interest rate swaps		25,860			9			591			17,730			7			583
Total non-qualifying strategies		39,492			116			1,477			33,620			182			1,610
Total derivatives		$	55,121		$	668		$	1,481		$	49,190		$	617		$	1,698

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Cash Flow Hedges

For certain variable-rate U.S. dollar-denominated available-for-sale securities held by Aflac Japan via consolidated VIEs, foreign currency swaps are used to swap the U.S. Dollar (USD) variable rate interest and principal payments to fixed rate Japanese Yen (JPY) interest and principal payments. The Company has designated foreign currency swaps as a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset (“cash flow” hedge). The remaining maximum length of time for which these cash flows are hedged is approximately three years. The derivatives in the Company's consolidated VIEs that are not designated as accounting hedges are discussed in the "Non-qualifying Strategies" section of this note.

Fair Value Hedges

The Company designates and accounts for certain foreign currency forwards, options, and interest rate swaptions as fair value hedges when they meet the requirements for hedge accounting. The Company recognizes gains and losses on these derivatives as well as the offsetting gain or loss on the related hedged items in current earnings.

Foreign currency forwards and options hedge the foreign currency exposure of certain U.S. dollar-denominated available-for-sale fixed-maturity investments held in Aflac Japan. The change in the fair value of the foreign currency forwards related to the changes in the difference between the spot rate and the forward price is excluded from the assessment of hedge effectiveness. The change in fair value of the foreign currency option related to the time value of the option is recognized in current earnings and is excluded from the assessment of hedge effectiveness.

Interest rate swaptions hedge the interest rate exposure of certain U.S. dollar-denominated available-for-sale securities held in Aflac Japan. For these hedging relationships, the Company excludes time value from the assessment of hedge effectiveness and recognizes changes in the intrinsic value of the swaptions in current earnings within net investment income. The change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term.

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges.

35

Fair Value Hedging Relationships

(In millions)		Hedging Derivatives						Hedged Items
Hedging Derivatives	Hedged Items	Total Gains (Losses)		Gains (Losses) Excluded from Effectiveness Testing(1)		Gains (Losses) Included in Effectiveness Testing(2)		Gains (Losses)(2)		Net Investment Gains (Losses) Recognized for Fair Value Hedge
Three Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(25)	$	(25)	$	0	$	0	$	0
Total gains (losses)		$	(25)	$	(25)	$	0	$	0	$	0
Six Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(64)	$	(64)	$	0	$	0	$	0
Total gains (losses)		$	(64)	$	(64)	$	0	$	0	$	0
Three Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(11)	$	(11)	$	0	$	0	$	0
Total gains (losses)		$	(11)	$	(11)	$	0	$	0	$	0
Six Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(26)	$	(26)	$	0	$	0	$	0
Total gains (losses)		$	(26)	$	(26)	$	0	$	0	$	0

(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statement of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).

(2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the three- and six-month periods ended June 30, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of June 30, 2023 and December 31, 2022; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.

(In millions)	Carrying Amount of the Hedged Assets/(Liabilities)(1)					Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Fixed maturity securities		$	1,892	$	2,360	$	182	$	189

(1) The balance includes hedging adjustment on discontinued hedging relationships of $182 in 2023 and $189 in 2022.

Net Investment Hedge

The Company's investment in Aflac Japan is affected by changes in the yen/dollar exchange rate. To mitigate this exposure, the Parent Company's yen-denominated liabilities (see Note 9) have been designated as non-derivative hedges and certain foreign currency forwards and options have been designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan.

36

The Company's net investment hedge was effective during the three- and six-month periods ended June 30, 2023 and 2022, respectively.

Non-qualifying Strategies

For the Company's derivative instruments in consolidated VIEs that do not qualify for hedge accounting treatment, all changes in their fair value are reported in current period earnings within net investment gains (losses). The amount of gain or loss recognized in earnings for the Company's VIEs is attributable to the derivatives in those investment structures. While the change in value of the swaps is recorded through current period earnings, the change in value of the available-for-sale fixed maturity securities associated with these swaps is recorded through other comprehensive income.

As of June 30, 2023, the Parent Company had $1.2 billion notional amount of cross-currency interest rate swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Changes in the values of these swaps are recorded through current period earnings. For additional information regarding these swaps, see Note 9 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

The Company uses foreign exchange forwards and options to economically mitigate the currency risk of some of its U.S. dollar-denominated loan receivables held within the Aflac Japan segment. These arrangements are not designated as accounting hedges, as the foreign currency remeasurement of the loan receivables impacts current period earnings, and substantially offsets gains and losses from foreign exchange forwards within net investment gains (losses). The Company also has certain foreign exchange forwards on U.S. dollar-denominated available-for-sale securities where hedge accounting is not being applied.

The Company uses interest rate swaps to economically convert the variable rate investment income to a fixed rate on certain variable-rate investments.

37

Impact of Derivatives and Hedging Instruments

The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.

	Three Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(1)			$	1		$	0		$	(1)			$	0
Total cash flow hedges		0			(1)		(3)		1			0			(1)		(3)		0
Fair value hedges:
Foreign currency options					(25)										(11)
Total fair value hedges					(25)										(11)
Net investment hedge:
Non-derivative hedging           instruments					0				313						0				324
Foreign currency forwards					37				393						(25)				522
Foreign currency options					(5)				0						0				0
Total net investment hedge					32				706						(25)				846
Non-qualifying strategies:
Foreign currency swaps					2										107
Foreign currency swaps - VIE					(63)										(39)
Foreign currency forwards					(331)										(473)
Foreign currency options					(18)										(3)
Interest rate swaps					(189)										(110)
Forward bond purchase          commitment - VIE					(1)										(3)
Total non- qualifying strategies					(600)										(521)
Total		$	0		$	(594)			$	707		$	0		$	(558)			$	846

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2023, and $1 of losses during the three-month period ended June 30, 2022.

38

	Six Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(2)			$	2		$	0		$	(2)			$	1
Total cash flow hedges		0			(2)		(3)		2			0			(2)		(3)		1
Fair value hedges:
Foreign currency options					(64)										(26)
Total fair value hedges					(64)										(26)
Net investment hedge:
Non-derivative hedging          instruments					0				338						0				523
Foreign currency forwards					127				422						(101)				823
Foreign currency options					(8)				0						(1)				0
Total net investment hedge					119				760						(102)				1,346
Non-qualifying strategies:
Foreign currency swaps					3										135
Foreign currency swaps - VIE					(90)										(16)
Foreign currency forwards					(382)										(714)
Foreign currency options					(37)										(13)
Interest rate swaps					(120)										(266)
Forward bond purchase          commitment - VIE					(4)										(20)
Total non-qualifying strategies					(630)										(894)
Total		$	0		$	(577)			$	762		$	0		$	(1,024)			$	1,347

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2023, and $1 of losses during the six-month period ended June 30, 2022.

As of June 30, 2023, $5 million of deferred losses on derivative instruments recorded in accumulated other comprehensive income are expected to be reclassified into earnings during the next twelve months.

Credit Risk Assumed through Derivatives

For the foreign currency swaps associated with the Company's VIE investments for which it is the primary beneficiary, the Company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts.

The Company is a direct counterparty to the foreign currency swaps that it has entered into in connection with certain of its senior notes and subordinated debentures; foreign currency forwards; and foreign currency options, and therefore the Company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts. The risk of counterparty default for the Company's foreign currency swaps, certain foreign currency forwards, and foreign currency options is mitigated by collateral posting requirements that counterparties to those transactions must meet.

As of June 30, 2023, all of the Company's derivative agreement counterparties were investment grade.

39

The Company engages in over-the-counter (OTC) bilateral derivative transactions directly with unaffiliated third parties under International Swaps and Derivatives Association, Inc. (ISDA) agreements and other documentation. Most of the ISDA agreements also include Credit Support Annexes (CSAs) provisions, which generally provide for two-way collateral postings at the first dollar of exposure. The Company mitigates the risk that counterparties to transactions might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value while generally requiring that collateral be posted at the outset of the transaction. In addition, a significant portion of the derivative transactions have provisions that give the counterparty the right to terminate the transaction upon a downgrade of the Company's financial strength rating. The actual amount of payments that the Company could be required to make depends on market conditions, the fair value of outstanding affected transactions, and other factors prevailing at and after the time of the downgrade.

The Company also engages in OTC cleared derivative transactions through regulated central clearing counterparties. These positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to these derivatives.

Collateral posted by the Company to third parties for derivative transactions can generally be repledged or resold by the counterparties. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position by counterparty was approximately $1.2 billion and $1.3 billion as of June 30, 2023, and December 31, 2022, respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2023, the Company estimates that it would be required to post a maximum of $162 million of additional collateral to these derivative counterparties. The Company is generally allowed to sell or repledge collateral obtained from its derivative counterparties, although it does not typically exercise such rights. (See the Offsetting tables below for collateral posted or received as of the reported balance sheet dates.)

Offsetting of Financial Instruments and Derivatives

Most of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Parent Company or its subsidiaries and the respective counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements with the master netting arrangements generally provide that the Company will receive or pledge financial collateral at the first dollar of exposure.

The Company has securities lending agreements with unaffiliated financial institutions that post collateral to the Company in return for the use of its fixed maturity and public equity securities (see Note 3). When the Company has entered into securities lending agreements with the same counterparty, the agreements generally provide for net settlement in the event of default by the counterparty. This right of set-off allows the Company to keep and apply collateral received if the counterparty failed to return the securities borrowed from the Company as contractually agreed.

The tables below summarize the Company's derivatives and securities lending transactions, and as reflected in the tables, in accordance with U.S. GAAP, the Company's policy is to not offset these financial instruments in the Consolidated Balance Sheets.

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Offsetting of Financial Assets and Derivative Assets

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	598		$	0		$	598		$	(1)	$	(70)		$	(527)		$	0
OTC - cleared		9			0			9			(9)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		607			0			607			(10)		(70)			(527)			0
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		61						61											61
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		61						61											61
Total derivative       assets		668			0			668			(10)		(70)			(527)			61
Securities lending    and similar    arrangements		4,654			0			4,654			0		0			(4,654)			0
Total		$	5,322		$	0		$	5,322		$	(10)	$	(70)		$	(5,181)		$	61

41

December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	548		$	0		$	548		$	(167)	$	(60)		$	(320)		$	1
OTC - cleared		7			0			7			(7)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		555			0			555			(174)		(60)			(320)			1
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		62						62											62
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		62						62											62
Total derivative       assets		617			0			617			(174)		(60)			(320)			63
Securities lending    and similar    arrangements		1,788			0			1,788			0		0			(1,788)			0
Total		$	2,405		$	0		$	2,405		$	(174)	$	(60)		$	(2,108)		$	63

42

Offsetting of Financial Liabilities and Derivative Liabilities

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	440		$	0		$	440		$	(1)	$	(395)		$	(39)		$	5
OTC - cleared		591			0			591			(9)		(25)			(557)			0
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,031			0			1,031			(10)		(420)			(596)			5
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		450						450											450
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		450						450											450
Total derivative       liabilities		1,481			0			1,481			(10)		(420)			(596)			455
Securities lending    and similar    arrangements		4,679			0			4,679			(4,654)		0			0			25
Total		$	6,160		$	0		$	6,160		$	(4,664)	$	(420)		$	(596)		$	480

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December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	725		$	0		$	725		$	(167)	$	(506)		$	(52)		$	0
OTC - cleared		583			0			583			(7)		0			(577)			(1)
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,308			0			1,308			(174)		(506)			(629)			(1)
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		390						390											390
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		390						390											390
Total derivative       liabilities		1,698			0			1,698			(174)		(506)			(629)			389
Securities lending    and similar    arrangements		1,809			0			1,809			(1,788)		0			0			21
Total		$	3,507		$	0		$	3,507		$	(1,962)	$	(506)		$	(629)		$	410

For additional information on the Company's financial instruments, see the accompanying Notes 3 and 5 and Notes 1, 3 and 5 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

5.    FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. These two types of inputs create three valuation hierarchy levels. Level 1 valuations reflect quoted market prices for identical assets or liabilities in active markets. Level 2 valuations reflect quoted market prices for similar assets or liabilities in an active market, quoted market prices for identical or similar assets or liabilities in non-active markets or model-derived valuations in which all significant valuation inputs are observable in active markets. Level 3 valuations reflect valuations in which one or more of the significant inputs are not observable in an active market.

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.

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	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	23,022		$	931		$	0		$	23,953
Municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities		0			7,267			302			7,569
Sovereign and supranational		0			642			32			674
Banks/financial institutions		0			8,780			69			8,849
Other corporate		0			27,710			572			28,282
Total fixed maturity securities		23,022			49,856			1,627			74,505
Equity securities		752			0			213			965
Other investments		2,706			0			0			2,706
Cash and cash equivalents		4,720			0			0			4,720
Other assets:
Foreign currency swaps		0			107			0			107
Foreign currency forwards		0			552			0			552
Foreign currency options		0			0			0			0
Interest rate swaps		0			9			0			9
Total other assets		0			668			0			668
Total assets		$	31,200		$	50,524		$	1,840		$	83,564
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	450		$	0		$	450
Foreign currency forwards		0			440			0			440
Interest rate swaps		0			591			0			591
Total liabilities		$	0		$	1,481		$	0		$	1,481

45

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	24,158		$	956		$	0		$	25,114
Municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities		0			7,169			497			7,666
Sovereign and supranational		0			797			37			834
Banks/financial institutions		0			9,140			159			9,299
Other corporate		0			27,620			742			28,362
Total fixed maturity securities		24,158			49,805			1,778			75,741
Equity securities		822			60			209			1,091
Other investments		1,532			0			0			1,532
Cash and cash equivalents		3,943			0			0			3,943
Other assets:
Foreign currency swaps		0			128			0			128
Foreign currency forwards		0			400			0			400
Foreign currency options		0			82			0			82
Interest rate swaps		0			7			0			7
Total other assets		0			617			0			617
Total assets		$	30,455		$	50,482		$	1,987		$	82,924
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	390		$	0		$	390
Foreign currency forwards		0			725			0			725
Interest rate swaps		0			583			0			583
Total liabilities		$	0		$	1,698		$	0		$	1,698

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The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.

	June 30, 2023
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,     carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	16,715		$	18,932		$	170		$	0		$	19,102
Municipalities		261			0			314			0			314
Public utilities		35			0			39			0			39
Sovereign and    supranational		408			0			462			0			462
Other corporate		17			0			21			0			21
Commercial mortgage and     other loans		13,346			0			0			13,014			13,014
Other investments (1)		32			0			32			0			32
Total assets		$	30,814		$	18,932		$	1,038		$	13,014		$	32,984
Liabilities:
Other policyholders’ funds		$	6,115		$	0		$	0		$	6,020		$	6,020
Notes payable    (excluding leases)		6,941			0			5,887			735			6,622
Total liabilities		$	13,056		$	0		$	5,887		$	6,755		$	12,642

(1) Excludes policy loans of $202 and equity method investments of $2,551, at carrying value

47

	December 31, 2022
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,    carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	18,267		$	20,132		$	180		$	0		$	20,312
Municipalities		287			0			335			0			335
Public utilities		37			0			41			0			41
Sovereign and    supranational		446			0			500			0			500
Other corporate		19			0			22			0			22
Commercial mortgage and     other loans		13,496			0			0			13,212			13,212
Other investments (1)		34			0			34			0			34
Total assets		$	32,586		$	20,132		$	1,112		$	13,212		$	34,456
Liabilities:
Other policyholders’ funds		$	6,643		$	0		$	0		$	6,543		$	6,543
Notes payable    (excluding leases)		7,295			0			6,024			802			6,826
Total liabilities		$	13,938		$	0		$	6,024		$	7,345		$	13,369

(1) Excludes policy loans of $214 and equity method investments of $2,290, at carrying value

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Fair Value of Financial Instruments

Fixed maturity and equity securities

The Company determines the fair values of fixed maturity securities and public equity securities using the following approaches or techniques: price quotes and valuations from third party pricing vendors (including quoted market prices readily available from public exchange markets), in-house valuations and non-binding price quotes the Company obtains from outside brokers.

The fair values of the Company’s public fixed maturity securities are generally based on prices provided by third-party pricing vendors. The Company utilizes internally generated valuations or broker quotes for privately-issued fixed maturity securities or fixed maturity securities where there is no price available from a third-party pricing vendor. For internally generated valuations, the Company utilizes valuation models developed by a third-party pricing vendor. The models and associated processes and controls are executed by Company personnel.

48

These models are discounted cash flow (DCF) valuation models but also use information from related markets, specifically public bond markets and the credit default swap (CDS) market, to estimate expected cash flows. The models take into consideration any unique characteristics of the securities and make various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve using the most appropriate comparable security(ies) of the issuer and issuer-specific CDS spreads. This credit curve is then used with the relevant recovery rates to estimate expected cash flows and modeling of additional features, including illiquidity adjustments, if necessary, to price the security by discounting those loss adjusted cash flows. In cases where a credit curve cannot be developed from market information for the specific issuer, the valuation methodology takes into consideration other market observable inputs, including:

1)the most appropriate comparable security(ies) of a guarantor and/or parent

2)CDS spreads of a guarantor and/or parent

3)bonds of comparable issuers with similar characteristics such as rating, geography, or sector

4)CDS spreads of an appropriate index or of comparable issuers with similar characteristics such as rating, geography, or sector

5)bond indices that are comparative in rating, industry, maturity, and region.

Prices for public equity securities are readily available and are acquired from independent market data providers or established security dealer associations.

The pricing data and market quotes the Company obtains from outside sources, including third party pricing services, are reviewed internally for reasonableness. If a fair value appears unreasonable, the Company will re-examine the inputs and assess the reasonableness of the pricing data with the provider. Additionally, the Company may compare the inputs to relevant market indices and other performance measurements. Based on management's analysis, the valuation is confirmed or may be revised if there is evidence of a more appropriate estimate of fair value based on available market data. The Company has performed verification of the inputs and calculations in any valuation models, including independent validations and back testing, to confirm that the valuations represent reasonable estimates of fair value.

For the periods presented, the Company has not adjusted the quotes or prices it obtains from the pricing services and brokers it uses.

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.

49

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	23,022		$	572		$	0		$	23,594
Internal		0			359			0			359
Total government and agencies		23,022			931			0			23,953
Municipalities:
Third party pricing vendor		0			2,030			0			2,030
Internal		0			293			0			293
Total municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities:
Third party pricing vendor		0			2,193			0			2,193
Internal		0			10			82			92
Broker/other		0			0			570			570
Total mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities:
Third party pricing vendor		0			3,778			0			3,778
Internal		0			3,460			0			3,460
Broker/other		0			29			302			331
Total public utilities		0			7,267			302			7,569
Sovereign and supranational:
Third party pricing vendor		0			215			0			215
Internal		0			427			0			427
Broker/other		0			0			32			32
Total sovereign and supranational		0			642			32			674
Banks/financial institutions:
Third party pricing vendor		0			4,502			0			4,502
Internal		0			4,278			63			4,341
Broker/other		0			0			6			6
Total banks/financial institutions		0			8,780			69			8,849
Other corporate:
Third party pricing vendor		0			22,151			0			22,151
Internal		0			5,460			204			5,664
Broker/other		0			99			368			467
Total other corporate		0			27,710			572			28,282
Total securities available for sale		$	23,022		$	49,856		$	1,627		$	74,505
Equity securities, carried at fair value:
Third party pricing vendor		$	752		$	0		$	0		$	752
Broker/other		0			0			213			213
Total equity securities		$	752		$	0		$	213		$	965

50

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	18,932		$	170		$	0		$	19,102
Total government and agencies		18,932			170			0			19,102
Municipalities:
Third party pricing vendor		0			314			0			314
Total municipalities		0			314			0			314
Public utilities:
Third party pricing vendor		0			39			0			39
Total public utilities		0			39			0			39
Sovereign and supranational:
Third party pricing vendor		0			229			0			229
Internal		0			233			0			233
Total sovereign and supranational		0			462			0			462
Other corporate:
Third party pricing vendor		0			21			0			21
Total other corporate		0			21			0			21
Total securities held to maturity		$	18,932		$	1,006		$	0		$	19,938

51

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	24,158		$	582		$	0		$	24,740
Internal		0			374			0			374
Total government and agencies		24,158			956			0			25,114
Municipalities:
Third party pricing vendor		0			2,021			0			2,021
Internal		0			299			0			299
Total municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities:
Third party pricing vendor		0			1,798			0			1,798
Internal		0			3			0			3
Broker/other		0			2			343			345
Total mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities:
Third party pricing vendor		0			3,786			0			3,786
Internal		0			3,383			0			3,383
Broker/other		0			0			497			497
Total public utilities		0			7,169			497			7,666
Sovereign and supranational:
Third party pricing vendor		0			232			0			232
Internal		0			565			0			565
Broker/other		0			0			37			37
Total sovereign and supranational		0			797			37			834
Banks/financial institutions:
Third party pricing vendor		0			4,622			0			4,622
Internal		0			4,518			105			4,623
Broker/other		0			0			54			54
Total banks/financial institutions		0			9,140			159			9,299
Other corporate:
Third party pricing vendor		0			22,268			0			22,268
Internal		0			5,352			200			5,552
Broker/other		0			0			542			542
Total other corporate		0			27,620			742			28,362
Total securities available for sale		$	24,158		$	49,805		$	1,778		$	75,741
Equity securities, carried at fair value:
Third party pricing vendor		$	822		$	60		$	0		$	882
Broker/other		0			0			209			209
Total equity securities		$	822		$	60		$	209		$	1,091

52

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	20,132		$	180		$	0		$	20,312
Total government and agencies		20,132			180			0			20,312
Municipalities:
Third party pricing vendor		0			335			0			335
Total municipalities		0			335			0			335
Public utilities:
Third party pricing vendor		0			41			0			41
Total public utilities		0			41			0			41
Sovereign and supranational:
Third party pricing vendor		0			242			0			242
Broker/other		0			258			0			258
Total sovereign and supranational		0			500			0			500
Other corporate:
Third party pricing vendor		0			22			0			22
Total other corporate		0			22			0			22
Total securities held to maturity		$	20,132		$	1,078		$	0		$	21,210

The following is a discussion of the determination of fair value of the Company's remaining financial instruments.

Derivatives

The Company uses derivative instruments to manage the risk associated with certain assets. However, the derivative instrument may not be classified in the same fair value hierarchy level as the associated asset. The significant inputs to pricing derivatives are generally observable in the market or can be derived by observable market data. When these inputs are observable, the derivatives are classified as Level 2.

The Company uses present value techniques to value non-option based derivatives. It also uses option pricing models to value option based derivatives. Key inputs are as follows:

Instrument Type	Level 2
Interest rate derivatives	Swap yield curves Basis curves Interest rate volatility (1)
Foreign currency exchange rate derivatives - Non-VIES (forwards, swaps and options)	Foreign currency forward rates Swap yield curves Basis curves Foreign currency spot rates Cross foreign currency basis curves Foreign currency volatility (1)
Foreign currency exchange rate derivatives - VIEs (swaps)	Foreign currency spot rates Swap yield curves Credit default swap curves Basis curves Recovery rates Foreign currency forward rates Foreign cross currency basis curves

(1) Option-based only

53

The fair values of the foreign currency forwards and options are based on observable market inputs, therefore they are classified as Level 2.

The Parent Company has cross-currency swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Their fair values are based on observable market inputs, therefore they are classified as Level 2.

To determine the fair value of its interest rate derivatives, the Company uses inputs that are generally observable in the market or can be derived from observable market data. Interest rate swaps are cleared trades. In a cleared swap contract, the clearinghouse provides benefits to the counterparties similar to contracts listed for investment traded on an exchange since it maintains a daily margin to mitigate counterparties' credit risk. These derivatives are priced using observable inputs, accordingly, they are classified as Level 2.

For derivatives associated with VIEs where the Company is the primary beneficiary, the Company is not the direct counterparty to the swap contracts. Nevertheless, the Company has full transparency into the contracts to properly value the swaps for reporting purposes. For these derivatives, the Company utilizes valuation models developed by independent valuation analytics providers. The models are market standard DCF models and all associated processes and controls are executed by Company personnel. These models take into consideration any unique characteristics of the derivatives in determining the appropriate valuation methodology to estimate expected cash flows. The fair values of these swaps are based on observable market inputs and are classified as Level 2 within the fair value hierarchy.

For forward bond purchase commitments with VIEs, the fair value of the derivative is based on the difference in the fixed purchase price and the current market value of the related bond prior to the settlement date. Since the bond is typically a public bond with readily available pricing, the derivatives associated with the forward purchase commitment are classified as Level 2 within the fair value hierarchy.

Commercial mortgage and other loans

Commercial mortgage and other loans include TREs, CMLs and MMLs. The Company's loan receivables do not have readily determinable market prices and generally lack market liquidity. Fair values for loan receivables are determined based on the present value of expected future cash flows discounted at the applicable U.S. Treasury or floating-rate benchmark yield plus an appropriate spread that considers other risk factors, such as credit and liquidity risk. The spreads are a significant component of the pricing inputs and are generally considered unobservable. Therefore, these investments are classified as Level 3 within the fair value hierarchy.

Other investments

Other investments includes short-term investments that are measured at fair value where amortized cost approximates fair value.

Other policyholders' funds

The largest component of the other policyholders' funds liability is the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums. For this product, the Company estimates the fair value to be equal to the cash surrender value. This is analogous to the value paid to policyholders on the valuation date if they were to surrender their policy. The Company periodically checks the cash value against discounted cash flow projections for reasonableness. The Company considers its inputs for this valuation to be unobservable and have accordingly classified this valuation as Level 3.

Notes payable

The fair values of the Company's publicly issued notes payable are determined by utilizing available sources of observable inputs from third party pricing vendors and are classified as Level 2. The fair values of the Company's yen-denominated loans approximate their carrying values and are classified as Level 3.

54

Transfers between Hierarchy Levels and Level 3 Rollforward

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.

Three Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	418	$	350	$	37	$	161	$	753	$	221	$	1,940
Net investment gains (losses) included   in earnings	0		0		0		0		0		(8)		(8)
Unrealized gains (losses) included in   other comprehensive income (loss)	(13)		(16)		(3)		2		(22)		0		(52)
Purchases, issuances, sales and   settlements:
Purchases	136		0		0		0		37		0		173
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(13)		(2)		(2)		(7)		(1)		0		(25)
Transfers into Level 3	124		0		0		0		0		0		124
Transfers out of Level 3	0		(30)		0		(87)		(195)		0		(312)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(8)	$	(8)

Three Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	318	$	585	$	41	$	60	$	290	$	166	$	1,460
Net investment gains (losses) included   in earnings	0		1		0		0		0		(6)		(5)
Unrealized gains (losses) included in   other comprehensive income (loss)	(54)		(44)		(5)		(2)		(37)		0		(142)
Purchases, issuances, sales and   settlements:
Purchases	90		19		0		33		122		33		297
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(36)		(24)		0		0		(1)		0		(61)
Transfers into Level 3	0		0		0		0		258		0		258
Transfers out of Level 3	(7)		0		0		0		0		(3)		(10)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(6)	$	(6)

55

Six Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	343	$	497	$	37	$	159	$	742	$	209	$	1,987
Net investment gains (losses) included   in earnings	0		0		0		0		0		(6)		(6)
Unrealized gains (losses) included in   other comprehensive income (loss)	(10)		(6)		(3)		4		8		0		(7)
Purchases, issuances, sales   and settlements:
Purchases	328		0		0		0		112		10		450
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(133)		(9)		(2)		(7)		(3)		0		(154)
Transfers into Level 3	124		18		0		0		0		0		142
Transfers out of Level 3	0		(198)		0		(87)		(287)		0		(572)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	(5)	$	(5)

Six Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	291	$	493	$	43	$	45	$	426	$	173	$	1,471
Net investment gains (losses) included   in earnings	0		1		0		0		0		1		2
Unrealized gains (losses) included in   other comprehensive income (loss)	(69)		(81)		(7)		(2)		(55)		0		(214)
Purchases, issuances, sales and   settlements:
Purchases	166		28		0		33		122		43		392
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(38)		(32)		0		(3)		(2)		(7)		(82)
Transfers into Level 3	0		128		0		18		282		0		428
Transfers out of Level 3	(39)		0		0		0		(141)		(20)		(200)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	1	$	0	$	0	$	0	$	(2)	$	(1)

56

Fair Value Sensitivity

Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2023
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	652	Consensus pricing	Offered quotes	81.82	-	107.45	(a)	98.37
Public utilities		302		Discounted cash flow	Credit spreads	160 bps	-	298 bps	(b)	213 bps
Sovereign and supranational		32		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		69		Discounted cash flow	Credit spreads	N/A			(c)	N/A
Other corporate		572		Discounted cash flow	Credit spreads	67 bps	-	294 bps	(b)	196 bps
Equity securities		213		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,840

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable.

December 31, 2022
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	343	Consensus pricing	Offered quotes	97.38	-	106.71	(a)	102.98
Public utilities		497		Discounted cash flow	Credit spreads	128 bps	-	286 bps	(b)	192 bps
Sovereign and supranational		37		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		159		Discounted cash flow	Credit spreads	67 bps	-	188 bps	(b)	113 bps
Other corporate		742		Discounted cash flow	Credit spreads	66 bps	-	647 bps	(b)	191 bps
Equity securities		209		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,987

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable

57

The following is a discussion of the significant unobservable inputs or valuation techniques used in determining the fair value of securities classified as Level 3.

Credit Spreads

The Company holds certain assets that are of a unique, specialized, and/or securitized nature that do not trade on a regular basis in an active market, which makes their fair values difficult to estimate. Most of these assets are managed by external asset managers and the Company utilizes these managers for their expertise when evaluating various inputs used to determine the fair values for these assets, including identifying the appropriate credit or risk spread over risk-free interest rates that incorporates the unique nature or structure of the asset in the valuations. For those assets of a similar nature but not managed by external asset managers, the Company internally estimates the spreads and risk adjustments over risk-free interest rates that reflect the unique nature or structure of the asset as well as the current pricing environment and market conditions for comparable or related investments. Credit or risk spreads are an important input needed to complete the discounted cash flow analyses used to estimate an investment’s fair value. Credit or risk spreads underlying these fair values are a significant, unobservable input whose derivation is based on the Company’s evaluation of a combination of the external manager’s expertise and knowledge, the current pricing environment, and market conditions for the specific asset.

Offered Quotes

In circumstances where the Company's valuation model price is overridden because it implies a value that is not consistent with current market conditions, the Company will solicit bids from a limited number of brokers. The Company also receives unadjusted prices from brokers for certain of its mortgage and asset-backed securities. These quotes are non-binding but are reflective of valuation best estimates at that particular point in time. Offered quotes are an unobservable input in the determination of fair value of mortgage- and asset-backed securities, certain banks/financial institutions, certain other corporate, and equity securities investments.

Private Financials

The Company invests in the debt and equity securities of private companies operating in the cancer, healthtech, insurtech, finance, internet of things, big data and analytics sectors. Due to their private and often small, startup nature, these companies rely on capital provided by institutional and private equity investors for their ongoing operations. They do not have public securities that trade on a regular basis in an active market, which makes their fair values difficult to estimate. The Company values these investments on a cost basis with appropriate adjustments made based on monitoring private financial information provided by these companies. Adjustments to valuations are generally made as new funding tranches are executed or if the financial information provided significantly changes indicating the need for impairment. This private financial information is unobservable and is a significant determinant in the fair value of these corporate venture investments.

For additional information on the Company's investments and financial instruments, see the accompanying Notes 3 and 4 and Notes 1, 3 and 4 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

6.     DEFERRED POLICY ACQUISITION COSTS

The following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type.

58

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239
Capitalization	153		63		18		5		76		59		80		39		5		27		0		525
Amortization expense	(94)		(54)		(18)		(2)		(69)		(56)		(67)		(32)		(6)		(11)		2		(407)
Foreign currency translation and   other	(262)		(185)		(44)		(4)		0		0		0		0		0		0		(2)		(497)
Balance at June 30, 2023	$	2,832	$	1,985	$	481	$	54	$	911	$	616	$	1,317	$	425	$	87	$	151	$	1	$	8,860

	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2021	$	3,464	$	2,372	$	595	$	51	$	887	$	604	$	1,270	$	399	$	90	$	115	$	1	$	9,848
Capitalization	291		161		33		12		147		117		160		80		11		40		0		1,052
Amortization expense	(188)		(112)		(35)		(3)		(130)		(108)		(126)		(61)		(13)		(20)		4		(792)
Foreign currency translation and   other	(532)		(260)		(68)		(5)		0		0		0		0		0		0		(4)		(869)
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239

The Company uses the following constant level bases to amortize deferred policy acquisition costs:

Policy Type	Constant-level Basis
Life Products (U.S.)	Face Amount
Health Products (U.S.)	Number of Policies in Force
Health & Life Products (Japan)	Units in Force

Face amount is the stated dollar amount that the policy’s beneficiaries receive upon the death of the insured. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount and insurance in force, respectively. Future DAC amortization is impacted by persistency.

There were no changes to the inputs, judgements, assumptions and methods used to determine amortization amounts during the six-month periods ended June 30, 2023 and 2022.

See Note 1 of the Notes to the Consolidated Financial Statements for more information on deferred policy acquisition costs.

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7.    POLICY LIABILITIES

Future Policy Benefits

The liability for future policy benefits is determined as the present value of future benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of future net premiums receivable under the Company's insurance contracts, where future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

The following tables present the changes in the present value of expected net premiums and the present value of expected future policy benefits by reporting segment and disaggregated by product type.

60

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Beginning balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(198)		(61)		(22)		(5)		(51)		(15)		(139)		(44)		(11)		(9)		0
Adjusted beginning of period balance	18,023		16,134		7,262		1,237		2,709		1,760		4,911		1,321		220		790		118
Issuances	498		204		198		14		185		204		291		153		20		90		55
Interest accrual	218		180		66		11		51		30		94		23		4		14		3
Net premiums earned (1)	(824)		(673)		(549)		(60)		(237)		(193)		(298)		(127)		(20)		(65)		(8)
Foreign currency translation	(1,521)		(1,348)		(597)		(104)		0		0		0		0		0		0		0
Other	0		0		0		0		(3)		(3)		(2)		(1)		2		2		9
Ending balance at original discount rate	16,394		14,497		6,380		1,098		2,705		1,798		4,996		1,369		226		831		177
Effect of changes in discount rate assumptions	1,579		1,135		335		47		(201)		(129)		(497)		(129)		(17)		(68)		(8)
Balance at June 30, 2023	$	17,973	$	15,632	$	6,715	$	1,145	$	2,504	$	1,669	$	4,499	$	1,240	$	209	$	763	$	169
Present value of expected future policy benefits:
Balance at December 31, 2022	$	54,766	$	27,419	$	31,954	$	5,582	$	3,098	$	2,445	$	11,489	$	2,074	$	488	$	1,526	$	622
Beginning balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(232)		(65)		(26)		(2)		(65)		(23)		(166)		(58)		(14)		(12)		(1)
Adjusted beginning of period balance	47,445		27,501		32,774		5,938		3,326		2,613		12,680		2,242		518		1,766		623
Issuances	509		211		201		17		194		212		302		162		23		94		55
Interest accrual	779		323		329		53		63		48		267		43		10		33		16
Benefit payments	(1,592)		(647)		(808)		(107)		(225)		(233)		(446)		(137)		(30)		(56)		(23)
Foreign currency translation	(4,000)		(2,323)		(2,759)		(500)		0		0		0		0		0		0		0
Other	0		0		0		0		0		0		0		0		2		4		9
Ending balance at original discount rate	43,141		25,065		29,737		5,401		3,358		2,640		12,803		2,310		523		1,841		680
Effect of changes in discount rate assumptions	8,551		1,462		670		(25)		(264)		(176)		(1,166)		(201)		(39)		(228)		6
Balance at June 30, 2023	51,692		26,527		30,407		5,376		3,094		2,464		11,637		2,109		484		1,613		686
Net liability for future policy benefits	33,719		10,895		23,692		4,231		590		795		7,138		869		275		850		517
Less: reinsurance recoverable	2,130		1,580		0		0		0		0		0		0		0		11		1
Net liability for future policy benefits after    reinsurance recoverable	$	31,589	$	9,315	$	23,692	$	4,231	$	590	$	795	$	7,138	$	869	$	275	$	839	$	516

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

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	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153
Beginning balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in cash flow assumptions	(639)		317		(494)		25		(52)		5		(38)		42		10		(1)		(12)
Effect of actual variances from expected    experience	(284)		61		(81)		(10)		(152)		(43)		(421)		(111)		(20)		(16)		6
Adjusted beginning of period balance	21,547		19,059		9,489		1,476		2,795		1,722		4,932		1,311		231		763		129
Issuances	947		639		221		62		355		384		537		273		33		146		0
Interest accrual	459		364		146		22		105		57		193		45		9		27		5
Net premiums earned (1)	(1,734)		(1,376)		(1,229)		(123)		(496)		(382)		(612)		(261)		(42)		(131)		(17)
Foreign currency translation	(2,997)		(2,488)		(1,343)		(195)		0		0		0		0		0		0		0
Other	(1)		(3)		0		0		1		(6)		0		(3)		0		(6)		1
Ending balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in discount rate assumptions	1,077		519		201		14		(226)		(140)		(564)		(145)		(20)		(75)		(8)
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Present value of expected future policy benefits:
Balance at December 31, 2021	$	72,747	$	36,021	$	42,720	$	7,322	$	3,949	$	2,871	$	15,388	$	2,552	$	616	$	1,843	$	837
Beginning balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in cash flow assumptions	(721)		352		(550)		96		(70)		5		(43)		40		13		(1)		(15)
Effect of actual variances from expected    experience	(333)		83		(91)		(10)		(177)		(48)		(465)		(130)		(23)		(21)		7
Adjusted beginning of period balance	55,753		31,833		38,361		6,873		3,347		2,627		12,571		2,210		539		1,672		637
Issuances	960		646		222		68		364		397		550		282		34		149		0
Interest accrual	1,599		642		670		106		128		94		539		85		21		62		32
Benefit payments	(3,050)		(1,375)		(1,248)		(202)		(456)		(483)		(823)		(277)		(62)		(103)		(45)
Foreign currency translation	(7,585)		(4,180)		(5,205)		(905)		0		0		0		0		0		0		0
Other	0		0		0		0		8		1		9		0		0		(2)		0
Ending balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in discount rate assumptions	7,089		(147)		(846)		(358)		(293)		(191)		(1,357)		(226)		(44)		(252)		(2)
Balance at December 31, 2022	54,766		27,419		31,954		5,582		3,098		2,445		11,489		2,074		488		1,526		622
Net liability for future policy benefits	35,468		10,705		24,469		4,326		564		810		7,003		854		277		802		512
Less: reinsurance recoverable	0		1,579		0		0		0		0		0		0		0		9		0
Net liability for future policy benefits after    reinsurance recoverable	$	35,468	$	9,126	$	24,469	$	4,326	$	564	$	810	$	7,003	$	854	$	277	$	793	$	512

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

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The following tables present the weighted-average interest rates and weighted-average liability duration (calculated using the original discount rate) by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	3.9 %	2.5 %	2.1 %	1.8 %	3.9 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.1 %	1.6 %	1.9 %	5.2 %	5.3 %	5.2 %	5.2 %	5.2 %	5.2 %	5.2 %
Weighted-average liability duration (years)	13.6	26.4	17.1	17.8	8.4	5.6	11.8	9.5	8.0	12.8	9.4

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

	December 31, 2022
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	4.1 %	2.6 %	2.1 %	1.8 %	3.8 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.2 %	1.6 %	1.9 %	4.8 %	4.7 %	4.8 %	4.8 %	4.8 %	4.8 %	4.8 %
Weighted-average liability duration (years)	13.7	26.9	17.3	18.2	8.5	5.6	12.0	9.4	8.1	13.1	9.6

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

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The following table presents a reconciliation of the disaggregated rollforwards above to the ending future policy benefits presented in the Consolidated Balance Sheets. The deferred profit liability for limited-payment contracts and the deferred profit liability for reinsurance is presented together with the liability for future policy benefits in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	June 30, 2023			December 31, 2022
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	33,719		$	35,468
Medical and other health		10,895			10,705
Life insurance		23,692			24,469
Other		4,231			4,326
Aflac U.S.
Accident		590			564
Disability		795			810
Critical care		7,138			7,003
Hospital indemnity		869			854
Dental/vision		275			277
Life insurance		850			802
Other		517			512
Corporate and other		2,696			686
Deferred profit liability - limited-payment contracts		1,697			1,740
Deferred profit liability - reinsurance		620			692
Intercompany eliminations (1)		(2,680)			(667)
Total		$	85,904		$	88,241

(1) Elimination entry necessary due to the internal reinsurance transaction with Aflac Re and to recapture of a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 of the Notes to the Consolidated Financial Statements.

Discount rates are determined using upper-medium grade (low-credit-risk) fixed-income instrument yields that reflect the duration characteristics of the liability. Locked-in discount rates are determined as a weighted average of monthly upper-medium grade (low-credit-risk) fixed-income instrument forward curves, where the weights are the annualized premiums issued for each month of the cohort. Discount rates are updated each reporting period and require estimation techniques (e.g., interpolation, extrapolation) for determination of points on the curve for which there is limited or no observable market data.

More specifically, the Company constructs a discount rate curve separately for discounting cash flows used to calculate each of the Japan and U.S. liabilities for future policy benefits, reflective of the characteristics of the corresponding insurance liabilities, such as currency and tenor.

In the Aflac Japan segment, all long-duration insurance policies are denominated in yen. A significant portion of policies are characterized by tenors exceeding the availability of liquid market data in Japan for single-A rated (as a proxy for upper-medium grade) corporate yen-denominated debt. The discount rate curve is designed to prioritize the observable inputs where available, while past the last liquid point, the data is derived based on estimation techniques consistent with the fair value guidance in ASC 820. The Aflac Japan segment curve utilizes liquid market indices tracking publicly traded yen-denominated single-A corporate debt for the initial 10-year tenor. For the bonds within these market indices where only local ratings are available, the Company prioritizes the bonds with local ratings that are equivalent to a single-A rating based on international rating standards.

For the discount rates applicable to tenors for which the Japan single-A debt market is not liquid but there is sufficient observable market data and/or the observable market data is available for similar instruments (between 10 and 30 years), the Company estimates tenor-specific single-A credit spreads and applies them to risk-free government rates. Lastly, for the tenors where there is limited or no observable single-A or similar market data or risk-free government rates (beyond 30 years), the discount curve is derived by extrapolation of risk free rates beyond their last liquid point following the Smith-Wilson method and grading of the estimated forward credit spread anchored by the ultimate forward rate. The ultimate

64

forward rate is based on the economic value-based solvency regime, which is consistent with the International Association of Insurance Supervisors (IAIS) Insurance Capital Standards (ICS) (which is expected to be introduced in Japan in 2025), and is adjusted for credit and inflation components.

For the Aflac U.S. segment where all long-duration insurance policies are denominated in U.S. dollar and substantially all have cash flow duration within 30 years, for which the U.S. upper-medium grade fixed-income market is liquid and observable, the Company uses data from a liquid fixed-income market index tracking single-A U.S. corporate debt. For the insignificant portion of the policies with cash flow tenors exceeding 30 years, the discount curve beyond that tenor is extrapolated following the Smith-Wilson method from year 30 to the same ultimate forward rate calculated for the Japan discount curve at year 60 and held constant thereafter. The use of the same ultimate rate for U.S. and Japan segments is based on the assumption of long-term global economic convergence.

For the three-month periods ended June 30, 2023 and 2022, the Company recognized $(165) million and $5.1 billion in other comprehensive income (loss) net of tax, respectively, due to changes in the future policy benefits estimate from updating the discount rate assumptions. For the six-month periods ended June 30, 2023 and 2022, the Company recognized $(3.0) billion and $9.3 billion in other comprehensive income (loss) net of tax, respectively, due to changes in the future policy benefits estimate from updating the discount rate assumptions. There were no changes to the methods used to determine the discount rates during the six-month periods ended June 30, 2023 and 2022.

For the year ended December 31, 2022, the Company recognized $13.7 billion in other comprehensive income (loss) net of tax, due to changes in the future policy benefits estimate from updating the discount rate assumptions. There were no changes to the methods used to determine the discount rates during the year ended December 31, 2022.

Mortality rate assumptions are based on industry tables and adjusted for the Company's actual or expected experience where credible or appropriate. These assumptions typically will vary by age, gender, and other demographic characteristics such as smoking status.

Morbidity assumptions are based on the Company's internal data and consider emerging experience. These assumptions are reflective of the coverage and benefits provided and generally vary by age, gender, duration, and any other material policyholder characteristics. In cases where a calendar-year trend is significant, future cash flow projections may include a trend adjustment.

In Japan, separate lapse assumptions are set based on actual or expected experience. These lapse and total termination rate assumptions will vary by line of business and with policyholder characteristics such as duration. In the U.S., the majority of the future cash flows are modeled using total termination rates (which include both lapse and mortality) and are adjusted for actual experience. Policy provisions, such as reaching premium paid-up status, are taken into account when setting assumptions.

During the three-month periods ended June 30, 2023 and 2022, the Company's adjustment for actual variances from expected experience resulted in reserve remeasurement gains of $54 million and $25 million in the consolidated statement of earnings, respectively. During the six-month periods ended June 30, 2023 and 2022, the Company's adjustment for actual variances from expected experience resulted in reserve remeasurement gains of $107 million and $59 million in the consolidated statement of earnings, respectively. For the three- and six-month periods ended June 30, 2023 and 2022, the variance of actual experience from expected experience was primarily due to favorable variances in morbidity assumptions as compared to actual experience. There were no changes to the inputs, judgments, assumptions and methods used in measuring the liability for future policy benefits during the six-month periods ended June 30, 2023 and 2022.

In 2022, the Company's annual review process resulted in favorable changes to its morbidity assumptions due to favorable claims experience, primarily. This, together with the variance of actual experience from expected experience, resulted in reserve remeasurement gains of $215 million in the consolidated statement of earnings for the year ended December 31, 2022.

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The following table summarizes the amount of net earned premiums recognized in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net earned premiums:
Aflac Japan
Cancer	$	1,054	$	1,193	$	2,149	$	2,528
Medical and other health	672		735		1,377		1,563
Life insurance	390		459		812		983
Other	38		42		77		85
Aflac U.S.
Accident	322		329		652		665
Disability	318		295		627		591
Critical care	439		439		882		885
Hospital indemnity	182		183		367		368
Dental/vision	53		50		107		99
Life insurance	115		99		228		197
Other	9		9		19		19
Corporate and other	84		36		175		82
Reinsurance ceded	(103)		(105)		(210)		(221)
Total	$	3,573	$	3,764	$	7,262	$	7,844

The following table summarizes the amount of interest expense related to insurance contracts recognized in total benefits and claims, net in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Interest expense:
Aflac Japan
Cancer	$	276	$	296	$	561	$	626
Medical and other health	72		73		143		151
Life insurance	130		136		263		285
Other	20		21		42		45
Aflac U.S.
Accident	6		5		12		12
Disability	10		9		18		19
Critical care	86		86		173		172
Hospital indemnity	10		10		20		20
Dental/vision	3		3		6		7
Life insurance	10		8		19		17
Other	6		7		13		13
Total	$	629	$	654	$	1,270	$	1,367

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The following tables summarize the amount of undiscounted expected future gross premiums and expected future benefits and expenses and discounted (discounted at the current period discount rate) expected future gross premiums and expected future benefits and expenses by reporting segment and disaggregated by product type. Future gross premiums represent the expected amount of future premiums to be received. For limited-payment policies, the premiums are collected over a shorter period than the policy term over which benefits are provided. As a result, once the policy reaches premium paid-up status, the future gross premiums can be significantly less than the future benefit payments. Further, benefits and expenses are generally greater in the later years of a policy. These are the primary factors that result in future gross premiums lower than future benefit and expense payments for certain lines of business of the Company.

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Undiscounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	74,340		$	83,000		$	75,529		$	84,246
Medical and other health		49,626			50,445			50,720			50,778
Life insurance		16,406			52,836			16,946			53,271
Other		2,279			9,337			2,322			9,433
Aflac U.S.
Accident		9,408			4,602			9,481			4,636
Disability		5,886			3,288			5,858			3,267
Critical care		21,050			22,022			21,069			22,113
Hospital indemnity		5,199			3,359			5,164			3,338
Dental/vision		1,180			749			1,208			759
Life insurance		2,502			2,926			2,375			2,787
Other		429			1,222			333			1,147
Total		$	188,305		$	233,786		$	191,005		$	235,775

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Discounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	49,689		$	51,692		$	53,278		$	54,766
Medical and other health		32,246			26,527			34,693			27,419
Life insurance		11,730			30,407			12,951			31,954
Other		1,570			5,376			1,697			5,582
Aflac U.S.
Accident		6,494			3,094			6,510			3,098
Disability		4,493			2,464			4,468			2,445
Critical care		12,785			11,637			12,659			11,489
Hospital indemnity		3,532			2,109			3,483			2,074
Dental/vision		805			484			821			488
Life insurance		1,757			1,613			1,663			1,526
Other		292			686			228			622
Total		$	125,393		$	136,089		$	132,451		$	141,463

Loss expense as a result of net premium ratio capping for the three- and six-month periods ended June 30, 2023 and 2022 was immaterial.

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Other Policyholders' Funds

As of June 30, 2023 and December 31, 2022, the largest component of the other policyholders' funds liability was the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums.

The following table presents the changes in other policyholders’ funds.

(In millions)	June 30, 2023		December 31, 2022
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)	$	6,423	$	7,410
Premiums received	65		150
Transfers from WAYS conversions	107		214
Surrenders and withdrawals	(27)		(52)
Benefit payments	(187)		(367)
Interest credited	26		57
Foreign currency translation and other	(543)		(989)
Fixed annuities account balance, end of period	5,864		6,423
Other deposit type reserves	251		220
Total	$	6,115	$	6,643

(1) Aflac Japan fixed annuities

The following table presents other policyholders’ funds balances by range of guaranteed crediting rates.

	June 30, 2023			December 31, 2022
(In millions)	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value
Fixed annuities (1)	0.5% - 2.3%	$5,864	$5,771	0.5% - 2.3%	$6,423	$6,326

(1) Aflac Japan fixed annuities

(2) Weighted-average crediting rate of 1.5% at June 30, 2023 and December 31, 2022.

Aflac Japan’s fixed annuities have guaranteed fixed crediting rates which results in the policyholders' funds balances being able to cover all guaranteed benefit amounts. The reserves are adequate to fully fund future benefits at any given time.

See Note 1 of the Notes to the Consolidated Financial Statements for additional information on policy liabilities.

8.    REINSURANCE

The Company periodically enters into fixed quota-share coinsurance agreements in the normal course of business. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and benefits are reported net of insurance ceded.

In January 2023, ALIJ entered into a coinsurance transaction whereby it ceded 28% of the liabilities associated with certain cancer insurance policies and riders to Aflac Re. This transaction transferred approximately $2.1 billion of reserves associated with these policies. Approximately $1.9 billion of assets were transferred from ALIJ to Aflac Re as consideration for assuming the reinsurance risk. This internal reinsurance transaction with Aflac Re has no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting.

In January 2023, ALIJ also entered into an external coinsurance transaction to cede 1.5% of the liabilities associated with the same cancer insurance policies and riders, in connection with which ALIJ transferred cash consideration to the reinsurer.

68

The Company has recorded a deferred profit liability related to reinsurance transactions. The remaining deferred profit liability of $620 million and $692 million as of June 30, 2023 and December 31, 2022, respectively, is included in future policy benefits in the consolidated balance sheet and is being amortized into income over the expected lives of the policies. The Company has also recorded a reinsurance recoverable for reinsurance transactions, which is included in other assets in the consolidated balance sheet and had a remaining balance of $998 million and $912 million as of June 30, 2023 and December 31, 2022, respectively.

The following table reconciles direct premiums and direct benefits and claims to net amounts after the effect of reinsurance and the elimination of inter-segment amounts associated with affiliated reinsurance.

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2023			2022			2023			2022
Direct earned premiums		$	3,623		$	3,792		$	7,361		$	7,907
Ceded to other companies:
Ceded Aflac Japan closed blocks		(80)			(87)			(165)			(185)
Other		(23)			(18)			(45)			(36)
Assumed from other companies:
Retrocession activities		30			36			64			77
Other		23			41			47			81
Net earned premiums		$	3,573		$	3,764		$	7,262		$	7,844
Direct benefits and claims, excluding reserve remeasurement		$	2,182		$	2,317		$	4,438		$	4,851
Reserve remeasurement (gains) losses		(54)			(25)			(107)			(59)
Total direct benefits and claims		2,128			2,292			4,331			4,792
Ceded benefits and change in reserves for future benefits:
Ceded Aflac Japan closed blocks		(74)			(77)			(151)			(165)
Eliminations		70			4			83			9
Other		(64)			(14)			(104)			(20)
Assumed from other companies:
Retrocession activities		20			39			61			78
Eliminations		(47)			(10)			(76)			(17)
Other		65			40			103			80
Total benefits and claims, net		$	2,098		$	2,274		$	4,247		$	4,757

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

These reinsurance transactions are indemnity reinsurance that do not relieve the Company from its obligations to policyholders. In the event that the reinsurer is unable to meet their obligations, the Company remains liable for the reinsured claims.

As a part of its capital contingency plan, the Company entered into a committed reinsurance facility agreement on December 1, 2015, with reserves of approximately ¥120 billion as of June 30, 2023. This reinsurance facility agreement was renewed in 2022 and is effective until December 31, 2023. There are also additional commitment periods of a one-year duration, each of which are automatically extended unless notification is received from the reinsurer within 60 days prior to the expiration. The reinsurer can withdraw from the committed facility if Aflac's Standard and Poor's (S&P) rating drops below BBB-. As of June 30, 2023, the Company has not executed a reinsurance treaty under this committed reinsurance facility.

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9.    NOTES PAYABLE AND LEASE OBLIGATIONS

A summary of notes payable and lease obligations follows:

(In millions)	June 30, 2023			December 31, 2022
1.125% senior sustainability notes due March 2026		$	398		$	397
2.875% senior notes due October 2026		298			298
3.60% senior notes due April 2030		992			992
6.90% senior notes due December 2039		221			221
6.45% senior notes due August 2040		254			254
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		542			541
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)		85			93
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		412			450
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)		229			250
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		87			95
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		91			99
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		201			220
.633% senior notes due April 2031 (principal amount ¥30.0 billion)		206			225
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		64			70
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		142			155
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)		145			158
.844% senior notes due April 2033 (principal amount ¥12.0 billion)		82			90
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		104			114
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		67			73
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		72			79
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)		68			75
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)		44			49
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		61			66
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		43			47
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)		68			75
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		410			448
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		207			226
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)		137			149
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)		82			90
Yen-denominated loans:
Variable interest rate loan due August 2027 (.35% in 2023 and .33% in 2022,   principal amount ¥11.7 billion)		80			88
Variable interest rate loan due August 2029 (.45% in 2023 and .43% in 2022,   principal amount ¥25.3 billion)		174			190
Variable interest rate loan due August 2032 (.60% in 2023 and .58% in 2022,   principal amount ¥70.0 billion)		481			524
Finance lease obligations payable through 2030		7			8
Operating lease obligations payable through 2049		139			139
Total notes payable and lease obligations		$	7,087		$	7,442

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

70

A summary of the Company's lines of credit as of June 30, 2023 follows:

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Aflac Incorporated and Aflac	uncommitted bilateral	364 days	December 28, 2023	$100 million	$0 million	The rate quoted by the bank and agreed upon at the time of borrowing	Up to 3 months	None	General corporate purposes
Aflac Incorporated	unsecured revolving	5 years	May 9, 2027, or the date commitments are terminated pursuant to an event of default	¥100.0 billion	¥0.0 billion	A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period	No later than May 10, 2027	.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	unsecured revolving	5 years	November 15, 2027, or the date commitments are terminated pursuant to an event of default	$1.0 billion	$0.0 billion	A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar denominated borrowings or TIBOR for Japanese yen denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin	No later than November 15, 2027	.08% to .20%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	uncommitted bilateral	None specified	None specified	$50 million	$0 million	A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%	Up to 3 months	None	General corporate purposes
Aflac(1)	uncommitted revolving	364 days	November 30, 2023	$250 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than December 1, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 1)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 2)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac New York(1)	uncommitted revolving	364 days	April 8, 2024	$25 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than April 9, 2024	None	General corporate purposes
CAIC(1)	uncommitted revolving	364 days	March 21, 2024	$15 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(continued)

71

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Tier One Insurance Company(1)	uncommitted revolving	364 days	March 21, 2024	$0.3 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes
Hatch Healthcare K.K.(1)	uncommitted revolving	364 days	January 3, 2024	¥900 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac Digital Services Co., Ltd. (formerly known as Hatch Insight K.K.)(1)	uncommitted revolving	364 days	January 3, 2024	¥600 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac GI Holdings LLC(1),(2)	uncommitted revolving	364 days	July 17, 2023	$30 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than July 18, 2023	None	General corporate purposes
Aflac Incorporated(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes
Aflac Re Bermuda Ltd.(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(2) Renewed in July 2023 with an expiration date of July 16, 2024

The Company was in compliance with all of the covenants of its notes payable and lines of credit at June 30, 2023. No events of default or defaults occurred during the six-month period ended June 30, 2023.

For additional information, see Notes 4 and 9 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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10.    SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.

(In thousands of shares)	2023	2022
Common stock - issued:
Balance, beginning of period	1,354,079	1,352,739
Exercise of stock options and issuance of restricted shares	1,148	1,132
Balance, end of period	1,355,227	1,353,871
Treasury stock:
Balance, beginning of period	738,823	700,607
Purchases of treasury stock:
Share repurchase program	20,809	19,192
Other	354	351
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(498)	(528)
Exercise of stock options	(52)	(62)
Other	(178)	(215)
Balance, end of period	759,258	719,345
Shares outstanding, end of period	595,969	634,526

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Anti-dilutive share-based awards		39		171		102		210

Share Repurchase Program

During the first six months of 2023, the Company repurchased 20.8 million shares of its common stock for $1.4 billion as part of its share repurchase program. During the first six months of 2022, the Company repurchased 19.2 million shares of its common stock for $1.2 billion as part of its share repurchase program. As of June 30, 2023, a remaining balance of 95.8 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

73

Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income

Three Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2023		$	(3,618)		$	1,289		$	(26)		$	(4,894)		$	(29)		$	(7,278)
Other comprehensive    income (loss) before    reclassification		(631)			710			0			(165)			45			(41)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(21)			1			0			1			(19)
Net current-period other    comprehensive    income (loss)		(631)			689			1			(165)			46			(60)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Three Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2022		$	(2,438)		$	5,787		$	(29)		$	(11,608)		$	(163)		$	(8,451)
Other comprehensive    income (loss) before    reclassification		(780)			(2,767)			(1)			5,105			(1)			1,556
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(90)			1			0			4			(85)
Net current-period other    comprehensive    income (loss)		(780)			(2,857)			0			5,105			3			1,471
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

74

Six Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)
Other comprehensive    income (loss) before    reclassification		(685)			2,746			1			(2,959)			52			(845)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(66)			1			0			1			(64)
Net current-period other    comprehensive    income (loss)		(685)			2,680			2			(2,959)			53			(909)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Six Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2021		$	(1,985)		$	9,602		$	(30)		$	(15,832)		$	(166)		$	(8,411)
Other comprehensive    income (loss) before    reclassification		(1,233)			(6,520)			0			9,329			(3)			1,573
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(152)			1			0			9			(142)
Net current-period other    comprehensive    income (loss)		(1,233)			(6,672)			1			9,329			6			1,431
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

75

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	Three Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	27	Net investment gains (losses)
		(6)		Tax (expense) or benefit(1)
		$	21	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	19	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Three Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	114	Net investment gains (losses)
		(24)		Tax (expense) or benefit(1)
		$	90	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(5)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Total reclassifications for the period		$	85	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

76

(In millions)	Six Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	84	Net investment gains (losses)
		(18)		Tax (expense) or benefit(1)
		$	66	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	64	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Six Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	192	Net investment gains (losses)
		(40)		Tax (expense) or benefit(1)
		$	152	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(11)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		2		Tax (expense) or benefit(1)
		$	(9)	Net of tax
Total reclassifications for the period		$	142	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

11.    SHARE-BASED COMPENSATION

As of June 30, 2023, the Company has outstanding share-based awards under the Aflac Incorporated Long-Term Incentive Plan (As Amended and Restated February 14, 2017), as further amended on August 9, 2022 (the Plan). Share-based awards are designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share-based awards are based on competitive practices, operating results of the Company, government regulations, and other factors.

The Plan, allows for a maximum number of shares issuable over its term of 75 million shares including 38 million shares that may be awarded in respect of awards other than options or stock appreciation rights. If any awards granted under the

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Plan are forfeited or are terminated before being exercised or settled for any reason other than tax forfeiture, then the shares underlying the awards will again be available under the Plan.

The Plan allows awards to Company employees for incentive stock options (ISOs), non-qualifying stock options (NQSOs), restricted stock, restricted stock units, and stock appreciation rights. Non-employee directors are eligible for grants of NQSOs, restricted stock, and stock appreciation rights. As of June 30, 2023, approximately 34.7 million shares were available for future grants under this plan. The ISOs and NQSOs have a term of 10 years, and the share-based awards generally vest upon time-based conditions or time and performance-based conditions. Time-based vesting generally occurs after three years. Performance-based vesting conditions generally include the attainment of goals related to Company financial performance. As of June 30, 2023, the only performance-based awards issued and outstanding were restricted stock awards and units.

Stock options and stock appreciation rights granted under the amended Plan have an exercise price of at least the fair market value of the underlying stock on the grant date and have an expiration date no later than 10 years from the grant date. Time-based restricted stock awards, restricted stock units and stock options granted after January 1, 2017 generally vest on a ratable basis over three years, and awards granted prior to the amendment vest on a cliff basis over three years. The Compensation Committee of the Board of Directors has the discretion to determine vesting schedules.

Share-based awards granted to U.S.-based grantees are settled with authorized but unissued Company stock, while those issued to Japan-based grantees are settled with treasury shares.

The following table provides information on stock options outstanding and exercisable at June 30, 2023.

	Stock Option Shares (in thousands)		Weighted-Average Remaining Term (in years)		Aggregate Intrinsic Value (in millions)			Weighted-Average Exercise Price Per Share
Outstanding		1,231		2.6		$	46		$	32.78
Exercisable		1,231		2.6		46			32.78

The Company received cash from the exercise of stock options in the amount of $10 million during the first six months of 2023, compared with $9 million in the first six months of 2022. The tax benefit realized as a result of stock option exercises and restricted stock releases was $19 million in the first six months of 2023, compared with $17 million in the first six months of 2022.

As of June 30, 2023, total compensation cost not yet recognized in the Company's consolidated financial statements related to restricted stock awards and units was $61 million, of which $33 million (1.8 million shares) was related to restricted stock awards and units with a performance-based vesting condition. The Company expects to recognize these amounts over a weighted-average period of approximately 1.7 years. There are no other contractual terms covering restricted stock awards once vested.

The following table summarizes restricted stock activity during the six-month period ended June 30, 2023.

(In thousands of shares)	Shares	Weighted-Average Grant-Date Fair Value Per Share
Restricted stock at December 31, 2022	2,414		$	56.21
Granted in 2023	1,120		70.50
Canceled in 2023	(59)		59.72
Vested in 2023	(1,133)		52.81
Restricted stock at June 30, 2023	2,342		$	62.60

In February 2023, the Company granted 454 thousand performance-based stock awards and units, which are contingent on the achievement of the Company's financial performance metrics and its market-based conditions. On the date of grant, the Company estimated the fair value of restricted stock awards and units with market-based conditions using a Monte Carlo simulation model. The model discounts the value of the stock at the assumed vesting date based on the risk-free interest rate. Based on estimates of actual performance versus the vesting thresholds, the calculated fair value percentage pay-out estimate will be updated each quarter.

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The Company uses third-party analyses to assist in developing the assumptions used in, as well as calibrating, a Monte Carlo simulation model. The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards.

For additional information on the Company's long-term share-based compensation plans and the types of share-based awards, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report.

12.    BENEFIT PLANS

The Company has funded defined benefit plans in Japan and the U.S., however the U.S. plan was frozen to new participants effective October 1, 2013. On June 9, 2023, the Company amended the U.S. defined benefit plan to freeze future benefits under the plan for all participants effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in the second quarter of 2023. U.S. employees who are not participants in the defined benefit plan currently receive a nonelective 401(k) employer contribution. Effective January 1, 2024, the nonelective 401(k) employer contribution will be extended to U.S. employees who are current participants in the defined benefit plan.

The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees, however the Company's Supplemental Executive Retirement Plan was frozen to new participants effective January 1, 2015. On June 9, 2023, the Company amended the Supplemental Executive Retirement Plan and the Retirement Plan for Senior Officers to freeze future benefits under these plans for all participants effective January 1, 2024.

The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next five years; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next five years; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life.

Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $(45) million and $2 million for the three-month periods and $(43) million and $6 million for the six-month periods ended June 30, 2023 and 2022, respectively. Total net periodic benefit cost includes the following components:

	Three Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	3		$	5		$	3		$	7		$	0		$	0
Interest cost		2			1			10			8			1			0
Expected return on plan assets		(1)			(2)			(9)			(10)			0			0
Amortization of net actuarial loss		0			0			0			5			1			0
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	4		$	4		$	(45)		$	10		$	2		$	0

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	Six Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	7		$	10		$	7		$	13		$	0		$	0
Interest cost		4			3			21			17			1			0
Expected return on plan assets		(3)			(4)			(18)			(21)			0			0
Amortization of net actuarial loss		0			0			0			10			1			1
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	8		$	9		$	(39)		$	19		$	2		$	1

During the six months ended June 30, 2023, Aflac Japan contributed approximately $12 million (using the weighted-average yen/dollar exchange rate for the six-month period ended June 30, 2023) to the Japanese funded defined benefit plan, and Aflac U.S. did not make a contribution to the U.S. funded defined benefit plan.

For additional information regarding the Company's Japanese and U.S. benefit plans, see Note 14 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

13.    COMMITMENTS AND CONTINGENT LIABILITIES

In February 2023, the Company renewed an outsourcing agreement with a management consulting and technology services company to provide application maintenance and development services for Aflac Japan. As of June 30, 2023, the agreement has a remaining term of five years and an aggregate remaining cost of ¥20.1 billion ($138 million using the June 30, 2023 exchange rate).

The Company is a defendant in various lawsuits and receives various regulatory inquiries considered to be in the normal course of business. Members of the Company's senior legal and financial management teams review litigation and regulatory inquiries on a quarterly and annual basis. The final results of any litigation or regulatory inquiries cannot be predicted with certainty. Although some of this litigation is pending in states where large punitive damages, bearing little relation to the actual damages sustained by plaintiffs, have been awarded in recent years, the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows.

See Note 3 of the Notes to the Consolidated Financial Statements for details on certain investment commitments.

Guaranty Fund Assessments

The U.S. insurance industry has a policyholder protection system that is monitored and regulated by state insurance departments. These life and health insurance guaranty associations are state entities (in all 50 states as well as Puerto Rico and the District of Columbia) created to protect policyholders of an insolvent insurance company. All insurance companies (with limited exceptions) licensed to sell life or health insurance in a state must be members of that state’s guaranty association. Under state guaranty association laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of impaired or insolvent insurance companies that write the same line or similar lines of business.

Guaranty fund assessments for the three- and six-month periods ended June 30, 2023 and 2022 were immaterial.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

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. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This report 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 the ones listed below or similar words, as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements.

• expect	• anticipate	• believe	• goal	• objective
• may	• should	• estimate	• intends	• projects
• will	• assumes	• potential	• target	• outlook

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 inflation and the continued effects caused by COVID-19

•defaults and credit downgrades of investments

•global fluctuations in interest rates and 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 interpretations 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

•major public health issues, including COVID-19 and any resulting or coincidental economic effects, 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 and on successful execution of revenue growth and expense management initiatives

•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

•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 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

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MD&A OVERVIEW

MD&A is intended to inform the reader about matters affecting the financial condition and results of operations of Aflac Incorporated and its subsidiaries for the six-month periods ended June 30, 2023 and 2022, respectively. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, the following discussion should be read in conjunction with the consolidated financial statements and notes that are included in the Company's annual report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report). In this MD&A, amounts may not foot due to rounding.

This MD&A is divided into the following sections:

	Page
Executive Summary	83
Results of Operations	84
Investments	99
Hedging Activities	104
Deferred Policy Acquisition Costs	107
Policy Liabilities	108
Benefit Plans	108
Policyholder Protection	108
Liquidity and Capital Resources	108
Critical Accounting Estimates	114

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EXECUTIVE SUMMARY

Company Overview

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) provide financial protection to millions of policyholders and customers in Japan and the United States (U.S.). The Company’s principal business is supplemental health and life insurance products with the goal to provide customers the best value in supplemental insurance products in the U.S. and Japan. The Company's insurance business consists of two reporting segments: Aflac Japan and Aflac U.S. The Parent Company’s primary insurance subsidiaries are Aflac Life Insurance Japan Ltd. in Japan (Aflac Japan) and American Family Life Assurance Company of Columbus (Aflac); Continental American Insurance Company (CAIC), branded as Aflac Group Insurance (AGI); American Family Life Assurance Company of New York (Aflac New York); Tier One Insurance Company (TOIC) and Aflac Benefits Solutions, Inc. (ABS), which provides a platform for Aflac Dental and Vision in the U.S. (collectively, Aflac U.S.). The Parent Company, other operating business units that are not individually reportable, and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other.

In 2022, the Company established Aflac Re Bermuda Ltd. (Aflac Re), a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ. Aflac Re is subject to regulation in Bermuda, where the Bermuda Monetary Authority (BMA) has broad administrative powers relating to granting and revoking licenses to transact reinsurance business, approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices. Financial results from Aflac Re are included in Corporate and other.

Performance Highlights

Total revenues were $5.2 billion in the second quarter of 2023, compared with $5.3 billion in the second quarter of 2022. Net earnings were $1.6 billion, or $2.71 per diluted share in the second quarter of 2023, compared with $1.4 billion, or $2.17 per diluted share in the second quarter of 2022.

Total revenues were $10.0 billion in the first six months of 2023, compared with $10.5 billion in the first six months of 2022. Net earnings were $2.8 billion, or $4.64 per diluted share in the first six months of 2023, compared with $2.4 billion, or $3.77 per diluted share, in the first six months of 2022.

Results in the second quarter of 2023 included pretax net investment gains of $555 million, compared with pretax net investment gains of $564 million in the second quarter of 2022. Net investment gains in the second quarter of 2023 included an increase in credit loss allowances of $1 million; $541 million of net gains from certain derivative and foreign currency gains or losses; $9 million of net losses on equity securities; and $24 million of net gains from sales and redemptions.

Results in the first six months of 2023 included pretax net investment gains of $678 million, compared with pretax net investment gains of $686 million in the first six months of 2022. Net investment gains in the first six months of 2023 included an increase in credit loss allowances of $31 million; $640 million of net gains from certain derivative and foreign currency gains or losses; $12 million of net losses on equity securities; and $81 million of net gains from sales and redemptions.

The average yen/dollar exchange rate(1) for the three-month period ended June 30, 2023 was 137.53, or 5.9% weaker than the average yen/dollar exchange rate(1) of 129.39 for the same period in 2022. The average yen/dollar exchange rate(1) for the six-month period ended June 30, 2023 was 134.97, or 9.0% weaker than the average yen/dollar exchange rate(1) of 122.79 for the same period in 2022.

Adjusted earnings(2) in the second quarter of 2023 were $954 million, or $1.58 per diluted share, compared with $945 million, or $1.47 per diluted share in the second quarter of 2022. The weaker yen/dollar exchange rate negatively impacted adjusted earnings per diluted share by $.04. Adjusted earnings(2) in the first six months of 2023 were $1.9 billion, or $3.13 per diluted share, compared with $1.9 billion, or $2.91 per diluted share, in the first six months of 2022. The weaker yen/dollar exchange rate negatively impacted adjusted earnings per diluted share by $.11.

Total investments and cash at June 30, 2023 were $116.5 billion, compared with $117.4 billion at December 31, 2022. In the first six months of 2023, Aflac Incorporated repurchased $1.4 billion, or 20.8 million of its common shares. At June 30, 2023, the Company had 95.8 million remaining shares authorized for repurchase.

Shareholders’ equity was $20.4 billion, or $34.30 per share, at June 30, 2023, compared with $20.1 billion, or $32.73 per share, at December 31, 2022. Shareholders’ equity at June 30, 2023 included a cumulative decrease of $5.1 billion from the effect of changes in discount rate assumptions on insurance contracts, compared with a corresponding cumulative

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decrease of $2.1 billion at December 31, 2022, and a net unrealized gain on investment securities and derivatives of $2.0 billion, compared with a net unrealized loss of $729 million at December 31, 2022. Shareholders’ equity at June 30, 2023 also included an unrealized foreign currency translation loss of $4.2 billion, compared with an unrealized foreign currency translation loss of $3.6 billion at December 31, 2022. The annualized return on average shareholders’ equity in the second quarter of 2023 was 32.5%.

Shareholders’ equity excluding accumulated other comprehensive income (AOCI)(2) (adjusted book value) was $27.8 billion, or $46.61 per share at June 30, 2023, compared with $26.6 billion, or $43.18 per share, at December 31, 2022. The annualized adjusted return on equity (ROE) excluding foreign currency impact(2) in the second quarter of 2023 was 14.3%.

(1) Yen/U.S. dollar exchange rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

(2) See the Results of Operations section of this MD&A for a definition of this non-U.S. GAAP financial measure.

RESULTS OF OPERATIONS

The Company earns its revenues principally from insurance premiums and investments. The Company’s operating expenses primarily consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, commissions and other costs of selling and servicing its products. Profitability for the Company depends principally on its ability to price its insurance products at a level that enables the Company to earn a margin over the costs associated with providing benefits and administering those products. Profitability also depends on, among other items, actuarial and policyholder behavior experience on insurance products, and the Company's ability to attract and retain customer assets, generate and maintain favorable investment results, effectively deploy capital and utilize tax capacity, and manage expenses.

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 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 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

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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.

•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 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 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 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.

•U.S. dollar-denominated investment income excluding foreign currency impact represents amounts excluding foreign currency impact on U.S. dollar-denominated investment income using the average foreign currency exchange rate for the comparable prior year period. The Company considers U.S. dollar-denominated investment income excluding foreign currency impact important as it eliminates the impact of foreign currency changes on the Aflac Japan segment results, which are outside management’s control. The most comparable U.S. GAAP financial measure for U.S. dollar-denominated investment income excluding foreign currency impact is the corresponding net investment income amount from the U.S. dollar denominated investments translated to yen.

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The following table is a reconciliation of items impacting adjusted earnings and adjusted earnings per diluted share to the most directly comparable U.S. GAAP financial measures of net earnings and net earnings per diluted share, respectively.

Reconciliation of Net Earnings to Adjusted Earnings

	In Millions				Per Diluted Share				In Millions				Per Diluted Share
	Three Months Ended June 30,								Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Net earnings	$	1,634	$	1,394	$	2.71	$	2.17	$	2,822	$	2,441	$	4.64	$	3.77
Items impacting net earnings:
Adjusted net investment   (gains) losses (1)	(651)		(567)		(1.08)		(.88)		(859)		(701)		(1.41)		(1.08)
Other and non-recurring   (income) loss	(35)		0		(.06)		.00		(35)		0		(.06)		.00
Income tax (benefit) expense   on items excluded from   adjusted earning	5		119		.01		.19		(21)		147		(.03)		.23
Adjusted earnings	954		945		1.58		1.47		1,907		1,887		3.13		2.91
Current period foreign currency   impact (2)	25		N/A		.04		N/A		66		N/A		.11		N/A
Adjusted earnings excluding   current period foreign currency   impact	$	979	$	945	$	1.62	$	1.47	$	1,973	$	1,887	$	3.24	$	2.91

(1) See reconciliation of net investment (gains) losses to adjusted net investment (gains) losses below.

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

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Reconciling Items

Net Investment Gains and Losses

Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net investment (gains) losses	$	(555)	$	(564)	$	(678)	$	(686)
Items impacting net investment (gains) losses:
Amortized hedge costs	(63)		(30)		(122)		(55)
Amortized hedge income	38		14		67		25
Net interest cash flows from derivatives associated   with certain investment strategies	(82)		(1)		(151)		(10)
Interest rate component of the change in fair value   of foreign currency swaps on notes payable	12		12		24		25
Adjusted net investment (gains) losses	$	(651)	$	(567)	$	(859)	$	(701)

The Company's investment strategy is to invest primarily in fixed maturity securities to provide a reliable stream of investment income, which is one of the drivers of the Company’s profitability. This investment strategy incorporates asset-liability matching (ALM) to align the expected cash flows of the portfolio to the needs of the Company's liability structure. The Company does not purchase securities with the intent of generating investment gains or losses. However, investment gains and losses may be realized as a result of changes in the financial markets and the creditworthiness of specific issuers, tax planning strategies, and/or general portfolio management and rebalancing. The realization of investment gains and losses is independent of the underwriting and administration of the Company's insurance products.

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Net investment gains and losses excluded from adjusted earnings include the following:

•Securities Transactions

•Credit Losses

•Changes in the Fair Value of Equity Securities

•Certain Derivative and Foreign Currency Activities.

Securities Transactions, Credit Losses and Changes in the Fair Value of Equity Securities

Securities transactions include gains and losses from sales and redemptions of investments where the amount received is different from the amortized cost of the investment. Credit losses include losses for held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities, loan receivables, loan commitments and reinsurance recoverables. Changes in the fair value of equity securities are the result of gains or losses driven by fluctuations in market prices.

Certain Derivative and Foreign Currency Activities

The Company's derivative activities include:

•foreign currency forwards and options used in hedging foreign exchange risk on U.S. dollar-denominated investments in Aflac Japan's portfolio, with options used on a standalone basis and/or in a collar strategy;

•foreign currency forwards and options used to economically hedge certain portions of forecasted cash flows denominated in yen and hedge the Company's long term exposure to a weakening yen;

•cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain senior notes and subordinated debentures;

•foreign currency swaps that are associated with variable interest entity (VIE) bond purchase commitments, and investments in special-purpose entities, including VIEs where the Company is the primary beneficiary;

•interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

•interest rate swaptions used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale fixed-maturity securities; and

•bond purchase commitments at the inception of investments in consolidated VIEs.

Gains and losses are recognized as a result of valuing these derivatives, net of the effects of hedge accounting. The Company also excludes from adjusted earnings the accounting impacts of remeasurement associated with changes in the foreign currency exchange rate.

For additional information regarding net investment gains and losses, including details of reported amounts for the periods presented, see Notes 3 and 4 of the Notes to the Consolidated Financial Statements.

Other and Non-recurring Items

The U.S. insurance industry has a policyholder protection system that provides funds for the policyholders of insolvent insurers. The system can result in periodic charges to the Company as a result of insolvencies/bankruptcies that occur with other companies in the life insurance industry. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. These charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. The Company excludes any charges associated with U.S. guaranty fund assessments and the corresponding tax benefit or expense from adjusted earnings.

In Japan, the government also requires the insurance industry to contribute to a policyholder protection corporation that provides funds for the policyholders of insolvent insurers; however, these costs are calculated and administered differently than in the U.S. In Japan, these costs are not directly related to specific insolvencies or bankruptcies, but are rather a regular operational cost for an insurance company. Based on this structure, the Company does not remove the Japan policyholder protection expenses from adjusted earnings.

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The Company considers the costs associated with the early redemption of its debt to be unrelated to the underlying fundamentals and trends in its insurance operations. Additionally, these costs are driven by changes in interest rates subsequent to the issuance of the debt, and the Company considers these interest rate changes to represent economic conditions not directly associated with its insurance operations.

On June 9, 2023, the Company amended the U.S. defined benefit plan to freeze future benefits under the plan for all participants effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of approximately $49 million in the second quarter of 2023. The curtailment gain is both unusual and non-recurring and is unrelated to other recurring benefit costs associated with the plan; therefore, the Company has excluded the curtailment gain from adjusted earnings.

Other items excluded from adjusted earnings also included an impairment for certain finite-lived intangible assets of approximately $11 million in the second quarter of 2023 as a result of the Company exiting the third-party administration business acquired in connection with the purchase of Aflac Benefit Solutions, Inc. (formerly known as Argus Dental & Vision, Inc.) in 2019. The impairment of these intangible assets are not related to the ongoing operations of the business and occur infrequently; therefore, the Company has excluded the impairment from adjusted earnings.

Income Taxes

The Company's combined U.S. and Japanese effective income tax rate on pretax earnings was 10.4% for the three-month period ended June 30, 2023, compared with 18.4% for the same period in 2022. The Company's combined U.S. and Japanese effective income tax rate on pretax earnings was 10.9% for the six-month period ended June 30, 2023, compared with 18.7% for the same period in 2022. The combined effective tax rate differs from the U.S. statutory rate primarily due to historic and solar tax credits and the exclusion of foreign currency translation gains and losses held in the Delaware Statutory Trust. For additional information, see the Critical Accounting Estimates - Income Taxes section of Item 7. MD&A in the 2022 Annual Report.

The Company expects that its effective tax rate on adjusted earnings for future periods will be approximately 20%. The effective tax rate continues to be subject to future tax law changes both in the U.S. and in foreign jurisdictions. See the risk factor entitled "Tax rates applicable to the Company may change" in Item 1A. Risk Factors of the 2022 Annual Report for more information.

Foreign Currency Translation

Aflac Japan’s premiums and a significant portion of its investment income are received in yen, and its claims and most expenses are paid in yen. Aflac Japan purchases yen-denominated assets and U.S. dollar-denominated assets, which may be hedged to yen, to support yen-denominated policy liabilities. Yen-denominated income statement accounts are translated to U.S. dollars using the weighted average Japanese yen/U.S. dollar foreign exchange rate for the reporting period, except realized gains and losses on securities transactions which are translated at the exchange rate on the trade date of each transaction. Yen-denominated balance sheet accounts are translated to U.S. dollars using the spot Japanese yen/U.S. dollar foreign exchange rate at the end of the reporting period.

RESULTS OF OPERATIONS BY SEGMENT

U.S. GAAP financial reporting requires that a company report financial and descriptive information about operating segments in its annual and interim period financial statements. Furthermore, the Company is required to report a measure of segment profit or loss, certain revenue and expense items, and segment assets. The Company's insurance business consists of two segments: Aflac Japan and Aflac U.S. Aflac Japan is the principal contributor to consolidated earnings. In addition, the Parent Company, other business units that are not individually reportable, and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other. See Item 1. Business in the 2022 Annual Report for a summary of each segment's products and distribution channels.

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Consistent with U.S. GAAP guidance for segment reporting, pretax adjusted earnings is the Company's U.S. GAAP measure of segment performance. The Company believes that a presentation of this measure is vitally important to an understanding of the underlying profitability drivers and trends of its business. Additional performance measures used to evaluate the financial condition and performance of the Company's segments are listed below.

•Operating Ratios

•New Annualized Premium Sales

•New Money Yield

•Return on Average Invested Assets

•Average Weekly Producer

•Premium Persistency

For additional information on the Company’s performance measures included in this MD&A, see the Glossary of Selected Terms found directly following Part II. Other Information. See Note 2 of the Notes to the Consolidated Financial Statements for the reconciliation of segment results to the Company's consolidated U.S. GAAP results and additional information.

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AFLAC JAPAN SEGMENT

Aflac Japan Pretax Adjusted Earnings

Changes in Aflac Japan’s pretax adjusted earnings and profit margins are primarily affected by morbidity, mortality, expenses, persistency and investment yields. The following table presents a summary of operating results for Aflac Japan.

Aflac Japan Summary of Operating Results

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net earned premiums	$	2,064	$	2,334	$	4,234	$	4,959
Net investment income: (1)
Yen-denominated investment income	249		264		512		563
U.S. dollar-denominated investment income	451		489		858		895
Net investment income	700		752		1,370		1,458
Amortized hedge costs related to certain foreign currency exposure management strategies	63		30		122		55
Adjusted net investment income	637		723		1,248		1,402
Other income (loss)	9		9		18		18
Total adjusted revenues	2,710		3,066		5,500		6,379
Benefits and claims:
Benefits and claims, excluding reserve remeasurement	1,379		1,592		2,845		3,386
Reserve remeasurement (gains) losses	(22)		(9)		(34)		(23)
Total benefits and claims, net	1,358		1,583		2,811		3,362
Adjusted expenses:
Amortization of deferred policy acquisition costs	83		85		168		178
Insurance commissions	128		142		266		302
Insurance and other expenses	319		383		645		793
Total adjusted expenses	530		610		1,079		1,273
Total benefits and adjusted expenses	1,888		2,193		3,890		4,636
Pretax adjusted earnings	$	822	$	873	$	1,610	$	1,743
Weighted-average yen/dollar exchange rate	137.53		129.39		134.97		122.79

	In Dollars								In Yen
Percentage change over  previous period:	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Net earned premiums	(11.6)	%	(18.0)	%	(14.6)	%	(14.7)	%	(6.2)	%	(3.1)	%	(6.0)	%	(2.9)	%
Adjusted net investment   income	(11.9)		(8.7)		(11.0)		(6.3)		(6.4)		8.4		(2.4)		7.3
Total adjusted revenues	(11.6)		(16.0)		(13.8)		(13.0)		(6.2)		(.5)		(5.2)		(.9)
Pretax adjusted earnings	(5.8)		(11.3)		(7.6)		(8.2)		(.1)		5.5		1.5		5.1

(1) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023 and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

For the three- and six-month periods ended June 30, 2023, net earned premiums in yen terms decreased, as compared with the same periods in 2022, primarily due to limited-pay products reaching premium paid-up status and the internal reinsurance transaction with Aflac Re. Adjusted net investment income in yen terms decreased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to lower variable net investment income, higher hedge costs, and the impact of the transfer of assets to support the internal reinsurance transaction with Aflac Re. For the three- and six-month periods ended June 30, 2023, total benefits and claims in yen terms decreased, as compared with the same periods in 2022, primarily due to assumption updates in the third quarter of 2022. For the three-

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month period ended June 30, 2023, pretax adjusted earnings in yen terms decreased slightly, as compared with the same period in 2022, primarily due to the decrease in total revenues offset by lower benefits and claims as well as lower adjusted expenses related to expense control efforts and the internal reinsurance transaction with Aflac Re. For the six-month period ended June 30, 2023, pretax adjusted earnings in yen terms increased, as compared with the same period in 2022, primarily due to the decrease in total benefits and adjusted expenses offset by lower revenues.

Annualized premiums in force decreased 4.8% to ¥1.27 trillion as of June 30, 2023, compared with ¥1.33 trillion as of June 30, 2022. The decrease in annualized premiums in force in yen was driven primarily by limited-pay products reaching premium paid-up status and lower sales. Annualized premiums in force, translated into dollars at respective period-end exchange rates, were $8.7 billion at June 30, 2023, compared with $9.7 billion at June 30, 2022. As of June 30, 2023, Aflac Japan exceeded 23 million individual policies in force in Japan, with more than 14 million cancer policies in force in Japan.

Aflac Japan's investment portfolios include U.S. dollar-denominated securities and reverse-dual currency securities (yen-denominated debt securities with dollar coupon payments). In years when the yen strengthens in relation to the dollar, translating Aflac Japan's U.S. dollar-denominated investment income into yen lowers growth rates for net investment income, total adjusted revenues, and pretax adjusted earnings in yen terms. In years when the yen weakens, translating U.S. dollar-denominated investment income into yen magnifies growth rates for net investment income, total adjusted revenues, and pretax adjusted earnings in yen terms.

The following table illustrates the effect of translating Aflac Japan’s U.S. dollar-denominated investment income and related items into yen by comparing certain segment results with those that would have been reported had foreign currency exchange rates remained unchanged from the comparable period in the prior year. Amounts excluding foreign currency impact on U.S. dollar-denominated investment income were determined using the average foreign currency exchange rate for the comparable prior year period. See non-U.S. GAAP financial measures defined above.

Aflac Japan Percentage Changes Over Previous Period

(Yen Operating Results)

For the Periods Ended June 30,

	Including Foreign Currency Changes								Excluding Foreign Currency Changes
	Three Months				Six Months				Three Months				Six Months
	2023		2022		2023		2022		2023		2022		2023		2022
Adjusted net investment income	(6.4)	%	8.4	%	(2.4)	%	7.3	%	(10.7)	%	(2.9)	%	(8.5)	%	(1.4)	%
Total adjusted revenues	(6.2)		(.5)		(5.2)		(.9)		(7.3)		(3.0)		(6.6)		(2.6)
Pretax adjusted earnings	(.1)		5.5		1.5		5.1		(3.5)		(3.4)		(3.3)		(1.5)

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

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The following table presents a summary of operating ratios in yen terms for Aflac Japan.

	Three Months Ended June 30,				Six Months Ended June 30,
Ratios to total adjusted revenues:	2023		2022		2023		2022
Total benefits and claims, net	50.0	%	51.5	%	51.0	%	52.6	%
Adjusted expenses:
Amortization of deferred policy acquisition costs	3.0		2.8		3.1		2.8
Insurance commissions	4.7		4.6		4.8		4.7
Insurance and other expenses	11.8		12.5		11.7		12.4
Total adjusted expenses	19.5		19.9		19.6		20.0
Pretax adjusted earnings	30.4		28.6		29.3		27.4
Ratios to total premiums:
Total benefits and claims, net	65.7	%	67.8	%	66.4	%	67.8	%
Adjusted expenses:
Amortization of deferred policy acquisition costs	4.0		3.6		4.0		3.6

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

For the three- and six-month periods ended June 30, 2023, the total benefits and claims ratio to total premiums decreased, as compared with the same periods in 2022, primarily due to a decrease in the third sector benefit ratio due to favorable experience and an associated update to reserve assumptions in the third quarter of 2022, as well as the continued change in the mix of first and third sector business. The total adjusted expense ratio decreased, as compared with the same periods in 2022, primarily due to the decrease in total adjusted revenues and an offsetting decrease in total adjusted expenses due to expense control efforts and the internal reinsurance transaction with Aflac Re. In total, the pretax adjusted profit margin increased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to the lower benefit ratio, the lower expense ratio and an offsetting decrease in total adjusted revenues.

The following table presents Aflac Japan's premium persistency on a 12-month rolling basis as of June 30.

	2023		2022
Premium persistency	93.8	%	94.3	%

Aflac Japan Sales

The following table presents Aflac Japan’s new annualized premium sales for the periods ended June 30.

	In Dollars												In Yen
	Three Months						Six Months						Three Months						Six Months
(In millions of dollars and billions of yen)	2023			2022			2023			2022			2023			2022			2023			2022
New annualized premium sales	$	117		$	98		$	217		$	201		¥	16.1		¥	12.7		¥	29.3		¥	24.7
Increase (decrease) over prior period	19.7		%	(20.9)		%	8.0		%	(21.6)		%	26.6		%	(6.4)		%	18.9		%	(10.7)		%

The increase in new annualized premium sales on a yen basis in the second quarter and the first six months of 2023 was primarily driven by sales of Aflac Japan's new cancer insurance product and updated first sector products, all of which were launched in the second half of 2022. Further, these products were launched at Dai-ichi Life and other financial institutions in January 2023 and at Japan Post Group in April 2023.

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The following table details the contributions to Aflac Japan's new annualized premium sales by major insurance product for the periods ended June 30.

	Three Months				Six Months
	2023		2022		2023		2022
Cancer	67.7	%	53.4	%	64.2	%	53.2	%
Medical and other health:
Medical	17.5		29.9		19.0		30.6
Income support	.4		2.2		.5		1.6
Life insurance:
Traditional life (1)	6.1		9.2		6.6		9.1
WAYS	6.6		.8		7.6		.8
Child endowment	.4		.2		.5		.3
Other	1.3		4.3		1.6		4.4
Total	100.0	%	100.0	%	100.0	%	100.0	%

(1) Includes term and whole life

The foundation of Aflac Japan's product portfolio has been, and continues to be, third sector products, which include cancer, medical, income support, and other products such as nursing care and work leave insurance. With continued cost pressure on Japan’s health care system, the Company expects the need for third sector products will continue to rise in the future and that the medical and cancer insurance products Aflac Japan provides will continue to be an important part of its product portfolio. Moreover, in November 2022, Aflac Japan refreshed its first sector savings-type products WAYS and Child Endowment and began to actively promote sales of these products after having curtailed sales of both products beginning in 2013. The refreshment of these first sector products position Aflac Japan for potential future long-term sales opportunities by marketing these products to a younger demographic as well as potential cross-selling opportunities of Aflac Japan's third sector products.

Sales of Aflac Japan cancer insurance products in the Japan Post Group channel experienced a material decline beginning in August 2019. Japan Post Group resumed proactive sales of cancer insurance policies in April 2021 and Aflac Japan continues to strengthen the strategic alliance. In April 2023, Japan Post Group began selling Aflac Japan's new cancer insurance product that was first launched in other channels in August 2022. For additional information, see the risk factor entitled "Sales of the Company's products and services are dependent on its ability to attract, retain and support a network of qualified sales associates, brokers and employees in the U.S. and sales associates and other distribution partners in Japan," in Item 1A. Risk Factors in the 2022 Annual Report.

Aflac Japan continues to promote digital and web-based sales to groups and use of its system that enables smart device-based insurance application by allowing the customer and an Aflac Japan operator to see the same screen through their smart devices. Further, Aflac Japan continues to utilize its virtual sales tool that enables online consultations and policy applications to be completed entirely online.

The following table details the contributions to Aflac Japan's new annualized premium sales by agency type for the three-month periods ended June 30.

	2023		2022
Independent corporate and individual	44.8	%	48.4	%
Affiliated corporate (1)	52.5		48.1
Bank	2.7		3.5
Total	100.0	%	100.0	%

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

During the three-month period ended June 30, 2023, Aflac Japan recruited 5 new sales agencies. At June 30, 2023, Aflac Japan was represented by approximately 7,200 sales agencies, with approximately 113,000 licensed sales associates employed by those agencies. The number of sales agencies has declined in recent years due to Aflac Japan's focus on supporting agencies with strong management frameworks, high productivity and more producing agents.

At June 30, 2023, Aflac Japan had agreements to sell its products at 360 banks, approximately 90% of the total number of banks in Japan.

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Aflac Japan Investments

The level of investment income in yen is affected by available cash flow from operations, the timing of investing the cash flow, yields on new investments, the effect of yen/dollar exchange rates on U.S. dollar-denominated investment income, and other factors.

As part of the Company's portfolio management and asset allocation process, Aflac Japan invests in yen and U.S. dollar-denominated investments. Yen-denominated investments primarily consist of JGBs, public and private fixed maturity securities and public equity securities. Aflac Japan's U.S. dollar-denominated investments include fixed maturity investments and growth assets, including alternative investments in limited partnerships or similar investment vehicles. Aflac Japan has been investing in both publicly traded and privately originated U.S. dollar-denominated investment-grade and below-investment-grade fixed maturity securities and loan receivables, and has entered into foreign currency forwards and options to hedge the currency risk on the fair value of a portion of the U.S. dollar investments.

The following table details the investment purchases for Aflac Japan.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Yen-denominated:
Fixed maturity securities:
Japan government and agencies	$	116	$	0	$	267	$	0
Private placements	166		465		439		772
Other fixed maturity securities	0		20		77		37
Equity securities	58		185		179		276
Other investments	2		1		9		4
Total yen-denominated	$	342	$	671	$	971	$	1,089
U.S. dollar-denominated:
Fixed maturity securities:
Other fixed maturity securities	$	101	$	249	$	477	$	334
Infrastructure debt	4		114		4		114
Collateralized loan obligations	0		431		0		498
Equity securities	0		22		0		22
Commercial mortgage and other loans:
Transitional real estate loans	61		778		115		1,285
Middle market loans	127		363		277		674
Other investments	75		135		212		183
Total U.S. dollar-denominated	$	368	$	2,092	$	1,085	$	3,110
Total Aflac Japan purchases	$	710	$	2,763	$	2,056	$	4,199

See the Investments section of this MD&A for further discussion of these investment programs, and see Notes 3 and 4 of the Notes to the Consolidated Financial Statements and Notes 1, 3 and 4 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report for more information regarding loans and loan receivables.

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The following table presents the results of Aflac Japan’s investment yields for the periods ended June 30.

	Three Months						Six Months
	2023			2022			2023			2022
Total purchases for the period (in millions) (1)	$	633		$	2,627		$	1,835		$	4,012
New money yield (1),(2)	4.75		%	3.59		%	5.03		%	3.69		%
Return on average invested assets (3)	2.77			2.97			2.67			2.75
Portfolio book yield, including U.S. dollar-denominated investments, end of period (1),(2)	3.19		%	2.74		%	3.19		%	2.74		%

(1) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships

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

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

The increase in the Aflac Japan new money yield in the three- and six-month periods ended June 30, 2023 was primarily due to increases in U.S. interest rates. See Notes 3, 4 and 5 of the Notes to the Consolidated Financial Statements and the Investments and Hedging Activities sections of this MD&A for additional information on the Company's investments and hedging strategies.

AFLAC U.S. SEGMENT

Aflac U.S. Pretax Adjusted Earnings

Changes in Aflac U.S. pretax adjusted earnings and profit margins are primarily affected by morbidity, mortality, expenses, persistency and investment yields. The following table presents a summary of operating results for Aflac U.S.

Aflac U.S. Summary of Operating Results

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2023			2022			2023			2022
Net earned premiums	$	1,425		$	1,394		$	2,853		$	2,807
Adjusted net investment income (1)	203			193			400			377
Other income	35			41			70			83
Total adjusted revenues	1,663			1,628			3,323			3,267
Benefits and claims:
Benefits and claims, excluding reserve remeasurement	675			675			1,366			1,360
Reserve remeasurement (gains) losses	(30)			(16)			(70)			(36)
Total benefits and claims	645			658			1,296			1,324
Adjusted expenses:
Amortization of deferred policy acquisition costs	120			113			239			226
Insurance commissions	140			137			282			277
Insurance and other expenses	389			377			785			764
Total adjusted expenses	648			627			1,305			1,267
Total benefits and adjusted expenses	1,294			1,285			2,601			2,591
Pretax adjusted earnings	$	369		$	343		$	721		$	675
Percentage change over previous period:
Net earned premiums	2.2		%	(1.0)		%	1.6		%	(.8)		%
Adjusted net investment income	5.2			2.1			6.1			3.0
Total adjusted revenues	2.1			.1			1.7			.4
Pretax adjusted earnings	7.6			1.5			6.8			.9

(1) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023 and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

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For the three- and six-month periods ended June 30, 2023, net earned premiums increased, as compared with the same periods in 2022, primarily due to continued investments in growth initiatives, including group life and disability, network dental and vision, and consumer markets businesses. Adjusted net investment income increased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to higher floating rate income due to higher volumes and rates, partially offset by lower variable net investment income. Pretax adjusted earnings increased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to higher adjusted revenues and lower benefits, partially offset by higher adjusted expenses. Higher expenses were driven mainly by higher planned spending reflecting ongoing investments in the U.S. platform.

Annualized premiums in force increased 2.3% to $6.1 billion at June 30, 2023, compared with $5.9 billion at June 30, 2022.

The following table presents a summary of operating ratios for Aflac U.S.

	Three Months Ended June 30,				Six Months Ended June 30,
Ratios to total adjusted revenues:	2023		2022		2023		2022
Total benefits and claims	38.8	%	40.4	%	39.0	%	40.5	%
Adjusted expenses:
Amortization of deferred policy acquisition costs	7.2		6.9		7.2		6.9
Insurance commissions	8.4		8.4		8.5		8.5
Insurance and other expenses	23.4		23.2		23.6		23.4
Total adjusted expenses	39.0		38.5		39.3		38.8
Pretax adjusted earnings	22.2		21.1		21.7		20.7
Ratios to total premiums:
Total benefits and claims	45.3	%	47.2	%	45.4	%	47.2	%
Adjusted expenses:
Amortization of deferred policy acquisition costs	8.4		8.1		8.4		8.1

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

For the three- and six-month periods ended June 30, 2023, the total benefits and claims ratio to total premiums decreased, as compared with the same periods in 2022, primarily due to assumption updates in the third quarter of 2022, reserve remeasurement gains related to experience, and continued lower claims utilization. The total adjusted expense ratio increased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to higher planned spending reflecting ongoing investments in the U.S. platform, which the Company expects will decrease over time as its group life and disability, network dental and vision and consumer markets businesses grow to scale and improve their profitability. Additionally, the Company believes that the expense ratio continues to be elevated in light of relatively high lapses, but in future periods the Company expects the expense ratio to decrease from the level experienced in the second quarter of 2023. In total, the pretax adjusted profit margin increased in the three- and six-month periods ended June 30, 2023, as compared with the same periods in 2022, primarily due to the lower benefit ratio. For the full year of 2023, the Company expects the benefit ratio to be slightly below the outlook range of 47% to 50% and the expense ratio to be slightly above the outlook range of 37% to 40%.

The following table presents premium persistency for Aflac U.S. on a 12-month rolling basis as of June 30.

	2023		2022
Premium persistency	78.2	%	78.1	%

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Aflac U.S. Sales

The following table presents Aflac's U.S. new annualized premium sales for the periods ended June 30.

	Three Months						Six Months
(In millions)	2023			2022			2023			2022
New annualized premium sales	$	324		$	305		$	639		$	604
Increase (decrease) over prior period	6.4		%	15.6		%	5.8		%	17.2		%

New annualized premium sales for accident insurance decreased 3.2%; disability sales increased 4.6%; critical care insurance sales (including cancer insurance) increased 5.6%; hospital indemnity insurance sales increased 2.1%; dental/vision sales increased 23.6%; and life sales increased 36.2% in the second quarter of 2023, compared with the second quarter of 2022. The increase in new annualized premium sales for Aflac U.S. in the second quarter of 2023 reflects continued improvement from investment in growth initiatives as well as productivity gains.

The following table details the contributions to Aflac's U.S. new annualized premium sales by major insurance product category for the periods ended June 30.

	Three Months				Six Months
	2023		2022		2023		2022
Accident	22.4	%	24.6	%	23.0	%	24.9	%
Disability	24.8		25.2		24.9		24.2
Critical care(1)	20.4		20.6		20.5		20.9
Hospital indemnity	14.3		14.9		15.1		15.8
Dental/vision	7.4		6.4		7.0		6.0
Life	10.7		8.3		9.5		8.2
Total	100.0	%	100.0	%	100.0	%	100.0	%

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

In the second quarter of 2023, the Aflac U.S. sales force included an average of approximately 6,200 U.S. agents, including brokers, who were actively producing business on a weekly basis. The Company believes that this average weekly producer equivalent metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. Investments

The level of investment income is affected by available cash flow from operations, the timing of investing the cash flow, yields on new investments, and other factors.

As part of the Company's portfolio management and asset allocation process, Aflac U.S. invests in fixed maturity investments and growth assets, including public equity securities and alternative investments in limited partnerships. Aflac U.S. has been investing in both publicly traded and privately originated investment-grade and below-investment-grade fixed maturity securities and loan receivables.

The following table details the investment purchases for Aflac U.S.

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	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Fixed maturity securities:
Other fixed maturity securities	$	218	$	107	$	427	$	339
Infrastructure debt	0		10		0		19
Collateralized loan obligations	0		199		0		199
Equity securities	0		11		0		19
Commercial mortgage and other loans:
Transitional real estate loans	40		78		54		185
Middle market loans	30		61		48		227
Other investments	8		16		24		21
Total Aflac U.S. Purchases	$	296	$	482	$	553	$	1,009

See Note 3 of the Notes to the Consolidated Financial Statements and Notes 1 and 3 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report for more information regarding loans and loans receivables.

The following table presents the results of Aflac's U.S. investment yields for the periods ended June 30.

	Three Months						Six Months
	2023			2022			2023			2022
Total purchases for period (in millions) (1)	$	288		$	466		$	529		$	988
New money yield (1),(2)	7.75		%	4.10		%	7.41		%	4.37		%
Return on average invested assets (3)	4.91			4.79			4.77			4.79
Portfolio book yield, end of period (1),(2)	5.49		%	5.01		%	5.49		%	5.01		%

(1) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships

(2) Reported on a gross yield basis; excludes investment expenses and external management fees

(3) Net of investment expenses, year-to-date number reflected on a quarterly average basis

The increase in the Aflac U.S. new money yield in the three- and six-month periods ended June 30, 2023 was primarily due to increases in U.S. interest rates. See Notes 3 and 5 of the Notes to the Consolidated Financial Statements and the Investments section of this MD&A for additional information on the Company's investments.

CORPORATE AND OTHER

Changes in the pretax adjusted earnings of Corporate and other are primarily affected by internal reinsurance activity and net investment income. The following table presents a summary of results for Corporate and other.

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Corporate and Other Summary of Operating Results

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net earned premiums	$	84	$	36	$	175	$	77
Net investment income (loss) (1)	14		(9)		21		(5)
Amortized hedge income related to certain foreign currency management strategies	38		14		67		25
Adjusted net investment income	52		5		88		20
Other income	3		0		5		18
Total adjusted revenues	140		42		268		116
Total benefits and claims, net	95		33		141		70
Adjusted expenses:
Interest expense	37		40		70		80
Other adjusted expenses	60		44		117		84
Total adjusted expenses	97		85		187		164
Total benefits and adjusted expenses	192		117		328		234
Pretax adjusted earnings	$	(52)	$	(75)	$	(58)	$	(117)

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

For the three- and six-month periods ended June 30, 2023, total adjusted revenues increased, as compared with the same periods in 2022, primarily due to higher total premiums associated with the internal reinsurance transaction with Aflac Re and an increase in adjusted net investment income, which was partially offset by the impact of historic and solar tax credits. Total benefits and adjusted expenses increased, as compared with the same periods in 2022, primarily due to higher benefits and claims and expenses associated with the internal reinsurance transaction with Aflac Re. These results also reflect the impact of foreign currency on total net earned premiums and the corresponding benefits. Pretax adjusted earnings increased in the three- and six-month periods ended June 30, 2023, compared with the same periods in 2022, primarily due to the increase in total adjusted revenue, which was partially offset by higher benefits and claims associated with the internal reinsurance transaction with Aflac Re and the increase in total adjusted expenses.

The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheet. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statement of earnings.

INVESTMENTS

The Company’s investment strategy utilizes disciplined asset and liability management while seeking long-term risk-adjusted investment returns and the delivery of stable income within regulatory and capital objectives, and preserving shareholder value. In attempting to optimally balance these objectives, the Company seeks to maintain on behalf of Aflac Japan a diversified portfolio of yen-denominated investment assets, U.S. dollar-denominated investment portfolio hedged back to yen and a portfolio of unhedged U.S. dollar-denominated assets. As part of the Company's portfolio management and asset allocation process, Aflac U.S. invests in fixed maturity investments and growth assets, including public equity securities and alternative investments in limited partnerships. Aflac U.S. invests in both publicly traded and privately originated investment-grade and below-investment-grade fixed maturity securities and loans. The Company is also a signatory to the Principles for Responsible Investment, a global framework for incorporating environmental, social and governance (ESG) considerations into investment and ownership decisions.

For additional information concerning the Company's investments, see Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements.

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The following tables detail investments by segment.

Investment Securities by Segment

	June 30, 2023
(In millions)	Aflac Japan		Aflac U.S.		Corporate and Other		Total
Available for sale, fixed maturity securities,    at fair value	$	58,232	$	12,566	$	3,707	$	74,505
Held to maturity, fixed maturity securities,    at amortized cost (1)	17,436		0		0		17,436
Equity securities	672		2		291		965
Commercial mortgage and other loans:
Transitional real estate loans (1)	5,284		1,211		204		6,699
Commercial mortgage loans (1)	1,126		621		0		1,747
Middle market loans (1)	4,435		465		0		4,900
Other investments:
Policy loans	176		26		0		202
Short-term investments (2)	1,710		96		900		2,706
Limited partnerships	2,144		235		172		2,551
Other	0		32		0		32
Investment in affiliate (3)	0		12		(12)		0
Total investments	91,215		15,266		5,262		111,743
Cash and cash equivalents	1,814		553		2,353		4,720
Total investments and cash	$	93,029	$	15,819	$	7,615	$	116,463

(1) Net of allowance for credit losses

(2) Includes securities lending collateral

(3) For consolidated reporting, Aflac U.S.'s investment in Aflac Re is eliminated in Corporate and other

	December 31, 2022
(In millions)	Aflac Japan		Aflac U.S.		Corporate and Other		Total
Available for sale, fixed maturity securities,    at fair value	$	61,615	$	12,231	$	1,895	$	75,741
Held to maturity, fixed maturity securities,    at amortized cost (1)	19,056		0		0		19,056
Equity securities	650		51		390		1,091
Commercial mortgage and other loans:
Transitional real estate loans (1)	5,133		1,140		182		6,455
Commercial mortgage loans (1)	1,269		729		15		2,013
Middle market loans (1)	4,557		471		0		5,028
Other investments:
Policy loans	190		24		0		214
Short-term investments (2)	319		184		1,029		1,532
Limited partnerships	1,900		208		182		2,290
Other	0		34		0		34
Investment in affiliate (3)	0		195		(195)		0
Total investments	94,689		15,267		3,498		113,454
Cash and cash equivalents	1,601		720		1,622		3,943
Total investments and cash	$	96,290	$	15,987	$	5,120	$	117,397

(1) Net of allowance for credit losses

(2) Includes securities lending collateral

(3) For consolidated reporting, Aflac U.S.'s investment in Aflac Re is eliminated in Corporate and other

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In recent quarters, the Company has noted a trend indicating a gradual strain in the valuations of the commercial real estate market in the United States, with specific concerns regarding office space.

Within the commercial mortgage and other loans category, the Company has invested in a variety of loans including transitional real estate loans (TREs) and commercial mortgage loans (CMLs) that are collateralized by commercial real estate, including some that are designed as office space. These investments are well diversified by geography and among property types. Further, the portfolio is well positioned with exposures concentrated in high quality underlying properties with institutional investors who are positioned to manage their assets during periods of market volatility.

The Company has not recognized any significant impacts in its financial statements as a result of declines in the values of its specific investments due to the lower loan-to-value (LTV) ratios associated with those investments; however, the Company has experienced a limited number of properties that are currently in default of interest or maturity payments. The Company continues to work with its counterparties to resolve these specific situations through loan continuance with potential modifications, or through the process of foreclosure or deed-in-lieu. Further, the Company is continuing to monitor this trend and its impact on the valuations of the Company’s bespoke loans and related underlying commercial properties.

The Company utilizes external third-party asset managers to source, underwrite and manage each loan. The Company remains in close contact with and monitors the activities of these managers closely. In the event that a loan workout is necessary, the Company believes these external managers have the experience and resources to manage the process to maximize recovery.

The Company also monitors its commercial mortgage and other loan investments internally on an ongoing basis, including a review of loans by credit quality indicator and loans that are current, past due, restructured or under foreclosure. See Note 3 of the Notes to the Consolidated Financial Statements for further information concerning credit quality indicators and information on loans that are on nonaccrual status. See also Item 1A. Risk Factors of the 2022 Annual Report for a discussion of risk factors associated with the Company's investments.

The ratings of the Company's securities referenced in the table below are based on the ratings designations provided by major rating organizations such as Moody's, Standard & Poor's and Fitch or, if not rated, are determined based on the Company's internal analysis of such securities. When the ratings issued by the rating agencies differ, the Company utilizes the second lowest rating when three or more rating agency ratings are available or the lowest rating when only two rating agency ratings are available.

The distributions of fixed maturity securities the Company owns, by credit rating, were as follows:

Composition of Fixed Maturity Securities by Credit Rating

		June 30, 2023						December 31, 2022
	Amortized Cost			Fair       Value			Amortized Cost			Fair       Value
AAA		1.7	%		1.7	%		1.6	%		1.5	%
AA		5.5			5.7			5.2			5.3
A		68.2			67.8			68.0			68.1
BBB		22.7			22.7			23.0			22.9
BB or lower		1.9			2.1			2.2			2.2
Total		100.0	%		100.0	%		100.0	%		100.0	%

As of June 30, 2023, the Company's direct and indirect exposure to securities in its investment portfolio that were guaranteed by third parties was immaterial both individually and in the aggregate.

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The following table presents the 10 largest unrealized loss positions in the Company's portfolio as of June 30, 2023.

(In millions)	Credit Rating		Amortized Cost			Fair Value			Unrealized Loss
GLP Pte Ltd.		BBB		$	103		$	58		$	(45)
KLM Royal Dutch Airlines		B		128			99			(29)
Autostrade Per Litalia Spa		BBB		136			108			(28)
Prologis LP		A		158			131			(27)
JP Morgan Chase and Co.		A		189			169			(20)
Credit Suisse Group AG		A		69			51			(18)
Vasakronan AB		A		117			100			(17)
Alphabet Inc.		AA		85			68			(17)
Salesforce Inc		A		100			84			(16)
Grand City Properties SA		BBB		51			36			(15)

Generally, declines in fair values can be a result of changes in interest rates, yen/dollar exchange rate, and changes in net spreads driven by a broad market move or a change in the issuer's underlying credit quality. The Company believes these issuers have the ability to continue making timely payments of principal and interest. See the Unrealized Investment Gains and Losses section in Note 3 of the Notes to the Consolidated Financial Statements for further discussions of unrealized losses related to financial institutions and other corporate investments.

Below-Investment-Grade Securities

The Company's portfolio of below-investment-grade securities includes debt securities purchased while the issuer was rated investment grade plus other loans and bonds purchased as part of an allocation to that segment of the market. The following is the Company's below-investment-grade exposure.

Below-Investment-Grade Investments

	June 30, 2023
(In millions)	Par Value		Amortized Cost (1)		Fair Value		Unrealized Gain (Loss)
Investcorp Capital Limited	$	271	$	271	$	262	$	(9)
Pemex Project Funding Master Trust	207		207		209		2
Commerzbank	172		135		197		62
Telecom Italia SpA	138		138		170		32
KLM Royal Dutch Airlines	138		128		99		(29)
Howmet Aerospace Inc.	100		64		102		38
IKB Deutsche Industriebank AG	90		44		72		28
Generalitat de Catalunya	55		23		57		34
National Gas Co. Trinidad & Tobago	52		50		48		(2)
Commonwealth of the Bahamas	43		42		33		(9)
Other Issuers	20		22		21		(1)
Subtotal (2)	1,286		1,124		1,270		146
High yield corporate bonds	723		572		651		79
Middle market loans	4,589		4,411		4,407		(4)
Grand Total	$	6,598	$	6,107	$	6,328	$	221

(1) Net of allowance for credit losses

(2) Securities initially purchased as investment grade, but have subsequently been downgraded to below investment grade

The Company invests in middle market loans primarily to U.S. corporate borrowers, most of which have below-investment-grade ratings. The objectives of this program include enhancing the yield on invested assets, achieving further diversification of credit risk, and mitigating the risk of rising interest rates and hedge costs through the acquisition of floating rate assets.

102

The Company maintains an allocation to higher yielding corporate bonds within the Aflac Japan and Aflac U.S. portfolios. Most of these securities were rated below-investment-grade at the time of purchase, but the Company also purchased several that were rated investment grade which, because of market pricing, offer yields commensurate with below-investment-grade risk profiles. The objective of this allocation was to enhance the Company's yield on invested assets and further diversify credit risk. All investments in this program must have a minimum rating at purchase of low BB using the Company's above described rating methodology and are managed by the Company's internal credit portfolio management team.

Fixed Maturity Securities by Sector

The Company maintains diversification in investments by sector to avoid concentrations to any one sector, thus managing exposure risk. The following table shows the distribution of fixed maturities by sector classification.

	June 30, 2023
(In millions)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		% of Total
Government and agencies	$	40,215	$	3,822	$	(982)	$	43,055	45.6	%
Municipalities	2,458		265		(86)		2,637		2.8
Mortgage- and asset-backed securities	2,734		197		(76)		2,855		3.1
Public utilities	7,084		718		(194)		7,608		8.0
Electric	5,749		595		(142)		6,203		6.5
Natural Gas	791		79		(29)		840		.9
Other	544		44		(23)		565		.6
Sovereign and supranational	1,028		122		(14)		1,136		1.2
Banks/financial institutions	8,533		695		(379)		8,849		9.6
Banking	5,128		489		(217)		5,399		5.8
Insurance	1,685		138		(55)		1,767		1.9
Other	1,720		68		(107)		1,683		1.9
Other corporate	26,233		3,145		(1,075)		28,303		29.7
Basic Industry	2,310		344		(83)		2,572		2.6
Capital Goods	3,186		314		(143)		3,357		3.6
Communications	2,780		437		(53)		3,164		3.1
Consumer Cyclical	2,030		243		(45)		2,228		2.3
Consumer Non-Cyclical	5,881		659		(247)		6,294		6.7
Energy	2,409		397		(56)		2,751		2.7
Other	1,242		101		(120)		1,221		1.4
Technology	3,518		262		(165)		3,614		4.0
Transportation	2,877		388		(163)		3,102		3.3
Total fixed maturity securities	$	88,285	$	8,964	$	(2,806)	$	94,443	100.0	%

(1) Net of allowance for credit losses

Securities by Type of Issuance

The Company has investments in both publicly and privately issued securities. The Company's ability to sell either type of security is a function of overall market liquidity which is impacted by, among other things, the amount of outstanding securities of a particular issuer or issuance, trading history of the issue or issuer, overall market conditions, and idiosyncratic events affecting the specific issue or issuer.

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The following table details investment securities by type of issuance.

Investment Securities by Type of Issuance 

		June 30, 2023						December 31, 2022
(In millions)	Amortized Cost (1)			Fair    Value			Amortized Cost (1)			Fair   Value
Publicly issued securities:
Fixed maturity securities		$	72,018		$	76,972		$	77,176		$	79,090
Equity securities		752			752			882			882
Total publicly issued		72,770			77,724			78,058			79,972
Privately issued securities: (2)
Fixed maturity securities (3)		16,267			17,471			17,349			17,861
Equity securities		213			213			209			209
Total privately issued		16,480			17,684			17,558			18,070
Total investment securities		$	89,250		$	95,408		$	95,616		$	98,042

(1) Net of allowance for credit losses

(2) Primarily consists of securities owned by Aflac Japan

(3) Excludes Rule 144A securities

The following table details the Company's reverse-dual currency securities.

Reverse-Dual Currency Securities(1)

(Amortized cost, in millions)	June 30, 2023				December 31, 2022
Privately issued reverse-dual currency securities		$	3,713			$	4,049
Publicly issued collateral structured as reverse-dual currency securities		1,265				1,383
Total reverse-dual currency securities		$	4,978			$	5,432
Reverse-dual currency securities as a percentage of total investment    securities		5.6		%		5.7		%

(1) Principal payments in yen and interest payments in dollars

Aflac Japan has a portfolio of privately issued securities to better match liability characteristics and secure higher yields than those available on Japanese government or other public corporate bonds. Aflac Japan’s investments in yen-denominated privately issued securities consist primarily of non-Japanese issuers, are rated investment grade at purchase and have longer maturities, thereby allowing the Company to improve asset/liability matching and overall investment returns. These securities are generally either privately negotiated arrangements or issued under medium-term note programs and have standard documentation commensurate with credit ratings of the issuer, except when internal credit analysis indicates that additional protective and/or event-risk covenants were required. Many of these investments have protective covenants appropriate to the specific investment. These may include a prohibition of certain activities by the borrower, maintenance of certain financial measures, and specific conditions impacting the payment of the Company's notes.

HEDGING ACTIVITIES

The Company uses derivative contracts to hedge foreign currency exchange rate risk and interest rate risk. The Company uses various strategies, including derivatives, to manage these risks. See Item 7A. Quantitative and Qualitative Disclosures About Market Risk in the 2022 Annual Report for more information about market risk and the Company’s use of derivatives.

Derivatives are designed to reduce risk on an economic basis while minimizing the impact on financial results. The Company’s derivatives programs vary depending on the type of risk being hedged. See Note 4 of the Notes to the Consolidated Financial Statements for:

•A description of the Company's derivatives, hedging strategies and underlying risk exposure.

•Information about the notional amount and fair market value of the Company's derivatives.

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•The unrealized and realized gains and losses impact on adjusted earnings of derivatives in cash flow, fair value, net investments in foreign operations, or non-qualifying hedging relationships.

Foreign Currency Exchange Rate Risk Hedge Program

The Company has deployed the following hedging strategies to mitigate exposure to foreign currency exchange rate risk:

•Aflac Japan hedges U.S. dollar-denominated investments back to yen (see Aflac Japan’s U.S. Dollar-Denominated Hedge Program below).

•Aflac Japan maintains certain unhedged U.S. dollar-denominated securities, which serve as an economic currency hedge of a portion of the Company's investment in Aflac Japan (see Aflac Japan’s U.S. Dollar-Denominated Hedge Program below).

•The Parent Company designates yen-denominated liabilities (notes payable and loans) as non-derivative hedging instruments and designates certain foreign currency forwards and options as derivative hedges of the Company’s net investment in Aflac Japan (see Enterprise Corporate Hedging Program below).

•The Parent Company enters into forward and option contracts to accomplish a dual objective of hedging foreign currency exchange rate risk related to dividend payments by its subsidiary, ALIJ, and reducing enterprise-wide hedge costs (see Enterprise Corporate Hedging Program below).

The following table presents metrics related to Aflac Japan's U.S. dollar-denominated hedge program and the Parent Company's enterprise corporate hedging program, including associated amortized hedge costs/income, for the periods ended June 30. See the Results of Operations section of this MD&A for the Company's definition of amortized hedge costs/income.

	Three Months		Six Months
	2023	2022	2023	2022
Aflac Japan:
FX Forwards
FX forward (sell USD, buy yen) notional at end of period (in billions) (1)	$3.7	$4.5	$3.7	$4.5
Weighted average remaining tenor (in months) (2)	6.7	6.8	6.7	6.8
Amortized hedge income (cost) for period (in millions)	$(45)	$(13)	$(85)	$(26)
FX Options
FX option notional at the end of period (in billions) (1)	$13.5	$13.5	$13.5	$13.5
Weighted average remaining tenor (in months) (2)	4.7	4.9	4.7	4.9
Amortized hedge income (cost) for period (in millions)	$(18)	$(17)	$(37)	$(29)
Corporate and other (Parent Company):
FX Forwards
FX forward (buy USD, sell yen) notional at end of period (in billions) (1)	$5.0	$5.0	$5.0	$5.0
Weighted average remaining tenor (in months) (2)	11.1	13.0	11.1	13.0
Amortized hedge income (cost) for period (in millions)	$39	$15	$70	$27
FX Options
FX option notional at the end of period (in billions) (1)	$2.4	$2.0	$2.4	$2.0
Weighted average remaining tenor (in months) (2)	7.7	7.9	7.7	7.9
Amortized hedge income (cost) for period (in millions)	$(1)	$(1)	$(3)	$(2)

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

(2) Tenor based on period reporting date to settlement date

Amortized hedge costs/income can fluctuate based upon many factors, including the derivative notional amount, the length of time of the derivative contract, changes in both U.S. and Japan interest rates, and supply and demand for dollar funding. Amortized hedge costs/income have fluctuated in recent periods due to changes in the previously mentioned factors.

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Aflac Japan’s U.S. Dollar-Denominated Hedge Program (U.S. Dollar Program)

Aflac Japan buys U.S. dollar-denominated investments, typically corporate bonds, and hedges them back to yen with foreign currency forwards and options to hedge foreign currency exchange rate risk. This economically creates yen assets that match yen liabilities during the life of the derivative and provides favorable capital treatment under the Japan solvency margin ratio (SMR) calculations. The currency risk being hedged is generally based on fair value of hedged investments. The following table summarizes the U.S. dollar-denominated investments held by Aflac Japan.

	June 30, 2023				December 31, 2022
(In millions)	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Available-for-sale securities:
Fixed maturity securities	$	11,816	$	13,940	$	14,321	$	15,191
Equity securities	22		22		33		33
Commercial mortgage and other loans:
Transitional real estate loans (floating rate)	5,284		5,188		5,133		5,088
Commercial mortgage and other loans	1,126		993		1,269		1,129
Middle market loans (floating rate)	4,435		4,424		4,557		4,545
Other investments	2,144		2,144		1,899		1,899
Total U.S. Dollar Program	24,827		26,711		27,212		27,885
Available-for-sale securities:
Fixed maturity securities - economically converted to yen	2,098		2,914		2,209		2,795
Total U.S. dollar-denominated investments in Aflac Japan	$	26,925	$	29,625	$	29,421	$	30,680

(1) Net of allowance for credit losses

The U.S. Dollar Program includes all U.S. dollar-denominated investments in Aflac Japan other than the investments in certain consolidated VIEs where the instrument is economically converted to yen as a result of a derivative in the consolidated VIE. The Company uses one-sided foreign currency put options to mitigate the settlement risk on U.S. dollar-denominated assets related to extreme foreign currency rate changes. From time to time, Aflac Japan also maintains a collar program on a portion of its U.S. Dollar Program to mitigate against more extreme moves in foreign exchange and therefore support SMR. As of June 30, 2023, there were no collars in Aflac Japan, and none of the Company's foreign currency options hedging Aflac Japan's U.S. dollar-denominated assets were in-the-money.

As of June 30, 2023, the fair value of Aflac Japan's unhedged U.S. dollar-denominated portfolio was $9.5 billion (excluding certain U.S. dollar-denominated assets shown in the table above as a result of consolidation that have been economically converted to yen using derivatives).

Foreign exchange derivatives used for hedging are periodically settled, which results in cash receipt or payment at maturity or early termination. The following table presents the settlements associated with the Company's currency derivatives used for hedging Aflac Japan’s U.S. dollar-denominated investments.

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2023			2022			2023			2022
Net cash inflows (outflows)		$	(1)		$	(23)		$	(580)		$	(642)

Enterprise Corporate Hedging Program

The Company has designated certain yen-denominated liabilities and foreign currency forwards and options of the Parent Company as accounting hedges of its net investment in Aflac Japan. The Company's consolidated yen-denominated net asset position was partially hedged at $11.0 billion as of June 30, 2023, with hedging instruments comprised of $3.6 billion of yen-denominated debt and $7.4 billion of foreign currency forwards and options, compared with $11.6 billion as of December 31, 2022, with hedging instruments comprised of $4.0 billion of yen-denominated debt and $7.6 billion of foreign currency forwards and options.

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The Company makes its accounting designation of net investment hedge at the beginning of each quarter. If the total of the designated Parent Company non-derivative and derivative notional is equal to or less than the Company's net investment in Aflac Japan, the hedge is deemed to be effective, and the currency exchange effect on the yen-denominated liabilities and the change in estimated fair value of the derivatives are reported in the unrealized foreign currency component of other comprehensive income. The Company's net investment hedge was effective during the three- and six-month periods ended June 30, 2023 and 2022, respectively. For additional information on the Company's net investment hedging strategy, see Note 4 of the Notes to the Consolidated Financial Statements.

In order to economically mitigate risks associated with the enterprise-wide exposure to the yen and the level and volatility of hedge costs, the Parent Company enters into foreign exchange forward and option contracts. By buying U.S. dollars and selling yen, the Parent Company is effectively lowering its overall economic exposure to the yen, while Aflac Japan's U.S. dollar exposure remains reduced as a result of Aflac Japan's U.S. Dollar Program that economically creates yen assets. Among other objectives, this strategy is intended to offset the enterprise-wide amortized hedge costs by generating amortized hedge income. This activity is reported in Corporate and other. The Company continually evaluates the program’s efficacy.

As part of the Company’s internal reinsurance platform, Aflac Re enters into foreign currency forwards with the Parent Company to economically manage the currency mismatch between Aflac Re's assets, which are mostly denominated in U.S. dollars, and liabilities, which are mostly denominated in yen, in order to support and optimize BMA capital requirements. For additional information on the Company's internal reinsurance platform, see Note 8 of the Notes to the Consolidated Financial Statements and the Liquidity and Capital Resources section of this MD&A.

Interest Rate Risk Hedge Program

Aflac Japan and Aflac U.S. use interest rate swaps from time to time to mitigate the risk of investment income volatility for certain variable-rate investments. Additionally, to manage interest rate risk associated with its U.S. dollar-denominated investments held by Aflac Japan, from time to time the Company utilizes interest rate swaptions.

For additional discussion of the risks associated with the foreign currency exposure refer to the Currency Risk section in Item 7A., Quantitative and Qualitative Disclosures about Market Risk, and Item 1A, specifically to the Risk Factors titled “The Company is exposed to foreign currency fluctuations in the yen/dollar exchange rate" and “Lack of availability of acceptable yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity" in the 2022 Annual Report.

See Note 4 of the Notes to the Consolidated Financial Statements for additional information on the Company's hedging activities.

DEFERRED POLICY ACQUISITION COSTS

The following table presents deferred policy acquisition costs (DAC) by segment.

(In millions)	June 30, 2023			December 31, 2022			% Change
Aflac Japan		$	5,352		$	5,776		(7.3)	%	(1)
Aflac U.S.		3,508			3,463			1.3
Total		$	8,860		$	9,239		(4.1)	%

(1) Aflac Japan’s deferred policy acquisition costs increased 1.2% in yen during the six months ended June 30, 2023.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See Note 6 of the Notes to the Consolidated Financial Statements for additional information on the Company's deferred policy acquisition costs.

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POLICY LIABILITIES

The following table presents policy liabilities by segment.

(In millions)	June 30, 2023			December 31, 2022			% Change
Aflac Japan		$	82,882		$	86,088		(3.7)	%	(1)
Aflac U.S.		11,445			11,187			2.3
Corporate and other		2,201			302			100.0
Intercompany eliminations(2)		(2,721)			(667)			100.0
Total		$	93,807		$	96,910		(3.2)	%

(1) Aflac Japan’s policy liabilities increased 5.2% in yen during the six months ended June 30, 2023.

(2) Elimination entry necessary due to the internal reinsurance transaction with Aflac Re and to recapture of a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 of the Notes to the Consolidated Financial Statements.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

See Note 7 of the Notes to the Consolidated Financial Statements for additional information on the Company's policy liabilities.

BENEFIT PLANS

Aflac Japan and Aflac U.S. have various benefit plans. For additional information on the Company's Japanese and U.S. plans, see Note 12 of the accompanying Notes to the Consolidated Financial Statements and Note 14 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

POLICYHOLDER PROTECTION

Policyholder Protection Corporation

The Japanese insurance industry has a policyholder protection system that provides funds for the policyholders of insolvent insurers. Legislation enacted regarding the framework of the Life Insurance Policyholder Protection Corporation (LIPPC) included government fiscal measures supporting the LIPPC. In March 2022, Japan's Diet passed legislation that extended the government's fiscal support of the LIPPC through March 2027. In March 2022, the LIPPC reached the required balance for the total life industry of ¥400 billion as specified by its Articles of Incorporation. As a result, additional contributions are not expected to be required unless the balance is reduced due to payments made by the LIPPC to the policyholders of insolvent insurers. Accordingly, Aflac Japan did not recognize an expense for LIPPC assessments for the six-month period ended June 30, 2023. Aflac Japan recognized an expense for LIPPC assessments of ¥.9 billion for the six-month period ended June 30, 2022.

Guaranty Fund Assessments

Under U.S. state guaranty association laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of impaired or insolvent insurance companies that write the same line or similar lines of business. The amount of the guaranty fund assessment that an insurer is assessed is based on its proportionate share of premiums in that state. Guaranty fund assessments for the three- and six-month periods ended June 30, 2023 and 2022 were immaterial.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of the businesses, fund business growth and provide for an ability to withstand adverse circumstances. Financial leverage (leverage) refers to an investment strategy of using debt to increase the potential ROE. The Company targets and actively manages liquidity, capital and leverage in the context of a number of considerations, including:

•business investment and growth needs

•strategic growth objectives

•financial flexibility and obligations

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•capital support for hedging activity

•a constantly evolving business and economic environment

•a balanced approach to capital allocation and shareholder deployment.

The governance framework supporting liquidity, capital and leverage includes global senior management and board committees that review and approve all significant capital related decisions.

The Company's cash and cash equivalents include unrestricted cash on hand, money market instruments, and other debt instruments with a maturity of 90 days or less when purchased, all of which have minimal market, settlement or other risk exposure. The target minimum amount for the Parent Company’s cash and cash equivalents is approximately $1.8 billion to provide a capital buffer and liquidity support at the holding company. The Company remains committed to prudent liquidity and capital management. At June 30, 2023, the Company held $4.7 billion in cash and cash equivalents for stress conditions, which includes the Parent Company's target minimum amount of $1.8 billion.

Aflac Japan and Aflac U.S. generate cash flows from their operations and provide the primary sources of liquidity to the Parent Company through management fees and dividends, with Aflac Japan being the largest contributor. The primary uses of cash by the Parent Company are shareholder dividends, the repurchase of its common stock, interest on its outstanding indebtedness and operating expenses.

The following table presents the amounts provided to the Parent Company for the six-month periods ended June 30.

Liquidity Provided by Subsidiaries to Parent Company

(In millions)	2023		2022
Management fees paid by subsidiaries	$	75	$	67
Dividends declared or paid by subsidiaries	1,971		1,653

The following table details Aflac Japan remittances, which are included in the totals above, for the six-month periods ended June 30.

Aflac Japan Remittances 

(In millions of dollars and billions of yen)	2023		2022
Aflac Japan management fees paid to Parent Company	$	33	$	32
Aflac Japan dividends declared or paid to Parent Company (in dollars)	1,496		1,353
Aflac Japan dividends declared or paid to Parent Company (in yen)	¥	208.8	¥	178.4

The Company intends to maintain higher than historical levels of liquidity and capital at the Parent Company for stress conditions and with the goals of addressing the Company’s hedge costs and related potential need for collateral and mitigating against long-term weakening of the Japanese yen. Further, the Company plans to continue to maintain a portfolio of unhedged U.S. dollar-denominated investments at Aflac Japan and to consider whether the amount of such investments should be increased or decreased relative to the Company’s view of economic equity surplus in Aflac Japan in light of potentially rising hedge costs and other factors. See the Hedging Activity subsection of this MD&A for more information.

The Company believes that its balance of cash and cash equivalents and cash generated by operations will be sufficient to satisfy both its short-term and long-term cash requirements and plans for cash, including material cash requirements from known contractual obligations and returning capital to shareholders through share repurchases and dividends. For additional information, see the Liquidity and Capital Resources section of Item 7. MD&A in the 2022 Annual Report.

In addition to cash and cash equivalents, the Company also maintains credit facilities, both intercompany and with external partners, and a number of other available tools to support liquidity needs on a global basis. In September 2021, the Parent Company filed a shelf registration statement with the SEC that allows the Company to issue an indefinite amount of debt securities, in one or more series, from time to time until September 2024. The Company believes outside sources for additional debt and equity capital, if needed, will continue to be available. Additionally, as of June 30, 2023, the Parent Company and Aflac had four lines of credit with third parties and eleven intercompany lines of credit. The Company was in compliance with all of the covenants of its notes payable and lines of credit at June 30, 2023. For additional information, see Note 9 of the Notes to the Consolidated Financial Statements.

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As part of enterprise-wide capital management and optimization, the Company also utilizes the newly-created intercompany reinsurance platform to execute internal reinsurance transactions with Aflac Re. For additional information, see Note 8 of the Notes to the Consolidated Financial Statements.

The Company's consolidated financial statements convey its financing arrangements during the periods presented. The Company has not engaged in material intra-period short-term financings during the periods presented that are not otherwise reported in its balance sheet or disclosed therein. As of June 30, 2023, the Company had no material letters of credit, standby letters of credit, guarantees or standby repurchase obligations. The Company has not entered into transactions involving the transfer of financial assets with an obligation to repurchase financial assets that have been accounted for as a sale under applicable accounting standards, including securities lending transactions. See Notes 3 and 4 of the Notes to the Consolidated Financial Statements and Notes 1, 3, and 4 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report for more information on the Company's securities lending and derivative activities. See Note 15 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report for information on material unconditional purchase obligations that are not recorded on the Company's balance sheet. With the exception of disclosed activities in those referenced footnotes and the Risk Factors in the 2022 Annual Report entitled, "The Company is exposed to foreign currency fluctuations in the yen/dollar exchange rate" and "Lack of availability of acceptable yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity," the Company is not aware of any trend, demand, commitment, event or uncertainty that would reasonably result in its liquidity increasing or decreasing by a material amount.

Consolidated Cash Flows

The Company consistently generates positive cash flows from operations, and has the ability to adjust cash flow management from other sources of liquidity including reinvestment cash flows and selling investments in order to meet short-term cash needs.

The Company translates cash flows for Aflac Japan’s yen-denominated items into U.S. dollars using weighted-average exchange rates. In periods when the yen weakens, translating yen into dollars causes fewer dollars to be reported. When the yen strengthens, translating yen into dollars causes more dollars to be reported.

The following table summarizes consolidated cash flows by activity for the six-month periods ended June 30.

(In millions)	2023		2022
Operating activities	$	1,087	$	1,770
Investing activities	1,733		83
Financing activities	(1,944)		(1,644)
Exchange effect on cash and cash equivalents	(99)		(87)
Net change in cash and cash equivalents	$	777	$	122

Operating Activities

The principal cash inflows for the Company's insurance activities come from insurance premiums and investment income. The principal cash outflows are the result of policy claims, operating expenses, income tax, as well as interest expense. As a result of policyholder aging, claims payments are expected to gradually increase over the life of a policy. Therefore, future policy benefit reserves are accumulated in the early years of a policy and are designed to help fund future claims payments.

The Company expects its future cash flows from premiums and investment portfolios to be sufficient to meet its cash needs for benefits and expenses.

Investing Activities

The Company's investment objectives provide for liquidity primarily through the purchase of publicly traded investment-grade debt securities. Prudent portfolio management dictates that the Company attempts to match the duration of its assets with the duration of its liabilities. Currently, when the Company's fixed maturity securities mature, the proceeds may be reinvested at a yield below that required for the accretion of policy benefit liabilities on policies issued in earlier years. However, the long-term nature of the Company's business and its strong cash flows provide the Company with the ability to minimize the effect of mismatched durations and/or yields identified by various asset adequacy analyses. From time to time or when market opportunities arise, the Company disposes of selected fixed maturity securities that are available for

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sale to improve the duration matching of assets and liabilities, improve future investment yields, and/or re-balance its portfolio. As a result, dispositions before maturity can vary significantly from year to year.

As part of its overall corporate strategy, the Company has committed $400 million to Aflac Ventures, LLC (Aflac Ventures), as opportunities emerge. Aflac Ventures is a subsidiary of Aflac Global Ventures, LLC (Aflac Global Ventures) which is reported in Corporate and other. The central mission of Aflac Global Ventures is to support the organic growth and business development needs of Aflac Japan and Aflac U.S. with an emphasis on digital applications designed to improve the customer experience, gain efficiencies, and develop new markets in an effort to enhance and defend long-term shareholder value. Investments are included in equity securities or the other investments line in the consolidated balance sheets.

As part of an arrangement with Federal Home Loan Bank of Atlanta (FHLB), Aflac U.S. obtains low-cost funding from FHLB supported by acceptable forms of collateral pledged by Aflac U.S. In the first six months of 2023, Aflac U.S. borrowed and repaid $72 million under this program. As of June 30, 2023, Aflac U.S. had outstanding borrowings of $556 million reported in its balance sheet.

See Note 3 of the Notes to the Consolidated Financial Statements for details on certain investment commitments.

Financing Activities

Cash flows from financing activities consist primarily of share repurchases, dividends to shareholders and from time to time debt issuances and redemptions.

Cash returned to shareholders through treasury stock purchases and dividends was $1.9 billion during the six-month period ended June 30, 2023, compared with $1.6 billion during the six-month period ended June 30, 2022.

The following tables present a summary of treasury stock activity during the six-month periods ended June 30.

Treasury Stock Purchased

(In millions of dollars and thousands of shares)	2023		2022
Treasury stock purchases	$	1,400	$	1,150
Number of shares purchased:
Share repurchase program	20,809		19,192
Other	354		351
Total shares purchased	21,163		19,543

Treasury Stock Issued

(In millions of dollars and thousands of shares)	2023		2022
Stock issued from treasury:
Cash financing	$	5	$	10
Noncash financing	33		33
Total stock issued from treasury	$	38	$	43
Number of shares issued	728		805

As of June 30, 2023, a remaining balance of 95.8 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

Cash dividends paid to shareholders were $.42 per share in the second quarter of 2023, compared with $.40 per share in the second quarter of 2022. The following table presents the dividend activity for the six-month periods ended June 30.

(In millions)	2023		2022
Dividends paid in cash	$	491	$	498
Dividends through issuance of treasury shares	19		19
Total dividends to shareholders	$	510	$	517

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In July 2023, the board of directors declared the third quarter cash dividend of $.42 per share, an increase of 5.0% compared with the same period in 2022. The dividend is payable on September 1, 2023 to shareholders of record at the close of business on August 23, 2023.

Regulatory Restrictions

Aflac Japan

Aflac Japan is required to meet certain financial criteria as governed by Japanese corporate law in order to provide dividends to the Parent Company. Under these criteria, dividend capacity at the Japan subsidiary is basically defined as total equity excluding common stock and capital reserves (representing statutorily required amounts in Japan) but reduced for net after-tax unrealized losses on available-for-sale securities. These dividend capacity requirements are generally aligned with the SMR. Japan's Financial Services Agency (FSA) maintains its own solvency standard which is quantified through the SMR. Aflac Japan's SMR is sensitive to interest rate, credit spread, and foreign exchange rate changes; therefore, the Company continues to evaluate alternatives for reducing this sensitivity, including the reduction of subsidiary dividends paid to the Parent Company and Parent Company capital contributions. In the event of a rapid change in market risk conditions causing SMR to decline, the Company has one senior unsecured revolving credit facility in the amount of ¥100 billion and a committed reinsurance facility in the amount of approximately ¥120 billion as a capital contingency plan. Additionally, subject to market conditions, the Company expects that it could take action to enter into derivatives on unhedged U.S. dollar-denominated investments with foreign currency options or forwards or execute additional internal reinsurance transactions with Aflac Re. See Notes 8 and 9 of the Notes to the Consolidated Financial Statements for additional information.

The Company has already undertaken various measures to mitigate the sensitivity of Aflac Japan's SMR. For example, the Company employs policy reserve matching (PRM) investment strategies, which is a Japan-specific accounting treatment that reduces SMR interest rate sensitivity since PRM-designated investments are carried at amortized cost consistent with corresponding liabilities. In order for a PRM-designated asset to be held at amortized cost, there are certain criteria that must be maintained. The primary criterion relates to maintaining the duration of designated assets and liabilities within a specified tolerance range. If the duration difference is not maintained within the specified range without rebalancing, then a certain portion of the assets must be re-classified as available for sale and held at fair value with any associated unrealized gain or loss recorded in surplus. To rebalance, assets may need to be sold in order to maintain the duration with the specified range, resulting in realizing a gain or loss from the sale. For U.S. GAAP, PRM investments are categorized as available for sale. The Company also uses foreign currency derivatives to hedge a portion of its U.S. dollar-denominated investments. See Notes 3, 4 and 8 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report for additional information on the Company's investment strategies, hedging activities, and reinsurance, respectively.

As of June 30, 2023, Aflac Japan's SMR remains high and reflects a strong capital and surplus position. The Company is committed to maintaining strong capital levels, consistent with maintaining current insurance financial strength and credit ratings.

The FSA is considering the introduction of an economic value-based solvency regime based on the Insurance Capital Standards (ICS) for insurance companies in Japan. The FSA continues to conduct field testing with insurance companies in Japan for the purpose of investigating the impact of the introduction of such regulations. Final specifications are expected to be decided in 2024, and a new capital regime to replace the current solvency regime is expected to be introduced in 2025.

Aflac U.S.

A life insurance company’s statutory capital and surplus is determined according to rules prescribed by the National Association of Insurance Commissioners (NAIC), as modified by the insurance department in the insurance company’s state of domicile. Statutory accounting rules are different from U.S. GAAP and are intended to emphasize policyholder protection and company solvency. The continued long-term growth of the Company's business may require increases in the statutory capital and surplus of its insurance operations. The Company's insurance operations may secure additional statutory capital through various sources, such as internally generated statutory earnings, reduced dividends paid to the Parent Company, capital contributions by the Parent Company from funds generated through debt or equity offerings, or reinsurance transactions. The NAIC’s Risk-based capital (RBC) formula is used by insurance regulators to help identify inadequately capitalized insurance companies. The RBC formula quantifies insurance risk, business risk, asset risk and

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interest rate risk by weighing the types and mixtures of risks inherent in the insurer’s operations. As of June 30, 2023, Aflac U.S.'s combined RBC ratio remains high and reflects a strong capital and surplus position.

Aflac, CAIC and TOIC are domiciled in Nebraska and are subject to its regulations. The maximum amount of dividends that can be paid to the Parent Company by Aflac, CAIC and TOIC without prior approval of Nebraska's director of insurance is the greater of the net income from operations, which excludes net investment gains, for the previous year determined under statutory accounting principles, or 10% of statutory capital and surplus as of the previous year-end. Dividends declared by Aflac during 2023 in excess of $1.1 billion would be considered extraordinary and require such approval. Similar laws apply in New York, the domiciliary jurisdiction of Aflac New York.

State insurance departments conduct periodic examinations of the books and records, financial reporting, policy filings and market conduct of insurance companies domiciled in their states, generally once every three to five years. Examinations are generally carried out in cooperation with the insurance departments of other states under guidelines promulgated by the NAIC. In 2024, the Nebraska Department of Insurance and the New York State Department of Financial Services will commence full-scope, risk-focused financial examinations on their respective state domiciled insurance entities. The examinations will cover the reporting period January 1, 2020 – December 31, 2023.

Privacy and Cybersecurity Governance

The Company’s Board of Directors has adopted an information security policy directing management to establish and operate a global information security program with the goals of monitoring existing and emerging threats and ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected from loss or theft. The Board has delegated oversight of the Company’s information security program to the Audit and Risk Committee. The Company’s senior officers, including its Global Chief Information Security Officer, are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, current and evolving threats, and recommendations for changes in the information security program. The global information security program also includes a cybersecurity incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. This framework establishes a protocol to report certain incidents to the Global Chief Information Security Officer and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the Audit and Risk Committee. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director.

Other

For information regarding commitments and contingent liabilities, see Note 13 of the Notes to the Consolidated Financial Statements.

Additional Information

Investors should note that the Company announces material financial information in its SEC filings, press releases and public conference calls. In accordance with SEC guidance, the Company may also use the Investor Relations section of the Company's website (http://investors.aflac.com) to communicate with investors about the Company. It is possible that the financial and other information the Company posts there could be deemed to be material information. The information on the Company's website is not part of this document. Further, the Company's references to website URLs are intended to be inactive textual references only.

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CRITICAL ACCOUNTING ESTIMATES

The Company prepares its financial statements in accordance with U.S. GAAP. These principles are established primarily by the Financial Accounting Standards Board (FASB). In this MD&A, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards Codification™ (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The estimates that the Company deems to be most critical to an understanding of its results of operations and financial condition are those related to the valuation of investments and derivatives, DAC, liabilities for future policy benefits, and income taxes. The preparation and evaluation of these critical accounting estimates involve the use of various assumptions developed from management’s analyses and judgments. Calculations of DAC and the liability for future policy benefits require the use of estimates based on actuarial valuation techniques. The application of these critical accounting estimates determines the values at which 92% of the Company's assets and 78% of its liabilities are reported as of June 30, 2023, and thus has a direct effect on net earnings and shareholders’ equity. Subsequent experience or use of other assumptions could produce significantly different results.

On January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The update significantly changes how insurers account for long-duration contracts and amends existing recognition, measurement, presentation, and disclosure requirements applicable to the Company related to liabilities for future policy benefits and DAC. As part of this adoption, the Company measures together all payments under an insurance contract including future expected claims and unpaid policy claims and related expenses, as an integrated reserve. This resulted in unpaid policy claims on long-duration insurance contracts and accrued claim adjustment expenses that were presented separately in the Company’s consolidated balance sheet pre-adoption to now be presented as part of liabilities for future policy benefits.

For additional information, see Note 1 of the Notes to the Consolidated Financial Statements in this document and in the 2022 Annual Report.

Deferred Policy Acquisition Costs

Amortization of DAC is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the liability for future policy benefits, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized prospectively over the remaining contract term as a revision of future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. For additional information, see Note 6 of the Notes to the Consolidated Financial Statements.

Future Policy Benefits

The Company's liabilities for future policy benefits are determined in accordance with applicable guidelines as defined under U.S. GAAP and Actuarial Standards of Practice and represent claims that are expected to occur in the future and already incurred claims (which represent claims that have been incurred and are in the process of payment as well as an estimate of those claims that have been incurred but have not yet been reported to the Company) and are measured using the net level premium method. Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense, and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings. Expense assumptions are established at policy inception and are not updated. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense in the consolidated statement of earnings. Discount rates used to measure the carrying value of liability for future policy benefits in the consolidated balance sheet are updated each reporting period, and the differences between the liability balances calculated using the locked-in discount rates and the updated discount rates are recognized in accumulated other comprehensive income (loss) (AOCI). The discount rate methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in

114

the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

Upon adoption, if interest rates decreased by 100 basis points the Company's FPB balance as of December 31, 2022 would increase by $13.3 billion, and if interest rates increased by 100 basis points the Company's FPB balance as of December 31, 2022 would decrease by $10.4 billion.

See Note 7 of the Notes to the Consolidated Financial Statements for details of future policy benefits activity.

There have been no other changes in the items the Company has identified as critical accounting estimates during the six-month period ended June 30, 2023. For additional information, see the Critical Accounting Estimates section of Item 7. MD&A included in the 2022 Annual Report.

New Accounting Pronouncements

On January 1, 2023, the Company adopted LDTI employing a modified retrospective transition method, which requires the amended guidance be applied as of the beginning of the earliest period presented beginning on the January 1, 2021 transition date (Transition Date). The Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings of approximately $0.3 billion.

For information on new accounting pronouncements and the impact, if any, on the Company's financial position or results of operations, see Note 1 of the Notes to the Consolidated Financial Statements.

Item 3.Quantitative and Qualitative Disclosures about Market Risk

The Company is exposed primarily to the following types of market risks: currency risk, interest rate risk, credit risk and equity risk. The Company regularly monitors its market risks and uses a variety of strategies to manage its exposure to these market risks. A description of the Company's market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A, of the 2022 Annual Report. There have been no material changes to the Company's market risk exposures from the market risk exposures previously disclosed in the 2022 Annual Report.

Item 4.Controls and Procedures

Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this quarterly report (the Evaluation Date). Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the second fiscal quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

115

PART II. OTHER INFORMATION

Item 1A.Risk Factors

The following should be read in conjunction with and supplements and amends the risk factors that may affect the Company’s business or operations described under “Risk Factors” in Part I, Item 1A. of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Extensive regulation and changes in legislation can impact profitability and growth.

The Company’s insurance subsidiaries are subject to complex laws and regulations that are administered and enforced by a number of governmental authorities that exercise a degree of interpretive latitude, including the FSA and Ministry of Finance (MOF) in Japan, state insurance regulators, the BMA in Bermuda, the SEC, the NAIC, the Federal Insurance Office (FIO), the U.S. Department of Justice, state attorneys general, the U.S. Commodity Futures Trading Commission, and the U.S. Treasury, including the Internal Revenue Service (IRS), in the U.S. The Company is subject to the risk that compliance with any particular regulator's or enforcement authority's interpretation of a legal or regulatory issue may result in non-compliance with another regulator's or enforcement authority's interpretation of the same issue, particularly when compliance is judged in hindsight. Further, regulatory authorities periodically re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or in interpretations thereof, could have a material adverse effect on the Company's financial condition and results of operations.

In July 2023, new regulations were proposed by the Departments of Labor, Treasury and Health and Human Services related to (i) short-term, limited-duration insurance, (ii) fixed indemnity and hospital indemnity excepted benefits, (iii) specified disease or illness excepted benefits, and (iv) tax treatments of fixed amounts received through employment-based accident or health insurance. The timing and substance of the final regulations, if any, is not known, but if passed in the proposed form these regulations could materially affect sales of Aflac U.S.

Additionally, changes in the overall legal or regulatory environment may, even absent any particular regulator's or enforcement authority's interpretation of an issue changing, cause the Company to change its views regarding the actions it needs to take from a legal or regulatory risk management perspective. This may necessitate changes to the Company's practices that may, in some cases, limit its ability to grow or otherwise negatively impact the profitability of the Company's business. If the Company's subsidiaries fail to meet the minimum capital or operational requirements established by its respective regulators, they could be subject to examination or corrective action, or the Company's financial strength ratings could be downgraded, or both. Compliance with applicable laws and regulations is time consuming and personnel-intensive, and changes in these laws and regulations may materially increase the Company's direct and indirect compliance and other expenses of doing business, thus having a material adverse effect on the Company's financial condition and results of operations. See the “Government Regulation” subsections of Item 1. Business of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, for more information.

116

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

During the first six months of 2023, the Parent Company repurchased shares of its common stock as follows:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - January 31	2,440,300		$	72.15	2,440,300	114,201,523
February 1 - February 28	3,542,907		69.48		3,200,100	111,001,423
March 1 - March 31	4,711,768		64.20		4,707,900	106,293,523
April 1 - April 30	2,608,037		66.00		2,607,869	103,685,654
May 1 - May 31	4,322,919		66.50		4,321,165	99,364,489
June 1 - June 30	3,537,309		68.15		3,531,796	95,832,693
Total	21,163,240	(1)	$	67.35	20,809,130	95,832,693	(2)

(1) During the first six months of 2023, 354,110 shares were purchased in connection with income tax withholding obligations related to the vesting of restricted-share-based awards during the period.

(2) The total remaining shares available for purchase at June 30, 2023, are related to a 100,000,000 share repurchase authorization by the board of directors announced in November 2022.

117

Item 6.    Exhibits

(a)	EXHIBIT INDEX
	3.0	-	Articles of Incorporation, as amended – incorporated by reference from Form 10-Q for June 30, 2008, Exhibit 3.0.
	3.1	-	Bylaws of the Corporation, as amended and restated – incorporated by reference from Form 8-K dated February 11, 2022, Exhibit 3.1.
	10.1*	-	Third Amendment to the Aflac Incorporated Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2009 – incorporated by reference from Form 8-K dated June 13, 2023, Exhibit 10.1.
	10.2*	-	Fourth Amendment to the American Family Corporation Retirement Plan for Senior Officers – incorporated by reference from Form 8-K dated June 13, 2023, Exhibit 10.2.
	31.1	-	Certification of CEO dated August 2, 2023, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
	31.2	-	Certification of CFO dated August 2, 2023, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
	32	-	Certification of CEO and CFO dated August 2, 2023, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101.INS	-	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
	101.SCH	-	Inline XBRL Taxonomy Extension Schema.
	101.CAL	-	Inline XBRL Taxonomy Extension Calculation Linkbase.
	101.DEF	-	Inline XBRL Taxonomy Extension Definition Linkbase.
	101.LAB	-	Inline XBRL Taxonomy Extension Label Linkbase.
	101.PRE	-	Inline XBRL Taxonomy Extension Presentation Linkbase.
	104	-	Cover Page Interactive Data File - formatted as Inline XBRL and contained in Exhibit 101.

* Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 6 of this report

118

Glossary of Selected Terms

Throughout this Quarterly Report on Form 10-Q, the Company may use certain performance metrics and other terms which are defined below.

Adjusted Net Investment Income - 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 metric is used in segment reporting as a component of segment profitability.

Affiliated Corporate Agency – Agency in Japan directly affiliated with a specific corporation that sells insurance policies primarily to its employees.

Annualized Premiums in Force – the amount of gross premium that a policyholder must pay over a full year in order to keep coverage. The growth of net earned premiums (defined below) is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates.

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

Capital Buffer – Established dollar amount of liquidity at the Parent Company reserved for injecting capital into the insurance entities or general liquidity support for general expenses at the Parent Company.

Earnings Per Basic Share – Net earnings divided by weighted-average number of shares outstanding for the period.

Earnings Per Diluted Share – Net earnings divided by the weighted-average number of shares outstanding for the period plus the weighted-average shares for the dilutive effect of share-based awards outstanding.

Group Insurance – Insurance issued to a group, such as an employer or trade association, that covers employees or association members and their dependents through certificates of coverage.

Individual Insurance – Insurance issued to an individual with the policy designed to cover that person and his or her dependents.

In force Policies – A count of policies that are active contracts at the end of a period.

Liquidity Support – Internally defined and established dollar amount of liquidity reserved for supporting potential collateral and settlements of derivatives at the Parent Company.

Net Investment Income – The income derived from interest and dividends on invested assets, after deducting investment expenses.

Net Earned Premiums – is a financial measure that appears on the Company's Consolidated Statements of Earnings and in its segment reporting. This measure reflects collected or due premiums that have been earned ratably on policies in force during the reporting period, reduced by premiums that have been ceded to third parties and increased by premiums assumed through reinsurance.

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

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

Operating Ratios – Used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as a percentage of total revenues and (2) Ratios to total premium, including benefit ratio.

119

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

Pretax Adjusted Earnings – Earnings as adjusted earnings before the application of income taxes. This measure is used in the Company's segment reporting.

Pretax Adjusted Profit Margin – Adjusted earnings divided by adjusted revenues, before taxes are applied. This measure is used in the Company's segment reporting.

Return on Average Invested Assets – Net investment income as a percentage of average invested assets during the period. Management uses this metric to demonstrate how our actual net investment income results represent an overall return on the portfolio to provide a more comparative metric as the size of our investment portfolio changes over time.

Risk-based Capital (RBC) Ratio – Statutory adjusted capital divided by statutory required capital. This insurance ratio is based on rules prescribed by the National Association of Insurance Commissioners (NAIC) and provides an indication of the amount of statutory capital the insurance company maintains, relative to the inherent risks in the insurer’s operations.

Solvency Margin Ratio (SMR) – Solvency margin total divided by one half of the risk total. This insurance ratio is prescribed by the Japan Financial Services Agency (FSA) and is used for all life insurance companies in Japan to measure the adequacy of the company’s ability to pay policyholder claims in the event actual risks exceed expected levels.

Statutory Earnings – Earnings determined according to accounting rules prescribed by the National Association of Insurance Commissioners (NAIC), as modified by the insurance department in the insurance company’s state of domicile. These statutory accounting rules are different from U.S. GAAP and are intended to emphasize policyholder protection and company solvency.

Weighted-Average Foreign Currency Exchange Rate – Japan segment operating earnings for the period (excluding hedge costs) in yen divided by Japan segment operating earnings for the period (excluding hedge costs) in dollars. Management uses this metric to evaluate and determine consolidated results on foreign currency effective basis.

120

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 thereunto duly authorized.

	Aflac Incorporated
August 2, 2023	/s/ Max K. Brodén
	(Max K. Brodén)
	Executive Vice President; Chief Financial Officer
August 2, 2023	/s/ June Howard
	(June Howard)
	Senior Vice President, Financial Services; Chief Accounting Officer

121

EX-31.1

Aflac Incorporated 2nd Quarter 2023 Form 10-Q

EXHIBIT 31.1

Certification of Chief Executive Officer

I, Daniel P. Amos, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Aflac Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 2, 2023	/s/ Daniel P. Amos
		Daniel P. Amos
		Chairman and Chief Executive Officer

EX-31.2

Aflac Incorporated 2nd Quarter 2023 Form 10-Q

EXHIBIT 31.2

Certification of Chief Financial Officer

I, Max K. Brodén, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Aflac Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 2, 2023	/s/ Max K. Brodén
		Max K. Brodén
		Executive Vice President, Chief Financial Officer

EX-32

Aflac Incorporated 2nd Quarter 2023 Form 10-Q

EXHIBIT 32

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Aflac Incorporated (the “Company”) for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Daniel P. Amos, as Chief Executive Officer of the Company, and Max K. Brodén, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Daniel P. Amos
Name:	Daniel P. Amos
Title:	Chief Executive Officer
Date:	August 2, 2023

/s/ Max K. Brodén
Name:	Max K. Brodén
Title:	Chief Financial Officer
Date:	August 2, 2023

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-07434
Entity Registrant Name	Aflac Incorporated
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-1167100
Entity Address, Address Line One	1932 Wynnton Road
Entity Address, City or Town	Columbus,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31999
City Area Code	706.
Local Phone Number	323.3431
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		594,062,478
Amendment Flag	false
Entity Central Index Key	0000004977
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
NEW YORK STOCK EXCHANGE, INC.
Title of 12(b) Security	Common Stock, $.10 par value per share
Trading Symbol	AFL
Security Exchange Name	NYSE

XML

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Net earned premiums, principally supplemental health insurance	$ 3,573	$ 3,764	$ 7,262	$ 7,844
Net investment income	999	937	1,942	1,840
Net investment gains (losses)	555	564	678	686
Other income (loss)	45	50	90	118
Total revenues	5,172	5,315	9,972	10,488
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement	2,152	2,299	4,354	4,816
Reserve remeasurement (gains) losses	(54)	(25)	(107)	(59)
Total benefits and claims, net	2,098	2,274	4,247	4,757
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs	202	197	407	405
Insurance commissions	268	279	547	579
Insurance and other expenses	728	802	1,505	1,633
Interest expense	51	55	99	112
Total acquisition and operating expenses	1,249	1,333	2,558	2,729
Total benefits and expenses	3,347	3,607	6,805	7,486
Earnings before income taxes	1,825	1,708	3,167	3,002
Income taxes	191	314	345	561
Net earnings	$ 1,634	$ 1,394	$ 2,822	$ 2,441
Net earnings per share:
Basic (in dollars per share)	$ 2.72	$ 2.18	$ 4.66	$ 3.78
Diluted (in dollars per share)	$ 2.71	$ 2.17	$ 4.64	$ 3.77
Weighted-average outstanding common shares used in computing earnings per share (In thousands):
Basic (in shares)	600,742	640,707	605,945	645,205
Diluted (in shares)	602,929	643,243	608,411	648,010
Cash dividends per share	$ 0.42	$ 0.40	$ 0.84	$ 0.80

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,634	$ 1,394	$ 2,822	$ 2,441
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period	(439)	(751)	(482)	(1,203)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities during period	890	(3,503)	3,468	(8,254)
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings	(27)	(114)	(84)	(192)
Unrealized gains (losses) on derivatives during period	1	0	2	1
Effect of changes in discount rate assumptions during period	(209)	6,462	(3,745)	11,809
Pension liability adjustment during period	58	5	67	8
Total other comprehensive income (loss) before income taxes	274	2,099	(774)	2,169
Income tax expense (benefit) related to items of other comprehensive income (loss)	334	628	135	738
Other comprehensive income (loss), net of income taxes	(60)	1,471	(909)	1,431
Total comprehensive income (loss)	$ 1,574	$ 2,865	$ 1,913	$ 3,872

XML

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2023		Dec. 31, 2022
Investments and cash:
Available for sale, fixed maturity securities		$ 74,505		$ 75,741
Held to maturity, fixed maturity securities		17,436	[1]	19,056
Equity securities		965		1,091
Commercial mortgage and other loans		13,346		13,496
Other investments		5,491		4,070
Cash and cash equivalents		4,720		3,943
Total investments and cash		116,463		117,397
Receivables		755		647
Accrued investment income		719		745
Deferred policy acquisition costs		8,860		9,239
Property and equipment, at cost less accumulated depreciation		500		530
Other		3,329		3,180
Total assets		130,626		131,738
Policy liabilities:
Future policy benefits		85,904		88,241
Unpaid policy claims		244		201
Unearned premiums		1,544		1,825
Other policyholders’ funds		6,115		6,643
Total policy liabilities		93,807		96,910
Income taxes		343		698
Payables for return of cash collateral on loaned securities		4,679		1,809
Notes payable and lease obligations		7,087		7,442
Other		4,271		4,739
Total liabilities		110,187		111,598
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2023 and 2022; issued 1,355,227 shares in 2023 and 1,354,079 shares in 2022		136		135
Additional paid-in capital		2,697		2,641
Retained earnings		46,937		44,367
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(4,249)		(3,564)
Unrealized gains (losses) on fixed maturity securities		1,978		(702)
Unrealized gains (losses) on derivatives		(25)		(27)
Effect of changes in discount rate assumptions		(5,059)		(2,100)
Pension liability adjustment		17		(36)
Treasury stock, at average cost		(21,993)		(20,574)
Total shareholders’ equity		20,439		20,140
Total liabilities and shareholders’ equity		130,626		131,738
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investments and cash:
Available for sale, fixed maturity securities		70,739		71,936
Variable Interest Entity, Consolidated
Investments and cash:
Available for sale, fixed maturity securities		3,766		3,805
Commercial mortgage and other loans	[2]	10,652		10,832
Other investments	[2],[3]	2,163		1,909
Policy liabilities:
Total liabilities	[2]	$ 450		$ 390

[1] Net of allowance for credit losses

[2] Net of allowance for credit losses

[3] Consists entirely of alternative investments in limited partnerships

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Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Available for sale, fixed maturity securities, allowance for credit losses		$ 0	$ 0
Available for sale, fixed maturity securities, amortized cost		70,849	75,469
Held to maturity, fixed maturity securities, fair value		19,938	21,210
Held-to-maturity, fixed maturity securities, allowance for credit losses		5	7
Commercial mortgage and other loans		13,346	13,496
Commercial mortgage and other loans, allowance for credit losses		225	192
Other investments		$ 5,491	$ 4,070
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		1,900,000	1,900,000
Common stock, shares issued (in shares)		1,355,227	1,354,079
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available for sale, fixed maturity securities, allowance for credit losses		$ 0	$ 0
Available for sale, fixed maturity securities, amortized cost		67,927	72,246
Variable Interest Entity, Consolidated
Available for sale, fixed maturity securities, amortized cost		2,922	3,223
Commercial mortgage and other loans	[1]	10,652	10,832
Other investments	[1],[2]	$ 2,163	$ 1,909

[1] Net of allowance for credit losses

[2] Consists entirely of alternative investments in limited partnerships

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Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance, beginning of period at Dec. 31, 2021		$ 17,031	$ 135	$ 2,529	$ 40,963	$ (8,411)	$ (18,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,047	0	0	1,047	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(453)	0	0	0	(453)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		(3,815)	0	0	0	(3,815)	0
Unrealized gains (losses) on derivatives during period, net of income taxes		1	0	0	0	1	0
Effect of changes in discount rate assumptions during period, net of income taxes		4,224	0	0	0	4,224	0
Pension liability adjustment during period, net of income taxes		3	0	0	0	3	0
Dividends to shareholders	[1]	0	0	0	0	0	0
Exercise of stock options		6	0	6	0	0	0
Share-based compensation		13	0	13	0	0	0
Purchases of treasury stock		(523)	0	0	0	0	(523)
Treasury stock reissued		26	0	12	0	0	14
Balance, end of period at Mar. 31, 2022		17,560	135	2,560	42,010	(8,451)	(18,694)
Balance, beginning of period at Dec. 31, 2021		17,031	135	2,529	40,963	(8,411)	(18,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,441
Effect of changes in discount rate assumptions during period, net of income taxes		9,300
Balance, end of period at Jun. 30, 2022		19,558	135	2,589	43,150	(6,980)	(19,336)
Balance, beginning of period at Dec. 31, 2021		17,031	135	2,529	40,963	(8,411)	(18,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of changes in discount rate assumptions during period, net of income taxes		13,700
Balance, end of period at Dec. 31, 2022		20,140	135	2,641	44,367	(6,429)	(20,574)
Balance, beginning of period at Mar. 31, 2022		17,560	135	2,560	42,010	(8,451)	(18,694)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,394	0	0	1,394	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(780)	0	0	0	(780)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		(2,857)	0	0	0	(2,857)	0
Unrealized gains (losses) on derivatives during period, net of income taxes		0	0	0	0	0	0
Effect of changes in discount rate assumptions during period, net of income taxes		5,105	0	0	0	5,105	0
Pension liability adjustment during period, net of income taxes		3	0	0	0	3	0
Dividends to shareholders	[1]	(254)	0	0	(254)	0	0
Exercise of stock options		1	0	1	0	0	0
Share-based compensation		19	0	19	0	0	0
Purchases of treasury stock		(650)	0	0	0	0	(650)
Treasury stock reissued		17	0	9	0	0	8
Balance, end of period at Jun. 30, 2022		19,558	135	2,589	43,150	(6,980)	(19,336)
Balance, beginning of period at Dec. 31, 2022		20,140	135	2,641	44,367	(6,429)	(20,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,188	0	0	1,188	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(54)	0	0	0	(54)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		1,991	0	0	0	1,991	0
Unrealized gains (losses) on derivatives during period, net of income taxes		1	0	0	0	1	0
Effect of changes in discount rate assumptions during period, net of income taxes		(2,794)	0	0	0	(2,794)	0
Pension liability adjustment during period, net of income taxes		7	0	0	0	7	0
Dividends to shareholders	[1]	0	0	0	0	0	0
Exercise of stock options		3	0	3	0	0	0
Share-based compensation		14	0	14	0	0	0
Purchases of treasury stock		(732)	0	0	0	0	(732)
Treasury stock reissued		20	0	7	0	0	13
Balance, end of period at Mar. 31, 2023		19,784	135	2,665	45,555	(7,278)	(21,293)
Balance, beginning of period at Dec. 31, 2022		20,140	135	2,641	44,367	(6,429)	(20,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,822
Effect of changes in discount rate assumptions during period, net of income taxes		(3,000)
Balance, end of period at Jun. 30, 2023		20,439	136	2,697	46,937	(7,338)	(21,993)
Balance, beginning of period at Mar. 31, 2023		19,784	135	2,665	45,555	(7,278)	(21,293)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,634	0	0	1,634	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(631)	0	0	0	(631)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		689	0	0	0	689	0
Unrealized gains (losses) on derivatives during period, net of income taxes		1	0	0	0	1	0
Effect of changes in discount rate assumptions during period, net of income taxes		(165)	0	0	0	(165)	0
Pension liability adjustment during period, net of income taxes		46	0	0	0	46	0
Dividends to shareholders	[1]	(252)	0	0	(252)	0	0
Exercise of stock options		5	0	5	0	0	0
Share-based compensation		18	1	17	0	0	0
Purchases of treasury stock		(708)	0	0	0	0	(708)
Treasury stock reissued		18	0	10	0	0	8
Balance, end of period at Jun. 30, 2023		$ 20,439	$ 136	$ 2,697	$ 46,937	$ (7,338)	$ (21,993)

[1] Dividends to shareholders are recorded in the period in which they are declared.

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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Retained Earnings
Dividends to shareholders (in dollars per share)	$ 0.42	$ 0.00	$ 0.40	$ 0.00

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net earnings	$ 1,634	$ 1,188	$ 1,394	$ 1,047	$ 2,822	$ 2,441
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Change in receivables and advance premiums					(35)	(27)
Capitalization of deferred policy acquisition costs					(525)	(509)
Amortization of deferred policy acquisition costs	202		197		407	405	$ 792
Increase in policy liabilities					(37)	509
Change in income tax liabilities					(420)	57
Net investment (gains) losses	(555)		(564)		(678)	(686)
Other, net					(447)	(420)
Net cash provided (used) by operating activities					1,087	1,770
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities					1,548	2,164
Equity securities					244	398
Held-to-maturity fixed maturity securities					2	2
Commercial mortgage and other loans					728	1,270
Costs of investments acquired:
Available-for-sale fixed maturity securities					(1,817)	(2,395)
Equity securities					(191)	(320)
Commercial mortgage and other loans					(588)	(2,537)
Other investments, net					(1,247)	(180)
Settlement of derivatives, net					(289)	(330)
Cash received (pledged or returned) as collateral, net					3,427	1,839
Other, net					(84)	172
Net cash provided (used) by investing activities					1,733	83
Cash flows from financing activities:
Purchases of treasury stock					(1,400)	(1,150)
Dividends paid to shareholders					(491)	(498)
Change in investment-type contracts, net					(64)	(41)
Treasury stock reissued					5	10
Other, net					6	35
Net cash provided (used) by financing activities					(1,944)	(1,644)
Effect of exchange rate changes on cash and cash equivalents					(99)	(87)
Net change in cash and cash equivalents					777	122
Cash and cash equivalents, beginning of period		$ 3,943		$ 5,051	3,943	5,051	5,051
Cash and cash equivalents, end of period	$ 4,720		$ 5,173		4,720	5,173	$ 3,943
Supplemental disclosures of cash flow information:
Income taxes paid					765	505
Interest paid					94	104
Noncash interest					6	8
Noncash financing activities:
Lease obligations					43	66
Associate stock bonus
Treasury stock issued for:
Treasury stock issued					9	8
Shareholder dividend reinvestment
Treasury stock issued for:
Treasury stock issued					19	19
Share-based compensation grants
Treasury stock issued for:
Treasury stock issued					$ 5	$ 6

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in the United States (U.S.) and Japan. The Company's insurance business is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the U.S. and through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan. The Company’s operations consist of two reportable business segments: Aflac U.S., which includes Aflac, and Aflac Japan, which includes ALIJ. American Family Life Assurance Company of New York (Aflac New York) is a wholly owned subsidiary of Aflac. Most of Aflac's policies are individually underwritten and marketed through independent agents. With the exception of dental and vision products administered by Aflac Benefits Solutions, Inc. (ABS) and certain group life insurance products, Aflac U.S. markets and administers group products through Continental American Insurance Company (CAIC), branded as Aflac Group Insurance. Additionally, Aflac U.S. markets its consumer markets products through Tier One Insurance Company (TOIC). The Company's insurance operations in the U.S. and Japan service the two markets for the Company's insurance business. The Parent Company, other operating business units that are not individually reportable, and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other. Aflac Japan's revenues, including net gains and losses on its investment portfolio, accounted for 64% and 69% of the Company's total revenues in the six-month periods ended June 30, 2023 and 2022, respectively. The percentage of the Company's total assets attributable to Aflac Japan was 80% at June 30, 2023, compared with 80% at December 31, 2022.

In 2022, the Company established Aflac Re Bermuda Ltd. (Aflac Re), a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ. Aflac Re is subject to regulation in Bermuda, where the Bermuda Monetary Authority (BMA) has broad administrative powers relating to granting and revoking licenses to transact reinsurance business, approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices. Financial results from Aflac Re are included in Corporate and other.

Basis of Presentation

The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards CodificationTM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, interest rates, mortality, morbidity, commission and other acquisition expenses and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised and reflected in the consolidated financial statements. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and reflective of the best estimates of management.

The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated.

In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of June 30, 2023 and December 31, 2022, the consolidated statements of earnings and comprehensive income (loss) for the three- and six-month periods ended June 30, 2023 and 2022, the consolidated statements of shareholders' equity for the three-month periods ended March 31, 2023 and 2022 and June 30, 2023 and 2022, and the consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read

in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report).

Significant Accounting Policies

The Company revised the following accounting policies as a result of the adoption of amended accounting guidance effective January 1, 2023 and certain reclassifications. Refer to Recently Adopted Accounting Pronouncements below for details of the adoption of Accounting Standards Update (ASU) 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In conjunction with the adoption of ASU 2018-12, the Company changed its practice of recording the change in the deferred profit liability on products with limited payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This reclassification had no impact on net earnings. The change in presentation has been made for all comparative periods presented. All other categories of significant accounting policies remain unchanged from the 2022 Annual Report.

Insurance Revenue and Expense Recognition: Substantially all of the supplemental health and life insurance policies the Company issues are classified as long-duration contracts. The contract provisions generally cannot be changed or canceled during the contract period; however, the Company may adjust premiums for supplemental health policies issued in the U.S. within prescribed guidelines and with the approval of state insurance regulatory authorities.

Insurance premiums for most of the Company's health and life policies, including cancer, accident, hospital, critical illness, supplemental dental and vision, term life, whole life, long-term care and disability, are recognized as earned premiums over the premium-paying periods of the contracts when due from policyholders. When earned premiums are reported, the related amounts of benefits and expenses are charged against such revenues. This association is accomplished by means of annual increases or decreases to the liability for future policy benefits (LFPB) and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features, including cancer, medical and nursing care, term life, whole life, WAYS, and child endowment, are collected over a significantly shorter period than the contract term (i.e., the period during which benefits are provided). Premiums for these products are recognized as earned premiums over the premium-paying periods when due from policyholders. Any gross premium in excess of the net premium is deferred and recorded as a deferred profit liability, which is subsequently amortized in net earned premiums such that profits are recognized in a constant relationship with insurance in force. Benefits are recorded as an expense when they are incurred. An LFPB is recorded when premiums are recognized using the net premium method.

Policyholders also have an option to pay discounted advanced premiums for certain of the Company's products. Advanced premiums are deferred and recognized when due from policyholders over the otherwise required contractual premium payment period.

Benefit expense is bifurcated between benefits and claims and reserve remeasurement (gains) losses. The net premium ratio (NPR) is used to measure benefit expense and is calculated as the ratio of the present value of actual and future expected benefits and expenses to the present value of actual and future expected gross premiums. A revised NPR is calculated as of the beginning of each reporting period using updated future cash flow expectations.

Reserve remeasurement (gains) losses represent the difference between two reserve measures both calculated as of the beginning of the current reporting period using the same locked-in discount rates. One reserve measure uses the NPR as of the end of the prior reporting period, and the second uses the revised NPR. Benefits and claims represent the difference in the liability balance calculated as of the beginning of the current reporting period and the end of the current reporting period both using the revised NPR and the locked-in discount rates. The locked-in interest accretion rate utilized for accretion of interest expense on insurance reserves is the original discount rate used at contract issue date.

Advertising expense is reported as incurred in insurance and other expenses in the consolidated statement of earnings.

Deferred Policy Acquisition Costs: Certain direct and incremental costs of acquiring insurance contracts are deferred and amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount, and insurance in force, respectively. For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively. Amortization is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the LFPB, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized

prospectively over the remaining contract term as a revision of the future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. Deferred costs include the excess of current-year commissions over ultimate renewal-year commissions and certain incremental direct policy issue, underwriting and sales expenses directly related to successful policy acquisition.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. The Company performs a two-stage analysis of the internal replacements to determine if the modification is substantive to the base policy. The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

For internal replacement transactions where the resulting contract is substantially unchanged, unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the cohort, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred.

For an internal replacement transaction that results in a policy that is substantially changed, the policy is treated as lapsed for amortization purposes, and the costs of acquiring the new policy are capitalized and amortized in accordance with the Company's accounting policies for deferred acquisition costs.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment. Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required. Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.

Policy Liabilities: For long-duration insurance contracts, the Company calculates an integrated reserve that represents all payments under the contract including future expected claims and unpaid policy claims and related expenses. The liability for future policy benefits is measured using the net level premium method.

Long-duration insurance contracts issued by the Company are grouped into annual calendar-year cohorts based on the contract issue date, reportable segment, legal entity and product type. Limited-pay contracts are grouped into separate cohorts from other traditional products in the same manner and are further separated based on their premium payment structures.

The LFPB is determined as the present value of future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of future net premiums receivable under the Company’s insurance contracts, where future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are the result of applying the updated best estimate assumptions as of the beginning of the reporting period and are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings. Expense assumptions are established at policy inception and determined for each issue-year cohort as a percentage of paid claims. These expense assumptions are locked-in and remain unchanged over the term of the insurance policy. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense in the consolidated statement of earnings. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheet are updated each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

The Company has designed its discount rate methodology for the U.S. and Japan insurance business. The methodology incorporates constructing a discount rate curve separately for discounting cash flows used to calculate the U.S. and Japan LFPBs, reflective of the characteristics of the insurance liabilities, such as currency and tenor. Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities. The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards. Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent net premium ratio to the forward curve and will remain unchanged after the calendar year of issue.

Unearned premiums consist primarily of discounted advance premiums on deposit from policyholders in conjunction with their purchase of certain Aflac Japan limited-pay insurance products. These advanced premiums are deferred upon collection and recognized as earned premiums over the contractual premium payment period.

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.

For internal replacements that are determined to be substantially changed, policy liabilities related to the original policy that was replaced are immediately released, and policy liabilities are established for the new insurance contract. The policy reserves are evaluated based on the new policy features, and changes are recognized at the date of contract change/modification. For internal replacements that are substantially unchanged, no changes to the reserves are recognized. For modifications that are not integrated with the base policy, new coverage is recognized as a separately issued contract within the current cohort.

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

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by:

ASU 2019-09 Financial Services - Insurance: Effective Date

ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application

In August 2018, the FASB issued amendments that significantly changed how insurers account for long-duration contracts. The Company adopted the standard on January 1, 2023 using a modified retrospective transition method which resulted in applying the amended guidance as of the beginning of the earliest period presented on the January 1, 2021 transition date (Transition Date). The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. On the Transition Date, the Company calculated the ratio of the present value of future expected benefits and expenses less existing carrying values to the present value of future expected gross premiums (Transition Date NPR) using updated assumptions and the discount rate immediately before the Transition Date. The Company capped the Transition Date NPR at 100% for any cohorts with a Transition Date NPR greater than 100%. The Company calculated the LFPB using the Transition Date NPR (capped at 100% if required) and two different discount rates: (i) the discount rate used immediately before the Transition Date, and (ii) the discount rate determined by reference to the Transition Date market level yields for upper-medium grade (low credit

risk) fixed income instruments (as of December 31, 2020). For cohorts with their Transition Date NPR capped at 100%, the Company recorded as an adjustment (decrease) to opening retained earnings any difference between the LFPB calculated using the discount rate immediately before the Transition Date and the existing carrying value as of the Transition Date. For all cohorts on the Transition Date, the Company recorded in AOCI net of tax, the difference in the LFPB calculated using the two different discount rates (i.e., the discount rate used immediately before the Transition Date and the updated discount rate as of the Transition Date).

Upon adoption, the Company adjusted opening equity for the Transition Date impacts to AOCI and retained earnings and adjusted prior periods presented (years 2021 and 2022) following the updated standard. Based upon the modified retrospective transition method, the Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings (RE) of approximately $0.3 billion.

See Note 6 and Note 7 of the Notes to the Consolidated Financial Statements for expanded disclosures for DAC and future policy benefits, respectively, required as a result of the amended guidance.

Transition Impact to Shareholder's Equity

The following table presents the cumulative transition impact as of January 1, 2021 to the Company’s Shareholder’s Equity as a result of the adoption of ASU 2018-12, using the modified retrospective transition method.

(In millions - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2020	$	135	$	2,410	$	37,984	$	8,934	$	(15,904)	$	33,559
Cumulative effect of change in accounting   principle, ASU 2018-12, net of income taxes	0		0		(324)		(18,570)		0		(18,894)
Balance at January 1, 2021	$	135	$	2,410	$	37,660	$	(9,636)	$	(15,904)	$	14,665

The following table presents the transition impacts as of January 1, 2021 to the Company's AOCI and RE as a result of the adoption of ASU 2018-12 by reporting segment and disaggregated by product type, using the modified retrospective transition method.

(In millions - Unaudited)	Impact to Retained Earnings			Impact to AOCI
Transition impacts:
Aflac Japan
Cancer		$	0		$	14,529
Medical and other health		1			2,382
Life insurance		0			3,314
Other (1)		398			433
Aflac U.S.
Accident		0			92
Disability		0			149
Critical care		4			2,258
Hospital indemnity		0			223
Dental/vision		0			65
Life insurance		5			149
Other		2			218
Reinsurance		0			(305)
Transition impact before income taxes		410			23,507
Less: income taxes		86			4,937
Total transition impact, net of income taxes		$	324		$	18,570

(1) Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.

Transition Impact on the Liability for Future Policy Benefits

The Company adopted ASU 2018-12 using the modified retrospective transition method. The tables below present the disaggregated transition impacts to the Company’s LFPB as a result of adoption, split between the changes in the present value of expected net premiums and the present value of expected future policy benefits as of the Transition Date and the LFPB rollforward for the year ended December 31, 2021. The locked-in discount rates on the policies held at the Transition Date reflect the locked-in rates in existence immediately before the Transition Date. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.

Under the modified retrospective transition method, the NPR for future policy benefits existing as of the Transition Date considers the carryover basis of those liabilities, which equals the future policy benefits and unpaid policy claims balance as of December 31, 2020. If the revised Transition Date NPR for a cohort is greater than 100%, the Company capped the Transition Date NPR at 100% and increased the LFPB with an offsetting decrease to opening retained earnings.

The LFPB recorded in the consolidated balance sheet includes the deferred profit liability for limited-payment contracts. This deferred profit liability is not included in the Transition Date and LFPB rollforwards. For products with limited-payment features, to the extent the transition date adjustment related to updating cash flow assumptions is favorable, the Company increased the deferred profit liability.

The following table presents the transition impacts to the present value of expected net premiums by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2020	$	25,601	$	21,270	$	12,440	$	2,080	$	3,350	$	1,921	$	5,898	$	1,376	$	281	$	710	$	154
Impact to retained earnings from capping Transition Date NPR	0		(1)		0		(398)		0		0		(4)		0		0		(5)		(2)
Impact of deferred profit liability	15		7		36		26		0		0		0		0		0		0		0
Beginning balance at original discount rate	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of change in discount rate assumptions	3,982		2,598		908		148		479		197		1,048		154		41		78		27
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179

The following table presents the changes in the present value of expected net premiums by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179
Beginning balance at original discount rate (1)	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of changes in cash flow assumptions	32		88		40		1		(163)		(129)		(302)		0		(26)		31		0
Effect of actual variances from expected   experience	(134)		(449)		(135)		(11)		(109)		(38)		(290)		(32)		(14)		34		(3)
Adjusted beginning of period balance	25,514		20,915		12,381		1,698		3,078		1,754		5,302		1,344		241		770		149
Issuances	1,116		1,132		284		55		365		345		552		263		39		112		0
Interest accrual	586		439		202		27		116		61		210		45		10		25		6
Net premium earned (2)	(2,206)		(1,692)		(1,609)		(151)		(552)		(393)		(665)		(268)		(47)		(124)		(19)
Foreign currency translation	(2,539)		(2,111)		(1,194)		(167)		0		0		0		0		0		0		0
Other	(1)		(2)		0		(1)		(8)		(7)		(8)		(4)		(2)		(3)		(1)
Ending balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in discount rate assumptions	3,423		2,493		783		125		284		102		632		87		23		54		18
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153

(1) Includes the adjustment for capping the Transition Date NPR.

(2) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following table presents the transition impacts to the present value of expected future policy benefits by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at December 31, 2020	$	64,056	$	34,638	$	43,729	$	7,620	$	3,818	$	2,919	$	13,427	$	2,258	$	599	$	1,562	$	661
Effect of change in discount rate assumptions	18,511		4,980		4,222		581		571		346		3,306		377		106		227		245
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906

The following table presents the changes in the present value of expected future policy benefits by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906
Beginning balance at original discount rate	64,056		34,638		43,729		7,620		3,818		2,919		13,427		2,258		599		1,562		661
Effect of changes in cash flow assumptions	24		85		31		(11)		(178)		(143)		(326)		(3)		(29)		31		0
Effect of actual variances from expected   experience	(149)		(458)		(139)		(15)		(115)		(41)		(304)		(36)		(15)		34		(3)
Adjusted beginning of period balance	63,931		34,265		43,621		7,594		3,525		2,735		12,797		2,219		555		1,627		658
Issuances	1,133		1,155		287		62		372		355		563		271		40		115		0
Interest accrual	2,014		769		833		129		137		100		553		85		23		58		33
Benefit payments	(3,894)		(1,313)		(1,373)		(238)		(439)		(520)		(834)		(275)		(69)		(107)		(46)
Foreign currency translation	(6,377)		(3,478)		(4,366)		(760)		0		0		0		0		0		0		0
Other	0		0		0		0		(1)		0		0		0		0		1		0
Ending balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in discount rate assumptions	15,940		4,623		3,718		535		355		201		2,309		252		67		149		192
Balance at December 31, 2021	72,747		36,021		42,720		7,322		3,949		2,871		15,388		2,552		616		1,843		837
Net liability for future policy benefits	46,854		14,847		31,873		5,736		666		1,009		9,365		1,085		352		1,009		684
Less: reinsurance recoverable	0		2,150		0		0		0		0		0		0		0		10		0
Net liability for future policy benefits after   reinsurance recoverable	$	46,854	$	12,697	$	31,873	$	5,736	$	666	$	1,009	$	9,365	$	1,085	$	352	$	999	$	684

The following table presents a reconciliation of the rollforwards by reporting segment and disaggregated by product type for the year ended December 31, 2021 to the liability for future policy benefits as of December 31, 2021 under the amended guidance. The deferred profit liability for limited-payment contracts and reinsurance is presented together with the LFPB in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	December 31, 2021
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	46,854
Medical and other health		14,847
Life insurance		31,873
Other		5,736
Aflac U.S.
Accident		666
Disability		1,009
Critical care		9,365
Hospital indemnity		1,085
Dental/vision		352
Life insurance		1,009
Other		684
Corporate and other		30
Deferred profit liability - limited-payment contracts		1,595
Deferred profit liability - reinsurance		859
Total		$	115,964

The adoption of ASU 2018-12 did not have an impact on the Company's balance for deferred policy acquisition costs upon adoption.

Accounting Pronouncements Pending Adoption

ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued amendments to permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit).

The amendments are effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted and if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period.

The adoption of this guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures.

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business. 

For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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BUSINESS SEGMENT INFORMATION

3 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other.

The Company does not allocate corporate overhead expenses to business segments. Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. 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 net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. 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. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings. Information regarding operations by reportable segment and Corporate and other, follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Revenues:
Aflac Japan:
Net earned premiums	$	2,064	$	2,334	$	4,234	$	4,959
Adjusted net investment income (1),(2)	637		723		1,248		1,402
Other income	9		9		18		18
Total adjusted revenue Aflac Japan	2,710		3,066		5,500		6,379
Aflac U.S.:
Net earned premiums	1,425		1,394		2,853		2,807
Adjusted net investment income (3)	203		193		400		377
Other income	35		41		70		83
Total adjusted revenue Aflac U.S.	1,663		1,628		3,323		3,267
Corporate and other (4),(5)	140		42		268		116
Total adjusted revenues	4,513		4,736		9,091		9,762
Net investment gains (losses) (1),(2),(3),(4)	659		579		881		726
Total revenues	$	5,172	$	5,315	$	9,972	$	10,488

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.

(5) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Pretax earnings:
Aflac Japan (1),(2)	$	822	$	873	$	1,610	$	1,743
Aflac U.S. (3)	369		343		721		675
Corporate and other (4),(5),(6)	(52)		(75)		(58)		(117)
Pretax adjusted earnings (7)	1,139		1,141		2,273		2,301
Net investment gains (losses) (1),(2),(3),(4),(5)	651		567		859		701
Other income (loss)	35		0		35		0
Total earnings before income taxes	$	1,825	$	1,708	$	3,167	$	3,002
Income taxes applicable to pretax adjusted earnings	$	186	$	195	$	366	$	414
Effect of foreign currency translation on after-tax   adjusted earnings	(25)		(59)		(66)		(94)

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.

(5) A gain of $12 and $12 for the three-month periods and $24 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.

(6) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

(7) Includes $36 and $41 for the three-month periods and $70 and $82 for the six-month periods ended June 30, 2023, and 2022, respectively, of interest expense on debt.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Assets were as follows:

(In millions)	June 30, 2023			December 31, 2022
Assets:
Aflac Japan		$	103,972		$	105,734
Aflac U.S.		20,932			21,002
Corporate and other		5,722			5,002
Total assets		$	130,626		$	131,738

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

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INVESTMENTS

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

INVESTMENTS

INVESTMENTS

Investment Holdings

The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	23,313	$	0	$	1,435	$	975	$	23,773
Municipalities	946		0		150		35		1,061
Mortgage- and asset-backed securities	213		0		8		6		215
Public utilities	3,665		0		367		51		3,981
Sovereign and supranational	498		0		34		4		528
Banks/financial institutions	5,767		0		349		309		5,807
Other corporate	5,947		0		745		280		6,412
Total yen-denominated	40,349		0		3,088		1,660		41,777
U.S. dollar-denominated:
U.S. government and agencies	187		0		0		7		180
Municipalities	1,251		0		62		51		1,262
Mortgage- and asset-backed securities	2,521		0		189		70		2,640
Public utilities	3,384		0		347		143		3,588
Sovereign and supranational	122		0		34		10		146
Banks/financial institutions	2,766		0		346		70		3,042
Other corporate	20,269		0		2,396		795		21,870
Total U.S. dollar-denominated	30,500		0		3,374		1,146		32,728
Total securities available for sale	$	70,849	$	0	$	6,462	$	2,806	$	74,505

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	25,418	$	0	$	1,259	$	1,724	$	24,953
Municipalities	1,034		0		124		61		1,097
Mortgage- and asset-backed securities	241		0		8		12		237
Public utilities	3,932		0		301		108		4,125
Sovereign and supranational	659		0		24		5		678
Banks/financial institutions	6,348		0		324		531		6,141
Other corporate	6,288		0		555		408		6,435
Total yen-denominated	43,920		0		2,595		2,849		43,666
U.S. dollar-denominated:
U.S. government and agencies	169		0		0		8		161
Municipalities	1,269		0		43		89		1,223
Mortgage- and asset-backed securities	1,926		0		67		84		1,909
Public utilities	3,481		0		240		180		3,541
Sovereign and supranational	133		0		35		12		156
Banks/financial institutions	2,992		0		271		105		3,158
Other corporate	21,579		0		1,549		1,201		21,927
Total U.S. dollar-denominated	31,549		0		2,205		1,679		32,075
Total securities available for sale	$	75,469	$	0	$	4,800	$	4,528	$	75,741

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	16,717	$	2	$	16,715	$	2,387	$	0	$	19,102
Municipalities	261		0		261		53		0		314
Public utilities	35		0		35		4		0		39
Sovereign and supranational	411		3		408		54		0		462
Other corporate	17		0		17		4		0		21
Total yen-denominated	17,441		5		17,436		2,502		0		19,938
Total securities held to maturity	$	17,441	$	5	$	17,436	$	2,502	$	0	$	19,938

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	18,269	$	2	$	18,267	$	2,045	$	0	$	20,312
Municipalities	287		0		287		48		0		335
Public utilities	38		1		37		4		0		41
Sovereign and supranational	450		4		446		54		0		500
Other corporate	19		0		19		3		0		22
Total yen-denominated	19,063		7		19,056		2,154		0		21,210
Total securities held to maturity	$	19,063	$	7	$	19,056	$	2,154	$	0	$	21,210

(In millions)	June 30, 2023			December 31, 2022
Equity securities, carried at fair value through net earnings:	Fair Value			Fair Value
Equity securities:
Yen-denominated		$	703		$	670
U.S. dollar-denominated		218			374
Other currencies		44			47
Total equity securities		$	965		$	1,091

The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5.

During the first six months of 2023 and 2022, respectively, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category.

Contractual and Economic Maturities

The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2023, were as follows:

(In millions)	Amortized Cost (1)			Fair Value
Available for sale:
Due in one year or less		$	1,808		$	1,896
Due after one year through five years		6,636			7,114
Due after five years through 10 years		16,133			17,931
Due after 10 years		43,538			44,709
Mortgage- and asset-backed securities		2,734			2,855
Total fixed maturity securities available for sale		$	70,849		$	74,505
Held to maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		37			39
Due after five years through 10 years		9,300			10,414
Due after 10 years		8,099			9,485
Mortgage- and asset-backed securities		0			0
Total fixed maturity securities held to maturity		$	17,436		$	19,938

(1) Net of allowance for credit losses

Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates.

Investment Concentrations

The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income.

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

	June 30, 2023			December 31, 2022
(In millions)	Credit Rating	Amortized Cost	Fair Value	Credit Rating	Amortized Cost	Fair Value
Japan National Government(1)	A+	$39,043	$41,826	A+	$42,618	$44,178

(1)Japan Government Bonds (JGBs) or JGB-backed securities

Net Investment Gains and Losses

Information regarding pretax net gains and losses from investments is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales	$	7	$	15	$	8	$	85
Gross losses from sales	(6)		(23)		(9)		(26)
Foreign currency gains (losses)	26		123		85		133
Other investments:
Gross gains (losses) from sales	(3)		0		(3)		9
Total sales and redemptions	24		115		81		201
Equity securities	(9)		(135)		(12)		(291)
Credit losses:
Fixed maturity securities held to maturity	0		0		1		0
Commercial mortgage and other loans	(2)		(12)		(33)		4
Impairment losses	0		(17)		0		(17)
Loan commitments	1		(5)		4		2
Reinsurance recoverables and other	0		0		(3)		2
Total credit losses	(1)		(34)		(31)		(9)
Derivatives and other:
Derivative gains (losses)	(594)		(558)		(577)		(1,024)
Foreign currency gains (losses)	1,135		1,176		1,217		1,809
Total derivatives and other	541		618		640		785
Total net investment gains (losses)	$	555	$	564	$	678	$	686

The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the three-month period ended June 30, 2023, that relate to equity securities still held at the June 30, 2023 reporting date, were $16 million. The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the six-month period ended June 30, 2023, that relate to equity securities still held at the June 30, 2023 reporting date, were $21 million.

Unrealized Investment Gains and Losses

Effect on Shareholders’ Equity

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:

(In millions)	June 30, 2023			December 31, 2022
Unrealized gains (losses) on securities available for sale		$	3,656		$	272
Deferred income taxes		(1,678)			(974)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	1,978		$	(702)

Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	June 30, 2023
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	179		$	7		$	97		$	3		$	82		$	4
Japan government and       agencies:
Yen-denominated		8,274			975			529			102			7,745			873
Municipalities:
U.S. dollar-denominated		700			51			96			6			604			45
Yen-denominated		283			35			0			0			283			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		1,057			70			753			55			304			15
Yen-denominated		61			6			0			0			61			6
Public utilities:
U.S. dollar-denominated		1,296			143			690			58			606			85
Yen-denominated		710			51			57			2			653			49
Sovereign and supranational:
U.S. dollar-denominated		33			10			0			0			33			10
Yen-denominated		63			4			0			0			63			4
Banks/financial institutions:
U.S. dollar-denominated		857			70			387			13			470			57
Yen-denominated		3,626			309			425			9			3,201			300
Other corporate:
U.S. dollar-denominated		7,385			795			2,691			118			4,694			677
Yen-denominated		1,818			280			412			13			1,406			267
Total		$	26,342		$	2,806		$	6,137		$	379		$	20,205		$	2,427

	December 31, 2022
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	159		$	8		$	85		$	3		$	74		$	5
Japan government and       agencies:
Yen-denominated		8,856			1,724			3,733			580			5,123			1,144
Municipalities:
U.S. dollar-denominated		854			89			735			57			119			32
Yen-denominated		286			61			150			26			136			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		936			84			640			42			296			42
Yen-denominated		62			12			38			6			24			6
Public utilities:
U.S. dollar-denominated		1,852			180			1,667			144			185			36
Yen-denominated		880			108			576			61			304			47
Sovereign and supranational:
U.S. dollar-denominated		30			12			0			0			30			12
Yen-denominated		71			5			34			4			37			1
Banks/financial institutions:
U.S. dollar-denominated		1,147			105			786			58			361			47
Yen-denominated		3,957			531			1,760			174			2,197			357
Other corporate:
U.S. dollar-denominated		10,529			1,201			8,636			785			1,893			416
Yen-denominated		2,090			408			1,507			273			583			135
Total		$	31,709		$	4,528		$	20,347		$	2,213		$	11,362		$	2,315

Analysis of Securities in Unrealized Loss Positions

The unrealized losses on the Company's fixed maturity securities investments have been primarily related to general market changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal. In the first six months of 2023, the decrease in unrealized losses has been driven by improvements in credit spreads, which have been partially offset by interest rates which have increased along all durations in both the U.S. and Japan.

For any of its fixed maturity securities with significant declines in fair value, the Company performs detailed analyses to identify whether the drivers of the declines are due to general market drivers, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company‘s resources to securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market related, the Company performs a more focused review of the related issuers' specific credit profile.

For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other

relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal.

Assuming no credit-related factors develop, unrealized gains and losses on fixed maturity securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its fixed maturity investments in the sectors shown in the table above have the ability to service their obligations to the Company. Further, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

However, from time to time the Company identifies certain available-for-sale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit-related factors and as a result, a credit allowance will be estimated. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities had not incurred a credit loss and therefore, should not have a credit loss allowance as of June 30, 2023. Refer to the Allowance for Credit Losses section below for additional information.

As of June 30, 2023 and December 31, 2022, the Company had an immaterial amount of fixed maturity securities on nonaccrual status.

Commercial Mortgage and Other Loans

The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs) and middle market loans (MMLs) as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses.

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.

(In millions)	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	2,162	15.9	%	$	2,158	15.8	%
Retail	468		3.4		493		3.6
Apartments/Multi-Family	2,642		19.5		2,701		19.7
Industrial	449		3.3		123		.9
Hospitality	812		6.0		803		5.9
Other	242		1.8		231		1.7
Total transitional real estate loans	6,775		49.9		6,509		47.6
Commercial mortgage loans:
Office	378		2.8		388		2.8
Retail	306		2.3		310		2.3
Apartments/Multi-Family	607		4.5		630		4.6
Industrial	465		3.4		694		5.1
Total commercial mortgage loans	1,756		13.0		2,022		14.8
Middle market loans	5,040		37.1		5,157		37.6
Total commercial mortgage and other loans	$	13,571	100.0	%	$	13,688	100.0	%
Allowance for credit losses	(225)				(192)
Total net commercial mortgage and other loans	$	13,346			$	13,496

CMLs and TREs were secured by properties entirely within the U.S. (with the largest concentrations in California (20%), Texas (12%) and Florida (10%)). MMLs are issued only to companies domiciled within the U.S. and Canada.

Transitional Real Estate Loans

TREs are commercial mortgage loans that are typically relatively short-term floating rate instruments secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date.

As of June 30, 2023, the Company had $792 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed.

Commercial Mortgage Loans

CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans.

Middle Market Loans

MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade. The carrying value for MMLs included $26 million and $28 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of June 30, 2023, and December 31, 2022, respectively.

As of June 30, 2023, the Company had commitments of approximately $726 million to fund future MMLs. These commitments are contingent upon the availability of MMLs that meet the Company's underwriting criteria.

Credit Quality Indicators

For TREs, the Company’s key credit quality indicator is loan-to-value (LTV), which is calculated by dividing the current outstanding loan balance by the estimated property value at origination. Given that TREs involve properties undergoing a repositioning of their commercial profile, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed-in-lieu of foreclosure is anticipated.

For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). DSCR is the most recently available operating income of the underlying property compared to the required debt service of the loan.

For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

For the Company’s reinsurance recoverable balance, the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. As of June 30, 2023, the Company's reinsurance counterparties were rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

The following tables present as of June 30, 2023 the amortized cost basis of TREs, CMLs and MMLs by year of origination and credit quality indicator.

Transitional Real Estate Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	116	$	653	$	598	$	36	$	153	$	10	$	1,566
60%-69.99%	42		733		751		136		497		382		2,541
70%-79.99%	0		868		918		100		365		146		2,397
80% or greater	0		108		163		0		0		0		271
Total	$	158	$	2,362	$	2,430	$	272	$	1,015	$	538	$	6,775

Commercial Mortgage Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	298	$	46	$	504	$	617	$	1,465	2.53
60%-69.99%	0		0		15		0		45		124		184		1.82
70%-79.99%	0		0		0		0		39		20		59		1.18
80% or greater	0		0		0		0		0		48		48		2.67
Total	$	0	$	0	$	313	$	46	$	588	$	809	$	1,756	2.42
Weighted Average DSCR	0.00		0.00		2.93		1.98		2.44		2.23

Middle Market Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	7	$	58	$	147	$	68	$	37	$	27	$	145	$	489
BB	31		340		458		299		170		126		392		1,816
B	22		236		624		381		445		344		287		2,339
CCC	0		0		21		39		104		156		50		370
CC	0		0		0		0		7		10		0		17
C and lower	0		0		0		0		0		6		3		9
Total	$	60	$	634	$	1,250	$	787	$	763	$	669	$	877	$	5,040

Loan Modifications

The Company granted certain loan modifications in its MML and TRE portfolios during the first six months of 2023. As of June 30, 2023, these loan modifications did not have a material impact on the Company’s results of operations.

Past Due and Nonaccrual Loans

The Company designates nonaccrual status for a nonperforming loan or debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest or principal by the borrower. The Company applies the cash basis method to record any payments received on nonaccrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).

The following table presents an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the period presented.

	June 30, 2023
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More  Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional Real Estate Loans	$	6,141	$	207	$	427	$	634	$	6,775	$	612
Commercial Mortgage Loans	1,756		0		0		0		1,756		0
Middle Market Loans	4,997		0		43		43		5,040		43
Total	$	12,894	$	207	$	470	$	677	$	13,571	$	655

(1) As of June 30, 2023, there were no loans that were 90 days or more past due that continued to accrue interest

For the three-month and six-month periods ended June 30, 2023, the Company recognized no interest income for TREs, CMLs, or MMLs on nonaccrual status. Of these loans, TREs with an amortized cost of $218 million had no credit loss allowance as of June 30, 2023, because these loans are collateral dependent assets for which the estimated fair values are in excess of amortized cost. As of June 30, 2023, there were no MMLs on nonaccrual status without an allowance for credit losses.

As of December 31, 2022, the Company had an immaterial amount of loans on nonaccrual status.

Allowance for Credit Losses

The Company calculates its allowance for credit losses for held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverable by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity fixed maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country.

The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s LTV and DSCR. On a quarterly basis, CMLs and TREs within a portfolio segment that share similar risk characteristics are pooled for calculation of credit loss allowance. On an ongoing basis, TREs and CMLs with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable), are evaluated individually for credit loss. For example, the credit loss allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the credit loss allowance which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

The credit allowance for the reinsurance recoverable balance is estimated using a probability-of-default (PD) / loss-given-default (LGD) method. The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a PD / LGD method, discounted for the time value of money. For held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and supportable forecasts of macroeconomic variables that impact the determination of PD/LGD over a two-year period for held-to-maturity fixed maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary.

The Company’s held-to-maturity fixed maturity portfolio includes Japan Government and Agency securities of $16.6 billion amortized cost as of June 30, 2023 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement.

An investment in an available-for-sale fixed maturity security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its fixed maturity security investments portfolio for declines in fair value. The Company's debt impairment model focuses on the ultimate collection of the cash flows from its investments and whether the Company has the intent to sell or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. The determination of the amount of impairments under this model is based upon the Company's periodic evaluation and assessment of known and inherent risks associated with the respective securities. Such evaluations and assessments are revised as conditions change and new information becomes available.

When determining the Company's intention to sell a security prior to recovery of its fair value to amortized cost, the Company evaluates facts and circumstances such as, but not limited to, future cash flow needs, decisions to reposition its security portfolio, and risk profile of individual investment holdings. The Company performs ongoing analyses of its liquidity needs, which includes cash flow testing of its policy liabilities, debt maturities, projected dividend payments, and other cash flow and liquidity needs.

The Company’s methodology for estimating credit losses for available-for-sale fixed maturity securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the fixed maturity securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows.

The following table presents the roll forward of the allowance for credit losses by portfolio segment.

(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Held to Maturity Securities		Available for Sale Securities		Reinsurance Recoverables
Three Months Ended June 30, 2023:
Balance at March 31, 2023	$	(65)	$	(9)	$	(149)	$	(6)	$	0	$	(11)
(Addition to) release of allowance for credit    losses	(11)		0		9		0		0		0
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Three Months Ended June 30, 2022:
Balance at March 31, 2022	$	(52)	$	(8)	$	(98)	$	(8)	$	0	$	(9)
(Addition to) release of allowance for credit    losses	(1)		0		(16)		0		0		0
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)
Six Months Ended June 30, 2023:
Balance at December 31, 2022	$	(54)	$	(9)	$	(129)	$	(7)	$	0	$	(8)
(Addition to) release of allowance for credit    losses	(22)		0		(11)		1		0		(2)
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		0
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Six Months Ended June 30, 2022:
Balance at December 31, 2021	$	(68)	$	(10)	$	(96)	$	(8)	$	0	$	(13)
(Addition to) release of allowance for credit    losses	15		2		(18)		0		0		2
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		3
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)

During the first six months of 2023, the Company identified certain TREs collateralized with commercial real estate properties with an amortized cost of $626 million in anticipation of potential foreclosure or deed-in lieu foreclosure transactions. As of June 30, 2023, the Company established a credit allowance of $21 million for those amortized loans of $365 million for which the fair value of the collateral was below the amortized cost of the loans.

For assets that are subject to the credit loss measurement, the change in credit loss allowance will be significantly impacted by purchases and sales in those assets during the period as well as entering into new non-cancelable loan commitments. The estimate of credit losses for loan commitments as of June 30, 2023 was $20 million.

Other Investments

The table below reflects the composition of the carrying value for other investments as of the periods presented.

(In millions)	June 30, 2023			December 31, 2022
Other investments:
Policy loans		$	202		$	214
Short-term investments (1)		2,706			1,532
Limited partnerships		2,551			2,290
Other		32			34
Total other investments		$	5,491		$	4,070

(1) Includes securities lending collateral

The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheet. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statement of earnings.

As of June 30, 2023, the Company had $2.3 billion in outstanding commitments to fund alternative investments in limited partnerships.

Variable Interest Entities (VIEs)

As a condition of its involvement or investment in a VIE, the Company enters into certain protective rights and covenants that preclude changes in the structure of the VIE that would alter the creditworthiness of the Company's investment or its beneficial interest in the VIE.

For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature. The Company is not, nor has it been, required to purchase any securities issued in the future by these VIEs.

The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable.

The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments held in the VIE.

VIEs - Consolidated

The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost (1)			Fair Value			Amortized Cost (1)			Fair Value
Assets:
Fixed maturity securities, available for sale		$	2,922		$	3,766		$	3,223		$	3,805
Commercial mortgage and other loans		10,652			10,605			10,832			10,762
Other investments (2)		2,163			2,163			1,909			1,909
Other assets (3)		61			61			62			62
Total assets of consolidated VIEs		$	15,798		$	16,595		$	16,026		$	16,538
Liabilities:
Other liabilities (3)		$	450		$	450		$	390		$	390
Total liabilities of consolidated VIEs		$	450		$	450		$	390		$	390

(1) Net of allowance for credit losses

(2) Consists entirely of alternative investments in limited partnerships

(3) Consists entirely of derivatives

The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature.

Investments in Unit Trust Structures

The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes. As the sole investor of these VIEs, the Company is required to consolidate these trusts under U.S. GAAP.

VIEs - Not Consolidated

The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported.

Investments in Variable Interest Entities Not Consolidated

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Assets:
Fixed maturity securities, available for sale		$	3,522		$	3,924		$	3,998		$	4,259
Other investments (1)		388			388			381			381
Total investments in VIEs not consolidated		$	3,910		$	4,312		$	4,379		$	4,640

(1) Consists entirely of alternative investments in limited partnerships

Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed by their corporate parents or sponsors. These VIEs are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance,

nor does it have the obligation to absorb losses of the entity or the right to receive benefits from the entity. As such, the Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them.

The Company holds alternative investments in limited partnerships that have been determined to be VIEs. These partnerships invest in private equity and structured investments. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as Other investments in the consolidated balance sheets.

Securities Lending and Pledged Securities

The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These short-term security-lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's security lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected on the consolidated financial statements.

Details of collateral by loaned security type and remaining maturity of the agreements were as follows:

Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	June 30, 2023								December 31, 2022
(In millions)	Overnight and Continuous(1)		Up to 30 days		30-90 days		Total		Overnight and Continuous(1)		Up to 30 days		Total
Securities lending   transactions:
Fixed maturity securities:
Japan government and   agencies	$	0	$	3,784	$	566	$	4,350	$	0	$	1,087	$	1,087
Public utilities	6		0		0		6		12		0		12
Banks/financial institutions	38		0		0		38		89		0		89
Other corporate	285		0		0		285		621		0		621
Total borrowings	$	329	$	3,784	$	566	$	4,679	$	722	$	1,087	$	1,809
Gross amount of recognized liabilities for securities    lending transactions							$	4,679					$	1,809

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $5.0 billion and $6.8 billion at June 30, 2023 and December 31, 2022, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected on the consolidated financial statements.

The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of June 30, 2023, and December 31, 2022, respectively.

Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements on certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.

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DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

The Company's freestanding derivative financial instruments have historically consisted of:

•foreign currency forwards and options used in hedging foreign exchange risk on U.S. dollar-denominated investments in Aflac Japan's portfolio, with options used on a standalone basis and/or in a collar strategy;

•foreign currency forwards and options used to economically hedge certain portions of forecasted cash flows denominated in yen and hedge the Company's long term exposure to a weakening yen;

•cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain senior notes and subordinated debentures;

•foreign currency swaps that are associated with variable interest entity (VIE) bond purchase commitments, and investments in special-purpose entities, including VIEs where the Company is the primary beneficiary;

•interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

•interest rate swaptions used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale fixed-maturity securities; and

•bond purchase commitments at the inception of investments in consolidated VIEs.

Some of the Company's derivatives are designated as cash flow hedges, fair value hedges or net investment hedges; however, other derivatives do not qualify for hedge accounting or the Company elects not to designate them as accounting hedges.

Derivative Types

Foreign currency forwards and options are executed for the Aflac Japan segment in order to hedge the currency risk on the carrying value of certain U.S. dollar-denominated investments. The average maturity of these forwards and options can change depending on factors such as market conditions and types of investments being held. In situations where the maturity of the forwards and options is shorter than the underlying investment being hedged, the Company may enter into new forwards and options near maturity of the existing derivative in order to continue hedging the underlying investment. In forward transactions, Aflac Japan agrees with another party to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. The Company also uses one-sided foreign currency put options to mitigate the settlement risk on U.S. dollar-denominated assets related to extreme foreign currency rate changes. From time to time, Aflac Japan also executes foreign currency option transactions in a collar strategy, where Aflac Japan agrees with another party to simultaneously purchase put options and sell call options. In the purchased put transactions, Aflac Japan obtains the option to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. In the sold call transactions, Aflac Japan agrees to sell a fixed amount of yen and buy a corresponding amount of U.S. dollars at a specified future date. The combination of purchasing the put option and selling the call option results in no net premium being paid (i.e. a costless or zero-cost collar).

From time to time, the Company may also enter into foreign currency forwards and options to hedge the currency risk associated with the net investment in Aflac Japan. In these forward transactions, the Company agrees with another party to buy a fixed amount of U.S. dollars and sell a corresponding amount of yen at a specified price at a specified future date. In the option transactions, the Company may use a combination of foreign currency options to protect expected future cash flows by simultaneously purchasing yen put options (options that protect against a weakening yen) and selling yen call options (options that limit participation in a strengthening yen). The combination of these two actions create a zero-cost collar. Additionally, the Company enters into purchased options to hedge cash flows from the net investment in Aflac Japan.

The Company enters into foreign currency swaps pursuant to which it exchanges an initial principal amount in one currency for an initial principal amount of another currency, with an agreement to re-exchange the principal amounts at a future date. There may also be periodic exchanges of payments at specified intervals based on the agreed upon rates and notional amounts. Foreign currency swaps are used primarily in the consolidated VIEs in the Company's Aflac Japan portfolio to convert foreign-denominated cash flows to yen, the functional currency of Aflac Japan, in order to minimize cash flow fluctuations. The Company also uses foreign currency swaps to economically convert certain of its U.S. dollar-denominated senior note and subordinated debenture principal and interest obligations into yen-denominated obligations.

In order to reduce investment income volatility from its variable-rate investments, the Company enters into receive–fixed, pay–floating interest rate swaps. These derivatives are cleared and settled through a central clearinghouse.

Swaptions are used to mitigate the adverse impact resulting from significant changes in the fair value of U.S. dollar-denominated available-for-sale securities due to fluctuation in interest rates. In a payer swaption, the Company pays a premium to obtain the right, but not the obligation, to enter into a swap contract where it will pay a fixed rate and receive a floating rate. Interest rate swaption collars are combinations of two swaption positions. In order to maximize the efficiency of the collars while minimizing cost, a collar strategy is used whereby the Company purchases a long payer swaption (the Company purchases an option that allows it to enter into a swap where the Company will pay the fixed rate and receive the floating rate of the swap) and sells a short receiver swaption (the Company sells an option that provides the counterparty with the right to enter into a swap where the Company will receive the fixed rate and pay the floating rate of the swap). The combination of purchasing the long payer swaption and selling the short receiver swaption results in no net premium being paid (i.e. a costless or zero-cost collar).

Bond purchase commitments result from repackaged bond structures that are consolidated VIEs whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated VIE that issues the repackaged bond. Since the Company has a commitment to purchase the underlying bond at a specified price, the agreement meets the definition of a derivative where the value is derived based on the current market value of the bond compared to the fixed purchase price to be paid on the settlement date.

Derivative Balance Sheet Classification

The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in “Other Assets,” while derivative liabilities are included in “Other Liabilities” within the Company’s Consolidated Balance Sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.

		June 30, 2023									December 31, 2022
(In millions)				Asset Derivatives			Liability Derivatives						Asset Derivatives			Liability Derivatives
Hedge Designation/ Derivative   Type	Notional Amount			Fair Value			Fair Value			Notional Amount			Fair Value			Fair Value
Cash flow hedges:
Foreign currency swaps - VIE		$	18		$	0		$	4		$	18		$	0		$	3
Total cash flow hedges		18			0			4			18			0			3
Fair value hedges:
Foreign currency options		8,241			0			0			7,940			45			0
Total fair value hedges		8,241			0			0			7,940			45			0
Net investment hedge:
Foreign currency forwards		5,002			552			0			4,982			383			85
Foreign currency options		2,368			0			0			2,630			7			0
Total net investment hedge		7,370			552			0			7,612			390			85
Non-qualifying strategies:
Foreign currency swaps		1,200			46			0			1,900			66			0
Foreign currency swaps - VIE		3,510			61			446			3,420			62			387
Foreign currency forwards		3,701			0			440			5,049			17			640
Foreign currency options		5,221			0			0			5,521			30			0
Interest rate swaps		25,860			9			591			17,730			7			583
Total non-qualifying strategies		39,492			116			1,477			33,620			182			1,610
Total derivatives		$	55,121		$	668		$	1,481		$	49,190		$	617		$	1,698

Cash Flow Hedges

For certain variable-rate U.S. dollar-denominated available-for-sale securities held by Aflac Japan via consolidated VIEs, foreign currency swaps are used to swap the U.S. Dollar (USD) variable rate interest and principal payments to fixed rate Japanese Yen (JPY) interest and principal payments. The Company has designated foreign currency swaps as a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset (“cash flow” hedge). The remaining maximum length of time for which these cash flows are hedged is approximately three years. The derivatives in the Company's consolidated VIEs that are not designated as accounting hedges are discussed in the "Non-qualifying Strategies" section of this note.

Fair Value Hedges

The Company designates and accounts for certain foreign currency forwards, options, and interest rate swaptions as fair value hedges when they meet the requirements for hedge accounting. The Company recognizes gains and losses on these derivatives as well as the offsetting gain or loss on the related hedged items in current earnings.

Foreign currency forwards and options hedge the foreign currency exposure of certain U.S. dollar-denominated available-for-sale fixed-maturity investments held in Aflac Japan. The change in the fair value of the foreign currency forwards related to the changes in the difference between the spot rate and the forward price is excluded from the assessment of hedge effectiveness. The change in fair value of the foreign currency option related to the time value of the option is recognized in current earnings and is excluded from the assessment of hedge effectiveness.

Interest rate swaptions hedge the interest rate exposure of certain U.S. dollar-denominated available-for-sale securities held in Aflac Japan. For these hedging relationships, the Company excludes time value from the assessment of hedge effectiveness and recognizes changes in the intrinsic value of the swaptions in current earnings within net investment income. The change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term.

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges.

Fair Value Hedging Relationships

(In millions)		Hedging Derivatives						Hedged Items
Hedging Derivatives	Hedged Items	Total Gains (Losses)		Gains (Losses) Excluded from Effectiveness Testing(1)		Gains (Losses) Included in Effectiveness Testing(2)		Gains (Losses)(2)		Net Investment Gains (Losses) Recognized for Fair Value Hedge
Three Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(25)	$	(25)	$	0	$	0	$	0
Total gains (losses)		$	(25)	$	(25)	$	0	$	0	$	0
Six Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(64)	$	(64)	$	0	$	0	$	0
Total gains (losses)		$	(64)	$	(64)	$	0	$	0	$	0
Three Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(11)	$	(11)	$	0	$	0	$	0
Total gains (losses)		$	(11)	$	(11)	$	0	$	0	$	0
Six Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(26)	$	(26)	$	0	$	0	$	0
Total gains (losses)		$	(26)	$	(26)	$	0	$	0	$	0

(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statement of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).

(2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the three- and six-month periods ended June 30, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of June 30, 2023 and December 31, 2022; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.

(In millions)	Carrying Amount of the Hedged Assets/(Liabilities)(1)					Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Fixed maturity securities		$	1,892	$	2,360	$	182	$	189

(1) The balance includes hedging adjustment on discontinued hedging relationships of $182 in 2023 and $189 in 2022.

Net Investment Hedge

The Company's investment in Aflac Japan is affected by changes in the yen/dollar exchange rate. To mitigate this exposure, the Parent Company's yen-denominated liabilities (see Note 9) have been designated as non-derivative hedges and certain foreign currency forwards and options have been designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan.

The Company's net investment hedge was effective during the three- and six-month periods ended June 30, 2023 and 2022, respectively.

Non-qualifying Strategies

For the Company's derivative instruments in consolidated VIEs that do not qualify for hedge accounting treatment, all changes in their fair value are reported in current period earnings within net investment gains (losses). The amount of gain or loss recognized in earnings for the Company's VIEs is attributable to the derivatives in those investment structures. While the change in value of the swaps is recorded through current period earnings, the change in value of the available-for-sale fixed maturity securities associated with these swaps is recorded through other comprehensive income.

As of June 30, 2023, the Parent Company had $1.2 billion notional amount of cross-currency interest rate swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Changes in the values of these swaps are recorded through current period earnings. For additional information regarding these swaps, see Note 9 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

The Company uses foreign exchange forwards and options to economically mitigate the currency risk of some of its U.S. dollar-denominated loan receivables held within the Aflac Japan segment. These arrangements are not designated as accounting hedges, as the foreign currency remeasurement of the loan receivables impacts current period earnings, and substantially offsets gains and losses from foreign exchange forwards within net investment gains (losses). The Company also has certain foreign exchange forwards on U.S. dollar-denominated available-for-sale securities where hedge accounting is not being applied.

The Company uses interest rate swaps to economically convert the variable rate investment income to a fixed rate on certain variable-rate investments.

Impact of Derivatives and Hedging Instruments

The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.

	Three Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(1)			$	1		$	0		$	(1)			$	0
Total cash flow hedges		0			(1)		(3)		1			0			(1)		(3)		0
Fair value hedges:
Foreign currency options					(25)										(11)
Total fair value hedges					(25)										(11)
Net investment hedge:
Non-derivative hedging           instruments					0				313						0				324
Foreign currency forwards					37				393						(25)				522
Foreign currency options					(5)				0						0				0
Total net investment hedge					32				706						(25)				846
Non-qualifying strategies:
Foreign currency swaps					2										107
Foreign currency swaps - VIE					(63)										(39)
Foreign currency forwards					(331)										(473)
Foreign currency options					(18)										(3)
Interest rate swaps					(189)										(110)
Forward bond purchase          commitment - VIE					(1)										(3)
Total non- qualifying strategies					(600)										(521)
Total		$	0		$	(594)			$	707		$	0		$	(558)			$	846

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2023, and $1 of losses during the three-month period ended June 30, 2022.

	Six Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(2)			$	2		$	0		$	(2)			$	1
Total cash flow hedges		0			(2)		(3)		2			0			(2)		(3)		1
Fair value hedges:
Foreign currency options					(64)										(26)
Total fair value hedges					(64)										(26)
Net investment hedge:
Non-derivative hedging          instruments					0				338						0				523
Foreign currency forwards					127				422						(101)				823
Foreign currency options					(8)				0						(1)				0
Total net investment hedge					119				760						(102)				1,346
Non-qualifying strategies:
Foreign currency swaps					3										135
Foreign currency swaps - VIE					(90)										(16)
Foreign currency forwards					(382)										(714)
Foreign currency options					(37)										(13)
Interest rate swaps					(120)										(266)
Forward bond purchase          commitment - VIE					(4)										(20)
Total non-qualifying strategies					(630)										(894)
Total		$	0		$	(577)			$	762		$	0		$	(1,024)			$	1,347

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2023, and $1 of losses during the six-month period ended June 30, 2022.

As of June 30, 2023, $5 million of deferred losses on derivative instruments recorded in accumulated other comprehensive income are expected to be reclassified into earnings during the next twelve months.

Credit Risk Assumed through Derivatives

For the foreign currency swaps associated with the Company's VIE investments for which it is the primary beneficiary, the Company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts.

The Company is a direct counterparty to the foreign currency swaps that it has entered into in connection with certain of its senior notes and subordinated debentures; foreign currency forwards; and foreign currency options, and therefore the Company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts. The risk of counterparty default for the Company's foreign currency swaps, certain foreign currency forwards, and foreign currency options is mitigated by collateral posting requirements that counterparties to those transactions must meet.

As of June 30, 2023, all of the Company's derivative agreement counterparties were investment grade.

The Company engages in over-the-counter (OTC) bilateral derivative transactions directly with unaffiliated third parties under International Swaps and Derivatives Association, Inc. (ISDA) agreements and other documentation. Most of the ISDA agreements also include Credit Support Annexes (CSAs) provisions, which generally provide for two-way collateral postings at the first dollar of exposure. The Company mitigates the risk that counterparties to transactions might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value while generally requiring that collateral be posted at the outset of the transaction. In addition, a significant portion of the derivative transactions have provisions that give the counterparty the right to terminate the transaction upon a downgrade of the Company's financial strength rating. The actual amount of payments that the Company could be required to make depends on market conditions, the fair value of outstanding affected transactions, and other factors prevailing at and after the time of the downgrade.

The Company also engages in OTC cleared derivative transactions through regulated central clearing counterparties. These positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to these derivatives.

Collateral posted by the Company to third parties for derivative transactions can generally be repledged or resold by the counterparties. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position by counterparty was approximately $1.2 billion and $1.3 billion as of June 30, 2023, and December 31, 2022, respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2023, the Company estimates that it would be required to post a maximum of $162 million of additional collateral to these derivative counterparties. The Company is generally allowed to sell or repledge collateral obtained from its derivative counterparties, although it does not typically exercise such rights. (See the Offsetting tables below for collateral posted or received as of the reported balance sheet dates.)

Offsetting of Financial Instruments and Derivatives

Most of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Parent Company or its subsidiaries and the respective counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements with the master netting arrangements generally provide that the Company will receive or pledge financial collateral at the first dollar of exposure.

The Company has securities lending agreements with unaffiliated financial institutions that post collateral to the Company in return for the use of its fixed maturity and public equity securities (see Note 3). When the Company has entered into securities lending agreements with the same counterparty, the agreements generally provide for net settlement in the event of default by the counterparty. This right of set-off allows the Company to keep and apply collateral received if the counterparty failed to return the securities borrowed from the Company as contractually agreed.

The tables below summarize the Company's derivatives and securities lending transactions, and as reflected in the tables, in accordance with U.S. GAAP, the Company's policy is to not offset these financial instruments in the Consolidated Balance Sheets.

Offsetting of Financial Assets and Derivative Assets

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	598		$	0		$	598		$	(1)	$	(70)		$	(527)		$	0
OTC - cleared		9			0			9			(9)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		607			0			607			(10)		(70)			(527)			0
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		61						61											61
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		61						61											61
Total derivative       assets		668			0			668			(10)		(70)			(527)			61
Securities lending    and similar    arrangements		4,654			0			4,654			0		0			(4,654)			0
Total		$	5,322		$	0		$	5,322		$	(10)	$	(70)		$	(5,181)		$	61

December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	548		$	0		$	548		$	(167)	$	(60)		$	(320)		$	1
OTC - cleared		7			0			7			(7)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		555			0			555			(174)		(60)			(320)			1
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		62						62											62
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		62						62											62
Total derivative       assets		617			0			617			(174)		(60)			(320)			63
Securities lending    and similar    arrangements		1,788			0			1,788			0		0			(1,788)			0
Total		$	2,405		$	0		$	2,405		$	(174)	$	(60)		$	(2,108)		$	63

Offsetting of Financial Liabilities and Derivative Liabilities

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	440		$	0		$	440		$	(1)	$	(395)		$	(39)		$	5
OTC - cleared		591			0			591			(9)		(25)			(557)			0
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,031			0			1,031			(10)		(420)			(596)			5
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		450						450											450
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		450						450											450
Total derivative       liabilities		1,481			0			1,481			(10)		(420)			(596)			455
Securities lending    and similar    arrangements		4,679			0			4,679			(4,654)		0			0			25
Total		$	6,160		$	0		$	6,160		$	(4,664)	$	(420)		$	(596)		$	480

December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	725		$	0		$	725		$	(167)	$	(506)		$	(52)		$	0
OTC - cleared		583			0			583			(7)		0			(577)			(1)
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,308			0			1,308			(174)		(506)			(629)			(1)
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		390						390											390
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		390						390											390
Total derivative       liabilities		1,698			0			1,698			(174)		(506)			(629)			389
Securities lending    and similar    arrangements		1,809			0			1,809			(1,788)		0			0			21
Total		$	3,507		$	0		$	3,507		$	(1,962)	$	(506)		$	(629)		$	410

For additional information on the Company's financial instruments, see the accompanying Notes 3 and 5 and Notes 1, 3 and 5 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. These two types of inputs create three valuation hierarchy levels. Level 1 valuations reflect quoted market prices for identical assets or liabilities in active markets. Level 2 valuations reflect quoted market prices for similar assets or liabilities in an active market, quoted market prices for identical or similar assets or liabilities in non-active markets or model-derived valuations in which all significant valuation inputs are observable in active markets. Level 3 valuations reflect valuations in which one or more of the significant inputs are not observable in an active market.

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	23,022		$	931		$	0		$	23,953
Municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities		0			7,267			302			7,569
Sovereign and supranational		0			642			32			674
Banks/financial institutions		0			8,780			69			8,849
Other corporate		0			27,710			572			28,282
Total fixed maturity securities		23,022			49,856			1,627			74,505
Equity securities		752			0			213			965
Other investments		2,706			0			0			2,706
Cash and cash equivalents		4,720			0			0			4,720
Other assets:
Foreign currency swaps		0			107			0			107
Foreign currency forwards		0			552			0			552
Foreign currency options		0			0			0			0
Interest rate swaps		0			9			0			9
Total other assets		0			668			0			668
Total assets		$	31,200		$	50,524		$	1,840		$	83,564
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	450		$	0		$	450
Foreign currency forwards		0			440			0			440
Interest rate swaps		0			591			0			591
Total liabilities		$	0		$	1,481		$	0		$	1,481

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	24,158		$	956		$	0		$	25,114
Municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities		0			7,169			497			7,666
Sovereign and supranational		0			797			37			834
Banks/financial institutions		0			9,140			159			9,299
Other corporate		0			27,620			742			28,362
Total fixed maturity securities		24,158			49,805			1,778			75,741
Equity securities		822			60			209			1,091
Other investments		1,532			0			0			1,532
Cash and cash equivalents		3,943			0			0			3,943
Other assets:
Foreign currency swaps		0			128			0			128
Foreign currency forwards		0			400			0			400
Foreign currency options		0			82			0			82
Interest rate swaps		0			7			0			7
Total other assets		0			617			0			617
Total assets		$	30,455		$	50,482		$	1,987		$	82,924
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	390		$	0		$	390
Foreign currency forwards		0			725			0			725
Interest rate swaps		0			583			0			583
Total liabilities		$	0		$	1,698		$	0		$	1,698

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.

	June 30, 2023
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,     carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	16,715		$	18,932		$	170		$	0		$	19,102
Municipalities		261			0			314			0			314
Public utilities		35			0			39			0			39
Sovereign and    supranational		408			0			462			0			462
Other corporate		17			0			21			0			21
Commercial mortgage and     other loans		13,346			0			0			13,014			13,014
Other investments (1)		32			0			32			0			32
Total assets		$	30,814		$	18,932		$	1,038		$	13,014		$	32,984
Liabilities:
Other policyholders’ funds		$	6,115		$	0		$	0		$	6,020		$	6,020
Notes payable    (excluding leases)		6,941			0			5,887			735			6,622
Total liabilities		$	13,056		$	0		$	5,887		$	6,755		$	12,642

(1) Excludes policy loans of $202 and equity method investments of $2,551, at carrying value

	December 31, 2022
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,    carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	18,267		$	20,132		$	180		$	0		$	20,312
Municipalities		287			0			335			0			335
Public utilities		37			0			41			0			41
Sovereign and    supranational		446			0			500			0			500
Other corporate		19			0			22			0			22
Commercial mortgage and     other loans		13,496			0			0			13,212			13,212
Other investments (1)		34			0			34			0			34
Total assets		$	32,586		$	20,132		$	1,112		$	13,212		$	34,456
Liabilities:
Other policyholders’ funds		$	6,643		$	0		$	0		$	6,543		$	6,543
Notes payable    (excluding leases)		7,295			0			6,024			802			6,826
Total liabilities		$	13,938		$	0		$	6,024		$	7,345		$	13,369

(1) Excludes policy loans of $214 and equity method investments of $2,290, at carrying value

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Fair Value of Financial Instruments

Fixed maturity and equity securities

The Company determines the fair values of fixed maturity securities and public equity securities using the following approaches or techniques: price quotes and valuations from third party pricing vendors (including quoted market prices readily available from public exchange markets), in-house valuations and non-binding price quotes the Company obtains from outside brokers.

The fair values of the Company’s public fixed maturity securities are generally based on prices provided by third-party pricing vendors. The Company utilizes internally generated valuations or broker quotes for privately-issued fixed maturity securities or fixed maturity securities where there is no price available from a third-party pricing vendor. For internally generated valuations, the Company utilizes valuation models developed by a third-party pricing vendor. The models and associated processes and controls are executed by Company personnel.

These models are discounted cash flow (DCF) valuation models but also use information from related markets, specifically public bond markets and the credit default swap (CDS) market, to estimate expected cash flows. The models take into consideration any unique characteristics of the securities and make various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve using the most appropriate comparable security(ies) of the issuer and issuer-specific CDS spreads. This credit curve is then used with the relevant recovery rates to estimate expected cash flows and modeling of additional features, including illiquidity adjustments, if necessary, to price the security by discounting those loss adjusted cash flows. In cases where a credit curve cannot be developed from market information for the specific issuer, the valuation methodology takes into consideration other market observable inputs, including:

1)the most appropriate comparable security(ies) of a guarantor and/or parent

2)CDS spreads of a guarantor and/or parent

3)bonds of comparable issuers with similar characteristics such as rating, geography, or sector

4)CDS spreads of an appropriate index or of comparable issuers with similar characteristics such as rating, geography, or sector

5)bond indices that are comparative in rating, industry, maturity, and region.

Prices for public equity securities are readily available and are acquired from independent market data providers or established security dealer associations.

The pricing data and market quotes the Company obtains from outside sources, including third party pricing services, are reviewed internally for reasonableness. If a fair value appears unreasonable, the Company will re-examine the inputs and assess the reasonableness of the pricing data with the provider. Additionally, the Company may compare the inputs to relevant market indices and other performance measurements. Based on management's analysis, the valuation is confirmed or may be revised if there is evidence of a more appropriate estimate of fair value based on available market data. The Company has performed verification of the inputs and calculations in any valuation models, including independent validations and back testing, to confirm that the valuations represent reasonable estimates of fair value.

For the periods presented, the Company has not adjusted the quotes or prices it obtains from the pricing services and brokers it uses.

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	23,022		$	572		$	0		$	23,594
Internal		0			359			0			359
Total government and agencies		23,022			931			0			23,953
Municipalities:
Third party pricing vendor		0			2,030			0			2,030
Internal		0			293			0			293
Total municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities:
Third party pricing vendor		0			2,193			0			2,193
Internal		0			10			82			92
Broker/other		0			0			570			570
Total mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities:
Third party pricing vendor		0			3,778			0			3,778
Internal		0			3,460			0			3,460
Broker/other		0			29			302			331
Total public utilities		0			7,267			302			7,569
Sovereign and supranational:
Third party pricing vendor		0			215			0			215
Internal		0			427			0			427
Broker/other		0			0			32			32
Total sovereign and supranational		0			642			32			674
Banks/financial institutions:
Third party pricing vendor		0			4,502			0			4,502
Internal		0			4,278			63			4,341
Broker/other		0			0			6			6
Total banks/financial institutions		0			8,780			69			8,849
Other corporate:
Third party pricing vendor		0			22,151			0			22,151
Internal		0			5,460			204			5,664
Broker/other		0			99			368			467
Total other corporate		0			27,710			572			28,282
Total securities available for sale		$	23,022		$	49,856		$	1,627		$	74,505
Equity securities, carried at fair value:
Third party pricing vendor		$	752		$	0		$	0		$	752
Broker/other		0			0			213			213
Total equity securities		$	752		$	0		$	213		$	965

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	18,932		$	170		$	0		$	19,102
Total government and agencies		18,932			170			0			19,102
Municipalities:
Third party pricing vendor		0			314			0			314
Total municipalities		0			314			0			314
Public utilities:
Third party pricing vendor		0			39			0			39
Total public utilities		0			39			0			39
Sovereign and supranational:
Third party pricing vendor		0			229			0			229
Internal		0			233			0			233
Total sovereign and supranational		0			462			0			462
Other corporate:
Third party pricing vendor		0			21			0			21
Total other corporate		0			21			0			21
Total securities held to maturity		$	18,932		$	1,006		$	0		$	19,938

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	24,158		$	582		$	0		$	24,740
Internal		0			374			0			374
Total government and agencies		24,158			956			0			25,114
Municipalities:
Third party pricing vendor		0			2,021			0			2,021
Internal		0			299			0			299
Total municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities:
Third party pricing vendor		0			1,798			0			1,798
Internal		0			3			0			3
Broker/other		0			2			343			345
Total mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities:
Third party pricing vendor		0			3,786			0			3,786
Internal		0			3,383			0			3,383
Broker/other		0			0			497			497
Total public utilities		0			7,169			497			7,666
Sovereign and supranational:
Third party pricing vendor		0			232			0			232
Internal		0			565			0			565
Broker/other		0			0			37			37
Total sovereign and supranational		0			797			37			834
Banks/financial institutions:
Third party pricing vendor		0			4,622			0			4,622
Internal		0			4,518			105			4,623
Broker/other		0			0			54			54
Total banks/financial institutions		0			9,140			159			9,299
Other corporate:
Third party pricing vendor		0			22,268			0			22,268
Internal		0			5,352			200			5,552
Broker/other		0			0			542			542
Total other corporate		0			27,620			742			28,362
Total securities available for sale		$	24,158		$	49,805		$	1,778		$	75,741
Equity securities, carried at fair value:
Third party pricing vendor		$	822		$	60		$	0		$	882
Broker/other		0			0			209			209
Total equity securities		$	822		$	60		$	209		$	1,091

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	20,132		$	180		$	0		$	20,312
Total government and agencies		20,132			180			0			20,312
Municipalities:
Third party pricing vendor		0			335			0			335
Total municipalities		0			335			0			335
Public utilities:
Third party pricing vendor		0			41			0			41
Total public utilities		0			41			0			41
Sovereign and supranational:
Third party pricing vendor		0			242			0			242
Broker/other		0			258			0			258
Total sovereign and supranational		0			500			0			500
Other corporate:
Third party pricing vendor		0			22			0			22
Total other corporate		0			22			0			22
Total securities held to maturity		$	20,132		$	1,078		$	0		$	21,210

The following is a discussion of the determination of fair value of the Company's remaining financial instruments.

Derivatives

The Company uses derivative instruments to manage the risk associated with certain assets. However, the derivative instrument may not be classified in the same fair value hierarchy level as the associated asset. The significant inputs to pricing derivatives are generally observable in the market or can be derived by observable market data. When these inputs are observable, the derivatives are classified as Level 2.

The Company uses present value techniques to value non-option based derivatives. It also uses option pricing models to value option based derivatives. Key inputs are as follows:

Instrument Type	Level 2
Interest rate derivatives	Swap yield curves Basis curves Interest rate volatility (1)
Foreign currency exchange rate derivatives - Non-VIES (forwards, swaps and options)	Foreign currency forward rates Swap yield curves Basis curves Foreign currency spot rates Cross foreign currency basis curves Foreign currency volatility (1)
Foreign currency exchange rate derivatives - VIEs (swaps)	Foreign currency spot rates Swap yield curves Credit default swap curves Basis curves Recovery rates Foreign currency forward rates Foreign cross currency basis curves

(1) Option-based only

The fair values of the foreign currency forwards and options are based on observable market inputs, therefore they are classified as Level 2.

The Parent Company has cross-currency swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Their fair values are based on observable market inputs, therefore they are classified as Level 2.

To determine the fair value of its interest rate derivatives, the Company uses inputs that are generally observable in the market or can be derived from observable market data. Interest rate swaps are cleared trades. In a cleared swap contract, the clearinghouse provides benefits to the counterparties similar to contracts listed for investment traded on an exchange since it maintains a daily margin to mitigate counterparties' credit risk. These derivatives are priced using observable inputs, accordingly, they are classified as Level 2.

For derivatives associated with VIEs where the Company is the primary beneficiary, the Company is not the direct counterparty to the swap contracts. Nevertheless, the Company has full transparency into the contracts to properly value the swaps for reporting purposes. For these derivatives, the Company utilizes valuation models developed by independent valuation analytics providers. The models are market standard DCF models and all associated processes and controls are executed by Company personnel. These models take into consideration any unique characteristics of the derivatives in determining the appropriate valuation methodology to estimate expected cash flows. The fair values of these swaps are based on observable market inputs and are classified as Level 2 within the fair value hierarchy.

For forward bond purchase commitments with VIEs, the fair value of the derivative is based on the difference in the fixed purchase price and the current market value of the related bond prior to the settlement date. Since the bond is typically a public bond with readily available pricing, the derivatives associated with the forward purchase commitment are classified as Level 2 within the fair value hierarchy.

Commercial mortgage and other loans

Commercial mortgage and other loans include TREs, CMLs and MMLs. The Company's loan receivables do not have readily determinable market prices and generally lack market liquidity. Fair values for loan receivables are determined based on the present value of expected future cash flows discounted at the applicable U.S. Treasury or floating-rate benchmark yield plus an appropriate spread that considers other risk factors, such as credit and liquidity risk. The spreads are a significant component of the pricing inputs and are generally considered unobservable. Therefore, these investments are classified as Level 3 within the fair value hierarchy.

Other investments

Other investments includes short-term investments that are measured at fair value where amortized cost approximates fair value.

Other policyholders' funds

The largest component of the other policyholders' funds liability is the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums. For this product, the Company estimates the fair value to be equal to the cash surrender value. This is analogous to the value paid to policyholders on the valuation date if they were to surrender their policy. The Company periodically checks the cash value against discounted cash flow projections for reasonableness. The Company considers its inputs for this valuation to be unobservable and have accordingly classified this valuation as Level 3.

Notes payable

The fair values of the Company's publicly issued notes payable are determined by utilizing available sources of observable inputs from third party pricing vendors and are classified as Level 2. The fair values of the Company's yen-denominated loans approximate their carrying values and are classified as Level 3.

Transfers between Hierarchy Levels and Level 3 Rollforward

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.

Three Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	418	$	350	$	37	$	161	$	753	$	221	$	1,940
Net investment gains (losses) included   in earnings	0		0		0		0		0		(8)		(8)
Unrealized gains (losses) included in   other comprehensive income (loss)	(13)		(16)		(3)		2		(22)		0		(52)
Purchases, issuances, sales and   settlements:
Purchases	136		0		0		0		37		0		173
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(13)		(2)		(2)		(7)		(1)		0		(25)
Transfers into Level 3	124		0		0		0		0		0		124
Transfers out of Level 3	0		(30)		0		(87)		(195)		0		(312)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(8)	$	(8)

Three Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	318	$	585	$	41	$	60	$	290	$	166	$	1,460
Net investment gains (losses) included   in earnings	0		1		0		0		0		(6)		(5)
Unrealized gains (losses) included in   other comprehensive income (loss)	(54)		(44)		(5)		(2)		(37)		0		(142)
Purchases, issuances, sales and   settlements:
Purchases	90		19		0		33		122		33		297
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(36)		(24)		0		0		(1)		0		(61)
Transfers into Level 3	0		0		0		0		258		0		258
Transfers out of Level 3	(7)		0		0		0		0		(3)		(10)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(6)	$	(6)

Six Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	343	$	497	$	37	$	159	$	742	$	209	$	1,987
Net investment gains (losses) included   in earnings	0		0		0		0		0		(6)		(6)
Unrealized gains (losses) included in   other comprehensive income (loss)	(10)		(6)		(3)		4		8		0		(7)
Purchases, issuances, sales   and settlements:
Purchases	328		0		0		0		112		10		450
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(133)		(9)		(2)		(7)		(3)		0		(154)
Transfers into Level 3	124		18		0		0		0		0		142
Transfers out of Level 3	0		(198)		0		(87)		(287)		0		(572)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	(5)	$	(5)

Six Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	291	$	493	$	43	$	45	$	426	$	173	$	1,471
Net investment gains (losses) included   in earnings	0		1		0		0		0		1		2
Unrealized gains (losses) included in   other comprehensive income (loss)	(69)		(81)		(7)		(2)		(55)		0		(214)
Purchases, issuances, sales and   settlements:
Purchases	166		28		0		33		122		43		392
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(38)		(32)		0		(3)		(2)		(7)		(82)
Transfers into Level 3	0		128		0		18		282		0		428
Transfers out of Level 3	(39)		0		0		0		(141)		(20)		(200)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	1	$	0	$	0	$	0	$	(2)	$	(1)

Fair Value Sensitivity

Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2023
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	652	Consensus pricing	Offered quotes	81.82	-	107.45	(a)	98.37
Public utilities		302		Discounted cash flow	Credit spreads	160 bps	-	298 bps	(b)	213 bps
Sovereign and supranational		32		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		69		Discounted cash flow	Credit spreads	N/A			(c)	N/A
Other corporate		572		Discounted cash flow	Credit spreads	67 bps	-	294 bps	(b)	196 bps
Equity securities		213		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,840

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable.

December 31, 2022
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	343	Consensus pricing	Offered quotes	97.38	-	106.71	(a)	102.98
Public utilities		497		Discounted cash flow	Credit spreads	128 bps	-	286 bps	(b)	192 bps
Sovereign and supranational		37		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		159		Discounted cash flow	Credit spreads	67 bps	-	188 bps	(b)	113 bps
Other corporate		742		Discounted cash flow	Credit spreads	66 bps	-	647 bps	(b)	191 bps
Equity securities		209		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,987

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable

The following is a discussion of the significant unobservable inputs or valuation techniques used in determining the fair value of securities classified as Level 3.

Credit Spreads

The Company holds certain assets that are of a unique, specialized, and/or securitized nature that do not trade on a regular basis in an active market, which makes their fair values difficult to estimate. Most of these assets are managed by external asset managers and the Company utilizes these managers for their expertise when evaluating various inputs used to determine the fair values for these assets, including identifying the appropriate credit or risk spread over risk-free interest rates that incorporates the unique nature or structure of the asset in the valuations. For those assets of a similar nature but not managed by external asset managers, the Company internally estimates the spreads and risk adjustments over risk-free interest rates that reflect the unique nature or structure of the asset as well as the current pricing environment and market conditions for comparable or related investments. Credit or risk spreads are an important input needed to complete the discounted cash flow analyses used to estimate an investment’s fair value. Credit or risk spreads underlying these fair values are a significant, unobservable input whose derivation is based on the Company’s evaluation of a combination of the external manager’s expertise and knowledge, the current pricing environment, and market conditions for the specific asset.

Offered Quotes

In circumstances where the Company's valuation model price is overridden because it implies a value that is not consistent with current market conditions, the Company will solicit bids from a limited number of brokers. The Company also receives unadjusted prices from brokers for certain of its mortgage and asset-backed securities. These quotes are non-binding but are reflective of valuation best estimates at that particular point in time. Offered quotes are an unobservable input in the determination of fair value of mortgage- and asset-backed securities, certain banks/financial institutions, certain other corporate, and equity securities investments.

Private Financials

The Company invests in the debt and equity securities of private companies operating in the cancer, healthtech, insurtech, finance, internet of things, big data and analytics sectors. Due to their private and often small, startup nature, these companies rely on capital provided by institutional and private equity investors for their ongoing operations. They do not have public securities that trade on a regular basis in an active market, which makes their fair values difficult to estimate. The Company values these investments on a cost basis with appropriate adjustments made based on monitoring private financial information provided by these companies. Adjustments to valuations are generally made as new funding tranches are executed or if the financial information provided significantly changes indicating the need for impairment. This private financial information is unobservable and is a significant determinant in the fair value of these corporate venture investments.

For additional information on the Company's investments and financial instruments, see the accompanying Notes 3 and 4 and Notes 1, 3 and 4 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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DEFERRED POLICY ACQUISITION COSTS

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

DEFERRED POLICY ACQUISITION COSTS

DEFERRED POLICY ACQUISITION COSTSThe following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239
Capitalization	153		63		18		5		76		59		80		39		5		27		0		525
Amortization expense	(94)		(54)		(18)		(2)		(69)		(56)		(67)		(32)		(6)		(11)		2		(407)
Foreign currency translation and   other	(262)		(185)		(44)		(4)		0		0		0		0		0		0		(2)		(497)
Balance at June 30, 2023	$	2,832	$	1,985	$	481	$	54	$	911	$	616	$	1,317	$	425	$	87	$	151	$	1	$	8,860

	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2021	$	3,464	$	2,372	$	595	$	51	$	887	$	604	$	1,270	$	399	$	90	$	115	$	1	$	9,848
Capitalization	291		161		33		12		147		117		160		80		11		40		0		1,052
Amortization expense	(188)		(112)		(35)		(3)		(130)		(108)		(126)		(61)		(13)		(20)		4		(792)
Foreign currency translation and   other	(532)		(260)		(68)		(5)		0		0		0		0		0		0		(4)		(869)
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239

The Company uses the following constant level bases to amortize deferred policy acquisition costs:

Policy Type	Constant-level Basis
Life Products (U.S.)	Face Amount
Health Products (U.S.)	Number of Policies in Force
Health & Life Products (Japan)	Units in Force

Face amount is the stated dollar amount that the policy’s beneficiaries receive upon the death of the insured. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount and insurance in force, respectively. Future DAC amortization is impacted by persistency.

There were no changes to the inputs, judgements, assumptions and methods used to determine amortization amounts during the six-month periods ended June 30, 2023 and 2022.

See Note 1 of the Notes to the Consolidated Financial Statements for more information on deferred policy acquisition costs.

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POLICY LIABILITIES

6 Months Ended

Jun. 30, 2023

Insurance Loss Reserves [Abstract]

POLICY LIABILITIES

POLICY LIABILITIES

Future Policy Benefits

The liability for future policy benefits is determined as the present value of future benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of future net premiums receivable under the Company's insurance contracts, where future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

The following tables present the changes in the present value of expected net premiums and the present value of expected future policy benefits by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Beginning balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(198)		(61)		(22)		(5)		(51)		(15)		(139)		(44)		(11)		(9)		0
Adjusted beginning of period balance	18,023		16,134		7,262		1,237		2,709		1,760		4,911		1,321		220		790		118
Issuances	498		204		198		14		185		204		291		153		20		90		55
Interest accrual	218		180		66		11		51		30		94		23		4		14		3
Net premiums earned (1)	(824)		(673)		(549)		(60)		(237)		(193)		(298)		(127)		(20)		(65)		(8)
Foreign currency translation	(1,521)		(1,348)		(597)		(104)		0		0		0		0		0		0		0
Other	0		0		0		0		(3)		(3)		(2)		(1)		2		2		9
Ending balance at original discount rate	16,394		14,497		6,380		1,098		2,705		1,798		4,996		1,369		226		831		177
Effect of changes in discount rate assumptions	1,579		1,135		335		47		(201)		(129)		(497)		(129)		(17)		(68)		(8)
Balance at June 30, 2023	$	17,973	$	15,632	$	6,715	$	1,145	$	2,504	$	1,669	$	4,499	$	1,240	$	209	$	763	$	169
Present value of expected future policy benefits:
Balance at December 31, 2022	$	54,766	$	27,419	$	31,954	$	5,582	$	3,098	$	2,445	$	11,489	$	2,074	$	488	$	1,526	$	622
Beginning balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(232)		(65)		(26)		(2)		(65)		(23)		(166)		(58)		(14)		(12)		(1)
Adjusted beginning of period balance	47,445		27,501		32,774		5,938		3,326		2,613		12,680		2,242		518		1,766		623
Issuances	509		211		201		17		194		212		302		162		23		94		55
Interest accrual	779		323		329		53		63		48		267		43		10		33		16
Benefit payments	(1,592)		(647)		(808)		(107)		(225)		(233)		(446)		(137)		(30)		(56)		(23)
Foreign currency translation	(4,000)		(2,323)		(2,759)		(500)		0		0		0		0		0		0		0
Other	0		0		0		0		0		0		0		0		2		4		9
Ending balance at original discount rate	43,141		25,065		29,737		5,401		3,358		2,640		12,803		2,310		523		1,841		680
Effect of changes in discount rate assumptions	8,551		1,462		670		(25)		(264)		(176)		(1,166)		(201)		(39)		(228)		6
Balance at June 30, 2023	51,692		26,527		30,407		5,376		3,094		2,464		11,637		2,109		484		1,613		686
Net liability for future policy benefits	33,719		10,895		23,692		4,231		590		795		7,138		869		275		850		517
Less: reinsurance recoverable	2,130		1,580		0		0		0		0		0		0		0		11		1
Net liability for future policy benefits after    reinsurance recoverable	$	31,589	$	9,315	$	23,692	$	4,231	$	590	$	795	$	7,138	$	869	$	275	$	839	$	516

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153
Beginning balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in cash flow assumptions	(639)		317		(494)		25		(52)		5		(38)		42		10		(1)		(12)
Effect of actual variances from expected    experience	(284)		61		(81)		(10)		(152)		(43)		(421)		(111)		(20)		(16)		6
Adjusted beginning of period balance	21,547		19,059		9,489		1,476		2,795		1,722		4,932		1,311		231		763		129
Issuances	947		639		221		62		355		384		537		273		33		146		0
Interest accrual	459		364		146		22		105		57		193		45		9		27		5
Net premiums earned (1)	(1,734)		(1,376)		(1,229)		(123)		(496)		(382)		(612)		(261)		(42)		(131)		(17)
Foreign currency translation	(2,997)		(2,488)		(1,343)		(195)		0		0		0		0		0		0		0
Other	(1)		(3)		0		0		1		(6)		0		(3)		0		(6)		1
Ending balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in discount rate assumptions	1,077		519		201		14		(226)		(140)		(564)		(145)		(20)		(75)		(8)
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Present value of expected future policy benefits:
Balance at December 31, 2021	$	72,747	$	36,021	$	42,720	$	7,322	$	3,949	$	2,871	$	15,388	$	2,552	$	616	$	1,843	$	837
Beginning balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in cash flow assumptions	(721)		352		(550)		96		(70)		5		(43)		40		13		(1)		(15)
Effect of actual variances from expected    experience	(333)		83		(91)		(10)		(177)		(48)		(465)		(130)		(23)		(21)		7
Adjusted beginning of period balance	55,753		31,833		38,361		6,873		3,347		2,627		12,571		2,210		539		1,672		637
Issuances	960		646		222		68		364		397		550		282		34		149		0
Interest accrual	1,599		642		670		106		128		94		539		85		21		62		32
Benefit payments	(3,050)		(1,375)		(1,248)		(202)		(456)		(483)		(823)		(277)		(62)		(103)		(45)
Foreign currency translation	(7,585)		(4,180)		(5,205)		(905)		0		0		0		0		0		0		0
Other	0		0		0		0		8		1		9		0		0		(2)		0
Ending balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in discount rate assumptions	7,089		(147)		(846)		(358)		(293)		(191)		(1,357)		(226)		(44)		(252)		(2)
Balance at December 31, 2022	54,766		27,419		31,954		5,582		3,098		2,445		11,489		2,074		488		1,526		622
Net liability for future policy benefits	35,468		10,705		24,469		4,326		564		810		7,003		854		277		802		512
Less: reinsurance recoverable	0		1,579		0		0		0		0		0		0		0		9		0
Net liability for future policy benefits after    reinsurance recoverable	$	35,468	$	9,126	$	24,469	$	4,326	$	564	$	810	$	7,003	$	854	$	277	$	793	$	512

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following tables present the weighted-average interest rates and weighted-average liability duration (calculated using the original discount rate) by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	3.9 %	2.5 %	2.1 %	1.8 %	3.9 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.1 %	1.6 %	1.9 %	5.2 %	5.3 %	5.2 %	5.2 %	5.2 %	5.2 %	5.2 %
Weighted-average liability duration (years)	13.6	26.4	17.1	17.8	8.4	5.6	11.8	9.5	8.0	12.8	9.4

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

	December 31, 2022
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	4.1 %	2.6 %	2.1 %	1.8 %	3.8 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.2 %	1.6 %	1.9 %	4.8 %	4.7 %	4.8 %	4.8 %	4.8 %	4.8 %	4.8 %
Weighted-average liability duration (years)	13.7	26.9	17.3	18.2	8.5	5.6	12.0	9.4	8.1	13.1	9.6

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

The following table presents a reconciliation of the disaggregated rollforwards above to the ending future policy benefits presented in the Consolidated Balance Sheets. The deferred profit liability for limited-payment contracts and the deferred profit liability for reinsurance is presented together with the liability for future policy benefits in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	June 30, 2023			December 31, 2022
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	33,719		$	35,468
Medical and other health		10,895			10,705
Life insurance		23,692			24,469
Other		4,231			4,326
Aflac U.S.
Accident		590			564
Disability		795			810
Critical care		7,138			7,003
Hospital indemnity		869			854
Dental/vision		275			277
Life insurance		850			802
Other		517			512
Corporate and other		2,696			686
Deferred profit liability - limited-payment contracts		1,697			1,740
Deferred profit liability - reinsurance		620			692
Intercompany eliminations (1)		(2,680)			(667)
Total		$	85,904		$	88,241

(1) Elimination entry necessary due to the internal reinsurance transaction with Aflac Re and to recapture of a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 of the Notes to the Consolidated Financial Statements.

Discount rates are determined using upper-medium grade (low-credit-risk) fixed-income instrument yields that reflect the duration characteristics of the liability. Locked-in discount rates are determined as a weighted average of monthly upper-medium grade (low-credit-risk) fixed-income instrument forward curves, where the weights are the annualized premiums issued for each month of the cohort. Discount rates are updated each reporting period and require estimation techniques (e.g., interpolation, extrapolation) for determination of points on the curve for which there is limited or no observable market data.

More specifically, the Company constructs a discount rate curve separately for discounting cash flows used to calculate each of the Japan and U.S. liabilities for future policy benefits, reflective of the characteristics of the corresponding insurance liabilities, such as currency and tenor.

In the Aflac Japan segment, all long-duration insurance policies are denominated in yen. A significant portion of policies are characterized by tenors exceeding the availability of liquid market data in Japan for single-A rated (as a proxy for upper-medium grade) corporate yen-denominated debt. The discount rate curve is designed to prioritize the observable inputs where available, while past the last liquid point, the data is derived based on estimation techniques consistent with the fair value guidance in ASC 820. The Aflac Japan segment curve utilizes liquid market indices tracking publicly traded yen-denominated single-A corporate debt for the initial 10-year tenor. For the bonds within these market indices where only local ratings are available, the Company prioritizes the bonds with local ratings that are equivalent to a single-A rating based on international rating standards.

For the discount rates applicable to tenors for which the Japan single-A debt market is not liquid but there is sufficient observable market data and/or the observable market data is available for similar instruments (between 10 and 30 years), the Company estimates tenor-specific single-A credit spreads and applies them to risk-free government rates. Lastly, for the tenors where there is limited or no observable single-A or similar market data or risk-free government rates (beyond 30 years), the discount curve is derived by extrapolation of risk free rates beyond their last liquid point following the Smith-Wilson method and grading of the estimated forward credit spread anchored by the ultimate forward rate. The ultimate

forward rate is based on the economic value-based solvency regime, which is consistent with the International Association of Insurance Supervisors (IAIS) Insurance Capital Standards (ICS) (which is expected to be introduced in Japan in 2025), and is adjusted for credit and inflation components.

For the Aflac U.S. segment where all long-duration insurance policies are denominated in U.S. dollar and substantially all have cash flow duration within 30 years, for which the U.S. upper-medium grade fixed-income market is liquid and observable, the Company uses data from a liquid fixed-income market index tracking single-A U.S. corporate debt. For the insignificant portion of the policies with cash flow tenors exceeding 30 years, the discount curve beyond that tenor is extrapolated following the Smith-Wilson method from year 30 to the same ultimate forward rate calculated for the Japan discount curve at year 60 and held constant thereafter. The use of the same ultimate rate for U.S. and Japan segments is based on the assumption of long-term global economic convergence.

For the three-month periods ended June 30, 2023 and 2022, the Company recognized $(165) million and $5.1 billion in other comprehensive income (loss) net of tax, respectively, due to changes in the future policy benefits estimate from updating the discount rate assumptions. For the six-month periods ended June 30, 2023 and 2022, the Company recognized $(3.0) billion and $9.3 billion in other comprehensive income (loss) net of tax, respectively, due to changes in the future policy benefits estimate from updating the discount rate assumptions. There were no changes to the methods used to determine the discount rates during the six-month periods ended June 30, 2023 and 2022.

For the year ended December 31, 2022, the Company recognized $13.7 billion in other comprehensive income (loss) net of tax, due to changes in the future policy benefits estimate from updating the discount rate assumptions. There were no changes to the methods used to determine the discount rates during the year ended December 31, 2022.

Mortality rate assumptions are based on industry tables and adjusted for the Company's actual or expected experience where credible or appropriate. These assumptions typically will vary by age, gender, and other demographic characteristics such as smoking status.

Morbidity assumptions are based on the Company's internal data and consider emerging experience. These assumptions are reflective of the coverage and benefits provided and generally vary by age, gender, duration, and any other material policyholder characteristics. In cases where a calendar-year trend is significant, future cash flow projections may include a trend adjustment.

In Japan, separate lapse assumptions are set based on actual or expected experience. These lapse and total termination rate assumptions will vary by line of business and with policyholder characteristics such as duration. In the U.S., the majority of the future cash flows are modeled using total termination rates (which include both lapse and mortality) and are adjusted for actual experience. Policy provisions, such as reaching premium paid-up status, are taken into account when setting assumptions.

During the three-month periods ended June 30, 2023 and 2022, the Company's adjustment for actual variances from expected experience resulted in reserve remeasurement gains of $54 million and $25 million in the consolidated statement of earnings, respectively. During the six-month periods ended June 30, 2023 and 2022, the Company's adjustment for actual variances from expected experience resulted in reserve remeasurement gains of $107 million and $59 million in the consolidated statement of earnings, respectively. For the three- and six-month periods ended June 30, 2023 and 2022, the variance of actual experience from expected experience was primarily due to favorable variances in morbidity assumptions as compared to actual experience. There were no changes to the inputs, judgments, assumptions and methods used in measuring the liability for future policy benefits during the six-month periods ended June 30, 2023 and 2022.

In 2022, the Company's annual review process resulted in favorable changes to its morbidity assumptions due to favorable claims experience, primarily. This, together with the variance of actual experience from expected experience, resulted in reserve remeasurement gains of $215 million in the consolidated statement of earnings for the year ended December 31, 2022.

The following table summarizes the amount of net earned premiums recognized in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net earned premiums:
Aflac Japan
Cancer	$	1,054	$	1,193	$	2,149	$	2,528
Medical and other health	672		735		1,377		1,563
Life insurance	390		459		812		983
Other	38		42		77		85
Aflac U.S.
Accident	322		329		652		665
Disability	318		295		627		591
Critical care	439		439		882		885
Hospital indemnity	182		183		367		368
Dental/vision	53		50		107		99
Life insurance	115		99		228		197
Other	9		9		19		19
Corporate and other	84		36		175		82
Reinsurance ceded	(103)		(105)		(210)		(221)
Total	$	3,573	$	3,764	$	7,262	$	7,844

The following table summarizes the amount of interest expense related to insurance contracts recognized in total benefits and claims, net in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Interest expense:
Aflac Japan
Cancer	$	276	$	296	$	561	$	626
Medical and other health	72		73		143		151
Life insurance	130		136		263		285
Other	20		21		42		45
Aflac U.S.
Accident	6		5		12		12
Disability	10		9		18		19
Critical care	86		86		173		172
Hospital indemnity	10		10		20		20
Dental/vision	3		3		6		7
Life insurance	10		8		19		17
Other	6		7		13		13
Total	$	629	$	654	$	1,270	$	1,367

The following tables summarize the amount of undiscounted expected future gross premiums and expected future benefits and expenses and discounted (discounted at the current period discount rate) expected future gross premiums and expected future benefits and expenses by reporting segment and disaggregated by product type. Future gross premiums represent the expected amount of future premiums to be received. For limited-payment policies, the premiums are collected over a shorter period than the policy term over which benefits are provided. As a result, once the policy reaches premium paid-up status, the future gross premiums can be significantly less than the future benefit payments. Further, benefits and expenses are generally greater in the later years of a policy. These are the primary factors that result in future gross premiums lower than future benefit and expense payments for certain lines of business of the Company.

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Undiscounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	74,340		$	83,000		$	75,529		$	84,246
Medical and other health		49,626			50,445			50,720			50,778
Life insurance		16,406			52,836			16,946			53,271
Other		2,279			9,337			2,322			9,433
Aflac U.S.
Accident		9,408			4,602			9,481			4,636
Disability		5,886			3,288			5,858			3,267
Critical care		21,050			22,022			21,069			22,113
Hospital indemnity		5,199			3,359			5,164			3,338
Dental/vision		1,180			749			1,208			759
Life insurance		2,502			2,926			2,375			2,787
Other		429			1,222			333			1,147
Total		$	188,305		$	233,786		$	191,005		$	235,775

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Discounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	49,689		$	51,692		$	53,278		$	54,766
Medical and other health		32,246			26,527			34,693			27,419
Life insurance		11,730			30,407			12,951			31,954
Other		1,570			5,376			1,697			5,582
Aflac U.S.
Accident		6,494			3,094			6,510			3,098
Disability		4,493			2,464			4,468			2,445
Critical care		12,785			11,637			12,659			11,489
Hospital indemnity		3,532			2,109			3,483			2,074
Dental/vision		805			484			821			488
Life insurance		1,757			1,613			1,663			1,526
Other		292			686			228			622
Total		$	125,393		$	136,089		$	132,451		$	141,463

Loss expense as a result of net premium ratio capping for the three- and six-month periods ended June 30, 2023 and 2022 was immaterial.

Other Policyholders' Funds

As of June 30, 2023 and December 31, 2022, the largest component of the other policyholders' funds liability was the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums.

The following table presents the changes in other policyholders’ funds.

(In millions)	June 30, 2023		December 31, 2022
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)	$	6,423	$	7,410
Premiums received	65		150
Transfers from WAYS conversions	107		214
Surrenders and withdrawals	(27)		(52)
Benefit payments	(187)		(367)
Interest credited	26		57
Foreign currency translation and other	(543)		(989)
Fixed annuities account balance, end of period	5,864		6,423
Other deposit type reserves	251		220
Total	$	6,115	$	6,643

(1) Aflac Japan fixed annuities

The following table presents other policyholders’ funds balances by range of guaranteed crediting rates.

	June 30, 2023			December 31, 2022
(In millions)	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value
Fixed annuities (1)	0.5% - 2.3%	$5,864	$5,771	0.5% - 2.3%	$6,423	$6,326

(1) Aflac Japan fixed annuities

(2) Weighted-average crediting rate of 1.5% at June 30, 2023 and December 31, 2022.

Aflac Japan’s fixed annuities have guaranteed fixed crediting rates which results in the policyholders' funds balances being able to cover all guaranteed benefit amounts. The reserves are adequate to fully fund future benefits at any given time.

See Note 1 of the Notes to the Consolidated Financial Statements for additional information on policy liabilities.

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REINSURANCE

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

REINSURANCE

REINSURANCE

The Company periodically enters into fixed quota-share coinsurance agreements in the normal course of business. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and benefits are reported net of insurance ceded.

In January 2023, ALIJ entered into a coinsurance transaction whereby it ceded 28% of the liabilities associated with certain cancer insurance policies and riders to Aflac Re. This transaction transferred approximately $2.1 billion of reserves associated with these policies. Approximately $1.9 billion of assets were transferred from ALIJ to Aflac Re as consideration for assuming the reinsurance risk. This internal reinsurance transaction with Aflac Re has no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting.

In January 2023, ALIJ also entered into an external coinsurance transaction to cede 1.5% of the liabilities associated with the same cancer insurance policies and riders, in connection with which ALIJ transferred cash consideration to the reinsurer.

The Company has recorded a deferred profit liability related to reinsurance transactions. The remaining deferred profit liability of $620 million and $692 million as of June 30, 2023 and December 31, 2022, respectively, is included in future policy benefits in the consolidated balance sheet and is being amortized into income over the expected lives of the policies. The Company has also recorded a reinsurance recoverable for reinsurance transactions, which is included in other assets in the consolidated balance sheet and had a remaining balance of $998 million and $912 million as of June 30, 2023 and December 31, 2022, respectively.

The following table reconciles direct premiums and direct benefits and claims to net amounts after the effect of reinsurance and the elimination of inter-segment amounts associated with affiliated reinsurance.

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2023			2022			2023			2022
Direct earned premiums		$	3,623		$	3,792		$	7,361		$	7,907
Ceded to other companies:
Ceded Aflac Japan closed blocks		(80)			(87)			(165)			(185)
Other		(23)			(18)			(45)			(36)
Assumed from other companies:
Retrocession activities		30			36			64			77
Other		23			41			47			81
Net earned premiums		$	3,573		$	3,764		$	7,262		$	7,844
Direct benefits and claims, excluding reserve remeasurement		$	2,182		$	2,317		$	4,438		$	4,851
Reserve remeasurement (gains) losses		(54)			(25)			(107)			(59)
Total direct benefits and claims		2,128			2,292			4,331			4,792
Ceded benefits and change in reserves for future benefits:
Ceded Aflac Japan closed blocks		(74)			(77)			(151)			(165)
Eliminations		70			4			83			9
Other		(64)			(14)			(104)			(20)
Assumed from other companies:
Retrocession activities		20			39			61			78
Eliminations		(47)			(10)			(76)			(17)
Other		65			40			103			80
Total benefits and claims, net		$	2,098		$	2,274		$	4,247		$	4,757

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

These reinsurance transactions are indemnity reinsurance that do not relieve the Company from its obligations to policyholders. In the event that the reinsurer is unable to meet their obligations, the Company remains liable for the reinsured claims.

As a part of its capital contingency plan, the Company entered into a committed reinsurance facility agreement on December 1, 2015, with reserves of approximately ¥120 billion as of June 30, 2023. This reinsurance facility agreement was renewed in 2022 and is effective until December 31, 2023. There are also additional commitment periods of a one-year duration, each of which are automatically extended unless notification is received from the reinsurer within 60 days prior to the expiration. The reinsurer can withdraw from the committed facility if Aflac's Standard and Poor's (S&P) rating drops below BBB-. As of June 30, 2023, the Company has not executed a reinsurance treaty under this committed reinsurance facility.

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NOTES PAYABLE AND LEASE OBLIGATIONS

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE AND LEASE OBLIGATIONS

NOTES PAYABLE AND LEASE OBLIGATIONS

A summary of notes payable and lease obligations follows:

(In millions)	June 30, 2023			December 31, 2022
1.125% senior sustainability notes due March 2026		$	398		$	397
2.875% senior notes due October 2026		298			298
3.60% senior notes due April 2030		992			992
6.90% senior notes due December 2039		221			221
6.45% senior notes due August 2040		254			254
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		542			541
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)		85			93
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		412			450
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)		229			250
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		87			95
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		91			99
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		201			220
.633% senior notes due April 2031 (principal amount ¥30.0 billion)		206			225
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		64			70
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		142			155
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)		145			158
.844% senior notes due April 2033 (principal amount ¥12.0 billion)		82			90
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		104			114
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		67			73
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		72			79
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)		68			75
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)		44			49
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		61			66
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		43			47
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)		68			75
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		410			448
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		207			226
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)		137			149
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)		82			90
Yen-denominated loans:
Variable interest rate loan due August 2027 (.35% in 2023 and .33% in 2022,   principal amount ¥11.7 billion)		80			88
Variable interest rate loan due August 2029 (.45% in 2023 and .43% in 2022,   principal amount ¥25.3 billion)		174			190
Variable interest rate loan due August 2032 (.60% in 2023 and .58% in 2022,   principal amount ¥70.0 billion)		481			524
Finance lease obligations payable through 2030		7			8
Operating lease obligations payable through 2049		139			139
Total notes payable and lease obligations		$	7,087		$	7,442

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

A summary of the Company's lines of credit as of June 30, 2023 follows:

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Aflac Incorporated and Aflac	uncommitted bilateral	364 days	December 28, 2023	$100 million	$0 million	The rate quoted by the bank and agreed upon at the time of borrowing	Up to 3 months	None	General corporate purposes
Aflac Incorporated	unsecured revolving	5 years	May 9, 2027, or the date commitments are terminated pursuant to an event of default	¥100.0 billion	¥0.0 billion	A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period	No later than May 10, 2027	.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	unsecured revolving	5 years	November 15, 2027, or the date commitments are terminated pursuant to an event of default	$1.0 billion	$0.0 billion	A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar denominated borrowings or TIBOR for Japanese yen denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin	No later than November 15, 2027	.08% to .20%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	uncommitted bilateral	None specified	None specified	$50 million	$0 million	A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%	Up to 3 months	None	General corporate purposes
Aflac(1)	uncommitted revolving	364 days	November 30, 2023	$250 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than December 1, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 1)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 2)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac New York(1)	uncommitted revolving	364 days	April 8, 2024	$25 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than April 9, 2024	None	General corporate purposes
CAIC(1)	uncommitted revolving	364 days	March 21, 2024	$15 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(continued)

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Tier One Insurance Company(1)	uncommitted revolving	364 days	March 21, 2024	$0.3 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes
Hatch Healthcare K.K.(1)	uncommitted revolving	364 days	January 3, 2024	¥900 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac Digital Services Co., Ltd. (formerly known as Hatch Insight K.K.)(1)	uncommitted revolving	364 days	January 3, 2024	¥600 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac GI Holdings LLC(1),(2)	uncommitted revolving	364 days	July 17, 2023	$30 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than July 18, 2023	None	General corporate purposes
Aflac Incorporated(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes
Aflac Re Bermuda Ltd.(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(2) Renewed in July 2023 with an expiration date of July 16, 2024

The Company was in compliance with all of the covenants of its notes payable and lines of credit at June 30, 2023. No events of default or defaults occurred during the six-month period ended June 30, 2023.

For additional information, see Notes 4 and 9 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.

(In thousands of shares)	2023	2022
Common stock - issued:
Balance, beginning of period	1,354,079	1,352,739
Exercise of stock options and issuance of restricted shares	1,148	1,132
Balance, end of period	1,355,227	1,353,871
Treasury stock:
Balance, beginning of period	738,823	700,607
Purchases of treasury stock:
Share repurchase program	20,809	19,192
Other	354	351
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(498)	(528)
Exercise of stock options	(52)	(62)
Other	(178)	(215)
Balance, end of period	759,258	719,345
Shares outstanding, end of period	595,969	634,526

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Anti-dilutive share-based awards		39		171		102		210

Share Repurchase Program

During the first six months of 2023, the Company repurchased 20.8 million shares of its common stock for $1.4 billion as part of its share repurchase program. During the first six months of 2022, the Company repurchased 19.2 million shares of its common stock for $1.2 billion as part of its share repurchase program. As of June 30, 2023, a remaining balance of 95.8 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income

Three Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2023		$	(3,618)		$	1,289		$	(26)		$	(4,894)		$	(29)		$	(7,278)
Other comprehensive    income (loss) before    reclassification		(631)			710			0			(165)			45			(41)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(21)			1			0			1			(19)
Net current-period other    comprehensive    income (loss)		(631)			689			1			(165)			46			(60)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Three Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2022		$	(2,438)		$	5,787		$	(29)		$	(11,608)		$	(163)		$	(8,451)
Other comprehensive    income (loss) before    reclassification		(780)			(2,767)			(1)			5,105			(1)			1,556
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(90)			1			0			4			(85)
Net current-period other    comprehensive    income (loss)		(780)			(2,857)			0			5,105			3			1,471
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Six Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)
Other comprehensive    income (loss) before    reclassification		(685)			2,746			1			(2,959)			52			(845)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(66)			1			0			1			(64)
Net current-period other    comprehensive    income (loss)		(685)			2,680			2			(2,959)			53			(909)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Six Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2021		$	(1,985)		$	9,602		$	(30)		$	(15,832)		$	(166)		$	(8,411)
Other comprehensive    income (loss) before    reclassification		(1,233)			(6,520)			0			9,329			(3)			1,573
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(152)			1			0			9			(142)
Net current-period other    comprehensive    income (loss)		(1,233)			(6,672)			1			9,329			6			1,431
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	Three Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	27	Net investment gains (losses)
		(6)		Tax (expense) or benefit(1)
		$	21	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	19	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Three Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	114	Net investment gains (losses)
		(24)		Tax (expense) or benefit(1)
		$	90	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(5)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Total reclassifications for the period		$	85	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Six Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	84	Net investment gains (losses)
		(18)		Tax (expense) or benefit(1)
		$	66	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	64	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Six Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	192	Net investment gains (losses)
		(40)		Tax (expense) or benefit(1)
		$	152	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(11)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		2		Tax (expense) or benefit(1)
		$	(9)	Net of tax
Total reclassifications for the period		$	142	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

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SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

As of June 30, 2023, the Company has outstanding share-based awards under the Aflac Incorporated Long-Term Incentive Plan (As Amended and Restated February 14, 2017), as further amended on August 9, 2022 (the Plan). Share-based awards are designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share-based awards are based on competitive practices, operating results of the Company, government regulations, and other factors.

The Plan, allows for a maximum number of shares issuable over its term of 75 million shares including 38 million shares that may be awarded in respect of awards other than options or stock appreciation rights. If any awards granted under the

Plan are forfeited or are terminated before being exercised or settled for any reason other than tax forfeiture, then the shares underlying the awards will again be available under the Plan.

The Plan allows awards to Company employees for incentive stock options (ISOs), non-qualifying stock options (NQSOs), restricted stock, restricted stock units, and stock appreciation rights. Non-employee directors are eligible for grants of NQSOs, restricted stock, and stock appreciation rights. As of June 30, 2023, approximately 34.7 million shares were available for future grants under this plan. The ISOs and NQSOs have a term of 10 years, and the share-based awards generally vest upon time-based conditions or time and performance-based conditions. Time-based vesting generally occurs after three years. Performance-based vesting conditions generally include the attainment of goals related to Company financial performance. As of June 30, 2023, the only performance-based awards issued and outstanding were restricted stock awards and units.

Stock options and stock appreciation rights granted under the amended Plan have an exercise price of at least the fair market value of the underlying stock on the grant date and have an expiration date no later than 10 years from the grant date. Time-based restricted stock awards, restricted stock units and stock options granted after January 1, 2017 generally vest on a ratable basis over three years, and awards granted prior to the amendment vest on a cliff basis over three years. The Compensation Committee of the Board of Directors has the discretion to determine vesting schedules.

Share-based awards granted to U.S.-based grantees are settled with authorized but unissued Company stock, while those issued to Japan-based grantees are settled with treasury shares.

The following table provides information on stock options outstanding and exercisable at June 30, 2023.

	Stock Option Shares (in thousands)		Weighted-Average Remaining Term (in years)		Aggregate Intrinsic Value (in millions)			Weighted-Average Exercise Price Per Share
Outstanding		1,231		2.6		$	46		$	32.78
Exercisable		1,231		2.6		46			32.78

The Company received cash from the exercise of stock options in the amount of $10 million during the first six months of 2023, compared with $9 million in the first six months of 2022. The tax benefit realized as a result of stock option exercises and restricted stock releases was $19 million in the first six months of 2023, compared with $17 million in the first six months of 2022.

As of June 30, 2023, total compensation cost not yet recognized in the Company's consolidated financial statements related to restricted stock awards and units was $61 million, of which $33 million (1.8 million shares) was related to restricted stock awards and units with a performance-based vesting condition. The Company expects to recognize these amounts over a weighted-average period of approximately 1.7 years. There are no other contractual terms covering restricted stock awards once vested.

The following table summarizes restricted stock activity during the six-month period ended June 30, 2023.

(In thousands of shares)	Shares	Weighted-Average Grant-Date Fair Value Per Share
Restricted stock at December 31, 2022	2,414		$	56.21
Granted in 2023	1,120		70.50
Canceled in 2023	(59)		59.72
Vested in 2023	(1,133)		52.81
Restricted stock at June 30, 2023	2,342		$	62.60

In February 2023, the Company granted 454 thousand performance-based stock awards and units, which are contingent on the achievement of the Company's financial performance metrics and its market-based conditions. On the date of grant, the Company estimated the fair value of restricted stock awards and units with market-based conditions using a Monte Carlo simulation model. The model discounts the value of the stock at the assumed vesting date based on the risk-free interest rate. Based on estimates of actual performance versus the vesting thresholds, the calculated fair value percentage pay-out estimate will be updated each quarter.

The Company uses third-party analyses to assist in developing the assumptions used in, as well as calibrating, a Monte Carlo simulation model. The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards.

For additional information on the Company's long-term share-based compensation plans and the types of share-based awards, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report.

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BENEFIT PLANS

6 Months Ended

Jun. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

BENEFIT PLANS

BENEFIT PLANS

The Company has funded defined benefit plans in Japan and the U.S., however the U.S. plan was frozen to new participants effective October 1, 2013. On June 9, 2023, the Company amended the U.S. defined benefit plan to freeze future benefits under the plan for all participants effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in the second quarter of 2023. U.S. employees who are not participants in the defined benefit plan currently receive a nonelective 401(k) employer contribution. Effective January 1, 2024, the nonelective 401(k) employer contribution will be extended to U.S. employees who are current participants in the defined benefit plan.

The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees, however the Company's Supplemental Executive Retirement Plan was frozen to new participants effective January 1, 2015. On June 9, 2023, the Company amended the Supplemental Executive Retirement Plan and the Retirement Plan for Senior Officers to freeze future benefits under these plans for all participants effective January 1, 2024.

The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next five years; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next five years; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life.

Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $(45) million and $2 million for the three-month periods and $(43) million and $6 million for the six-month periods ended June 30, 2023 and 2022, respectively. Total net periodic benefit cost includes the following components:

	Three Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	3		$	5		$	3		$	7		$	0		$	0
Interest cost		2			1			10			8			1			0
Expected return on plan assets		(1)			(2)			(9)			(10)			0			0
Amortization of net actuarial loss		0			0			0			5			1			0
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	4		$	4		$	(45)		$	10		$	2		$	0

	Six Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	7		$	10		$	7		$	13		$	0		$	0
Interest cost		4			3			21			17			1			0
Expected return on plan assets		(3)			(4)			(18)			(21)			0			0
Amortization of net actuarial loss		0			0			0			10			1			1
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	8		$	9		$	(39)		$	19		$	2		$	1

During the six months ended June 30, 2023, Aflac Japan contributed approximately $12 million (using the weighted-average yen/dollar exchange rate for the six-month period ended June 30, 2023) to the Japanese funded defined benefit plan, and Aflac U.S. did not make a contribution to the U.S. funded defined benefit plan.

For additional information regarding the Company's Japanese and U.S. benefit plans, see Note 14 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

In February 2023, the Company renewed an outsourcing agreement with a management consulting and technology services company to provide application maintenance and development services for Aflac Japan. As of June 30, 2023, the agreement has a remaining term of five years and an aggregate remaining cost of ¥20.1 billion ($138 million using the June 30, 2023 exchange rate).

The Company is a defendant in various lawsuits and receives various regulatory inquiries considered to be in the normal course of business. Members of the Company's senior legal and financial management teams review litigation and regulatory inquiries on a quarterly and annual basis. The final results of any litigation or regulatory inquiries cannot be predicted with certainty. Although some of this litigation is pending in states where large punitive damages, bearing little relation to the actual damages sustained by plaintiffs, have been awarded in recent years, the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows.

See Note 3 of the Notes to the Consolidated Financial Statements for details on certain investment commitments.

Guaranty Fund Assessments

The U.S. insurance industry has a policyholder protection system that is monitored and regulated by state insurance departments. These life and health insurance guaranty associations are state entities (in all 50 states as well as Puerto Rico and the District of Columbia) created to protect policyholders of an insolvent insurance company. All insurance companies (with limited exceptions) licensed to sell life or health insurance in a state must be members of that state’s guaranty association. Under state guaranty association laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of impaired or insolvent insurance companies that write the same line or similar lines of business.

Guaranty fund assessments for the three- and six-month periods ended June 30, 2023 and 2022 were immaterial.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Description of Business

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in the United States (U.S.) and Japan. The Company's insurance business is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the U.S. and through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan. The Company’s operations consist of two reportable business segments: Aflac U.S., which includes Aflac, and Aflac Japan, which includes ALIJ. American Family Life Assurance Company of New York (Aflac New York) is a wholly owned subsidiary of Aflac. Most of Aflac's policies are individually underwritten and marketed through independent agents. With the exception of dental and vision products administered by Aflac Benefits Solutions, Inc. (ABS) and certain group life insurance products, Aflac U.S. markets and administers group products through Continental American Insurance Company (CAIC), branded as Aflac Group Insurance. Additionally, Aflac U.S. markets its consumer markets products through Tier One Insurance Company (TOIC). The Company's insurance operations in the U.S. and Japan service the two markets for the Company's insurance business. The Parent Company, other operating business units that are not individually reportable, and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other. Aflac Japan's revenues, including net gains and losses on its investment portfolio, accounted for 64% and 69% of the Company's total revenues in the six-month periods ended June 30, 2023 and 2022, respectively. The percentage of the Company's total assets attributable to Aflac Japan was 80% at June 30, 2023, compared with 80% at December 31, 2022.

In 2022, the Company established Aflac Re Bermuda Ltd. (Aflac Re), a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ. Aflac Re is subject to regulation in Bermuda, where the Bermuda Monetary Authority (BMA) has broad administrative powers relating to granting and revoking licenses to transact reinsurance business, approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices. Financial results from Aflac Re are included in Corporate and other.

Basis of Presentation

The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards CodificationTM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, interest rates, mortality, morbidity, commission and other acquisition expenses and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised and reflected in the consolidated financial statements. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and reflective of the best estimates of management.

The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated.

In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of June 30, 2023 and December 31, 2022, the consolidated statements of earnings and comprehensive income (loss) for the three- and six-month periods ended June 30, 2023 and 2022, the consolidated statements of shareholders' equity for the three-month periods ended March 31, 2023 and 2022 and June 30, 2023 and 2022, and the consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read

in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report).

Insurance Revenue And Expense Recognition

Insurance Revenue and Expense Recognition: Substantially all of the supplemental health and life insurance policies the Company issues are classified as long-duration contracts. The contract provisions generally cannot be changed or canceled during the contract period; however, the Company may adjust premiums for supplemental health policies issued in the U.S. within prescribed guidelines and with the approval of state insurance regulatory authorities.

Insurance premiums for most of the Company's health and life policies, including cancer, accident, hospital, critical illness, supplemental dental and vision, term life, whole life, long-term care and disability, are recognized as earned premiums over the premium-paying periods of the contracts when due from policyholders. When earned premiums are reported, the related amounts of benefits and expenses are charged against such revenues. This association is accomplished by means of annual increases or decreases to the liability for future policy benefits (LFPB) and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features, including cancer, medical and nursing care, term life, whole life, WAYS, and child endowment, are collected over a significantly shorter period than the contract term (i.e., the period during which benefits are provided). Premiums for these products are recognized as earned premiums over the premium-paying periods when due from policyholders. Any gross premium in excess of the net premium is deferred and recorded as a deferred profit liability, which is subsequently amortized in net earned premiums such that profits are recognized in a constant relationship with insurance in force. Benefits are recorded as an expense when they are incurred. An LFPB is recorded when premiums are recognized using the net premium method.

Policyholders also have an option to pay discounted advanced premiums for certain of the Company's products. Advanced premiums are deferred and recognized when due from policyholders over the otherwise required contractual premium payment period.

Benefit expense is bifurcated between benefits and claims and reserve remeasurement (gains) losses. The net premium ratio (NPR) is used to measure benefit expense and is calculated as the ratio of the present value of actual and future expected benefits and expenses to the present value of actual and future expected gross premiums. A revised NPR is calculated as of the beginning of each reporting period using updated future cash flow expectations.

Reserve remeasurement (gains) losses represent the difference between two reserve measures both calculated as of the beginning of the current reporting period using the same locked-in discount rates. One reserve measure uses the NPR as of the end of the prior reporting period, and the second uses the revised NPR. Benefits and claims represent the difference in the liability balance calculated as of the beginning of the current reporting period and the end of the current reporting period both using the revised NPR and the locked-in discount rates. The locked-in interest accretion rate utilized for accretion of interest expense on insurance reserves is the original discount rate used at contract issue date.

Advertising Cost

Advertising expense is reported as incurred in insurance and other expenses in the consolidated statement of earnings.

Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs: Certain direct and incremental costs of acquiring insurance contracts are deferred and amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount, and insurance in force, respectively. For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively. Amortization is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the LFPB, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized

prospectively over the remaining contract term as a revision of the future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. Deferred costs include the excess of current-year commissions over ultimate renewal-year commissions and certain incremental direct policy issue, underwriting and sales expenses directly related to successful policy acquisition.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. The Company performs a two-stage analysis of the internal replacements to determine if the modification is substantive to the base policy. The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

For internal replacement transactions where the resulting contract is substantially unchanged, unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the cohort, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred.

For an internal replacement transaction that results in a policy that is substantially changed, the policy is treated as lapsed for amortization purposes, and the costs of acquiring the new policy are capitalized and amortized in accordance with the Company's accounting policies for deferred acquisition costs.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment. Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required. Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.

Liability for Future Policy Benefits

Policy Liabilities: For long-duration insurance contracts, the Company calculates an integrated reserve that represents all payments under the contract including future expected claims and unpaid policy claims and related expenses. The liability for future policy benefits is measured using the net level premium method.

Long-duration insurance contracts issued by the Company are grouped into annual calendar-year cohorts based on the contract issue date, reportable segment, legal entity and product type. Limited-pay contracts are grouped into separate cohorts from other traditional products in the same manner and are further separated based on their premium payment structures.

The LFPB is determined as the present value of future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of future net premiums receivable under the Company’s insurance contracts, where future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are the result of applying the updated best estimate assumptions as of the beginning of the reporting period and are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings. Expense assumptions are established at policy inception and determined for each issue-year cohort as a percentage of paid claims. These expense assumptions are locked-in and remain unchanged over the term of the insurance policy. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statement of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense in the consolidated statement of earnings. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheet are updated each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

The Company has designed its discount rate methodology for the U.S. and Japan insurance business. The methodology incorporates constructing a discount rate curve separately for discounting cash flows used to calculate the U.S. and Japan LFPBs, reflective of the characteristics of the insurance liabilities, such as currency and tenor. Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities. The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards. Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent net premium ratio to the forward curve and will remain unchanged after the calendar year of issue.

Unearned Premiums

Unearned premiums consist primarily of discounted advance premiums on deposit from policyholders in conjunction with their purchase of certain Aflac Japan limited-pay insurance products. These advanced premiums are deferred upon collection and recognized as earned premiums over the contractual premium payment period.

Other Policy Liabilities

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.

Internal Replacements of Insurance Contracts

For internal replacements that are determined to be substantially changed, policy liabilities related to the original policy that was replaced are immediately released, and policy liabilities are established for the new insurance contract. The policy reserves are evaluated based on the new policy features, and changes are recognized at the date of contract change/modification. For internal replacements that are substantially unchanged, no changes to the reserves are recognized. For modifications that are not integrated with the base policy, new coverage is recognized as a separately issued contract within the current cohort.

Reclassifications

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

New Accounting Pronouncements

ASU 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by:

ASU 2019-09 Financial Services - Insurance: Effective Date

ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application

In August 2018, the FASB issued amendments that significantly changed how insurers account for long-duration contracts. The Company adopted the standard on January 1, 2023 using a modified retrospective transition method which resulted in applying the amended guidance as of the beginning of the earliest period presented on the January 1, 2021 transition date (Transition Date). The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. On the Transition Date, the Company calculated the ratio of the present value of future expected benefits and expenses less existing carrying values to the present value of future expected gross premiums (Transition Date NPR) using updated assumptions and the discount rate immediately before the Transition Date. The Company capped the Transition Date NPR at 100% for any cohorts with a Transition Date NPR greater than 100%. The Company calculated the LFPB using the Transition Date NPR (capped at 100% if required) and two different discount rates: (i) the discount rate used immediately before the Transition Date, and (ii) the discount rate determined by reference to the Transition Date market level yields for upper-medium grade (low credit

risk) fixed income instruments (as of December 31, 2020). For cohorts with their Transition Date NPR capped at 100%, the Company recorded as an adjustment (decrease) to opening retained earnings any difference between the LFPB calculated using the discount rate immediately before the Transition Date and the existing carrying value as of the Transition Date. For all cohorts on the Transition Date, the Company recorded in AOCI net of tax, the difference in the LFPB calculated using the two different discount rates (i.e., the discount rate used immediately before the Transition Date and the updated discount rate as of the Transition Date).

Upon adoption, the Company adjusted opening equity for the Transition Date impacts to AOCI and retained earnings and adjusted prior periods presented (years 2021 and 2022) following the updated standard. Based upon the modified retrospective transition method, the Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings (RE) of approximately $0.3 billion.

See Note 6 and Note 7 of the Notes to the Consolidated Financial Statements for expanded disclosures for DAC and future policy benefits, respectively, required as a result of the amended guidance.

Transition Impact to Shareholder's Equity

The following table presents the cumulative transition impact as of January 1, 2021 to the Company’s Shareholder’s Equity as a result of the adoption of ASU 2018-12, using the modified retrospective transition method.

(In millions - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2020	$	135	$	2,410	$	37,984	$	8,934	$	(15,904)	$	33,559
Cumulative effect of change in accounting   principle, ASU 2018-12, net of income taxes	0		0		(324)		(18,570)		0		(18,894)
Balance at January 1, 2021	$	135	$	2,410	$	37,660	$	(9,636)	$	(15,904)	$	14,665

The following table presents the transition impacts as of January 1, 2021 to the Company's AOCI and RE as a result of the adoption of ASU 2018-12 by reporting segment and disaggregated by product type, using the modified retrospective transition method.

(In millions - Unaudited)	Impact to Retained Earnings			Impact to AOCI
Transition impacts:
Aflac Japan
Cancer		$	0		$	14,529
Medical and other health		1			2,382
Life insurance		0			3,314
Other (1)		398			433
Aflac U.S.
Accident		0			92
Disability		0			149
Critical care		4			2,258
Hospital indemnity		0			223
Dental/vision		0			65
Life insurance		5			149
Other		2			218
Reinsurance		0			(305)
Transition impact before income taxes		410			23,507
Less: income taxes		86			4,937
Total transition impact, net of income taxes		$	324		$	18,570

(1) Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.

Transition Impact on the Liability for Future Policy Benefits

The Company adopted ASU 2018-12 using the modified retrospective transition method. The tables below present the disaggregated transition impacts to the Company’s LFPB as a result of adoption, split between the changes in the present value of expected net premiums and the present value of expected future policy benefits as of the Transition Date and the LFPB rollforward for the year ended December 31, 2021. The locked-in discount rates on the policies held at the Transition Date reflect the locked-in rates in existence immediately before the Transition Date. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.

Under the modified retrospective transition method, the NPR for future policy benefits existing as of the Transition Date considers the carryover basis of those liabilities, which equals the future policy benefits and unpaid policy claims balance as of December 31, 2020. If the revised Transition Date NPR for a cohort is greater than 100%, the Company capped the Transition Date NPR at 100% and increased the LFPB with an offsetting decrease to opening retained earnings.

The LFPB recorded in the consolidated balance sheet includes the deferred profit liability for limited-payment contracts. This deferred profit liability is not included in the Transition Date and LFPB rollforwards. For products with limited-payment features, to the extent the transition date adjustment related to updating cash flow assumptions is favorable, the Company increased the deferred profit liability.

The following table presents the transition impacts to the present value of expected net premiums by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2020	$	25,601	$	21,270	$	12,440	$	2,080	$	3,350	$	1,921	$	5,898	$	1,376	$	281	$	710	$	154
Impact to retained earnings from capping Transition Date NPR	0		(1)		0		(398)		0		0		(4)		0		0		(5)		(2)
Impact of deferred profit liability	15		7		36		26		0		0		0		0		0		0		0
Beginning balance at original discount rate	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of change in discount rate assumptions	3,982		2,598		908		148		479		197		1,048		154		41		78		27
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179

The following table presents the changes in the present value of expected net premiums by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179
Beginning balance at original discount rate (1)	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of changes in cash flow assumptions	32		88		40		1		(163)		(129)		(302)		0		(26)		31		0
Effect of actual variances from expected   experience	(134)		(449)		(135)		(11)		(109)		(38)		(290)		(32)		(14)		34		(3)
Adjusted beginning of period balance	25,514		20,915		12,381		1,698		3,078		1,754		5,302		1,344		241		770		149
Issuances	1,116		1,132		284		55		365		345		552		263		39		112		0
Interest accrual	586		439		202		27		116		61		210		45		10		25		6
Net premium earned (2)	(2,206)		(1,692)		(1,609)		(151)		(552)		(393)		(665)		(268)		(47)		(124)		(19)
Foreign currency translation	(2,539)		(2,111)		(1,194)		(167)		0		0		0		0		0		0		0
Other	(1)		(2)		0		(1)		(8)		(7)		(8)		(4)		(2)		(3)		(1)
Ending balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in discount rate assumptions	3,423		2,493		783		125		284		102		632		87		23		54		18
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153

(1) Includes the adjustment for capping the Transition Date NPR.

(2) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following table presents the transition impacts to the present value of expected future policy benefits by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at December 31, 2020	$	64,056	$	34,638	$	43,729	$	7,620	$	3,818	$	2,919	$	13,427	$	2,258	$	599	$	1,562	$	661
Effect of change in discount rate assumptions	18,511		4,980		4,222		581		571		346		3,306		377		106		227		245
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906

The following table presents the changes in the present value of expected future policy benefits by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906
Beginning balance at original discount rate	64,056		34,638		43,729		7,620		3,818		2,919		13,427		2,258		599		1,562		661
Effect of changes in cash flow assumptions	24		85		31		(11)		(178)		(143)		(326)		(3)		(29)		31		0
Effect of actual variances from expected   experience	(149)		(458)		(139)		(15)		(115)		(41)		(304)		(36)		(15)		34		(3)
Adjusted beginning of period balance	63,931		34,265		43,621		7,594		3,525		2,735		12,797		2,219		555		1,627		658
Issuances	1,133		1,155		287		62		372		355		563		271		40		115		0
Interest accrual	2,014		769		833		129		137		100		553		85		23		58		33
Benefit payments	(3,894)		(1,313)		(1,373)		(238)		(439)		(520)		(834)		(275)		(69)		(107)		(46)
Foreign currency translation	(6,377)		(3,478)		(4,366)		(760)		0		0		0		0		0		0		0
Other	0		0		0		0		(1)		0		0		0		0		1		0
Ending balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in discount rate assumptions	15,940		4,623		3,718		535		355		201		2,309		252		67		149		192
Balance at December 31, 2021	72,747		36,021		42,720		7,322		3,949		2,871		15,388		2,552		616		1,843		837
Net liability for future policy benefits	46,854		14,847		31,873		5,736		666		1,009		9,365		1,085		352		1,009		684
Less: reinsurance recoverable	0		2,150		0		0		0		0		0		0		0		10		0
Net liability for future policy benefits after   reinsurance recoverable	$	46,854	$	12,697	$	31,873	$	5,736	$	666	$	1,009	$	9,365	$	1,085	$	352	$	999	$	684

The following table presents a reconciliation of the rollforwards by reporting segment and disaggregated by product type for the year ended December 31, 2021 to the liability for future policy benefits as of December 31, 2021 under the amended guidance. The deferred profit liability for limited-payment contracts and reinsurance is presented together with the LFPB in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	December 31, 2021
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	46,854
Medical and other health		14,847
Life insurance		31,873
Other		5,736
Aflac U.S.
Accident		666
Disability		1,009
Critical care		9,365
Hospital indemnity		1,085
Dental/vision		352
Life insurance		1,009
Other		684
Corporate and other		30
Deferred profit liability - limited-payment contracts		1,595
Deferred profit liability - reinsurance		859
Total		$	115,964

The adoption of ASU 2018-12 did not have an impact on the Company's balance for deferred policy acquisition costs upon adoption.

Accounting Pronouncements Pending Adoption

ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued amendments to permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit).

The amendments are effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted and if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period.

The adoption of this guidance is not expected to have a significant impact on the Company's financial position, results of operations or disclosures.

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business. 

For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) - Accounting Standards Update 2018-12

6 Months Ended

Jun. 30, 2023

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of Impact from Adoption to Shareholder's Equity

The following table presents the cumulative transition impact as of January 1, 2021 to the Company’s Shareholder’s Equity as a result of the adoption of ASU 2018-12, using the modified retrospective transition method.

(In millions - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2020	$	135	$	2,410	$	37,984	$	8,934	$	(15,904)	$	33,559
Cumulative effect of change in accounting   principle, ASU 2018-12, net of income taxes	0		0		(324)		(18,570)		0		(18,894)
Balance at January 1, 2021	$	135	$	2,410	$	37,660	$	(9,636)	$	(15,904)	$	14,665

Schedule of Impact from Adoption to AOCI and Retained Earnings

The following table presents the transition impacts as of January 1, 2021 to the Company's AOCI and RE as a result of the adoption of ASU 2018-12 by reporting segment and disaggregated by product type, using the modified retrospective transition method.

(In millions - Unaudited)	Impact to Retained Earnings			Impact to AOCI
Transition impacts:
Aflac Japan
Cancer		$	0		$	14,529
Medical and other health		1			2,382
Life insurance		0			3,314
Other (1)		398			433
Aflac U.S.
Accident		0			92
Disability		0			149
Critical care		4			2,258
Hospital indemnity		0			223
Dental/vision		0			65
Life insurance		5			149
Other		2			218
Reinsurance		0			(305)
Transition impact before income taxes		410			23,507
Less: income taxes		86			4,937
Total transition impact, net of income taxes		$	324		$	18,570

(1) Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.

Schedule of Impact from Adoption to Liability For Future Policy Benefit, Expected Net Premium

The following table presents the transition impacts to the present value of expected net premiums by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2020	$	25,601	$	21,270	$	12,440	$	2,080	$	3,350	$	1,921	$	5,898	$	1,376	$	281	$	710	$	154
Impact to retained earnings from capping Transition Date NPR	0		(1)		0		(398)		0		0		(4)		0		0		(5)		(2)
Impact of deferred profit liability	15		7		36		26		0		0		0		0		0		0		0
Beginning balance at original discount rate	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of change in discount rate assumptions	3,982		2,598		908		148		479		197		1,048		154		41		78		27
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179

Liability for Future Policy Benefit, Expected Net Premium, Activity

The following table presents the changes in the present value of expected net premiums by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at January 1, 2021	$	29,598	$	23,874	$	13,384	$	1,856	$	3,829	$	2,118	$	6,942	$	1,530	$	322	$	783	$	179
Beginning balance at original discount rate (1)	25,616		21,276		12,476		1,708		3,350		1,921		5,894		1,376		281		705		152
Effect of changes in cash flow assumptions	32		88		40		1		(163)		(129)		(302)		0		(26)		31		0
Effect of actual variances from expected   experience	(134)		(449)		(135)		(11)		(109)		(38)		(290)		(32)		(14)		34		(3)
Adjusted beginning of period balance	25,514		20,915		12,381		1,698		3,078		1,754		5,302		1,344		241		770		149
Issuances	1,116		1,132		284		55		365		345		552		263		39		112		0
Interest accrual	586		439		202		27		116		61		210		45		10		25		6
Net premium earned (2)	(2,206)		(1,692)		(1,609)		(151)		(552)		(393)		(665)		(268)		(47)		(124)		(19)
Foreign currency translation	(2,539)		(2,111)		(1,194)		(167)		0		0		0		0		0		0		0
Other	(1)		(2)		0		(1)		(8)		(7)		(8)		(4)		(2)		(3)		(1)
Ending balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in discount rate assumptions	3,423		2,493		783		125		284		102		632		87		23		54		18
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153

(1) Includes the adjustment for capping the Transition Date NPR.

(2) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Schedule of Impact from Adoption to Liability For Future Policy Benefit, Expected Future Policy Benefits

The following table presents the transition impacts to the present value of expected future policy benefits by reporting segment and disaggregated by product type due to the cumulative effect of the change in accounting principle as a result of the adoption of ASU 2018-12 using the modified retrospective transition method.

	Transition Impact at January 1, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at December 31, 2020	$	64,056	$	34,638	$	43,729	$	7,620	$	3,818	$	2,919	$	13,427	$	2,258	$	599	$	1,562	$	661
Effect of change in discount rate assumptions	18,511		4,980		4,222		581		571		346		3,306		377		106		227		245
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906

Liability for Future Policy Benefit, Expected Future Policy Benefits, Activity

The following table presents the changes in the present value of expected future policy benefits by reporting segment and disaggregated by product type for the year ended December 31, 2021.

	December 31, 2021
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected future policy   benefits:
Balance at January 1, 2021	$	82,567	$	39,618	$	47,951	$	8,201	$	4,389	$	3,265	$	16,733	$	2,635	$	705	$	1,789	$	906
Beginning balance at original discount rate	64,056		34,638		43,729		7,620		3,818		2,919		13,427		2,258		599		1,562		661
Effect of changes in cash flow assumptions	24		85		31		(11)		(178)		(143)		(326)		(3)		(29)		31		0
Effect of actual variances from expected   experience	(149)		(458)		(139)		(15)		(115)		(41)		(304)		(36)		(15)		34		(3)
Adjusted beginning of period balance	63,931		34,265		43,621		7,594		3,525		2,735		12,797		2,219		555		1,627		658
Issuances	1,133		1,155		287		62		372		355		563		271		40		115		0
Interest accrual	2,014		769		833		129		137		100		553		85		23		58		33
Benefit payments	(3,894)		(1,313)		(1,373)		(238)		(439)		(520)		(834)		(275)		(69)		(107)		(46)
Foreign currency translation	(6,377)		(3,478)		(4,366)		(760)		0		0		0		0		0		0		0
Other	0		0		0		0		(1)		0		0		0		0		1		0
Ending balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in discount rate assumptions	15,940		4,623		3,718		535		355		201		2,309		252		67		149		192
Balance at December 31, 2021	72,747		36,021		42,720		7,322		3,949		2,871		15,388		2,552		616		1,843		837
Net liability for future policy benefits	46,854		14,847		31,873		5,736		666		1,009		9,365		1,085		352		1,009		684
Less: reinsurance recoverable	0		2,150		0		0		0		0		0		0		0		10		0
Net liability for future policy benefits after   reinsurance recoverable	$	46,854	$	12,697	$	31,873	$	5,736	$	666	$	1,009	$	9,365	$	1,085	$	352	$	999	$	684

Reconciliation of Future Policy Benefits

The following table presents a reconciliation of the rollforwards by reporting segment and disaggregated by product type for the year ended December 31, 2021 to the liability for future policy benefits as of December 31, 2021 under the amended guidance. The deferred profit liability for limited-payment contracts and reinsurance is presented together with the LFPB in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	December 31, 2021
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	46,854
Medical and other health		14,847
Life insurance		31,873
Other		5,736
Aflac U.S.
Accident		666
Disability		1,009
Critical care		9,365
Hospital indemnity		1,085
Dental/vision		352
Life insurance		1,009
Other		684
Corporate and other		30
Deferred profit liability - limited-payment contracts		1,595
Deferred profit liability - reinsurance		859
Total		$	115,964

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BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Information regarding operations by reportable segment and Corporate and other, follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Revenues:
Aflac Japan:
Net earned premiums	$	2,064	$	2,334	$	4,234	$	4,959
Adjusted net investment income (1),(2)	637		723		1,248		1,402
Other income	9		9		18		18
Total adjusted revenue Aflac Japan	2,710		3,066		5,500		6,379
Aflac U.S.:
Net earned premiums	1,425		1,394		2,853		2,807
Adjusted net investment income (3)	203		193		400		377
Other income	35		41		70		83
Total adjusted revenue Aflac U.S.	1,663		1,628		3,323		3,267
Corporate and other (4),(5)	140		42		268		116
Total adjusted revenues	4,513		4,736		9,091		9,762
Net investment gains (losses) (1),(2),(3),(4)	659		579		881		726
Total revenues	$	5,172	$	5,315	$	9,972	$	10,488

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.

(5) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Pretax earnings:
Aflac Japan (1),(2)	$	822	$	873	$	1,610	$	1,743
Aflac U.S. (3)	369		343		721		675
Corporate and other (4),(5),(6)	(52)		(75)		(58)		(117)
Pretax adjusted earnings (7)	1,139		1,141		2,273		2,301
Net investment gains (losses) (1),(2),(3),(4),(5)	651		567		859		701
Other income (loss)	35		0		35		0
Total earnings before income taxes	$	1,825	$	1,708	$	3,167	$	3,002
Income taxes applicable to pretax adjusted earnings	$	186	$	195	$	366	$	414
Effect of foreign currency translation on after-tax   adjusted earnings	(25)		(59)		(66)		(94)

(1) Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

(2) Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(4) Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.

(5) A gain of $12 and $12 for the three-month periods and $24 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.

(6) The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

(7) Includes $36 and $41 for the three-month periods and $70 and $82 for the six-month periods ended June 30, 2023, and 2022, respectively, of interest expense on debt.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Reconciliation of Assets from Segment to Consolidated

Assets were as follows:

(In millions)	June 30, 2023			December 31, 2022
Assets:
Aflac Japan		$	103,972		$	105,734
Aflac U.S.		20,932			21,002
Corporate and other		5,722			5,002
Total assets		$	130,626		$	131,738

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Available-for-Sale Debt Securities

The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	23,313	$	0	$	1,435	$	975	$	23,773
Municipalities	946		0		150		35		1,061
Mortgage- and asset-backed securities	213		0		8		6		215
Public utilities	3,665		0		367		51		3,981
Sovereign and supranational	498		0		34		4		528
Banks/financial institutions	5,767		0		349		309		5,807
Other corporate	5,947		0		745		280		6,412
Total yen-denominated	40,349		0		3,088		1,660		41,777
U.S. dollar-denominated:
U.S. government and agencies	187		0		0		7		180
Municipalities	1,251		0		62		51		1,262
Mortgage- and asset-backed securities	2,521		0		189		70		2,640
Public utilities	3,384		0		347		143		3,588
Sovereign and supranational	122		0		34		10		146
Banks/financial institutions	2,766		0		346		70		3,042
Other corporate	20,269		0		2,396		795		21,870
Total U.S. dollar-denominated	30,500		0		3,374		1,146		32,728
Total securities available for sale	$	70,849	$	0	$	6,462	$	2,806	$	74,505

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities available for sale, carried at fair   value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	25,418	$	0	$	1,259	$	1,724	$	24,953
Municipalities	1,034		0		124		61		1,097
Mortgage- and asset-backed securities	241		0		8		12		237
Public utilities	3,932		0		301		108		4,125
Sovereign and supranational	659		0		24		5		678
Banks/financial institutions	6,348		0		324		531		6,141
Other corporate	6,288		0		555		408		6,435
Total yen-denominated	43,920		0		2,595		2,849		43,666
U.S. dollar-denominated:
U.S. government and agencies	169		0		0		8		161
Municipalities	1,269		0		43		89		1,223
Mortgage- and asset-backed securities	1,926		0		67		84		1,909
Public utilities	3,481		0		240		180		3,541
Sovereign and supranational	133		0		35		12		156
Banks/financial institutions	2,992		0		271		105		3,158
Other corporate	21,579		0		1,549		1,201		21,927
Total U.S. dollar-denominated	31,549		0		2,205		1,679		32,075
Total securities available for sale	$	75,469	$	0	$	4,800	$	4,528	$	75,741

Held-to-maturity Securities

	June 30, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	16,717	$	2	$	16,715	$	2,387	$	0	$	19,102
Municipalities	261		0		261		53		0		314
Public utilities	35		0		35		4		0		39
Sovereign and supranational	411		3		408		54		0		462
Other corporate	17		0		17		4		0		21
Total yen-denominated	17,441		5		17,436		2,502		0		19,938
Total securities held to maturity	$	17,441	$	5	$	17,436	$	2,502	$	0	$	19,938

	December 31, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair   Value
Securities held to maturity, carried at   amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	18,269	$	2	$	18,267	$	2,045	$	0	$	20,312
Municipalities	287		0		287		48		0		335
Public utilities	38		1		37		4		0		41
Sovereign and supranational	450		4		446		54		0		500
Other corporate	19		0		19		3		0		22
Total yen-denominated	19,063		7		19,056		2,154		0		21,210
Total securities held to maturity	$	19,063	$	7	$	19,056	$	2,154	$	0	$	21,210

Equity securities, FV-NI

(In millions)	June 30, 2023			December 31, 2022
Equity securities, carried at fair value through net earnings:	Fair Value			Fair Value
Equity securities:
Yen-denominated		$	703		$	670
U.S. dollar-denominated		218			374
Other currencies		44			47
Total equity securities		$	965		$	1,091

Investments Classified by Contractual Maturity Date

The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2023, were as follows:

(In millions)	Amortized Cost (1)			Fair Value
Available for sale:
Due in one year or less		$	1,808		$	1,896
Due after one year through five years		6,636			7,114
Due after five years through 10 years		16,133			17,931
Due after 10 years		43,538			44,709
Mortgage- and asset-backed securities		2,734			2,855
Total fixed maturity securities available for sale		$	70,849		$	74,505
Held to maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		37			39
Due after five years through 10 years		9,300			10,414
Due after 10 years		8,099			9,485
Mortgage- and asset-backed securities		0			0
Total fixed maturity securities held to maturity		$	17,436		$	19,938

(1) Net of allowance for credit losses

Investment Exposures Exceeding Ten Percent Shareholders Equity

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

	June 30, 2023			December 31, 2022
(In millions)	Credit Rating	Amortized Cost	Fair Value	Credit Rating	Amortized Cost	Fair Value
Japan National Government(1)	A+	$39,043	$41,826	A+	$42,618	$44,178

(1)Japan Government Bonds (JGBs) or JGB-backed securities

Gain (Loss) on Investments

Information regarding pretax net gains and losses from investments is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales	$	7	$	15	$	8	$	85
Gross losses from sales	(6)		(23)		(9)		(26)
Foreign currency gains (losses)	26		123		85		133
Other investments:
Gross gains (losses) from sales	(3)		0		(3)		9
Total sales and redemptions	24		115		81		201
Equity securities	(9)		(135)		(12)		(291)
Credit losses:
Fixed maturity securities held to maturity	0		0		1		0
Commercial mortgage and other loans	(2)		(12)		(33)		4
Impairment losses	0		(17)		0		(17)
Loan commitments	1		(5)		4		2
Reinsurance recoverables and other	0		0		(3)		2
Total credit losses	(1)		(34)		(31)		(9)
Derivatives and other:
Derivative gains (losses)	(594)		(558)		(577)		(1,024)
Foreign currency gains (losses)	1,135		1,176		1,217		1,809
Total derivatives and other	541		618		640		785
Total net investment gains (losses)	$	555	$	564	$	678	$	686

Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:

(In millions)	June 30, 2023			December 31, 2022
Unrealized gains (losses) on securities available for sale		$	3,656		$	272
Deferred income taxes		(1,678)			(974)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	1,978		$	(702)

Investments Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	June 30, 2023
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	179		$	7		$	97		$	3		$	82		$	4
Japan government and       agencies:
Yen-denominated		8,274			975			529			102			7,745			873
Municipalities:
U.S. dollar-denominated		700			51			96			6			604			45
Yen-denominated		283			35			0			0			283			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		1,057			70			753			55			304			15
Yen-denominated		61			6			0			0			61			6
Public utilities:
U.S. dollar-denominated		1,296			143			690			58			606			85
Yen-denominated		710			51			57			2			653			49
Sovereign and supranational:
U.S. dollar-denominated		33			10			0			0			33			10
Yen-denominated		63			4			0			0			63			4
Banks/financial institutions:
U.S. dollar-denominated		857			70			387			13			470			57
Yen-denominated		3,626			309			425			9			3,201			300
Other corporate:
U.S. dollar-denominated		7,385			795			2,691			118			4,694			677
Yen-denominated		1,818			280			412			13			1,406			267
Total		$	26,342		$	2,806		$	6,137		$	379		$	20,205		$	2,427

	December 31, 2022
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available    for sale:
U.S. government and       agencies:
U.S. dollar-denominated		$	159		$	8		$	85		$	3		$	74		$	5
Japan government and       agencies:
Yen-denominated		8,856			1,724			3,733			580			5,123			1,144
Municipalities:
U.S. dollar-denominated		854			89			735			57			119			32
Yen-denominated		286			61			150			26			136			35
Mortgage- and asset-     backed securities:
U.S. dollar-denominated		936			84			640			42			296			42
Yen-denominated		62			12			38			6			24			6
Public utilities:
U.S. dollar-denominated		1,852			180			1,667			144			185			36
Yen-denominated		880			108			576			61			304			47
Sovereign and supranational:
U.S. dollar-denominated		30			12			0			0			30			12
Yen-denominated		71			5			34			4			37			1
Banks/financial institutions:
U.S. dollar-denominated		1,147			105			786			58			361			47
Yen-denominated		3,957			531			1,760			174			2,197			357
Other corporate:
U.S. dollar-denominated		10,529			1,201			8,636			785			1,893			416
Yen-denominated		2,090			408			1,507			273			583			135
Total		$	31,709		$	4,528		$	20,347		$	2,213		$	11,362		$	2,315

Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.

(In millions)	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	2,162	15.9	%	$	2,158	15.8	%
Retail	468		3.4		493		3.6
Apartments/Multi-Family	2,642		19.5		2,701		19.7
Industrial	449		3.3		123		.9
Hospitality	812		6.0		803		5.9
Other	242		1.8		231		1.7
Total transitional real estate loans	6,775		49.9		6,509		47.6
Commercial mortgage loans:
Office	378		2.8		388		2.8
Retail	306		2.3		310		2.3
Apartments/Multi-Family	607		4.5		630		4.6
Industrial	465		3.4		694		5.1
Total commercial mortgage loans	1,756		13.0		2,022		14.8
Middle market loans	5,040		37.1		5,157		37.6
Total commercial mortgage and other loans	$	13,571	100.0	%	$	13,688	100.0	%
Allowance for credit losses	(225)				(192)
Total net commercial mortgage and other loans	$	13,346			$	13,496

Financing Receivable Nonaccrual

The following table presents an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the period presented.

	June 30, 2023
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More  Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional Real Estate Loans	$	6,141	$	207	$	427	$	634	$	6,775	$	612
Commercial Mortgage Loans	1,756		0		0		0		1,756		0
Middle Market Loans	4,997		0		43		43		5,040		43
Total	$	12,894	$	207	$	470	$	677	$	13,571	$	655

(1) As of June 30, 2023, there were no loans that were 90 days or more past due that continued to accrue interest

Allowance for Loan Losses by Portfolio Segment

The following table presents the roll forward of the allowance for credit losses by portfolio segment.

(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Held to Maturity Securities		Available for Sale Securities		Reinsurance Recoverables
Three Months Ended June 30, 2023:
Balance at March 31, 2023	$	(65)	$	(9)	$	(149)	$	(6)	$	0	$	(11)
(Addition to) release of allowance for credit    losses	(11)		0		9		0		0		0
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Three Months Ended June 30, 2022:
Balance at March 31, 2022	$	(52)	$	(8)	$	(98)	$	(8)	$	0	$	(9)
(Addition to) release of allowance for credit    losses	(1)		0		(16)		0		0		0
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)
Six Months Ended June 30, 2023:
Balance at December 31, 2022	$	(54)	$	(9)	$	(129)	$	(7)	$	0	$	(8)
(Addition to) release of allowance for credit    losses	(22)		0		(11)		1		0		(2)
Write-offs, net of recoveries	0		0		0		0		0		0
Change in foreign exchange	0		0		0		1		0		0
Balance at June 30, 2023	$	(76)	$	(9)	$	(140)	$	(5)	$	0	$	(10)
Six Months Ended June 30, 2022:
Balance at December 31, 2021	$	(68)	$	(10)	$	(96)	$	(8)	$	0	$	(13)
(Addition to) release of allowance for credit    losses	15		2		(18)		0		0		2
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		3
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)

Other Investments

The table below reflects the composition of the carrying value for other investments as of the periods presented.

(In millions)	June 30, 2023			December 31, 2022
Other investments:
Policy loans		$	202		$	214
Short-term investments (1)		2,706			1,532
Limited partnerships		2,551			2,290
Other		32			34
Total other investments		$	5,491		$	4,070

(1) Includes securities lending collateral

Securities Lending Transactions Accounted for as Secured Borrowings

Details of collateral by loaned security type and remaining maturity of the agreements were as follows:

Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	June 30, 2023								December 31, 2022
(In millions)	Overnight and Continuous(1)		Up to 30 days		30-90 days		Total		Overnight and Continuous(1)		Up to 30 days		Total
Securities lending   transactions:
Fixed maturity securities:
Japan government and   agencies	$	0	$	3,784	$	566	$	4,350	$	0	$	1,087	$	1,087
Public utilities	6		0		0		6		12		0		12
Banks/financial institutions	38		0		0		38		89		0		89
Other corporate	285		0		0		285		621		0		621
Total borrowings	$	329	$	3,784	$	566	$	4,679	$	722	$	1,087	$	1,809
Gross amount of recognized liabilities for securities    lending transactions							$	4,679					$	1,809

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

Variable Interest Entity, Consolidated

Investments in Variable Interest Entities

VIEs - Consolidated

The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost (1)			Fair Value			Amortized Cost (1)			Fair Value
Assets:
Fixed maturity securities, available for sale		$	2,922		$	3,766		$	3,223		$	3,805
Commercial mortgage and other loans		10,652			10,605			10,832			10,762
Other investments (2)		2,163			2,163			1,909			1,909
Other assets (3)		61			61			62			62
Total assets of consolidated VIEs		$	15,798		$	16,595		$	16,026		$	16,538
Liabilities:
Other liabilities (3)		$	450		$	450		$	390		$	390
Total liabilities of consolidated VIEs		$	450		$	450		$	390		$	390

(1) Net of allowance for credit losses

(2) Consists entirely of alternative investments in limited partnerships

(3) Consists entirely of derivatives

Variable Interest Entity, Not Consolidated

Investments in Variable Interest Entities

VIEs - Not Consolidated

The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported.

Investments in Variable Interest Entities Not Consolidated

	June 30, 2023						December 31, 2022
(In millions)	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Assets:
Fixed maturity securities, available for sale		$	3,522		$	3,924		$	3,998		$	4,259
Other investments (1)		388			388			381			381
Total investments in VIEs not consolidated		$	3,910		$	4,312		$	4,379		$	4,640

(1) Consists entirely of alternative investments in limited partnerships

Transitional real estate loans

Financing Receivable Credit Quality Indicators

Transitional Real Estate Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	116	$	653	$	598	$	36	$	153	$	10	$	1,566
60%-69.99%	42		733		751		136		497		382		2,541
70%-79.99%	0		868		918		100		365		146		2,397
80% or greater	0		108		163		0		0		0		271
Total	$	158	$	2,362	$	2,430	$	272	$	1,015	$	538	$	6,775

Commercial mortgage loans

Financing Receivable Credit Quality Indicators

Commercial Mortgage Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	298	$	46	$	504	$	617	$	1,465	2.53
60%-69.99%	0		0		15		0		45		124		184		1.82
70%-79.99%	0		0		0		0		39		20		59		1.18
80% or greater	0		0		0		0		0		48		48		2.67
Total	$	0	$	0	$	313	$	46	$	588	$	809	$	1,756	2.42
Weighted Average DSCR	0.00		0.00		2.93		1.98		2.44		2.23

Middle market loans

Financing Receivable Credit Quality Indicators

Middle Market Loans
(In millions)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	7	$	58	$	147	$	68	$	37	$	27	$	145	$	489
BB	31		340		458		299		170		126		392		1,816
B	22		236		624		381		445		344		287		2,339
CCC	0		0		21		39		104		156		50		370
CC	0		0		0		0		7		10		0		17
C and lower	0		0		0		0		0		6		3		9
Total	$	60	$	634	$	1,250	$	787	$	763	$	669	$	877	$	5,040

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DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in “Other Assets,” while derivative liabilities are included in “Other Liabilities” within the Company’s Consolidated Balance Sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.

		June 30, 2023									December 31, 2022
(In millions)				Asset Derivatives			Liability Derivatives						Asset Derivatives			Liability Derivatives
Hedge Designation/ Derivative   Type	Notional Amount			Fair Value			Fair Value			Notional Amount			Fair Value			Fair Value
Cash flow hedges:
Foreign currency swaps - VIE		$	18		$	0		$	4		$	18		$	0		$	3
Total cash flow hedges		18			0			4			18			0			3
Fair value hedges:
Foreign currency options		8,241			0			0			7,940			45			0
Total fair value hedges		8,241			0			0			7,940			45			0
Net investment hedge:
Foreign currency forwards		5,002			552			0			4,982			383			85
Foreign currency options		2,368			0			0			2,630			7			0
Total net investment hedge		7,370			552			0			7,612			390			85
Non-qualifying strategies:
Foreign currency swaps		1,200			46			0			1,900			66			0
Foreign currency swaps - VIE		3,510			61			446			3,420			62			387
Foreign currency forwards		3,701			0			440			5,049			17			640
Foreign currency options		5,221			0			0			5,521			30			0
Interest rate swaps		25,860			9			591			17,730			7			583
Total non-qualifying strategies		39,492			116			1,477			33,620			182			1,610
Total derivatives		$	55,121		$	668		$	1,481		$	49,190		$	617		$	1,698

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges.

Fair Value Hedging Relationships

(In millions)		Hedging Derivatives						Hedged Items
Hedging Derivatives	Hedged Items	Total Gains (Losses)		Gains (Losses) Excluded from Effectiveness Testing(1)		Gains (Losses) Included in Effectiveness Testing(2)		Gains (Losses)(2)		Net Investment Gains (Losses) Recognized for Fair Value Hedge
Three Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(25)	$	(25)	$	0	$	0	$	0
Total gains (losses)		$	(25)	$	(25)	$	0	$	0	$	0
Six Months Ended June 30, 2023:
Foreign currency options	Fixed maturity securities	$	(64)	$	(64)	$	0	$	0	$	0
Total gains (losses)		$	(64)	$	(64)	$	0	$	0	$	0
Three Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(11)	$	(11)	$	0	$	0	$	0
Total gains (losses)		$	(11)	$	(11)	$	0	$	0	$	0
Six Months Ended June 30, 2022:
Foreign currency options	Fixed maturity securities	$	(26)	$	(26)	$	0	$	0	$	0
Total gains (losses)		$	(26)	$	(26)	$	0	$	0	$	0

(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statement of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).

(2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the three- and six-month periods ended June 30, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

Schedule of Interest Rate Fair Value Hedges Hedged Items

The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of June 30, 2023 and December 31, 2022; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.

(In millions)	Carrying Amount of the Hedged Assets/(Liabilities)(1)					Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Fixed maturity securities		$	1,892	$	2,360	$	182	$	189

(1) The balance includes hedging adjustment on discontinued hedging relationships of $182 in 2023 and $189 in 2022.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.

	Three Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income (1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(1)			$	1		$	0		$	(1)			$	0
Total cash flow hedges		0			(1)		(3)		1			0			(1)		(3)		0
Fair value hedges:
Foreign currency options					(25)										(11)
Total fair value hedges					(25)										(11)
Net investment hedge:
Non-derivative hedging           instruments					0				313						0				324
Foreign currency forwards					37				393						(25)				522
Foreign currency options					(5)				0						0				0
Total net investment hedge					32				706						(25)				846
Non-qualifying strategies:
Foreign currency swaps					2										107
Foreign currency swaps - VIE					(63)										(39)
Foreign currency forwards					(331)										(473)
Foreign currency options					(18)										(3)
Interest rate swaps					(189)										(110)
Forward bond purchase          commitment - VIE					(1)										(3)
Total non- qualifying strategies					(600)										(521)
Total		$	0		$	(594)			$	707		$	0		$	(558)			$	846

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2023, and $1 of losses during the three-month period ended June 30, 2022.

	Six Months Ended June 30,
	2023										2022
(In millions)	Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)			Net Investment Income(1)			Net Investment Gains (Losses)				Other Comprehensive Income (Loss)(2)
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps - VIE		$	0		$	(2)			$	2		$	0		$	(2)			$	1
Total cash flow hedges		0			(2)		(3)		2			0			(2)		(3)		1
Fair value hedges:
Foreign currency options					(64)										(26)
Total fair value hedges					(64)										(26)
Net investment hedge:
Non-derivative hedging          instruments					0				338						0				523
Foreign currency forwards					127				422						(101)				823
Foreign currency options					(8)				0						(1)				0
Total net investment hedge					119				760						(102)				1,346
Non-qualifying strategies:
Foreign currency swaps					3										135
Foreign currency swaps - VIE					(90)										(16)
Foreign currency forwards					(382)										(714)
Foreign currency options					(37)										(13)
Interest rate swaps					(120)										(266)
Forward bond purchase          commitment - VIE					(4)										(20)
Total non-qualifying strategies					(630)										(894)
Total		$	0		$	(577)			$	762		$	0		$	(1,024)			$	1,347

(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

(2) Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

(3) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2023, and $1 of losses during the six-month period ended June 30, 2022.

Offsetting Assets

Offsetting of Financial Assets and Derivative Assets

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	598		$	0		$	598		$	(1)	$	(70)		$	(527)		$	0
OTC - cleared		9			0			9			(9)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		607			0			607			(10)		(70)			(527)			0
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		61						61											61
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		61						61											61
Total derivative       assets		668			0			668			(10)		(70)			(527)			61
Securities lending    and similar    arrangements		4,654			0			4,654			0		0			(4,654)			0
Total		$	5,322		$	0		$	5,322		$	(10)	$	(70)		$	(5,181)		$	61

December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Received			Net Amount
Derivative   assets:
Derivative       assets subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	548		$	0		$	548		$	(167)	$	(60)		$	(320)		$	1
OTC - cleared		7			0			7			(7)		0			0			0
Total derivative       assets subject to a       master netting       agreement or       offsetting       arrangement		555			0			555			(174)		(60)			(320)			1
Derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		62						62											62
Total derivative       assets not subject       to a master netting       agreement or       offsetting       arrangement		62						62											62
Total derivative       assets		617			0			617			(174)		(60)			(320)			63
Securities lending    and similar    arrangements		1,788			0			1,788			0		0			(1,788)			0
Total		$	2,405		$	0		$	2,405		$	(174)	$	(60)		$	(2,108)		$	63

Offsetting Liabilities

Offsetting of Financial Liabilities and Derivative Liabilities

June 30, 2023
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	440		$	0		$	440		$	(1)	$	(395)		$	(39)		$	5
OTC - cleared		591			0			591			(9)		(25)			(557)			0
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,031			0			1,031			(10)		(420)			(596)			5
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		450						450											450
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		450						450											450
Total derivative       liabilities		1,481			0			1,481			(10)		(420)			(596)			455
Securities lending    and similar    arrangements		4,679			0			4,679			(4,654)		0			0			25
Total		$	6,160		$	0		$	6,160		$	(4,664)	$	(420)		$	(596)		$	480

December 31, 2022
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities			Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented  in Balance Sheet			Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative   liabilities:
Derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement
OTC - bilateral		$	725		$	0		$	725		$	(167)	$	(506)		$	(52)		$	0
OTC - cleared		583			0			583			(7)		0			(577)			(1)
Total derivative       liabilities subject       to a master netting       agreement or       offsetting       arrangement		1,308			0			1,308			(174)		(506)			(629)			(1)
Derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement
OTC - bilateral		390						390											390
Total derivative       liabilities not       subject to a       master netting       agreement or       offsetting       arrangement		390						390											390
Total derivative       liabilities		1,698			0			1,698			(174)		(506)			(629)			389
Securities lending    and similar    arrangements		1,809			0			1,809			(1,788)		0			0			21
Total		$	3,507		$	0		$	3,507		$	(1,962)	$	(506)		$	(629)		$	410

XML

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	23,022		$	931		$	0		$	23,953
Municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities		0			7,267			302			7,569
Sovereign and supranational		0			642			32			674
Banks/financial institutions		0			8,780			69			8,849
Other corporate		0			27,710			572			28,282
Total fixed maturity securities		23,022			49,856			1,627			74,505
Equity securities		752			0			213			965
Other investments		2,706			0			0			2,706
Cash and cash equivalents		4,720			0			0			4,720
Other assets:
Foreign currency swaps		0			107			0			107
Foreign currency forwards		0			552			0			552
Foreign currency options		0			0			0			0
Interest rate swaps		0			9			0			9
Total other assets		0			668			0			668
Total assets		$	31,200		$	50,524		$	1,840		$	83,564
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	450		$	0		$	450
Foreign currency forwards		0			440			0			440
Interest rate swaps		0			591			0			591
Total liabilities		$	0		$	1,481		$	0		$	1,481

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at   fair value:
Fixed maturity securities:
Government and agencies		$	24,158		$	956		$	0		$	25,114
Municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities		0			7,169			497			7,666
Sovereign and supranational		0			797			37			834
Banks/financial institutions		0			9,140			159			9,299
Other corporate		0			27,620			742			28,362
Total fixed maturity securities		24,158			49,805			1,778			75,741
Equity securities		822			60			209			1,091
Other investments		1,532			0			0			1,532
Cash and cash equivalents		3,943			0			0			3,943
Other assets:
Foreign currency swaps		0			128			0			128
Foreign currency forwards		0			400			0			400
Foreign currency options		0			82			0			82
Interest rate swaps		0			7			0			7
Total other assets		0			617			0			617
Total assets		$	30,455		$	50,482		$	1,987		$	82,924
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	390		$	0		$	390
Foreign currency forwards		0			725			0			725
Interest rate swaps		0			583			0			583
Total liabilities		$	0		$	1,698		$	0		$	1,698

Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.

	June 30, 2023
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,     carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	16,715		$	18,932		$	170		$	0		$	19,102
Municipalities		261			0			314			0			314
Public utilities		35			0			39			0			39
Sovereign and    supranational		408			0			462			0			462
Other corporate		17			0			21			0			21
Commercial mortgage and     other loans		13,346			0			0			13,014			13,014
Other investments (1)		32			0			32			0			32
Total assets		$	30,814		$	18,932		$	1,038		$	13,014		$	32,984
Liabilities:
Other policyholders’ funds		$	6,115		$	0		$	0		$	6,020		$	6,020
Notes payable    (excluding leases)		6,941			0			5,887			735			6,622
Total liabilities		$	13,056		$	0		$	5,887		$	6,755		$	12,642

(1) Excludes policy loans of $202 and equity method investments of $2,551, at carrying value

	December 31, 2022
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity,    carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	18,267		$	20,132		$	180		$	0		$	20,312
Municipalities		287			0			335			0			335
Public utilities		37			0			41			0			41
Sovereign and    supranational		446			0			500			0			500
Other corporate		19			0			22			0			22
Commercial mortgage and     other loans		13,496			0			0			13,212			13,212
Other investments (1)		34			0			34			0			34
Total assets		$	32,586		$	20,132		$	1,112		$	13,212		$	34,456
Liabilities:
Other policyholders’ funds		$	6,643		$	0		$	0		$	6,543		$	6,543
Notes payable    (excluding leases)		7,295			0			6,024			802			6,826
Total liabilities		$	13,938		$	0		$	6,024		$	7,345		$	13,369

(1) Excludes policy loans of $214 and equity method investments of $2,290, at carrying value

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	23,022		$	572		$	0		$	23,594
Internal		0			359			0			359
Total government and agencies		23,022			931			0			23,953
Municipalities:
Third party pricing vendor		0			2,030			0			2,030
Internal		0			293			0			293
Total municipalities		0			2,323			0			2,323
Mortgage- and asset-backed securities:
Third party pricing vendor		0			2,193			0			2,193
Internal		0			10			82			92
Broker/other		0			0			570			570
Total mortgage- and asset-backed securities		0			2,203			652			2,855
Public utilities:
Third party pricing vendor		0			3,778			0			3,778
Internal		0			3,460			0			3,460
Broker/other		0			29			302			331
Total public utilities		0			7,267			302			7,569
Sovereign and supranational:
Third party pricing vendor		0			215			0			215
Internal		0			427			0			427
Broker/other		0			0			32			32
Total sovereign and supranational		0			642			32			674
Banks/financial institutions:
Third party pricing vendor		0			4,502			0			4,502
Internal		0			4,278			63			4,341
Broker/other		0			0			6			6
Total banks/financial institutions		0			8,780			69			8,849
Other corporate:
Third party pricing vendor		0			22,151			0			22,151
Internal		0			5,460			204			5,664
Broker/other		0			99			368			467
Total other corporate		0			27,710			572			28,282
Total securities available for sale		$	23,022		$	49,856		$	1,627		$	74,505
Equity securities, carried at fair value:
Third party pricing vendor		$	752		$	0		$	0		$	752
Broker/other		0			0			213			213
Total equity securities		$	752		$	0		$	213		$	965

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	24,158		$	582		$	0		$	24,740
Internal		0			374			0			374
Total government and agencies		24,158			956			0			25,114
Municipalities:
Third party pricing vendor		0			2,021			0			2,021
Internal		0			299			0			299
Total municipalities		0			2,320			0			2,320
Mortgage- and asset-backed securities:
Third party pricing vendor		0			1,798			0			1,798
Internal		0			3			0			3
Broker/other		0			2			343			345
Total mortgage- and asset-backed securities		0			1,803			343			2,146
Public utilities:
Third party pricing vendor		0			3,786			0			3,786
Internal		0			3,383			0			3,383
Broker/other		0			0			497			497
Total public utilities		0			7,169			497			7,666
Sovereign and supranational:
Third party pricing vendor		0			232			0			232
Internal		0			565			0			565
Broker/other		0			0			37			37
Total sovereign and supranational		0			797			37			834
Banks/financial institutions:
Third party pricing vendor		0			4,622			0			4,622
Internal		0			4,518			105			4,623
Broker/other		0			0			54			54
Total banks/financial institutions		0			9,140			159			9,299
Other corporate:
Third party pricing vendor		0			22,268			0			22,268
Internal		0			5,352			200			5,552
Broker/other		0			0			542			542
Total other corporate		0			27,620			742			28,362
Total securities available for sale		$	24,158		$	49,805		$	1,778		$	75,741
Equity securities, carried at fair value:
Third party pricing vendor		$	822		$	60		$	0		$	882
Broker/other		0			0			209			209
Total equity securities		$	822		$	60		$	209		$	1,091

Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources

	June 30, 2023
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	18,932		$	170		$	0		$	19,102
Total government and agencies		18,932			170			0			19,102
Municipalities:
Third party pricing vendor		0			314			0			314
Total municipalities		0			314			0			314
Public utilities:
Third party pricing vendor		0			39			0			39
Total public utilities		0			39			0			39
Sovereign and supranational:
Third party pricing vendor		0			229			0			229
Internal		0			233			0			233
Total sovereign and supranational		0			462			0			462
Other corporate:
Third party pricing vendor		0			21			0			21
Total other corporate		0			21			0			21
Total securities held to maturity		$	18,932		$	1,006		$	0		$	19,938

	December 31, 2022
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair  Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	20,132		$	180		$	0		$	20,312
Total government and agencies		20,132			180			0			20,312
Municipalities:
Third party pricing vendor		0			335			0			335
Total municipalities		0			335			0			335
Public utilities:
Third party pricing vendor		0			41			0			41
Total public utilities		0			41			0			41
Sovereign and supranational:
Third party pricing vendor		0			242			0			242
Broker/other		0			258			0			258
Total sovereign and supranational		0			500			0			500
Other corporate:
Third party pricing vendor		0			22			0			22
Total other corporate		0			22			0			22
Total securities held to maturity		$	20,132		$	1,078		$	0		$	21,210

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.

Three Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	418	$	350	$	37	$	161	$	753	$	221	$	1,940
Net investment gains (losses) included   in earnings	0		0		0		0		0		(8)		(8)
Unrealized gains (losses) included in   other comprehensive income (loss)	(13)		(16)		(3)		2		(22)		0		(52)
Purchases, issuances, sales and   settlements:
Purchases	136		0		0		0		37		0		173
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(13)		(2)		(2)		(7)		(1)		0		(25)
Transfers into Level 3	124		0		0		0		0		0		124
Transfers out of Level 3	0		(30)		0		(87)		(195)		0		(312)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(8)	$	(8)

Three Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	318	$	585	$	41	$	60	$	290	$	166	$	1,460
Net investment gains (losses) included   in earnings	0		1		0		0		0		(6)		(5)
Unrealized gains (losses) included in   other comprehensive income (loss)	(54)		(44)		(5)		(2)		(37)		0		(142)
Purchases, issuances, sales and   settlements:
Purchases	90		19		0		33		122		33		297
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(36)		(24)		0		0		(1)		0		(61)
Transfers into Level 3	0		0		0		0		258		0		258
Transfers out of Level 3	(7)		0		0		0		0		(3)		(10)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains (losses)   relating to Level 3 assets and liabilities   still held at the end of the period   included in earnings	$	0	$	0	$	0	$	0	$	0	$	(6)	$	(6)

Six Months Ended June 30, 2023
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	343	$	497	$	37	$	159	$	742	$	209	$	1,987
Net investment gains (losses) included   in earnings	0		0		0		0		0		(6)		(6)
Unrealized gains (losses) included in   other comprehensive income (loss)	(10)		(6)		(3)		4		8		0		(7)
Purchases, issuances, sales   and settlements:
Purchases	328		0		0		0		112		10		450
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(133)		(9)		(2)		(7)		(3)		0		(154)
Transfers into Level 3	124		18		0		0		0		0		142
Transfers out of Level 3	0		(198)		0		(87)		(287)		0		(572)
Balance, end of period	$	652	$	302	$	32	$	69	$	572	$	213	$	1,840
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	(5)	$	(5)

Six Months Ended June 30, 2022
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	291	$	493	$	43	$	45	$	426	$	173	$	1,471
Net investment gains (losses) included   in earnings	0		1		0		0		0		1		2
Unrealized gains (losses) included in   other comprehensive income (loss)	(69)		(81)		(7)		(2)		(55)		0		(214)
Purchases, issuances, sales and   settlements:
Purchases	166		28		0		33		122		43		392
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(38)		(32)		0		(3)		(2)		(7)		(82)
Transfers into Level 3	0		128		0		18		282		0		428
Transfers out of Level 3	(39)		0		0		0		(141)		(20)		(200)
Balance, end of period	$	311	$	537	$	36	$	91	$	632	$	190	$	1,797
Changes in unrealized gains   (losses) relating to Level 3 assets   and liabilities still held at the end   of the period included in earnings	$	0	$	1	$	0	$	0	$	0	$	(2)	$	(1)

Fair Value Measurement Inputs and Valuation Techniques

Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2023
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	652	Consensus pricing	Offered quotes	81.82	-	107.45	(a)	98.37
Public utilities		302		Discounted cash flow	Credit spreads	160 bps	-	298 bps	(b)	213 bps
Sovereign and supranational		32		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		69		Discounted cash flow	Credit spreads	N/A			(c)	N/A
Other corporate		572		Discounted cash flow	Credit spreads	67 bps	-	294 bps	(b)	196 bps
Equity securities		213		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,840

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable.

December 31, 2022
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range				Weighted Average
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	343	Consensus pricing	Offered quotes	97.38	-	106.71	(a)	102.98
Public utilities		497		Discounted cash flow	Credit spreads	128 bps	-	286 bps	(b)	192 bps
Sovereign and supranational		37		Consensus pricing	Offered quotes	N/A			(c)	N/A
Banks/financial institutions		159		Discounted cash flow	Credit spreads	67 bps	-	188 bps	(b)	113 bps
Other corporate		742		Discounted cash flow	Credit spreads	66 bps	-	647 bps	(b)	191 bps
Equity securities		209		Adjusted cost	Private financials	N/A			(d)	N/A
Total assets		$	1,987

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

(b) Actual or equivalent credit spreads in basis points.

(c) Category represents a single security; range not applicable.

(d) Prices do not utilize credit spreads; therefore, range is not applicable

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DEFERRED POLICY ACQUISITION COSTS (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Schedule Of Deferred Policy Acquisition Costs

The following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239
Capitalization	153		63		18		5		76		59		80		39		5		27		0		525
Amortization expense	(94)		(54)		(18)		(2)		(69)		(56)		(67)		(32)		(6)		(11)		2		(407)
Foreign currency translation and   other	(262)		(185)		(44)		(4)		0		0		0		0		0		0		(2)		(497)
Balance at June 30, 2023	$	2,832	$	1,985	$	481	$	54	$	911	$	616	$	1,317	$	425	$	87	$	151	$	1	$	8,860

	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other		Total
Deferred policy acquisition costs:
Balance at December 31, 2021	$	3,464	$	2,372	$	595	$	51	$	887	$	604	$	1,270	$	399	$	90	$	115	$	1	$	9,848
Capitalization	291		161		33		12		147		117		160		80		11		40		0		1,052
Amortization expense	(188)		(112)		(35)		(3)		(130)		(108)		(126)		(61)		(13)		(20)		4		(792)
Foreign currency translation and   other	(532)		(260)		(68)		(5)		0		0		0		0		0		0		(4)		(869)
Balance at December 31, 2022	$	3,035	$	2,161	$	525	$	55	$	904	$	613	$	1,304	$	418	$	88	$	135	$	1	$	9,239

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POLICY LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Changes in Present Value of Expected Net Premiums and Expected Future Policy Benefits

The following tables present the changes in the present value of expected net premiums and the present value of expected future policy benefits by reporting segment and disaggregated by product type

	June 30, 2023
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Beginning balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(198)		(61)		(22)		(5)		(51)		(15)		(139)		(44)		(11)		(9)		0
Adjusted beginning of period balance	18,023		16,134		7,262		1,237		2,709		1,760		4,911		1,321		220		790		118
Issuances	498		204		198		14		185		204		291		153		20		90		55
Interest accrual	218		180		66		11		51		30		94		23		4		14		3
Net premiums earned (1)	(824)		(673)		(549)		(60)		(237)		(193)		(298)		(127)		(20)		(65)		(8)
Foreign currency translation	(1,521)		(1,348)		(597)		(104)		0		0		0		0		0		0		0
Other	0		0		0		0		(3)		(3)		(2)		(1)		2		2		9
Ending balance at original discount rate	16,394		14,497		6,380		1,098		2,705		1,798		4,996		1,369		226		831		177
Effect of changes in discount rate assumptions	1,579		1,135		335		47		(201)		(129)		(497)		(129)		(17)		(68)		(8)
Balance at June 30, 2023	$	17,973	$	15,632	$	6,715	$	1,145	$	2,504	$	1,669	$	4,499	$	1,240	$	209	$	763	$	169
Present value of expected future policy benefits:
Balance at December 31, 2022	$	54,766	$	27,419	$	31,954	$	5,582	$	3,098	$	2,445	$	11,489	$	2,074	$	488	$	1,526	$	622
Beginning balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in cash flow assumptions	0		0		0		0		0		0		0		0		0		0		0
Effect of actual variances from expected    experience	(232)		(65)		(26)		(2)		(65)		(23)		(166)		(58)		(14)		(12)		(1)
Adjusted beginning of period balance	47,445		27,501		32,774		5,938		3,326		2,613		12,680		2,242		518		1,766		623
Issuances	509		211		201		17		194		212		302		162		23		94		55
Interest accrual	779		323		329		53		63		48		267		43		10		33		16
Benefit payments	(1,592)		(647)		(808)		(107)		(225)		(233)		(446)		(137)		(30)		(56)		(23)
Foreign currency translation	(4,000)		(2,323)		(2,759)		(500)		0		0		0		0		0		0		0
Other	0		0		0		0		0		0		0		0		2		4		9
Ending balance at original discount rate	43,141		25,065		29,737		5,401		3,358		2,640		12,803		2,310		523		1,841		680
Effect of changes in discount rate assumptions	8,551		1,462		670		(25)		(264)		(176)		(1,166)		(201)		(39)		(228)		6
Balance at June 30, 2023	51,692		26,527		30,407		5,376		3,094		2,464		11,637		2,109		484		1,613		686
Net liability for future policy benefits	33,719		10,895		23,692		4,231		590		795		7,138		869		275		850		517
Less: reinsurance recoverable	2,130		1,580		0		0		0		0		0		0		0		11		1
Net liability for future policy benefits after    reinsurance recoverable	$	31,589	$	9,315	$	23,692	$	4,231	$	590	$	795	$	7,138	$	869	$	275	$	839	$	516

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

	December 31, 2022
	Aflac Japan								Aflac U.S.
(In millions)	Cancer		Medical and Other Health		Life Insurance		Other		Accident		Disability		Critical Care		Hospital Indemnity		Dental/Vision		Life Insurance		Other
Present value of expected premiums:
Balance at December 31, 2021	$	25,893	$	21,174	$	10,847	$	1,586	$	3,283	$	1,862	$	6,023	$	1,467	$	264	$	834	$	153
Beginning balance at original discount rate	22,470		18,681		10,064		1,461		2,999		1,760		5,391		1,380		241		780		135
Effect of changes in cash flow assumptions	(639)		317		(494)		25		(52)		5		(38)		42		10		(1)		(12)
Effect of actual variances from expected    experience	(284)		61		(81)		(10)		(152)		(43)		(421)		(111)		(20)		(16)		6
Adjusted beginning of period balance	21,547		19,059		9,489		1,476		2,795		1,722		4,932		1,311		231		763		129
Issuances	947		639		221		62		355		384		537		273		33		146		0
Interest accrual	459		364		146		22		105		57		193		45		9		27		5
Net premiums earned (1)	(1,734)		(1,376)		(1,229)		(123)		(496)		(382)		(612)		(261)		(42)		(131)		(17)
Foreign currency translation	(2,997)		(2,488)		(1,343)		(195)		0		0		0		0		0		0		0
Other	(1)		(3)		0		0		1		(6)		0		(3)		0		(6)		1
Ending balance at original discount rate	18,221		16,195		7,284		1,242		2,760		1,775		5,050		1,365		231		799		118
Effect of changes in discount rate assumptions	1,077		519		201		14		(226)		(140)		(564)		(145)		(20)		(75)		(8)
Balance at December 31, 2022	$	19,298	$	16,714	$	7,485	$	1,256	$	2,534	$	1,635	$	4,486	$	1,220	$	211	$	724	$	110
Present value of expected future policy benefits:
Balance at December 31, 2021	$	72,747	$	36,021	$	42,720	$	7,322	$	3,949	$	2,871	$	15,388	$	2,552	$	616	$	1,843	$	837
Beginning balance at original discount rate	56,807		31,398		39,002		6,787		3,594		2,670		13,079		2,300		549		1,694		645
Effect of changes in cash flow assumptions	(721)		352		(550)		96		(70)		5		(43)		40		13		(1)		(15)
Effect of actual variances from expected    experience	(333)		83		(91)		(10)		(177)		(48)		(465)		(130)		(23)		(21)		7
Adjusted beginning of period balance	55,753		31,833		38,361		6,873		3,347		2,627		12,571		2,210		539		1,672		637
Issuances	960		646		222		68		364		397		550		282		34		149		0
Interest accrual	1,599		642		670		106		128		94		539		85		21		62		32
Benefit payments	(3,050)		(1,375)		(1,248)		(202)		(456)		(483)		(823)		(277)		(62)		(103)		(45)
Foreign currency translation	(7,585)		(4,180)		(5,205)		(905)		0		0		0		0		0		0		0
Other	0		0		0		0		8		1		9		0		0		(2)		0
Ending balance at original discount rate	47,677		27,566		32,800		5,940		3,391		2,636		12,846		2,300		532		1,778		624
Effect of changes in discount rate assumptions	7,089		(147)		(846)		(358)		(293)		(191)		(1,357)		(226)		(44)		(252)		(2)
Balance at December 31, 2022	54,766		27,419		31,954		5,582		3,098		2,445		11,489		2,074		488		1,526		622
Net liability for future policy benefits	35,468		10,705		24,469		4,326		564		810		7,003		854		277		802		512
Less: reinsurance recoverable	0		1,579		0		0		0		0		0		0		0		9		0
Net liability for future policy benefits after    reinsurance recoverable	$	35,468	$	9,126	$	24,469	$	4,326	$	564	$	810	$	7,003	$	854	$	277	$	793	$	512

(1) Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Schedule of Weighted-Average Interest Rate and Liability for Future Policy Benefit

The following tables present the weighted-average interest rates and weighted-average liability duration (calculated using the original discount rate) by reporting segment and disaggregated by product type.

	June 30, 2023
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	3.9 %	2.5 %	2.1 %	1.8 %	3.9 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.1 %	1.6 %	1.9 %	5.2 %	5.3 %	5.2 %	5.2 %	5.2 %	5.2 %	5.2 %
Weighted-average liability duration (years)	13.6	26.4	17.1	17.8	8.4	5.6	11.8	9.5	8.0	12.8	9.4

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

	December 31, 2022
	Aflac Japan				Aflac U.S.
	Cancer	Medical and Other Health	Life Insurance	Other	Accident	Disability	Critical Care	Hospital Indemnity	Dental/Vision	Life Insurance	Other
Weighted-average interest, original discount rate (1)	4.1 %	2.6 %	2.1 %	1.8 %	3.8 %	4.2 %	4.6 %	4.4 %	4.3 %	3.7 %	5.4 %
Weighted-average interest, current discount rate (1)	1.6 %	2.2 %	1.6 %	1.9 %	4.8 %	4.7 %	4.8 %	4.8 %	4.8 %	4.8 %	4.8 %
Weighted-average liability duration (years)	13.7	26.9	17.3	18.2	8.5	5.6	12.0	9.4	8.1	13.1	9.6

(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

Reconciliation of Future Policy Benefits

The following table presents a reconciliation of the disaggregated rollforwards above to the ending future policy benefits presented in the Consolidated Balance Sheets. The deferred profit liability for limited-payment contracts and the deferred profit liability for reinsurance is presented together with the liability for future policy benefits in the Consolidated Balance Sheets and has been included as a reconciling item in the table below.

(In millions)	June 30, 2023			December 31, 2022
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer		$	33,719		$	35,468
Medical and other health		10,895			10,705
Life insurance		23,692			24,469
Other		4,231			4,326
Aflac U.S.
Accident		590			564
Disability		795			810
Critical care		7,138			7,003
Hospital indemnity		869			854
Dental/vision		275			277
Life insurance		850			802
Other		517			512
Corporate and other		2,696			686
Deferred profit liability - limited-payment contracts		1,697			1,740
Deferred profit liability - reinsurance		620			692
Intercompany eliminations (1)		(2,680)			(667)
Total		$	85,904		$	88,241

(1) Elimination entry necessary due to the internal reinsurance transaction with Aflac Re and to recapture of a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 of the Notes to the Consolidated Financial Statements.

Summary of Net Earned Premiums Recognized

The following table summarizes the amount of net earned premiums recognized in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net earned premiums:
Aflac Japan
Cancer	$	1,054	$	1,193	$	2,149	$	2,528
Medical and other health	672		735		1,377		1,563
Life insurance	390		459		812		983
Other	38		42		77		85
Aflac U.S.
Accident	322		329		652		665
Disability	318		295		627		591
Critical care	439		439		882		885
Hospital indemnity	182		183		367		368
Dental/vision	53		50		107		99
Life insurance	115		99		228		197
Other	9		9		19		19
Corporate and other	84		36		175		82
Reinsurance ceded	(103)		(105)		(210)		(221)
Total	$	3,573	$	3,764	$	7,262	$	7,844

Summary of Interest Expense Related to Insurance Contracts Recognized

The following table summarizes the amount of interest expense related to insurance contracts recognized in total benefits and claims, net in the Consolidated Statements of Earnings by reporting segment and disaggregated by product type.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Interest expense:
Aflac Japan
Cancer	$	276	$	296	$	561	$	626
Medical and other health	72		73		143		151
Life insurance	130		136		263		285
Other	20		21		42		45
Aflac U.S.
Accident	6		5		12		12
Disability	10		9		18		19
Critical care	86		86		173		172
Hospital indemnity	10		10		20		20
Dental/vision	3		3		6		7
Life insurance	10		8		19		17
Other	6		7		13		13
Total	$	629	$	654	$	1,270	$	1,367

Summary of Undiscounted and Discounted Expected Future Gross Premiums and Future Benefits and Expenses

The following tables summarize the amount of undiscounted expected future gross premiums and expected future benefits and expenses and discounted (discounted at the current period discount rate) expected future gross premiums and expected future benefits and expenses by reporting segment and disaggregated by product type. Future gross premiums represent the expected amount of future premiums to be received. For limited-payment policies, the premiums are collected over a shorter period than the policy term over which benefits are provided. As a result, once the policy reaches premium paid-up status, the future gross premiums can be significantly less than the future benefit payments. Further, benefits and expenses are generally greater in the later years of a policy. These are the primary factors that result in future gross premiums lower than future benefit and expense payments for certain lines of business of the Company.

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Undiscounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	74,340		$	83,000		$	75,529		$	84,246
Medical and other health		49,626			50,445			50,720			50,778
Life insurance		16,406			52,836			16,946			53,271
Other		2,279			9,337			2,322			9,433
Aflac U.S.
Accident		9,408			4,602			9,481			4,636
Disability		5,886			3,288			5,858			3,267
Critical care		21,050			22,022			21,069			22,113
Hospital indemnity		5,199			3,359			5,164			3,338
Dental/vision		1,180			749			1,208			759
Life insurance		2,502			2,926			2,375			2,787
Other		429			1,222			333			1,147
Total		$	188,305		$	233,786		$	191,005		$	235,775

	June 30, 2023						December 31, 2022
(In millions)	Gross Premiums			Benefits and Expenses			Gross Premiums			Benefits and Expenses
Discounted expected future gross premiums   and expected future benefits and expenses:
Aflac Japan
Cancer		$	49,689		$	51,692		$	53,278		$	54,766
Medical and other health		32,246			26,527			34,693			27,419
Life insurance		11,730			30,407			12,951			31,954
Other		1,570			5,376			1,697			5,582
Aflac U.S.
Accident		6,494			3,094			6,510			3,098
Disability		4,493			2,464			4,468			2,445
Critical care		12,785			11,637			12,659			11,489
Hospital indemnity		3,532			2,109			3,483			2,074
Dental/vision		805			484			821			488
Life insurance		1,757			1,613			1,663			1,526
Other		292			686			228			622
Total		$	125,393		$	136,089		$	132,451		$	141,463

Schedule of Changes in Other Policyholders' Funds

The following table presents the changes in other policyholders’ funds.

(In millions)	June 30, 2023		December 31, 2022
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)	$	6,423	$	7,410
Premiums received	65		150
Transfers from WAYS conversions	107		214
Surrenders and withdrawals	(27)		(52)
Benefit payments	(187)		(367)
Interest credited	26		57
Foreign currency translation and other	(543)		(989)
Fixed annuities account balance, end of period	5,864		6,423
Other deposit type reserves	251		220
Total	$	6,115	$	6,643

(1) Aflac Japan fixed annuities

Schedule of Other Policyholders' Funds by Guaranteed Crediting Rates

The following table presents other policyholders’ funds balances by range of guaranteed crediting rates.

	June 30, 2023			December 31, 2022
(In millions)	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value	Range of Guaranteed Minimum Crediting Rates (2)	At Guaranteed Minimum	Cash Surrender Value
Fixed annuities (1)	0.5% - 2.3%	$5,864	$5,771	0.5% - 2.3%	$6,423	$6,326

(1) Aflac Japan fixed annuities

(2) Weighted-average crediting rate of 1.5% at June 30, 2023 and December 31, 2022.

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REINSURANCE (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Effects of Reinsurance

The following table reconciles direct premiums and direct benefits and claims to net amounts after the effect of reinsurance and the elimination of inter-segment amounts associated with affiliated reinsurance.

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2023			2022			2023			2022
Direct earned premiums		$	3,623		$	3,792		$	7,361		$	7,907
Ceded to other companies:
Ceded Aflac Japan closed blocks		(80)			(87)			(165)			(185)
Other		(23)			(18)			(45)			(36)
Assumed from other companies:
Retrocession activities		30			36			64			77
Other		23			41			47			81
Net earned premiums		$	3,573		$	3,764		$	7,262		$	7,844
Direct benefits and claims, excluding reserve remeasurement		$	2,182		$	2,317		$	4,438		$	4,851
Reserve remeasurement (gains) losses		(54)			(25)			(107)			(59)
Total direct benefits and claims		2,128			2,292			4,331			4,792
Ceded benefits and change in reserves for future benefits:
Ceded Aflac Japan closed blocks		(74)			(77)			(151)			(165)
Eliminations		70			4			83			9
Other		(64)			(14)			(104)			(20)
Assumed from other companies:
Retrocession activities		20			39			61			78
Eliminations		(47)			(10)			(76)			(17)
Other		65			40			103			80
Total benefits and claims, net		$	2,098		$	2,274		$	4,247		$	4,757

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

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NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

A summary of notes payable and lease obligations follows:

(In millions)	June 30, 2023			December 31, 2022
1.125% senior sustainability notes due March 2026		$	398		$	397
2.875% senior notes due October 2026		298			298
3.60% senior notes due April 2030		992			992
6.90% senior notes due December 2039		221			221
6.45% senior notes due August 2040		254			254
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		542			541
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)		85			93
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		412			450
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)		229			250
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		87			95
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		91			99
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		201			220
.633% senior notes due April 2031 (principal amount ¥30.0 billion)		206			225
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		64			70
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		142			155
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)		145			158
.844% senior notes due April 2033 (principal amount ¥12.0 billion)		82			90
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		104			114
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		67			73
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		72			79
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)		68			75
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)		44			49
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		61			66
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		43			47
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)		68			75
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		410			448
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		207			226
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)		137			149
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)		82			90
Yen-denominated loans:
Variable interest rate loan due August 2027 (.35% in 2023 and .33% in 2022,   principal amount ¥11.7 billion)		80			88
Variable interest rate loan due August 2029 (.45% in 2023 and .43% in 2022,   principal amount ¥25.3 billion)		174			190
Variable interest rate loan due August 2032 (.60% in 2023 and .58% in 2022,   principal amount ¥70.0 billion)		481			524
Finance lease obligations payable through 2030		7			8
Operating lease obligations payable through 2049		139			139
Total notes payable and lease obligations		$	7,087		$	7,442

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

Schedule of Line of Credit Facilities

A summary of the Company's lines of credit as of June 30, 2023 follows:

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Aflac Incorporated and Aflac	uncommitted bilateral	364 days	December 28, 2023	$100 million	$0 million	The rate quoted by the bank and agreed upon at the time of borrowing	Up to 3 months	None	General corporate purposes
Aflac Incorporated	unsecured revolving	5 years	May 9, 2027, or the date commitments are terminated pursuant to an event of default	¥100.0 billion	¥0.0 billion	A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period	No later than May 10, 2027	.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	unsecured revolving	5 years	November 15, 2027, or the date commitments are terminated pursuant to an event of default	$1.0 billion	$0.0 billion	A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar denominated borrowings or TIBOR for Japanese yen denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin	No later than November 15, 2027	.08% to .20%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	uncommitted bilateral	None specified	None specified	$50 million	$0 million	A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%	Up to 3 months	None	General corporate purposes
Aflac(1)	uncommitted revolving	364 days	November 30, 2023	$250 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than December 1, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 1)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 2)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month yen TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac New York(1)	uncommitted revolving	364 days	April 8, 2024	$25 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than April 9, 2024	None	General corporate purposes
CAIC(1)	uncommitted revolving	364 days	March 21, 2024	$15 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(continued)

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Tier One Insurance Company(1)	uncommitted revolving	364 days	March 21, 2024	$0.3 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than March 22, 2024	None	General corporate purposes
Hatch Healthcare K.K.(1)	uncommitted revolving	364 days	January 3, 2024	¥900 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac Digital Services Co., Ltd. (formerly known as Hatch Insight K.K.)(1)	uncommitted revolving	364 days	January 3, 2024	¥600 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2024	None	General corporate purposes
Aflac GI Holdings LLC(1),(2)	uncommitted revolving	364 days	July 17, 2023	$30 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum	No later than July 18, 2023	None	General corporate purposes
Aflac Incorporated(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes
Aflac Re Bermuda Ltd.(1)	uncommitted revolving	364 days	January 2, 2024	$400 million	$0 million	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen denominated borrowings	No later than January 3, 2024	None	General corporate purposes

(1) Intercompany credit agreement

(2) Renewed in July 2023 with an expiration date of July 16, 2024

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SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.

(In thousands of shares)	2023	2022
Common stock - issued:
Balance, beginning of period	1,354,079	1,352,739
Exercise of stock options and issuance of restricted shares	1,148	1,132
Balance, end of period	1,355,227	1,353,871
Treasury stock:
Balance, beginning of period	738,823	700,607
Purchases of treasury stock:
Share repurchase program	20,809	19,192
Other	354	351
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(498)	(528)
Exercise of stock options	(52)	(62)
Other	(178)	(215)
Balance, end of period	759,258	719,345
Shares outstanding, end of period	595,969	634,526

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Anti-dilutive share-based awards		39		171		102		210

Changes in Accumulated Other Comprehensive Income (Loss)

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income

Three Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2023		$	(3,618)		$	1,289		$	(26)		$	(4,894)		$	(29)		$	(7,278)
Other comprehensive    income (loss) before    reclassification		(631)			710			0			(165)			45			(41)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(21)			1			0			1			(19)
Net current-period other    comprehensive    income (loss)		(631)			689			1			(165)			46			(60)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Three Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2022		$	(2,438)		$	5,787		$	(29)		$	(11,608)		$	(163)		$	(8,451)
Other comprehensive    income (loss) before    reclassification		(780)			(2,767)			(1)			5,105			(1)			1,556
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(90)			1			0			4			(85)
Net current-period other    comprehensive    income (loss)		(780)			(2,857)			0			5,105			3			1,471
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Six Months Ended June 30, 2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)
Other comprehensive    income (loss) before    reclassification		(685)			2,746			1			(2,959)			52			(845)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(66)			1			0			1			(64)
Net current-period other    comprehensive    income (loss)		(685)			2,680			2			(2,959)			53			(909)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Six Months Ended June 30, 2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2021		$	(1,985)		$	9,602		$	(30)		$	(15,832)		$	(166)		$	(8,411)
Other comprehensive    income (loss) before    reclassification		(1,233)			(6,520)			0			9,329			(3)			1,573
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(152)			1			0			9			(142)
Net current-period other    comprehensive    income (loss)		(1,233)			(6,672)			1			9,329			6			1,431
Balance at June 30, 2022		$	(3,218)		$	2,930		$	(29)		$	(6,503)		$	(160)		$	(6,980)

All amounts in the table above are net of tax.

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Reclassification Out Of Accumulated Other Comprehensive Income

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	Three Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	27	Net investment gains (losses)
		(6)		Tax (expense) or benefit(1)
		$	21	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	19	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Three Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	114	Net investment gains (losses)
		(24)		Tax (expense) or benefit(1)
		$	90	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(5)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Total reclassifications for the period		$	85	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Six Months Ended June 30, 2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	84	Net investment gains (losses)
		(18)		Tax (expense) or benefit(1)
		$	66	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	64	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)	Six Months Ended June 30, 2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	192	Net investment gains (losses)
		(40)		Tax (expense) or benefit(1)
		$	152	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(11)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		2		Tax (expense) or benefit(1)
		$	(9)	Net of tax
Total reclassifications for the period		$	142	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

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SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Options Outstanding and Exercisable

The following table provides information on stock options outstanding and exercisable at June 30, 2023.

	Stock Option Shares (in thousands)		Weighted-Average Remaining Term (in years)		Aggregate Intrinsic Value (in millions)			Weighted-Average Exercise Price Per Share
Outstanding		1,231		2.6		$	46		$	32.78
Exercisable		1,231		2.6		46			32.78

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes restricted stock activity during the six-month period ended June 30, 2023.

(In thousands of shares)	Shares	Weighted-Average Grant-Date Fair Value Per Share
Restricted stock at December 31, 2022	2,414		$	56.21
Granted in 2023	1,120		70.50
Canceled in 2023	(59)		59.72
Vested in 2023	(1,133)		52.81
Restricted stock at June 30, 2023	2,342		$	62.60

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BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Benefit Costs

Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $(45) million and $2 million for the three-month periods and $(43) million and $6 million for the six-month periods ended June 30, 2023 and 2022, respectively. Total net periodic benefit cost includes the following components:

	Three Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	3		$	5		$	3		$	7		$	0		$	0
Interest cost		2			1			10			8			1			0
Expected return on plan assets		(1)			(2)			(9)			(10)			0			0
Amortization of net actuarial loss		0			0			0			5			1			0
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	4		$	4		$	(45)		$	10		$	2		$	0

	Six Months Ended June 30,
	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Components of net periodic   benefit cost:
Service cost		$	7		$	10		$	7		$	13		$	0		$	0
Interest cost		4			3			21			17			1			0
Expected return on plan assets		(3)			(4)			(18)			(21)			0			0
Amortization of net actuarial loss		0			0			0			10			1			1
Curtailment (gain) loss		0			0			(49)			0			0			0
Net periodic (benefit) cost		$	8		$	9		$	(39)		$	19		$	2		$	1

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact from Adoption to Shareholder's Equity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Total shareholders’ equity	$ 20,439	$ 19,784	$ 20,140	$ 19,558	$ 17,560	$ 17,031		$ 33,559
Common Stock [Member]
Total shareholders’ equity	136	135	135	135	135	135		135
Additional Paid-in Capital
Total shareholders’ equity	2,697	2,665	2,641	2,589	2,560	2,529		2,410
Retained Earnings
Total shareholders’ equity	46,937	45,555	44,367	43,150	42,010	40,963		37,984
Accumulated Other Comprehensive Income (Loss)
Total shareholders’ equity	(7,338)	(7,278)	(6,429)	(6,980)	(8,451)	(8,411)		8,934
Treasury Stock
Total shareholders’ equity	$ (21,993)	$ (21,293)	$ (20,574)	$ (19,336)	$ (18,694)	$ (18,185)		$ (15,904)
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment
Total shareholders’ equity							$ (18,894)
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member]
Total shareholders’ equity							0
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital
Total shareholders’ equity							0
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Total shareholders’ equity							(324)
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss)
Total shareholders’ equity							(18,570)
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock
Total shareholders’ equity							0
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance
Total shareholders’ equity							14,665
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock [Member]
Total shareholders’ equity							135
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital
Total shareholders’ equity							2,410
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings
Total shareholders’ equity							37,660
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss)
Total shareholders’ equity							(9,636)
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock
Total shareholders’ equity							$ (15,904)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Schedule of Impact from Adoption to AOCI and Retained Earnings (Details) - USD ($) $ in Millions		Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Total transition impact		$ (20,439)	$ (19,784)	$ (20,140)	$ (19,558)	$ (17,560)	$ (17,031)		$ (33,559)
Accumulated Other Comprehensive Income (Loss)
Total transition impact		7,338	7,278	6,429	6,980	8,451	8,411		(8,934)
Retained Earnings
Total transition impact		$ (46,937)	$ (45,555)	$ (44,367)	$ (43,150)	$ (42,010)	$ (40,963)		$ (37,984)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12
Total transition impact								$ 18,894
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss)
Impact to AOCI								23,507
Less: income taxes								4,937
Total transition impact								18,570
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Corporate and other
Impact to AOCI								218
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Cancer | Aflac Japan
Impact to AOCI								14,529
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Medical and other health | Aflac Japan
Impact to AOCI								2,382
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Life insurance | Aflac Japan
Impact to AOCI								3,314
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Life insurance | Aflac U.S.
Impact to AOCI								149
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Accident | Aflac U.S.
Impact to AOCI								92
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Disability | Aflac U.S.
Impact to AOCI								149
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Critical Care | Aflac U.S.
Impact to AOCI								2,258
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Hospital Indemnity | Aflac U.S.
Impact to AOCI								223
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Dental/Vision | Aflac U.S.
Impact to AOCI								65
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Other | Reinsurance ceded
Impact to AOCI								(305)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Other | Aflac U.S.
Impact to AOCI								433
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings
Impact to retained earnings								410
Less: income taxes								86
Total transition impact								324
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Corporate and other
Impact to retained earnings								2
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Cancer | Aflac Japan
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Medical and other health | Aflac Japan
Impact to retained earnings								1
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Life insurance | Aflac Japan
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Life insurance | Aflac U.S.
Impact to retained earnings								5
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Accident | Aflac U.S.
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Disability | Aflac U.S.
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Critical Care | Aflac U.S.
Impact to retained earnings								4
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Hospital Indemnity | Aflac U.S.
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Dental/Vision | Aflac U.S.
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Other | Reinsurance ceded
Impact to retained earnings								0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings | Other | Aflac U.S.
Impact to retained earnings	[1]							$ 398

[1] Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact from Adoption to Liability For Future Policy Benefit, Expected Net Premium (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance	$ 16,394	$ 18,221	$ 22,470
Effect of changes in discount rate assumptions	1,579	1,077
Ending balance	17,973	19,298	25,893
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance	14,497	16,195	18,681
Effect of changes in discount rate assumptions	1,135	519
Ending balance	15,632	16,714	21,174
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance	6,380	7,284	10,064
Effect of changes in discount rate assumptions	335	201
Ending balance	6,715	7,485	10,847
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	831	799	780
Effect of changes in discount rate assumptions	(68)	(75)
Ending balance	763	724	834
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	2,705	2,760	2,999
Effect of changes in discount rate assumptions	(201)	(226)
Ending balance	2,504	2,534	3,283
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	1,798	1,775	1,760
Effect of changes in discount rate assumptions	(129)	(140)
Ending balance	1,669	1,635	1,862
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	4,996	5,050	5,391
Effect of changes in discount rate assumptions	(497)	(564)
Ending balance	4,499	4,486	6,023
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	1,369	1,365	1,380
Effect of changes in discount rate assumptions	(129)	(145)
Ending balance	1,240	1,220	1,467
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	226	231	241
Effect of changes in discount rate assumptions	(17)	(20)
Ending balance	209	211	264
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance	1,098	1,242	1,461
Effect of changes in discount rate assumptions	47	14
Ending balance	1,145	1,256	1,586
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance	177	118	135
Effect of changes in discount rate assumptions	(8)	(8)
Ending balance	$ 169	$ 110	153
Accounting Standards Update 2018-12 | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance			22,470		$ 25,616	[1]
Effect of changes in discount rate assumptions			3,423
Ending balance			25,893	$ 29,598	29,598
Accounting Standards Update 2018-12 | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance			18,681		21,276	[1]
Effect of changes in discount rate assumptions			2,493
Ending balance			21,174	23,874	23,874
Accounting Standards Update 2018-12 | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance			10,064		12,476	[1]
Effect of changes in discount rate assumptions			783
Ending balance			10,847	13,384	13,384
Accounting Standards Update 2018-12 | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			780		705	[1]
Effect of changes in discount rate assumptions			54
Ending balance			834	783	783
Accounting Standards Update 2018-12 | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			2,999		3,350	[1]
Effect of changes in discount rate assumptions			284
Ending balance			3,283	3,829	3,829
Accounting Standards Update 2018-12 | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			1,760		1,921	[1]
Effect of changes in discount rate assumptions			102
Ending balance			1,862	2,118	2,118
Accounting Standards Update 2018-12 | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			5,391		5,894	[1]
Effect of changes in discount rate assumptions			632
Ending balance			6,023	6,942	6,942
Accounting Standards Update 2018-12 | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			1,380		1,376	[1]
Effect of changes in discount rate assumptions			87
Ending balance			1,467	1,530	1,530
Accounting Standards Update 2018-12 | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			241		281	[1]
Effect of changes in discount rate assumptions			23
Ending balance			264	322	322
Accounting Standards Update 2018-12 | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance			1,461		1,708	[1]
Effect of changes in discount rate assumptions			125
Ending balance			1,586	1,856	1,856
Accounting Standards Update 2018-12 | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance			135		152	[1]
Effect of changes in discount rate assumptions			18
Ending balance			$ 153	179	179
Accounting Standards Update 2018-12 | As Previously Reported | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					25,601
Accounting Standards Update 2018-12 | As Previously Reported | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					21,270
Accounting Standards Update 2018-12 | As Previously Reported | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					12,440
Accounting Standards Update 2018-12 | As Previously Reported | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					710
Accounting Standards Update 2018-12 | As Previously Reported | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					3,350
Accounting Standards Update 2018-12 | As Previously Reported | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					1,921
Accounting Standards Update 2018-12 | As Previously Reported | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					5,898
Accounting Standards Update 2018-12 | As Previously Reported | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					1,376
Accounting Standards Update 2018-12 | As Previously Reported | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					281
Accounting Standards Update 2018-12 | As Previously Reported | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					2,080
Accounting Standards Update 2018-12 | As Previously Reported | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					154
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					25,616
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					15
Effect of changes in discount rate assumptions				3,982
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					21,276
Impact of capping net premium ratio to retained earnings					(1)
Impact of deferred profit liability					7
Effect of changes in discount rate assumptions				2,598
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					12,476
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					36
Effect of changes in discount rate assumptions				908
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					705
Impact of capping net premium ratio to retained earnings					(5)
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				78
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					3,350
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				479
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					1,921
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				197
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					5,894
Impact of capping net premium ratio to retained earnings					(4)
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				1,048
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					1,376
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				154
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					281
Impact of capping net premium ratio to retained earnings					0
Impact of deferred profit liability					0
Effect of changes in discount rate assumptions				41
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Balance					1,708
Impact of capping net premium ratio to retained earnings					(398)
Impact of deferred profit liability					26
Effect of changes in discount rate assumptions				148
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Balance					152
Impact of capping net premium ratio to retained earnings					(2)
Impact of deferred profit liability					$ 0
Effect of changes in discount rate assumptions				$ 27

[1] Includes the adjustment for capping the Transition Date NPR.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Liability For Future Policy Benefit, Expected Net Premium, Activity (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		$ 19,298	$ 25,893
Beginning balance at original discount rate		18,221	22,470
Effect of changes in cash flow assumptions			0	$ (639)
Effect of actual variances from expected experience			(198)	(284)
Adjusted beginning of period balance			18,023	21,547
Issuances		498	947
Interest accrual		218	459
Net premium earned	[1]	(824)	(1,734)
Foreign currency translation		(1,521)	(2,997)
Other		0	(1)
Ending balance at original discount rate		16,394	18,221	22,470
Effect of changes in discount rate assumptions		1,579	1,077
Ending balance		17,973	19,298	25,893
Cancer | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			25,893	29,598
Beginning balance at original discount rate			22,470	25,616	[2]
Effect of changes in cash flow assumptions						$ 32
Effect of actual variances from expected experience						(134)
Adjusted beginning of period balance						25,514
Issuances				1,116
Interest accrual				586
Net premium earned	[3]			(2,206)
Foreign currency translation				(2,539)
Other				(1)
Ending balance at original discount rate				22,470
Effect of changes in discount rate assumptions				3,423
Ending balance				25,893
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		16,714	21,174
Beginning balance at original discount rate		16,195	18,681
Effect of changes in cash flow assumptions			0	317
Effect of actual variances from expected experience			(61)	61
Adjusted beginning of period balance			16,134	19,059
Issuances		204	639
Interest accrual		180	364
Net premium earned	[1]	(673)	(1,376)
Foreign currency translation		(1,348)	(2,488)
Other		0	(3)
Ending balance at original discount rate		14,497	16,195	18,681
Effect of changes in discount rate assumptions		1,135	519
Ending balance		15,632	16,714	21,174
Medical and other health | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			21,174	23,874
Beginning balance at original discount rate			18,681	21,276	[2]
Effect of changes in cash flow assumptions						88
Effect of actual variances from expected experience						(449)
Adjusted beginning of period balance						20,915
Issuances				1,132
Interest accrual				439
Net premium earned	[3]			(1,692)
Foreign currency translation				(2,111)
Other				(2)
Ending balance at original discount rate				18,681
Effect of changes in discount rate assumptions				2,493
Ending balance				21,174
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		7,485	10,847
Beginning balance at original discount rate		7,284	10,064
Effect of changes in cash flow assumptions			0	(494)
Effect of actual variances from expected experience			(22)	(81)
Adjusted beginning of period balance			7,262	9,489
Issuances		198	221
Interest accrual		66	146
Net premium earned	[1]	(549)	(1,229)
Foreign currency translation		(597)	(1,343)
Other		0	0
Ending balance at original discount rate		6,380	7,284	10,064
Effect of changes in discount rate assumptions		335	201
Ending balance		6,715	7,485	10,847
Life insurance | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			10,847	13,384
Beginning balance at original discount rate			10,064	12,476	[2]
Effect of changes in cash flow assumptions						40
Effect of actual variances from expected experience						(135)
Adjusted beginning of period balance						12,381
Issuances				284
Interest accrual				202
Net premium earned	[3]			(1,609)
Foreign currency translation				(1,194)
Other				0
Ending balance at original discount rate				10,064
Effect of changes in discount rate assumptions				783
Ending balance				10,847
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		724	834
Beginning balance at original discount rate		799	780
Effect of changes in cash flow assumptions			0	(1)
Effect of actual variances from expected experience			(9)	(16)
Adjusted beginning of period balance			790	763
Issuances		90	146
Interest accrual		14	27
Net premium earned	[1]	(65)	(131)
Foreign currency translation		0	0
Other		2	(6)
Ending balance at original discount rate		831	799	780
Effect of changes in discount rate assumptions		(68)	(75)
Ending balance		763	724	834
Life insurance | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			834	783
Beginning balance at original discount rate			780	705	[2]
Effect of changes in cash flow assumptions						31
Effect of actual variances from expected experience						34
Adjusted beginning of period balance						770
Issuances				112
Interest accrual				25
Net premium earned	[3]			(124)
Foreign currency translation				0
Other				(3)
Ending balance at original discount rate				780
Effect of changes in discount rate assumptions				54
Ending balance				834
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		2,534	3,283
Beginning balance at original discount rate		2,760	2,999
Effect of changes in cash flow assumptions			0	(52)
Effect of actual variances from expected experience			(51)	(152)
Adjusted beginning of period balance			2,709	2,795
Issuances		185	355
Interest accrual		51	105
Net premium earned	[1]	(237)	(496)
Foreign currency translation		0	0
Other		(3)	1
Ending balance at original discount rate		2,705	2,760	2,999
Effect of changes in discount rate assumptions		(201)	(226)
Ending balance		2,504	2,534	3,283
Accident | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			3,283	3,829
Beginning balance at original discount rate			2,999	3,350	[2]
Effect of changes in cash flow assumptions						(163)
Effect of actual variances from expected experience						(109)
Adjusted beginning of period balance						3,078
Issuances				365
Interest accrual				116
Net premium earned	[3]			(552)
Foreign currency translation				0
Other				(8)
Ending balance at original discount rate				2,999
Effect of changes in discount rate assumptions				284
Ending balance				3,283
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		1,635	1,862
Beginning balance at original discount rate		1,775	1,760
Effect of changes in cash flow assumptions			0	5
Effect of actual variances from expected experience			(15)	(43)
Adjusted beginning of period balance			1,760	1,722
Issuances		204	384
Interest accrual		30	57
Net premium earned	[1]	(193)	(382)
Foreign currency translation		0	0
Other		(3)	(6)
Ending balance at original discount rate		1,798	1,775	1,760
Effect of changes in discount rate assumptions		(129)	(140)
Ending balance		1,669	1,635	1,862
Disability | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			1,862	2,118
Beginning balance at original discount rate			1,760	1,921	[2]
Effect of changes in cash flow assumptions						(129)
Effect of actual variances from expected experience						(38)
Adjusted beginning of period balance						1,754
Issuances				345
Interest accrual				61
Net premium earned	[3]			(393)
Foreign currency translation				0
Other				(7)
Ending balance at original discount rate				1,760
Effect of changes in discount rate assumptions				102
Ending balance				1,862
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		4,486	6,023
Beginning balance at original discount rate		5,050	5,391
Effect of changes in cash flow assumptions			0	(38)
Effect of actual variances from expected experience			(139)	(421)
Adjusted beginning of period balance			4,911	4,932
Issuances		291	537
Interest accrual		94	193
Net premium earned	[1]	(298)	(612)
Foreign currency translation		0	0
Other		(2)	0
Ending balance at original discount rate		4,996	5,050	5,391
Effect of changes in discount rate assumptions		(497)	(564)
Ending balance		4,499	4,486	6,023
Critical Care | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			6,023	6,942
Beginning balance at original discount rate			5,391	5,894	[2]
Effect of changes in cash flow assumptions						(302)
Effect of actual variances from expected experience						(290)
Adjusted beginning of period balance						5,302
Issuances				552
Interest accrual				210
Net premium earned	[3]			(665)
Foreign currency translation				0
Other				(8)
Ending balance at original discount rate				5,391
Effect of changes in discount rate assumptions				632
Ending balance				6,023
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		1,220	1,467
Beginning balance at original discount rate		1,365	1,380
Effect of changes in cash flow assumptions			0	42
Effect of actual variances from expected experience			(44)	(111)
Adjusted beginning of period balance			1,321	1,311
Issuances		153	273
Interest accrual		23	45
Net premium earned	[1]	(127)	(261)
Foreign currency translation		0	0
Other		(1)	(3)
Ending balance at original discount rate		1,369	1,365	1,380
Effect of changes in discount rate assumptions		(129)	(145)
Ending balance		1,240	1,220	1,467
Hospital Indemnity | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			1,467	1,530
Beginning balance at original discount rate			1,380	1,376	[2]
Effect of changes in cash flow assumptions						0
Effect of actual variances from expected experience						(32)
Adjusted beginning of period balance						1,344
Issuances				263
Interest accrual				45
Net premium earned	[3]			(268)
Foreign currency translation				0
Other				(4)
Ending balance at original discount rate				1,380
Effect of changes in discount rate assumptions				87
Ending balance				1,467
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		211	264
Beginning balance at original discount rate		231	241
Effect of changes in cash flow assumptions			0	10
Effect of actual variances from expected experience			(11)	(20)
Adjusted beginning of period balance			220	231
Issuances		20	33
Interest accrual		4	9
Net premium earned	[1]	(20)	(42)
Foreign currency translation		0	0
Other		2	0
Ending balance at original discount rate		226	231	241
Effect of changes in discount rate assumptions		(17)	(20)
Ending balance		209	211	264
Dental/Vision | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			264	322
Beginning balance at original discount rate			241	281	[2]
Effect of changes in cash flow assumptions						(26)
Effect of actual variances from expected experience						(14)
Adjusted beginning of period balance						241
Issuances				39
Interest accrual				10
Net premium earned	[3]			(47)
Foreign currency translation				0
Other				(2)
Ending balance at original discount rate				241
Effect of changes in discount rate assumptions				23
Ending balance				264
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		1,256	1,586
Beginning balance at original discount rate		1,242	1,461
Effect of changes in cash flow assumptions			0	25
Effect of actual variances from expected experience			(5)	(10)
Adjusted beginning of period balance			1,237	1,476
Issuances		14	62
Interest accrual		11	22
Net premium earned	[1]	(60)	(123)
Foreign currency translation		(104)	(195)
Other		0	0
Ending balance at original discount rate		1,098	1,242	1,461
Effect of changes in discount rate assumptions		47	14
Ending balance		1,145	1,256	1,586
Other | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			1,586	1,856
Beginning balance at original discount rate			1,461	1,708	[2]
Effect of changes in cash flow assumptions						1
Effect of actual variances from expected experience						(11)
Adjusted beginning of period balance						1,698
Issuances				55
Interest accrual				27
Net premium earned	[3]			(151)
Foreign currency translation				(167)
Other				(1)
Ending balance at original discount rate				1,461
Effect of changes in discount rate assumptions				125
Ending balance				1,586
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		110	153
Beginning balance at original discount rate		118	135
Effect of changes in cash flow assumptions			0	(12)
Effect of actual variances from expected experience			0	6
Adjusted beginning of period balance			118	129
Issuances		55	0
Interest accrual		3	5
Net premium earned	[1]	(8)	(17)
Foreign currency translation		0	0
Other		9	1
Ending balance at original discount rate		177	118	135
Effect of changes in discount rate assumptions		(8)	(8)
Ending balance		$ 169	110	153
Other | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			153	179
Beginning balance at original discount rate			$ 135	152	[2]
Effect of changes in cash flow assumptions						0
Effect of actual variances from expected experience						(3)
Adjusted beginning of period balance						$ 149
Issuances				0
Interest accrual				6
Net premium earned	[3]			(19)
Foreign currency translation				0
Other				(1)
Ending balance at original discount rate				135
Effect of changes in discount rate assumptions				18
Ending balance				$ 153

[1] Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

[2] Includes the adjustment for capping the Transition Date NPR.

[3] Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact from Adoption to Liability For Future Policy Benefit, Expected Future Policy Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance	$ 136,089	$ 141,463
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	43,141	47,677	$ 56,807
Effect of changes in discount rate assumptions	8,551	7,089
Ending balance	51,692	54,766	72,747
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	25,065	27,566	31,398
Effect of changes in discount rate assumptions	1,462	(147)
Ending balance	26,527	27,419	36,021
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	29,737	32,800	39,002
Effect of changes in discount rate assumptions	670	(846)
Ending balance	30,407	31,954	42,720
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	1,841	1,778	1,694
Effect of changes in discount rate assumptions	(228)	(252)
Ending balance	1,613	1,526	1,843
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	3,358	3,391	3,594
Effect of changes in discount rate assumptions	(264)	(293)
Ending balance	3,094	3,098	3,949
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	2,640	2,636	2,670
Effect of changes in discount rate assumptions	(176)	(191)
Ending balance	2,464	2,445	2,871
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	12,803	12,846	13,079
Effect of changes in discount rate assumptions	(1,166)	(1,357)
Ending balance	11,637	11,489	15,388
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	2,310	2,300	2,300
Effect of changes in discount rate assumptions	(201)	(226)
Ending balance	2,109	2,074	2,552
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	523	532	549
Effect of changes in discount rate assumptions	(39)	(44)
Ending balance	484	488	616
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	5,401	5,940	6,787
Effect of changes in discount rate assumptions	(25)	(358)
Ending balance	5,376	5,582	7,322
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	680	624	645
Effect of changes in discount rate assumptions	6	(2)
Ending balance	$ 686	$ 622	837
Accounting Standards Update 2018-12 | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			56,807		$ 64,056
Effect of changes in discount rate assumptions			15,940
Ending balance			72,747	$ 82,567	82,567
Accounting Standards Update 2018-12 | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			31,398		34,638
Effect of changes in discount rate assumptions			4,623
Ending balance			36,021	39,618	39,618
Accounting Standards Update 2018-12 | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			39,002		43,729
Effect of changes in discount rate assumptions			3,718
Ending balance			42,720	47,951	47,951
Accounting Standards Update 2018-12 | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			1,694		1,562
Effect of changes in discount rate assumptions			149
Ending balance			1,843	1,789	1,789
Accounting Standards Update 2018-12 | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			3,594		3,818
Effect of changes in discount rate assumptions			355
Ending balance			3,949	4,389	4,389
Accounting Standards Update 2018-12 | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			2,670		2,919
Effect of changes in discount rate assumptions			201
Ending balance			2,871	3,265	3,265
Accounting Standards Update 2018-12 | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			13,079		13,427
Effect of changes in discount rate assumptions			2,309
Ending balance			15,388	16,733	16,733
Accounting Standards Update 2018-12 | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			2,300		2,258
Effect of changes in discount rate assumptions			252
Ending balance			2,552	2,635	2,635
Accounting Standards Update 2018-12 | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			549		599
Effect of changes in discount rate assumptions			67
Ending balance			616	705	705
Accounting Standards Update 2018-12 | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			6,787		7,620
Effect of changes in discount rate assumptions			535
Ending balance			7,322	8,201	8,201
Accounting Standards Update 2018-12 | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance			645		661
Effect of changes in discount rate assumptions			192
Ending balance			$ 837	906	906
Accounting Standards Update 2018-12 | As Previously Reported | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					64,056
Accounting Standards Update 2018-12 | As Previously Reported | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					34,638
Accounting Standards Update 2018-12 | As Previously Reported | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					43,729
Accounting Standards Update 2018-12 | As Previously Reported | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					1,562
Accounting Standards Update 2018-12 | As Previously Reported | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					3,818
Accounting Standards Update 2018-12 | As Previously Reported | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					2,919
Accounting Standards Update 2018-12 | As Previously Reported | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					13,427
Accounting Standards Update 2018-12 | As Previously Reported | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					2,258
Accounting Standards Update 2018-12 | As Previously Reported | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					599
Accounting Standards Update 2018-12 | As Previously Reported | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					7,620
Accounting Standards Update 2018-12 | As Previously Reported | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance					$ 661
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				18,511
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				4,980
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				4,222
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				227
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				571
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				346
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				3,306
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				377
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				106
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				581
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions				$ 245

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Liability For Future Policy Benefit, Expected Future Policy Benefits, Activity (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	$ 141,463
Ending balance	136,089	$ 141,463
Net liability for future policy benefits	85,904	88,241
Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits			$ 115,964
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	54,766	72,747
Beginning balance at original discount rate	47,677	56,807
Effect of changes in cash flow assumptions		0	(721)
Effect of actual variances from expected experience		(232)	(333)
Adjusted beginning of period balance		47,445	55,753
Issuances	509	960
Interest accrual	779	1,599
Benefit payments	(1,592)	(3,050)
Foreign currency translation	(4,000)	(7,585)
Other	0	0
Ending balance at original discount rate	43,141	47,677	56,807
Effect of changes in discount rate assumptions	8,551	7,089
Ending balance	51,692	54,766	72,747
Net liability for future policy benefits	33,719	35,468
Less: reinsurance recoverable	2,130	0
Net liability for future policy benefits after reinsurance recoverable	31,589	35,468
Cancer | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		72,747	82,567
Beginning balance at original discount rate		56,807	64,056
Effect of changes in cash flow assumptions				$ 24
Effect of actual variances from expected experience				(149)
Adjusted beginning of period balance				63,931
Issuances			1,133
Interest accrual			2,014
Benefit payments			(3,894)
Foreign currency translation			(6,377)
Other			0
Ending balance at original discount rate			56,807
Effect of changes in discount rate assumptions			15,940
Ending balance			72,747
Net liability for future policy benefits			46,854
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			46,854
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	27,419	36,021
Beginning balance at original discount rate	27,566	31,398
Effect of changes in cash flow assumptions		0	352
Effect of actual variances from expected experience		(65)	83
Adjusted beginning of period balance		27,501	31,833
Issuances	211	646
Interest accrual	323	642
Benefit payments	(647)	(1,375)
Foreign currency translation	(2,323)	(4,180)
Other	0	0
Ending balance at original discount rate	25,065	27,566	31,398
Effect of changes in discount rate assumptions	1,462	(147)
Ending balance	26,527	27,419	36,021
Net liability for future policy benefits	10,895	10,705
Less: reinsurance recoverable	1,580	1,579
Net liability for future policy benefits after reinsurance recoverable	9,315	9,126
Medical and other health | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		36,021	39,618
Beginning balance at original discount rate		31,398	34,638
Effect of changes in cash flow assumptions				85
Effect of actual variances from expected experience				(458)
Adjusted beginning of period balance				34,265
Issuances			1,155
Interest accrual			769
Benefit payments			(1,313)
Foreign currency translation			(3,478)
Other			0
Ending balance at original discount rate			31,398
Effect of changes in discount rate assumptions			4,623
Ending balance			36,021
Net liability for future policy benefits			14,847
Less: reinsurance recoverable			2,150
Net liability for future policy benefits after reinsurance recoverable			12,697
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	31,954	42,720
Beginning balance at original discount rate	32,800	39,002
Effect of changes in cash flow assumptions		0	(550)
Effect of actual variances from expected experience		(26)	(91)
Adjusted beginning of period balance		32,774	38,361
Issuances	201	222
Interest accrual	329	670
Benefit payments	(808)	(1,248)
Foreign currency translation	(2,759)	(5,205)
Other	0	0
Ending balance at original discount rate	29,737	32,800	39,002
Effect of changes in discount rate assumptions	670	(846)
Ending balance	30,407	31,954	42,720
Net liability for future policy benefits	23,692	24,469
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	23,692	24,469
Life insurance | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		42,720	47,951
Beginning balance at original discount rate		39,002	43,729
Effect of changes in cash flow assumptions				31
Effect of actual variances from expected experience				(139)
Adjusted beginning of period balance				43,621
Issuances			287
Interest accrual			833
Benefit payments			(1,373)
Foreign currency translation			(4,366)
Other			0
Ending balance at original discount rate			39,002
Effect of changes in discount rate assumptions			3,718
Ending balance			42,720
Net liability for future policy benefits			31,873
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			31,873
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	1,526	1,843
Beginning balance at original discount rate	1,778	1,694
Effect of changes in cash flow assumptions		0	(1)
Effect of actual variances from expected experience		(12)	(21)
Adjusted beginning of period balance		1,766	1,672
Issuances	94	149
Interest accrual	33	62
Benefit payments	(56)	(103)
Foreign currency translation	0	0
Other	4	(2)
Ending balance at original discount rate	1,841	1,778	1,694
Effect of changes in discount rate assumptions	(228)	(252)
Ending balance	1,613	1,526	1,843
Net liability for future policy benefits	850	802
Less: reinsurance recoverable	11	9
Net liability for future policy benefits after reinsurance recoverable	839	793
Life insurance | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		1,843	1,789
Beginning balance at original discount rate		1,694	1,562
Effect of changes in cash flow assumptions				31
Effect of actual variances from expected experience				34
Adjusted beginning of period balance				1,627
Issuances			115
Interest accrual			58
Benefit payments			(107)
Foreign currency translation			0
Other			1
Ending balance at original discount rate			1,694
Effect of changes in discount rate assumptions			149
Ending balance			1,843
Net liability for future policy benefits			1,009
Less: reinsurance recoverable			10
Net liability for future policy benefits after reinsurance recoverable			999
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	3,098	3,949
Beginning balance at original discount rate	3,391	3,594
Effect of changes in cash flow assumptions		0	(70)
Effect of actual variances from expected experience		(65)	(177)
Adjusted beginning of period balance		3,326	3,347
Issuances	194	364
Interest accrual	63	128
Benefit payments	(225)	(456)
Foreign currency translation	0	0
Other	0	8
Ending balance at original discount rate	3,358	3,391	3,594
Effect of changes in discount rate assumptions	(264)	(293)
Ending balance	3,094	3,098	3,949
Net liability for future policy benefits	590	564
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	590	564
Accident | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		3,949	4,389
Beginning balance at original discount rate		3,594	3,818
Effect of changes in cash flow assumptions				(178)
Effect of actual variances from expected experience				(115)
Adjusted beginning of period balance				3,525
Issuances			372
Interest accrual			137
Benefit payments			(439)
Foreign currency translation			0
Other			(1)
Ending balance at original discount rate			3,594
Effect of changes in discount rate assumptions			355
Ending balance			3,949
Net liability for future policy benefits			666
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			666
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	2,445	2,871
Beginning balance at original discount rate	2,636	2,670
Effect of changes in cash flow assumptions		0	5
Effect of actual variances from expected experience		(23)	(48)
Adjusted beginning of period balance		2,613	2,627
Issuances	212	397
Interest accrual	48	94
Benefit payments	(233)	(483)
Foreign currency translation	0	0
Other	0	1
Ending balance at original discount rate	2,640	2,636	2,670
Effect of changes in discount rate assumptions	(176)	(191)
Ending balance	2,464	2,445	2,871
Net liability for future policy benefits	795	810
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	795	810
Disability | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		2,871	3,265
Beginning balance at original discount rate		2,670	2,919
Effect of changes in cash flow assumptions				(143)
Effect of actual variances from expected experience				(41)
Adjusted beginning of period balance				2,735
Issuances			355
Interest accrual			100
Benefit payments			(520)
Foreign currency translation			0
Other			0
Ending balance at original discount rate			2,670
Effect of changes in discount rate assumptions			201
Ending balance			2,871
Net liability for future policy benefits			1,009
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			1,009
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	11,489	15,388
Beginning balance at original discount rate	12,846	13,079
Effect of changes in cash flow assumptions		0	(43)
Effect of actual variances from expected experience		(166)	(465)
Adjusted beginning of period balance		12,680	12,571
Issuances	302	550
Interest accrual	267	539
Benefit payments	(446)	(823)
Foreign currency translation	0	0
Other	0	9
Ending balance at original discount rate	12,803	12,846	13,079
Effect of changes in discount rate assumptions	(1,166)	(1,357)
Ending balance	11,637	11,489	15,388
Net liability for future policy benefits	7,138	7,003
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	7,138	7,003
Critical Care | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		15,388	16,733
Beginning balance at original discount rate		13,079	13,427
Effect of changes in cash flow assumptions				(326)
Effect of actual variances from expected experience				(304)
Adjusted beginning of period balance				12,797
Issuances			563
Interest accrual			553
Benefit payments			(834)
Foreign currency translation			0
Other			0
Ending balance at original discount rate			13,079
Effect of changes in discount rate assumptions			2,309
Ending balance			15,388
Net liability for future policy benefits			9,365
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			9,365
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	2,074	2,552
Beginning balance at original discount rate	2,300	2,300
Effect of changes in cash flow assumptions		0	40
Effect of actual variances from expected experience		(58)	(130)
Adjusted beginning of period balance		2,242	2,210
Issuances	162	282
Interest accrual	43	85
Benefit payments	(137)	(277)
Foreign currency translation	0	0
Other	0	0
Ending balance at original discount rate	2,310	2,300	2,300
Effect of changes in discount rate assumptions	(201)	(226)
Ending balance	2,109	2,074	2,552
Net liability for future policy benefits	869	854
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	869	854
Hospital Indemnity | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		2,552	2,635
Beginning balance at original discount rate		2,300	2,258
Effect of changes in cash flow assumptions				(3)
Effect of actual variances from expected experience				(36)
Adjusted beginning of period balance				2,219
Issuances			271
Interest accrual			85
Benefit payments			(275)
Foreign currency translation			0
Other			0
Ending balance at original discount rate			2,300
Effect of changes in discount rate assumptions			252
Ending balance			2,552
Net liability for future policy benefits			1,085
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			1,085
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	488	616
Beginning balance at original discount rate	532	549
Effect of changes in cash flow assumptions		0	13
Effect of actual variances from expected experience		(14)	(23)
Adjusted beginning of period balance		518	539
Issuances	23	34
Interest accrual	10	21
Benefit payments	(30)	(62)
Foreign currency translation	0	0
Other	2	0
Ending balance at original discount rate	523	532	549
Effect of changes in discount rate assumptions	(39)	(44)
Ending balance	484	488	616
Net liability for future policy benefits	275	277
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	275	277
Dental/Vision | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		616	705
Beginning balance at original discount rate		549	599
Effect of changes in cash flow assumptions				(29)
Effect of actual variances from expected experience				(15)
Adjusted beginning of period balance				555
Issuances			40
Interest accrual			23
Benefit payments			(69)
Foreign currency translation			0
Other			0
Ending balance at original discount rate			549
Effect of changes in discount rate assumptions			67
Ending balance			616
Net liability for future policy benefits			352
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			352
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	5,582	7,322
Beginning balance at original discount rate	5,940	6,787
Effect of changes in cash flow assumptions		0	96
Effect of actual variances from expected experience		(2)	(10)
Adjusted beginning of period balance		5,938	6,873
Issuances	17	68
Interest accrual	53	106
Benefit payments	(107)	(202)
Foreign currency translation	(500)	(905)
Other	0	0
Ending balance at original discount rate	5,401	5,940	6,787
Effect of changes in discount rate assumptions	(25)	(358)
Ending balance	5,376	5,582	7,322
Net liability for future policy benefits	4,231	4,326
Less: reinsurance recoverable	0	0
Net liability for future policy benefits after reinsurance recoverable	4,231	4,326
Other | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		7,322	8,201
Beginning balance at original discount rate		6,787	7,620
Effect of changes in cash flow assumptions				(11)
Effect of actual variances from expected experience				(15)
Adjusted beginning of period balance				7,594
Issuances			62
Interest accrual			129
Benefit payments			(238)
Foreign currency translation			(760)
Other			0
Ending balance at original discount rate			6,787
Effect of changes in discount rate assumptions			535
Ending balance			7,322
Net liability for future policy benefits			5,736
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			5,736
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance	622	837
Beginning balance at original discount rate	624	645
Effect of changes in cash flow assumptions		0	(15)
Effect of actual variances from expected experience		(1)	7
Adjusted beginning of period balance		623	637
Issuances	55	0
Interest accrual	16	32
Benefit payments	(23)	(45)
Foreign currency translation	0	0
Other	9	0
Ending balance at original discount rate	680	624	645
Effect of changes in discount rate assumptions	6	(2)
Ending balance	686	622	837
Net liability for future policy benefits	517	512
Less: reinsurance recoverable	1	0
Net liability for future policy benefits after reinsurance recoverable	$ 516	512
Other | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Beginning balance		837	906
Beginning balance at original discount rate		$ 645	661
Effect of changes in cash flow assumptions				0
Effect of actual variances from expected experience				(3)
Adjusted beginning of period balance				$ 658
Issuances			0
Interest accrual			33
Benefit payments			(46)
Foreign currency translation			0
Other			0
Ending balance at original discount rate			645
Effect of changes in discount rate assumptions			192
Ending balance			837
Net liability for future policy benefits			684
Less: reinsurance recoverable			0
Net liability for future policy benefits after reinsurance recoverable			$ 684

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Future Policy Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 85,904	$ 88,241
Deferred profit liability - limited-payment contracts	1,697	1,740
Deferred profit liability - reinsurance	620	692
Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			$ 115,964
Deferred profit liability - limited-payment contracts			1,595
Deferred profit liability - reinsurance			859
Corporate and other
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	2,696	686
Corporate and other | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			30
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	33,719	35,468
Cancer | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			46,854
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	10,895	10,705
Medical and other health | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			14,847
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	23,692	24,469
Life insurance | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			31,873
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	850	802
Life insurance | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			1,009
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	590	564
Accident | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			666
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	795	810
Disability | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			1,009
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	7,138	7,003
Critical Care | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			9,365
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	869	854
Hospital Indemnity | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			1,085
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	275	277
Dental/Vision | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			352
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	4,231	4,326
Other | Aflac Japan | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			5,736
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 517	$ 512
Other | Aflac U.S. | Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits			$ 684

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions		6 Months Ended
	Jan. 01, 2021 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable insurance business segments | segment		2
Accumulated other comprehensive income (loss)		$ (7,338)	$ (6,980)	$ (7,278)	$ (6,429)	$ (8,451)	$ (8,411)
Retained earnings		$ 46,937			$ 44,367
Capped transition date NPR	10000.00%	10000.00%
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies [Line Items]
Accumulated other comprehensive income (loss)	$ (18,600)
Pro Forma | Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies [Line Items]
Retained earnings	$ (300)
Aflac Japan
Significant Accounting Policies [Line Items]
Percentage of the Company's total revenues		64.00%	69.00%
Percentage of the Company's total assets		80.00%			80.00%

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BUSINESS SEGMENT INFORMATION - Operations by Segment - Revenues (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reportable insurance business segments | segment				2
Net earned premiums		$ 3,573	$ 3,764	$ 7,262	$ 7,844
Other income		45	50	90	118
Total revenues		5,172	5,315	9,972	10,488
Total adjusted revenues		4,513	4,736	9,091	9,762
Net investment gains (losses)	[1],[2],[3],[4]	659	579	881	726
Aflac Japan
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		2,064	2,334	4,234	4,959
Adjusted net investment income	[1],[3]	637	723	1,248	1,402
Other income		9	9	18	18
Total revenues		2,710	3,066	5,500	6,379
Hedge costs		63	30	122	55
Net interest cash flows from derivatives		(73)	(2)	(135)	(12)
Aflac U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		1,425	1,394	2,853	2,807
Adjusted net investment income	[4]	203	193	400	377
Other income		35	41	70	83
Total revenues		1,663	1,628	3,323	3,267
Net interest cash flows from derivatives		(8)	1	(15)	2
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		84	36	175	82
Total revenues	[2],[5]	140	42	268	116
Hedge income		38	14	67	25
Change in value of federal historic rehabilitation and solar tax credit investments		(53)	(31)	(105)	(42)
Federal historic rehabilitation and solar tax credits, amount		$ 56	$ 28	$ 108	$ 44

[1] Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

[2] Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.

[3] Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

[4] Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

[5] The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

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BUSINESS SEGMENT INFORMATION - Operations by Segment - Pretax Earnings (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings		$ 1,139	$ 1,141	$ 2,273	[1]	$ 2,301	[1]
Net investment gains (losses)	[2],[3],[4],[5],[6]	651	567	859		701
Other income (loss)		35	0	35		0
Earnings before income taxes		1,825	1,708	3,167		3,002
Income taxes applicable to pretax adjusted earnings		186	195	366		414
Effect of foreign currency translation on after-tax adjusted earnings		(25)	(59)	(66)		(94)
Interest expense on debt		36	41	70		82
Aflac Japan
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[2],[5]	822	873	1,610		1,743
Hedge costs		63	30	122		55
Net interest cash flows from derivatives		(73)	(2)	(135)		(12)
Aflac U.S.
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[6]	369	343	721		675
Net interest cash flows from derivatives		(8)	1	(15)		2
Corporate and other
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[3],[4],[7]	(52)	(75)	(58)		(117)
Hedge income		38	14	67		25
Gain (loss) on change in fair value of derivative, interest rate component		12	12	24		25
Change in value of federal historic rehabilitation and solar tax credit investments		(53)	(31)	(105)		(42)
Federal historic rehabilitation and solar tax credits, amount		$ 56	$ 28	$ 108		$ 44

[1] Includes $36 and $41 for the three-month periods and $70 and $82 for the six-month periods ended June 30, 2023, and 2022, respectively, of interest expense on debt.

[2] Amortized hedge costs of $63 and $30 for the three-month periods and $122 and $55 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

[3] A gain of $12 and $12 for the three-month periods and $24 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.

[4] Amortized hedge income of $38 and $14 for the three-month periods and $67 and $25 for the six-month periods ended June 30, 2023, and 2022, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.

[5] Net interest cash flows from derivatives associated with certain investment strategies of $(73) and $(2) for the three-month periods and $(135) and $(12) for the six-month periods ended June 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

[6] Net interest cash flows from derivatives associated with certain investment strategies of $(8) and $1 for the three-month periods and $(15) and $2 for the six-month periods ended June 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

[7] The change in value of federal historic rehabilitation and solar investments in partnerships of $53 and $31 for the three-month periods and $105 and $42 for the six-month periods ended June 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $56 and $28 for the three-month periods and $108 and $44 for the six-month periods ended June 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.

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BUSINESS SEGMENT INFORMATION - Operations by Segment - Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 130,626	$ 131,738
Aflac Japan
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	103,972	105,734
Aflac U.S.
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	20,932	21,002
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,722	$ 5,002

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INVESTMENTS - Available-for-sale Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 70,849	$ 75,469
Allowance for Credit Losses	0	0
Gross Unrealized Gains	6,462	4,800
Gross Unrealized Losses	2,806	4,528
Fair   Value	74,505	75,741
Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,349	43,920
Allowance for Credit Losses	0	0
Gross Unrealized Gains	3,088	2,595
Gross Unrealized Losses	1,660	2,849
Fair   Value	41,777	43,666
Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,500	31,549
Allowance for Credit Losses	0	0
Gross Unrealized Gains	3,374	2,205
Gross Unrealized Losses	1,146	1,679
Fair   Value	32,728	32,075
Japan government and agencies | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,313	25,418
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1,435	1,259
Gross Unrealized Losses	975	1,724
Fair   Value	23,773	24,953
Municipalities
Debt Securities, Available-for-sale [Line Items]
Fair   Value	2,323	2,320
Municipalities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	946	1,034
Allowance for Credit Losses	0	0
Gross Unrealized Gains	150	124
Gross Unrealized Losses	35	61
Fair   Value	1,061	1,097
Municipalities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,251	1,269
Allowance for Credit Losses	0	0
Gross Unrealized Gains	62	43
Gross Unrealized Losses	51	89
Fair   Value	1,262	1,223
Mortgage- and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair   Value	2,855	2,146
Mortgage- and asset-backed securities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	213	241
Allowance for Credit Losses	0	0
Gross Unrealized Gains	8	8
Gross Unrealized Losses	6	12
Fair   Value	215	237
Mortgage- and asset-backed securities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,521	1,926
Allowance for Credit Losses	0	0
Gross Unrealized Gains	189	67
Gross Unrealized Losses	70	84
Fair   Value	2,640	1,909
Public utilities
Debt Securities, Available-for-sale [Line Items]
Fair   Value	7,569	7,666
Public utilities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,665	3,932
Allowance for Credit Losses	0	0
Gross Unrealized Gains	367	301
Gross Unrealized Losses	51	108
Fair   Value	3,981	4,125
Public utilities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,384	3,481
Allowance for Credit Losses	0	0
Gross Unrealized Gains	347	240
Gross Unrealized Losses	143	180
Fair   Value	3,588	3,541
Sovereign and supranational
Debt Securities, Available-for-sale [Line Items]
Fair   Value	674	834
Sovereign and supranational | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	498	659
Allowance for Credit Losses	0	0
Gross Unrealized Gains	34	24
Gross Unrealized Losses	4	5
Fair   Value	528	678
Sovereign and supranational | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	122	133
Allowance for Credit Losses	0	0
Gross Unrealized Gains	34	35
Gross Unrealized Losses	10	12
Fair   Value	146	156
Banks/financial institutions
Debt Securities, Available-for-sale [Line Items]
Fair   Value	8,849	9,299
Banks/financial institutions | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,767	6,348
Allowance for Credit Losses	0	0
Gross Unrealized Gains	349	324
Gross Unrealized Losses	309	531
Fair   Value	5,807	6,141
Banks/financial institutions | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,766	2,992
Allowance for Credit Losses	0	0
Gross Unrealized Gains	346	271
Gross Unrealized Losses	70	105
Fair   Value	3,042	3,158
Other corporate
Debt Securities, Available-for-sale [Line Items]
Fair   Value	28,282	28,362
Other corporate | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,947	6,288
Allowance for Credit Losses	0	0
Gross Unrealized Gains	745	555
Gross Unrealized Losses	280	408
Fair   Value	6,412	6,435
Other corporate | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,269	21,579
Allowance for Credit Losses	0	0
Gross Unrealized Gains	2,396	1,549
Gross Unrealized Losses	795	1,201
Fair   Value	21,870	21,927
U.S. government and agencies | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	187	169
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	7	8
Fair   Value	$ 180	$ 161

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INVESTMENTS - Held-to-Maturity Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023		Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 17,441		$ 19,063
Allowance for Credit Loss	5		7
Total fixed maturity securities, held to maturity, amortized cost	17,436	[1]	19,056
Gross Unrealized Gains	2,502		2,154
Gross Unrealized Losses	0		0
Fair   Value	19,938		21,210
Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	17,441		19,063
Allowance for Credit Loss	5		7
Total fixed maturity securities, held to maturity, amortized cost	17,436		19,056
Gross Unrealized Gains	2,502		2,154
Gross Unrealized Losses	0		0
Fair   Value	19,938		21,210
Japan government and agencies | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	16,717		18,269
Allowance for Credit Loss	2		2
Total fixed maturity securities, held to maturity, amortized cost	16,715		18,267
Gross Unrealized Gains	2,387		2,045
Gross Unrealized Losses	0		0
Fair   Value	19,102		20,312
Municipalities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	261		287
Fair   Value	314		335
Municipalities | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	261		287
Allowance for Credit Loss	0		0
Total fixed maturity securities, held to maturity, amortized cost	261		287
Gross Unrealized Gains	53		48
Gross Unrealized Losses	0		0
Fair   Value	314		335
Public utilities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	35		37
Fair   Value	39		41
Public utilities | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	35		38
Allowance for Credit Loss	0		1
Total fixed maturity securities, held to maturity, amortized cost	35		37
Gross Unrealized Gains	4		4
Gross Unrealized Losses	0		0
Fair   Value	39		41
Sovereign and supranational
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	408		446
Fair   Value	462		500
Sovereign and supranational | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	411		450
Allowance for Credit Loss	3		4
Total fixed maturity securities, held to maturity, amortized cost	408		446
Gross Unrealized Gains	54		54
Gross Unrealized Losses	0		0
Fair   Value	462		500
Other corporate
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	17		19
Fair   Value	21		22
Other corporate | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	17		19
Allowance for Credit Loss	0		0
Total fixed maturity securities, held to maturity, amortized cost	17		19
Gross Unrealized Gains	4		3
Gross Unrealized Losses	0		0
Fair   Value	$ 21		$ 22

[1] Net of allowance for credit losses

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INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Equity Securities, FV-NI [Line Items]
Fair Value	$ 965	$ 1,091
Yen-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	703	670
Dollar-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	218	374
Other currencies
Equity Securities, FV-NI [Line Items]
Fair Value	$ 44	$ 47

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INVESTMENTS - Contractual and Economic Maturities of Investments in Fixed Maturities (Detail) - USD ($) $ in Millions		Jun. 30, 2023		Dec. 31, 2022
Available for sale:
Due in one year or less	[1]	$ 1,808
Due after one year through five years	[1]	6,636
Due after five years through 10 years	[1]	16,133
Due after 10 years	[1]	43,538
Mortgage- and asset-backed securities	[1]	2,734
Total fixed maturity securities, available for sale, amortized cost	[1]	70,849
Held to maturity:
Due in one year or less	[1]	0
Due after one year through five years	[1]	37
Due after five years through 10 years	[1]	9,300
Due after 10 years	[1]	8,099
Mortgage- and asset-backed securities	[1]	0
Total fixed maturity securities, held to maturity, amortized cost		17,436	[1]	$ 19,056
Available for sale:
Due in one year or less		1,896
Due after one year through five years		7,114
Due after five years through 10 years		17,931
Due after 10 years		44,709
Mortgage- and asset-backed securities		2,855
Fair Value		74,505		75,741
Held to maturity:
Due in one year or less		0
Due after one year through five years		39
Due after five years through 10 years		10,414
Due after 10 years		9,485
Mortgage- and asset-backed securities		0
Fair Value		$ 19,938		$ 21,210

[1] Net of allowance for credit losses

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INVESTMENTS - Investment Exposures Individually Exceeded 10% of Shareholders' Equity (Details) - Japan National Government - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Credit Rating	[1]	A+	A+
Amortized Cost	[1]	$ 39,043	$ 42,618
Fair Value	[1]	$ 41,826	$ 44,178

[1] Japan Government Bonds (JGBs) or JGB-backed securities

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INVESTMENTS - Information Regarding Pretax Net Gains and Losses From Investments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ 555	$ 564	$ 678	$ 686
Credit losses:
Fixed maturity securities held to maturity	0	0	1	0
Commercial mortgage and other loans	(2)	(12)	(33)	4
Impairment losses	0	(17)	0	(17)
Loan commitments	1	(5)	4	2
Reinsurance recoverables and other	0	0	(3)	2
Total credit losses	(1)	(34)	(31)	(9)
Derivatives and other:
Derivative gains (losses)	(594)	(558)	(577)	(1,024)
Foreign currency gains (losses)	1,135	1,176	1,217	1,809
Derivatives and other
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	541	618	640	785
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Gross gains from sales	7	15	8	85
Gross losses from sales	(6)	(23)	(9)	(26)
Foreign currency gains (losses)	26	123	85	133
Net investment gains (losses)	24	115	81	201
Other investments
Gain (Loss) on Securities [Line Items]
Gross gains (losses) from sales	(3)	0	(3)	9
Equity securities
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (9)	$ (135)	$ (12)	$ (291)

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INVESTMENTS - Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Unrealized gains (losses) on securities available for sale	$ 3,656	$ 272
Deferred income taxes	(1,678)	(974)
Unrealized gains (losses) on fixed maturity securities	$ 1,978	$ (702)

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INVESTMENTS - Fair Value and Gross Unrealized Losses for Securities That Have Been in Continuous Unrealized Loss Position (Detail) - Fixed maturity securities - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	$ 26,342	$ 31,709
Total Unrealized Losses	2,806	4,528
Less than 12 months Fair Value	6,137	20,347
Less than 12 months Unrealized Losses	379	2,213
12 months or Longer Fair Value	20,205	11,362
12 months or Longer Unrealized Losses	2,427	2,315
Dollar-denominated | U.S. government and agencies
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	179	159
Total Unrealized Losses	7	8
Less than 12 months Fair Value	97	85
Less than 12 months Unrealized Losses	3	3
12 months or Longer Fair Value	82	74
12 months or Longer Unrealized Losses	4	5
Dollar-denominated | Municipalities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	700	854
Total Unrealized Losses	51	89
Less than 12 months Fair Value	96	735
Less than 12 months Unrealized Losses	6	57
12 months or Longer Fair Value	604	119
12 months or Longer Unrealized Losses	45	32
Dollar-denominated | Mortgage- and asset-backed securities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	1,057	936
Total Unrealized Losses	70	84
Less than 12 months Fair Value	753	640
Less than 12 months Unrealized Losses	55	42
12 months or Longer Fair Value	304	296
12 months or Longer Unrealized Losses	15	42
Dollar-denominated | Public utilities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	1,296	1,852
Total Unrealized Losses	143	180
Less than 12 months Fair Value	690	1,667
Less than 12 months Unrealized Losses	58	144
12 months or Longer Fair Value	606	185
12 months or Longer Unrealized Losses	85	36
Dollar-denominated | Sovereign and supranational
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	33	30
Total Unrealized Losses	10	12
Less than 12 months Fair Value	0	0
Less than 12 months Unrealized Losses	0	0
12 months or Longer Fair Value	33	30
12 months or Longer Unrealized Losses	10	12
Dollar-denominated | Banks/financial institutions
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	857	1,147
Total Unrealized Losses	70	105
Less than 12 months Fair Value	387	786
Less than 12 months Unrealized Losses	13	58
12 months or Longer Fair Value	470	361
12 months or Longer Unrealized Losses	57	47
Dollar-denominated | Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	7,385	10,529
Total Unrealized Losses	795	1,201
Less than 12 months Fair Value	2,691	8,636
Less than 12 months Unrealized Losses	118	785
12 months or Longer Fair Value	4,694	1,893
12 months or Longer Unrealized Losses	677	416
Yen-denominated | Japan government and agencies
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	8,274	8,856
Total Unrealized Losses	975	1,724
Less than 12 months Fair Value	529	3,733
Less than 12 months Unrealized Losses	102	580
12 months or Longer Fair Value	7,745	5,123
12 months or Longer Unrealized Losses	873	1,144
Yen-denominated | Municipalities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	283	286
Total Unrealized Losses	35	61
Less than 12 months Fair Value	0	150
Less than 12 months Unrealized Losses	0	26
12 months or Longer Fair Value	283	136
12 months or Longer Unrealized Losses	35	35
Yen-denominated | Mortgage- and asset-backed securities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	61	62
Total Unrealized Losses	6	12
Less than 12 months Fair Value	0	38
Less than 12 months Unrealized Losses	0	6
12 months or Longer Fair Value	61	24
12 months or Longer Unrealized Losses	6	6
Yen-denominated | Public utilities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	710	880
Total Unrealized Losses	51	108
Less than 12 months Fair Value	57	576
Less than 12 months Unrealized Losses	2	61
12 months or Longer Fair Value	653	304
12 months or Longer Unrealized Losses	49	47
Yen-denominated | Sovereign and supranational
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	63	71
Total Unrealized Losses	4	5
Less than 12 months Fair Value	0	34
Less than 12 months Unrealized Losses	0	4
12 months or Longer Fair Value	63	37
12 months or Longer Unrealized Losses	4	1
Yen-denominated | Banks/financial institutions
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	3,626	3,957
Total Unrealized Losses	309	531
Less than 12 months Fair Value	425	1,760
Less than 12 months Unrealized Losses	9	174
12 months or Longer Fair Value	3,201	2,197
12 months or Longer Unrealized Losses	300	357
Yen-denominated | Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	1,818	2,090
Total Unrealized Losses	280	408
Less than 12 months Fair Value	412	1,507
Less than 12 months Unrealized Losses	13	273
12 months or Longer Fair Value	1,406	583
12 months or Longer Unrealized Losses	$ 267	$ 135

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INVESTMENTS - Commercial Mortgage and Other Loans by Portfolio Segment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 13,571		$ 13,688
Percent of total commercial mortgage and other loans	100.00%		100.00%
Allowance for credit losses	$ (225)		$ (192)
Total net commercial mortgage and other loans	13,346		13,496
Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 6,775		$ 6,509
Percent of total commercial mortgage and other loans	49.90%		47.60%
Allowance for credit losses	$ (76)	$ (65)	$ (54)	$ (53)	$ (52)	$ (68)
Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 1,756		$ 2,022
Percent of total commercial mortgage and other loans	13.00%		14.80%
Allowance for credit losses	$ (9)	(9)	$ (9)	(8)	(8)	(10)
Middle market loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 5,040		$ 5,157
Percent of total commercial mortgage and other loans	37.10%		37.60%
Allowance for credit losses	$ (140)	$ (149)	$ (129)	$ (109)	$ (98)	$ (96)
Office | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 2,162		$ 2,158
Percent of total commercial mortgage and other loans	15.90%		15.80%
Office | Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 378		$ 388
Percent of total commercial mortgage and other loans	2.80%		2.80%
Retail | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 468		$ 493
Percent of total commercial mortgage and other loans	3.40%		3.60%
Retail | Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 306		$ 310
Percent of total commercial mortgage and other loans	2.30%		2.30%
Apartment/Multi-Family | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 2,642		$ 2,701
Percent of total commercial mortgage and other loans	19.50%		19.70%
Apartment/Multi-Family | Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 607		$ 630
Percent of total commercial mortgage and other loans	4.50%		4.60%
Industrial | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 449		$ 123
Percent of total commercial mortgage and other loans	3.30%		0.90%
Industrial | Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 465		$ 694
Percent of total commercial mortgage and other loans	3.40%		5.10%
Hospitality | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 812		$ 803
Percent of total commercial mortgage and other loans	6.00%		5.90%
Other | Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 242		$ 231
Percent of total commercial mortgage and other loans	1.80%		1.70%

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INVESTMENTS - Transitional Real Estate Loans by Key Credit Quality Indicators (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 13,571	$ 13,688
Transitional real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	158
2022	2,362
2021	2,430
2020	272
2019	1,015
Prior	538
Total	6,775
Transitional real estate loans | Loan to Value Ratio, 0.00% to 59.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	116
2022	653
2021	598
2020	36
2019	153
Prior	10
Total	1,566
Transitional real estate loans | Loan to Value Ratio, 60.00% to 69.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	42
2022	733
2021	751
2020	136
2019	497
Prior	382
Total	2,541
Transitional real estate loans | Loan to Value Ratio, 70.00% to 79.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	868
2021	918
2020	100
2019	365
Prior	146
Total	2,397
Transitional real estate loans | Loan-to-Value Ratio, 80.00% or greater
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	108
2021	163
2020	0
2019	0
Prior	0
Total	$ 271

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INVESTMENTS - Commercial Mortgage Loans by Key Credit Quality Indicators (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 13,571	$ 13,688
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	313
2020	46
2019	588
Prior	809
Total	$ 1,756
Weighted Average DSCR	2.42
Commercial mortgage loans | 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	0.00
Commercial mortgage loans | 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	0.00
Commercial mortgage loans | 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	2.93
Commercial mortgage loans | 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	1.98
Commercial mortgage loans | 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	2.44
Commercial mortgage loans | Prior
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average DSCR	2.23
Commercial mortgage loans | Loan to Value Ratio, 0.00% to 59.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	298
2020	46
2019	504
Prior	617
Total	$ 1,465
Weighted Average DSCR	2.53
Commercial mortgage loans | Loan to Value Ratio, 60.00% to 69.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	15
2020	0
2019	45
Prior	124
Total	$ 184
Weighted Average DSCR	1.82
Commercial mortgage loans | Loan to Value Ratio, 70.00% to 79.99%
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	0
2020	0
2019	39
Prior	20
Total	$ 59
Weighted Average DSCR	1.18
Commercial mortgage loans | Loan-to-Value Ratio, 80.00% or greater
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	48
Total	$ 48
Weighted Average DSCR	2.67

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INVESTMENTS - Middle Market Loans by Key Credit Quality Indicators (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 13,571	$ 13,688
Middle market loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	60
2022	634
2021	1,250
2020	787
2019	763
Prior	669
Revolving Loans	877
Total	5,040
Middle market loans | BBB Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	7
2022	58
2021	147
2020	68
2019	37
Prior	27
Revolving Loans	145
Total	489
Middle market loans | BB Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	31
2022	340
2021	458
2020	299
2019	170
Prior	126
Revolving Loans	392
Total	1,816
Middle market loans | B Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	22
2022	236
2021	624
2020	381
2019	445
Prior	344
Revolving Loans	287
Total	2,339
Middle market loans | CCC Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	21
2020	39
2019	104
Prior	156
Revolving Loans	50
Total	370
Middle market loans | CC Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	7
Prior	10
Revolving Loans	0
Total	17
Middle market loans | C and Lower Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	6
Revolving Loans	3
Total	$ 9

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INVESTMENTS - Nonaccrual Loans (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total		$ 13,571	$ 13,688
Total, nonaccrual status		655
Total, 90 days or more past due and still accruing		0
Transitional real estate loans
Financing Receivable, Past Due [Line Items]
Total		6,775
Total, nonaccrual status		612
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Total		1,756
Total, nonaccrual status		0
Middle market loans
Financing Receivable, Past Due [Line Items]
Total		5,040
Total, nonaccrual status		43
Current
Financing Receivable, Past Due [Line Items]
Total		12,894
Current | Transitional real estate loans
Financing Receivable, Past Due [Line Items]
Total		6,141
Current | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Total		1,756
Current | Middle market loans
Financing Receivable, Past Due [Line Items]
Total		4,997
Less Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total		207
Less Than 90 Days Past Due | Transitional real estate loans
Financing Receivable, Past Due [Line Items]
Total		207
Less Than 90 Days Past Due | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Total		0
Less Than 90 Days Past Due | Middle market loans
Financing Receivable, Past Due [Line Items]
Total		0
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total	[1]	470
90 Days or More Past Due | Transitional real estate loans
Financing Receivable, Past Due [Line Items]
Total	[1]	427
90 Days or More Past Due | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Total	[1]	0
90 Days or More Past Due | Middle market loans
Financing Receivable, Past Due [Line Items]
Total	[1]	43
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Total		677
Financial Asset, Past Due | Transitional real estate loans
Financing Receivable, Past Due [Line Items]
Total		634
Financial Asset, Past Due | Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Total		0
Financial Asset, Past Due | Middle market loans
Financing Receivable, Past Due [Line Items]
Total		$ 43

[1] As of June 30, 2023, there were no loans that were 90 days or more past due that continued to accrue interest

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INVESTMENTS - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period			$ (192)
(Addition to) release of allowance for credit losses	$ (2)	$ (12)	(33)	$ 4
Balance, end of period	(225)		(225)
Balance, beginning of period			(7)
(Addition to) release of allowance for credit losses	0	0	1	0
Balance, end of period	(5)		(5)
Balance, beginning of period			0
Balance, end of period	0		0
Transitional real estate loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	(65)	(52)	(54)	(68)
(Addition to) release of allowance for credit losses	(11)	(1)	(22)	15
Write-offs, net of recoveries	0	0	0	0
Change in foreign exchange	0	0	0	0
Balance, end of period	(76)	(53)	(76)	(53)
Commercial mortgage loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	(9)	(8)	(9)	(10)
(Addition to) release of allowance for credit losses	0	0	0	2
Write-offs, net of recoveries	0	0	0	0
Change in foreign exchange	0	0	0	0
Balance, end of period	(9)	(8)	(9)	(8)
Middle market loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	(149)	(98)	(129)	(96)
(Addition to) release of allowance for credit losses	9	(16)	(11)	(18)
Write-offs, net of recoveries	0	5	0	5
Change in foreign exchange	0	0	0	0
Balance, end of period	(140)	(109)	(140)	(109)
Held-to-maturity securities
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	(6)	(8)	(7)	(8)
(Addition to) release of allowance for credit losses	0	0	1	0
Write-offs, net of recoveries	0	0	0	0
Change in foreign exchange	1	1	1	1
Balance, end of period	(5)	(7)	(5)	(7)
Available-for-sale securities
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	0	0	0	0
(Addition to) release of allowance for credit losses	0	0	0	0
Write-offs, net of recoveries	0	0	0	0
Change in foreign exchange	0	0	0	0
Balance, end of period	0	0	0	0
Reinsurance recoverables
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	(11)	(9)	(8)	(13)
(Addition to) release of allowance for credit losses)	0	0	(2)	2
Write-offs, net of recoveries	0	0	0	0
Change in foreign exchange	1	1	0	3
Balance, end of period	$ (10)	$ (8)	$ (10)	$ (8)

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INVESTMENTS - Other Investments (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Other investments		$ 5,491	$ 4,070
Policy loans
Investment Holdings [Line Items]
Other investments		202	214
Short-term investments
Investment Holdings [Line Items]
Other investments	[1]	2,706	1,532
Limited partnerships
Investment Holdings [Line Items]
Other investments		2,551	2,290
Other
Investment Holdings [Line Items]
Other investments		$ 32	$ 34

[1] Includes securities lending collateral

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INVESTMENTS - Investments in Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost	[1]	$ 70,849
Available for sale, fixed maturity securities		74,505	$ 75,741
Commercial mortgage and other loans		13,346	13,496
Commercial mortgage and other loans, fair value		13,014	13,212
Other investments		5,491	4,070
Asset derivatives		668	617
Assets, fair value		83,564	82,924
Liability derivatives		1,481	1,698
Liabilities		110,187	111,598
Liabilities, fair value		1,481	1,698
Variable Interest Entity, Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost	[2]	2,922	3,223
Available for sale, fixed maturity securities		3,766	3,805
Commercial mortgage and other loans	[2]	10,652	10,832
Commercial mortgage and other loans, fair value		10,605	10,762
Other investments	[2],[3]	2,163	1,909
Other investments, fair value	[3]	2,163	1,909
Asset derivatives, amortized cost	[2],[4]	61	62
Asset derivatives	[4]	61	62
Assets, amortized cost	[2]	15,798	16,026
Assets, fair value		16,595	16,538
Liability derivatives, amortized cost	[2],[4]	450	390
Liability derivatives	[4]	450	390
Liabilities	[2]	450	390
Liabilities, fair value		$ 450	$ 390

[1] Net of allowance for credit losses

[2] Net of allowance for credit losses

[3] Consists entirely of alternative investments in limited partnerships

[4] Consists entirely of derivatives

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INVESTMENTS - Investments in Variable Interest Entities Not Consolidated (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		$ 70,849	$ 75,469
Available for sale, fixed maturity securities		74,505	75,741
Other investments		5,491	4,070
Assets, fair value		83,564	82,924
Variable Interest Entity, Not Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		3,522	3,998
Available for sale, fixed maturity securities		3,924	4,259
Other investments	[1]	388	381
Other investments, fair value	[1]	388	381
Assets, amortized cost		3,910	4,379
Assets, fair value		$ 4,312	$ 4,640

[1] Consists entirely of alternative investments in limited partnerships

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INVESTMENTS - Securities Lending Transactions Accounted for as Secured Borrowings (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		$ 4,679	$ 1,809
Gross amount of recognized liabilities for securities lending		4,679	1,809
Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		4,350	1,087
Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		6	12
Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		38	89
Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		285	621
Maturity Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	329	722
Maturity Overnight and Continuous | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	0	0
Maturity Overnight and Continuous | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	6	12
Maturity Overnight and Continuous | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	38	89
Maturity Overnight and Continuous | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	285	621
Maturity up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		3,784	1,087
Maturity up to 30 Days | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		3,784	1,087
Maturity up to 30 Days | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity up to 30 Days | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity up to 30 Days | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	$ 0
Maturity 30 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		566
Maturity 30 to 90 Days | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		566
Maturity 30 to 90 Days | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0
Maturity 30 to 90 Days | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0
Maturity 30 to 90 Days | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		$ 0

[1] The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

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INVESTMENTS - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) investment	Jun. 30, 2022 USD ($) investment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Investments [Line Items]
Held to maturity securities transferred to available for sale securities, number of investments | investment		0	0
Equity securities, FV-NI, unrealized gain (loss)	$ (16)	$ (21)
Transitional real estate loan commitments	792	792
Middle market loan program unfunded amount	26	26			$ 28
Middle market loan commitments	726	726
Amortized Cost	17,441	17,441			19,063
Loan Commitments, Allowance for Credit Loss	20	20
Limited partnerships investment commitments	$ 2,300	$ 2,300
Percentage that the lending policy requires that the fair value of the securities received as collateral be of the fair value of the loaned securities	102.00%	102.00%
Percentage that the lending policy requires that the fair value of the unrestricted cash received as collateral be of the fair value of the loaned securities	100.00%	100.00%
Securities Lending, Securities Received as Collateral	$ 5,000	$ 5,000			6,800
Repurchase Agreements and Repurchase-to-Maturity Transactions Outstanding	0	0			0
Credit allowance	225	225			192
Nonaccrual loans, interest income	0	0
Financing receivable, before allowance for credit loss	13,571	13,571			13,688
Transitional real estate loans
Schedule of Investments [Line Items]
Nonaccrual loans, no allowance	218	218
Financing receivable, before allowance for credit loss	6,775	6,775
Middle market loans
Schedule of Investments [Line Items]
Nonaccrual loans, no allowance	0	0
Financing receivable, before allowance for credit loss	5,040	5,040
Transitional real estate loans
Schedule of Investments [Line Items]
Credit allowance	76	76	$ 53	$ 65	54	$ 52	$ 68
Financing receivable, before allowance for credit loss	6,775	6,775			$ 6,509
Transitional real estate loans | Potential Foreclosure or Deed-in-lieu Foreclosure
Schedule of Investments [Line Items]
Amortized cost of financing receivable in anticipation of foreclosure		626
Credit allowance	21	21
Financing receivable, before allowance for credit loss	365	365
Zero-credit-loss expectation | Japan government and agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 16,600	$ 16,600
CALIFORNIA | Commercial Mortgage and Transitional Real Estate Loans | Mortgages
Schedule of Investments [Line Items]
Concentration Risk, Percentage		20.00%
TEXAS | Commercial Mortgage and Transitional Real Estate Loans | Mortgages
Schedule of Investments [Line Items]
Concentration Risk, Percentage		12.00%
FLORIDA | Commercial Mortgage and Transitional Real Estate Loans | Mortgages
Schedule of Investments [Line Items]
Concentration Risk, Percentage		10.00%

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DERIVATIVE INSTRUMENTS - Summary of Balance Sheet Classification of Derivative Fair Value Amounts, as well as Gross Asset and Liability Fair Value Amounts (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Amount	$ 55,121	$ 49,190
Derivative Asset, Fair Value	668	617
Derivative Liability, Fair Value	1,481	1,698
Cash flow hedges
Derivatives, Fair Value [Line Items]
Notional Amount	18	18
Derivative Asset, Fair Value	0	0
Derivative Liability, Fair Value	4	3
Cash flow hedges | Foreign currency swaps | Variable Interest Entity, Consolidated
Derivatives, Fair Value [Line Items]
Notional Amount	18	18
Derivative Asset, Fair Value	0	0
Derivative Liability, Fair Value	4	3
Fair value hedges
Derivatives, Fair Value [Line Items]
Notional Amount	8,241	7,940
Derivative Asset, Fair Value	0	45
Derivative Liability, Fair Value	0	0
Fair value hedges | Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	8,241	7,940
Derivative Asset, Fair Value	0	45
Derivative Liability, Fair Value	0	0
Net investment hedge
Derivatives, Fair Value [Line Items]
Notional Amount	7,370	7,612
Derivative Asset, Fair Value	552	390
Derivative Liability, Fair Value	0	85
Net investment hedge | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	5,002	4,982
Derivative Asset, Fair Value	552	383
Derivative Liability, Fair Value	0	85
Net investment hedge | Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	2,368	2,630
Derivative Asset, Fair Value	0	7
Derivative Liability, Fair Value	0	0
Non-qualifying strategies
Derivatives, Fair Value [Line Items]
Notional Amount	39,492	33,620
Derivative Asset, Fair Value	116	182
Derivative Liability, Fair Value	1,477	1,610
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity, Consolidated
Derivatives, Fair Value [Line Items]
Notional Amount	3,510	3,420
Derivative Asset, Fair Value	61	62
Derivative Liability, Fair Value	446	387
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivatives, Fair Value [Line Items]
Notional Amount	1,200	1,900
Derivative Asset, Fair Value	46	66
Derivative Liability, Fair Value	0	0
Non-qualifying strategies | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	3,701	5,049
Derivative Asset, Fair Value	0	17
Derivative Liability, Fair Value	440	640
Non-qualifying strategies | Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	5,221	5,521
Derivative Asset, Fair Value	0	30
Derivative Liability, Fair Value	0	0
Non-qualifying strategies | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	25,860	17,730
Derivative Asset, Fair Value	9	7
Derivative Liability, Fair Value	$ 591	$ 583

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DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		$ (25)	$ (11)	$ (64)	$ (26)
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(25)	(11)	(64)	(26)
Gains (losses) on derivatives included in effectiveness testing	[2]	0	0	0	0
Gains (losses) recognized for hedged items	[2]	0	0	0	0
Net realized gains (losses) recognized for fair value hedge		0	0	0	0
Fixed maturity securities | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		(25)	(11)	(64)	(26)
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(25)	(11)	(64)	(26)
Gains (losses) on derivatives included in effectiveness testing	[2]	0	0	0	0
Gains (losses) recognized for hedged items	[2]	0	0	0	0
Net realized gains (losses) recognized for fair value hedge		$ 0	$ 0	$ 0	$ 0

[1] Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statement of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).

[2] Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the three- and six-month periods ended June 30, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

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DERIVATIVE INSTRUMENTS - Schedule of Interest Rate Fair Value Hedges Hedged Items (Details) - Fixed maturity securities - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of Hedged Assets/ (Liabilities)	[1]	$ 1,892	$ 2,360
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)		$ 182	$ 189

[1] The balance includes hedging adjustment on discontinued hedging relationships of $182 in 2023 and $189 in 2022.

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DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2023		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other comprehensive income on derivative		$ 1		$ 0		$ 2		$ 1
Unrealized foreign currency translation gains (losses) during period		(439)		(751)		(482)		(1,203)
Derivative and non-derivative hedging instruments, gain (loss) recognized in other comprehensive income, before tax	[1]	707		846		762		1,347
Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative	[2]	0		0		0		0
Net investment gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(594)		(558)		(577)		(1,024)
Reclassification Out Of Accumulated Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, cash flow hedges, gains (losses) reclassified from accumulated other comprehensive income into earnings		(1)		(1)		(1)		(1)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other comprehensive income on derivative	[1]	1		0		2		1
Cash flow hedges | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative	[2]	0		0		0		0
Cash flow hedges | Net investment gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(1)	[3]	(1)	[3]	(2)	[4]	(2)	[4]
Cash flow hedges | Foreign currency swaps | Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other comprehensive income on derivative	[1]	1		0		2		1
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative	[2]	0		0		0		0
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(1)		(1)		(2)		(2)
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(25)		(11)		(64)		(26)
Fair value hedges | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(25)		(11)		(64)		(26)
Net investment hedge
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		32		(25)		119		(102)
Unrealized foreign currency translation gains (losses) during period	[1]	706		846		760		1,346
Net investment hedge | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(5)		0		(8)		(1)
Unrealized foreign currency translation gains (losses) during period	[1]	0		0		0		0
Net investment hedge | Non-derivative hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		0		0		0		0
Unrealized foreign currency translation gains (losses) during period	[1]	313		324		338		523
Net investment hedge | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		37		(25)		127		(101)
Unrealized foreign currency translation gains (losses) during period	[1]	393		522		422		823
Non-qualifying strategies
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(600)		(521)		(630)		(894)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(63)		(39)		(90)		(16)
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		2		107		3		135
Non-qualifying strategies | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(18)		(3)		(37)		(13)
Non-qualifying strategies | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(331)		(473)		(382)		(714)
Non-qualifying strategies | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		(189)		(110)		(120)		(266)
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in income on derivative		$ (1)		$ (3)		$ (4)		$ (20)

[1] Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

[2] Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.

[3] Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2023, and $1 of losses during the three-month period ended June 30, 2022.

[4] Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2023, and $1 of losses during the six-month period ended June 30, 2022.

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DERIVATIVE INSTRUMENTS - Offsetting of Financial Assets and Derivative Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	$ 607	$ 555
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	607	555
Financial instruments, amount not offset	(10)	(174)
Derivative, collateral, obligation to return securities	(70)	(60)
Derivative, collateral, obligation to return cash	(527)	(320)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	0	1
Derivative asset, not subject to master netting arrangement	61	62
Derivative asset, fair value, gross asset including not subject to master netting arrangement	668	617
Net amount of derivative assets presented in balance sheet	668	617
Derivative asset, fair value, amount offset against collateral	61	63
Securities lending, gross amounts of recognized financial instruments	4,654	1,788
Securities lending, gross amounts offset in balance sheet	0	0
Securities lending, net amounts of assets presented in balance sheet	4,654	1,788
Securities lending, carrying value of financial instruments not offset in balance sheet	0	0
Securities lending, securities collateral, not offset in balance sheet	0	0
Securities lending, cash collateral, not offset in balance sheet	(4,654)	(1,788)
Securities lending, financial instruments, amount of assets offset against collateral	0	0
Gross amount of recognized assets	5,322	2,405
Gross amounts offset in balance sheet	0	0
Net amounts of assets presented in balance sheet	5,322	2,405
Carrying value of financial instruments not offset in balance sheet	(10)	(174)
Securities collateral, not offset in balance sheet	(70)	(60)
Cash collateral, not offset in balance sheet	(5,181)	(2,108)
Financial instruments, amount of assets offset against collateral	61	63
OTC - Bilateral
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	598	548
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	598	548
Financial instruments, amount not offset	(1)	(167)
Derivative, collateral, obligation to return securities	(70)	(60)
Derivative, collateral, obligation to return cash	(527)	(320)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	0	1
Derivative asset, not subject to master netting arrangement	61	62
OTC- Cleared
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	9	7
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	9	7
Financial instruments, amount not offset	(9)	(7)
Derivative, collateral, obligation to return securities	0	0
Derivative, collateral, obligation to return cash	0	0
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	$ 0	$ 0

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DERIVATIVE INSTRUMENTS - Offsetting of Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	$ 1,031	$ 1,308
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	1,031	1,308
Financial instruments, amount not offset	(10)	(174)
Derivative, collateral, right to reclaim securities	(420)	(506)
Derivative, collateral, right to reclaim cash	(596)	(629)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	5	(1)
Derivative liability, not subject to master netting arrangement	450	390
Derivative liability, fair value, gross liability including not subject to master netting arrangement	1,481	1,698
Net amount of derivative liabilities presented in balance sheet	1,481	1,698
Derivative liability, fair value, amount offset against collateral	455	389
Securities lending, gross amounts of recognized financial instruments, offsetting liabilities	4,679	1,809
Securities lending, gross amounts offset in statement of financial position, offsetting liabilities	0	0
Securities lending, net amounts of financial instruments presented in balance sheet, offsetting liabilities	4,679	1,809
Securities lending, carrying value of financial instruments, liabilities not offset in balance sheet	(4,654)	(1,788)
Securities lending, securities collateral, liabilities not offset in balance sheet	0	0
Securities lending, cash collateral, liabilities not offset in balance sheet	0	0
Securities lending, financial instruments, amount of liabilities offset against collateral	25	21
Gross amounts of recognized financial instruments, offsetting liabilities	6,160	3,507
Gross amounts offset in statement of financial position, offsetting liabilities	0	0
Net amounts of financial instruments presented in balance sheet, offsetting liabilities	6,160	3,507
Carrying value of financial instruments, liabilities not offset in balance sheet	(4,664)	(1,962)
Securities collateral, liabilities not offset in balance sheet	(420)	(506)
Cash collateral, liabilities not offset in balance sheet	(596)	(629)
Financial instruments, amount of liabilities offset against collateral	480	410
OTC - Bilateral
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	440	725
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	440	725
Financial instruments, amount not offset	(1)	(167)
Derivative, collateral, right to reclaim securities	(395)	(506)
Derivative, collateral, right to reclaim cash	(39)	(52)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	5	0
Derivative liability, not subject to master netting arrangement	450	390
OTC- Cleared
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	591	583
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	591	583
Financial instruments, amount not offset	(9)	(7)
Derivative, collateral, right to reclaim securities	(25)	0
Derivative, collateral, right to reclaim cash	(557)	(577)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	$ 0	$ (1)

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DERIVATIVE INSTRUMENTS - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 55,121	$ 49,190
Derivative, net liability position, aggregate fair value	1,200	1,300
Additional Collateral, Aggregate Fair Value	162
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ (5)
Maximum Length of Time Hedged in Cash Flow Hedge	3 years
Fair value hedges of interest rate risk	$ 0	$ 0
Senior notes | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 1,200

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FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Available for sale, fixed maturity securities	$ 74,505	$ 75,741
Equity securities	965	1,091
Other investments	2,706	1,532
Cash and cash equivalents	4,720	3,943
Asset derivatives	668	617
Total assets	83,564	82,924
Liabilities:
Liability derivatives	1,481	1,698
Total liabilities	1,481	1,698
Foreign currency swaps
Assets:
Asset derivatives	107	128
Liabilities:
Liability derivatives	450	390
Foreign currency forwards
Assets:
Asset derivatives	552	400
Liabilities:
Liability derivatives	440	725
Foreign currency options
Assets:
Asset derivatives	0	82
Interest rate swaps
Assets:
Asset derivatives	9	7
Liabilities:
Liability derivatives	591	583
Government and agencies
Assets:
Available for sale, fixed maturity securities	23,953	25,114
Municipalities
Assets:
Available for sale, fixed maturity securities	2,323	2,320
Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	2,855	2,146
Public utilities
Assets:
Available for sale, fixed maturity securities	7,569	7,666
Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	674	834
Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	8,849	9,299
Other corporate
Assets:
Available for sale, fixed maturity securities	28,282	28,362
Level 1
Assets:
Available for sale, fixed maturity securities	23,022	24,158
Equity securities	752	822
Other investments	2,706	1,532
Cash and cash equivalents	4,720	3,943
Asset derivatives	0	0
Total assets	31,200	30,455
Liabilities:
Total liabilities	0	0
Level 1 | Foreign currency swaps
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Foreign currency forwards
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Foreign currency options
Assets:
Asset derivatives	0	0
Level 1 | Interest rate swaps
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Government and agencies
Assets:
Available for sale, fixed maturity securities	23,022	24,158
Level 1 | Municipalities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Public utilities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Other corporate
Assets:
Available for sale, fixed maturity securities	0	0
Level 2
Assets:
Available for sale, fixed maturity securities	49,856	49,805
Equity securities	0	60
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	668	617
Total assets	50,524	50,482
Liabilities:
Total liabilities	1,481	1,698
Level 2 | Foreign currency swaps
Assets:
Asset derivatives	107	128
Liabilities:
Liability derivatives	450	390
Level 2 | Foreign currency forwards
Assets:
Asset derivatives	552	400
Liabilities:
Liability derivatives	440	725
Level 2 | Foreign currency options
Assets:
Asset derivatives	0	82
Level 2 | Interest rate swaps
Assets:
Asset derivatives	9	7
Liabilities:
Liability derivatives	591	583
Level 2 | Government and agencies
Assets:
Available for sale, fixed maturity securities	931	956
Level 2 | Municipalities
Assets:
Available for sale, fixed maturity securities	2,323	2,320
Level 2 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	2,203	1,803
Level 2 | Public utilities
Assets:
Available for sale, fixed maturity securities	7,267	7,169
Level 2 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	642	797
Level 2 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	8,780	9,140
Level 2 | Other corporate
Assets:
Available for sale, fixed maturity securities	27,710	27,620
Level 3
Assets:
Available for sale, fixed maturity securities	1,627	1,778
Equity securities	213	209
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	0	0
Total assets	1,840	1,987
Liabilities:
Total liabilities	0	0
Level 3 | Foreign currency swaps
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 | Foreign currency forwards
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 | Foreign currency options
Assets:
Asset derivatives	0	0
Level 3 | Interest rate swaps
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 | Government and agencies
Assets:
Available for sale, fixed maturity securities	0	0
Level 3 | Municipalities
Assets:
Available for sale, fixed maturity securities	0	0
Level 3 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	652	343
Level 3 | Public utilities
Assets:
Available for sale, fixed maturity securities	302	497
Level 3 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	32	37
Level 3 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	69	159
Level 3 | Other corporate
Assets:
Available for sale, fixed maturity securities	$ 572	$ 742

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FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Details) - USD ($) $ in Millions	Jun. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 5,491		$ 4,070
Assets:
Amortized Cost	17,441		19,063
Held to maturity, fixed maturity securities, fair value	19,938		21,210
Commercial mortgage and other loans	13,346
Commercial mortgage and other loans, fair value	13,014		13,212
Other investments carried at amortized cost	32	[1]	34	[2]
Other investments carried at amortized cost, fair value	32	[1]	34	[2]
Total financial instruments assets not carried at fair value	30,814		32,586
Assets fair value disclosure financial instruments carried at cost	32,984		34,456
Liabilities:
Other policyholders’ funds	6,115		6,643
Other policyholders' funds fair value disclosure	6,020		6,543
Notes payable	6,941		7,295
Notes payable, fair value disclosure	6,622		6,826
Total financial instrument liabilities not carried at fair value	13,056		13,938
Liabilities fair value disclosure financial instruments carried at cost	12,642		13,369
Government and agencies
Assets:
Amortized Cost	16,715		18,267
Held to maturity, fixed maturity securities, fair value	19,102		20,312
Municipalities
Assets:
Amortized Cost	261		287
Held to maturity, fixed maturity securities, fair value	314		335
Public utilities
Assets:
Amortized Cost	35		37
Held to maturity, fixed maturity securities, fair value	39		41
Sovereign and supranational
Assets:
Amortized Cost	408		446
Held to maturity, fixed maturity securities, fair value	462		500
Other corporate
Assets:
Amortized Cost	17		19
Held to maturity, fixed maturity securities, fair value	21		22
Policy loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	202		214
Equity method investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	2,551		2,290
Level 1
Assets:
Held to maturity, fixed maturity securities, fair value	18,932		20,132
Commercial mortgage and other loans, fair value	0		0
Other investments carried at amortized cost, fair value	0	[1]	0	[2]
Assets fair value disclosure financial instruments carried at cost	18,932		20,132
Liabilities:
Other policyholders' funds fair value disclosure	0		0
Notes payable, fair value disclosure	0		0
Liabilities fair value disclosure financial instruments carried at cost	0		0
Level 1 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	18,932		20,132
Level 1 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 2
Assets:
Held to maturity, fixed maturity securities, fair value	1,006		1,078
Commercial mortgage and other loans, fair value	0		0
Other investments carried at amortized cost, fair value	32	[1]	34	[2]
Assets fair value disclosure financial instruments carried at cost	1,038		1,112
Liabilities:
Other policyholders' funds fair value disclosure	0		0
Notes payable, fair value disclosure	5,887		6,024
Liabilities fair value disclosure financial instruments carried at cost	5,887		6,024
Level 2 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	170		180
Level 2 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	314		335
Level 2 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	39		41
Level 2 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	462		500
Level 2 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	21		22
Level 3
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Commercial mortgage and other loans, fair value	13,014		13,212
Other investments carried at amortized cost, fair value	0	[1]	0	[2]
Assets fair value disclosure financial instruments carried at cost	13,014		13,212
Liabilities:
Other policyholders' funds fair value disclosure	6,020		6,543
Notes payable, fair value disclosure	735		802
Liabilities fair value disclosure financial instruments carried at cost	6,755		7,345
Level 3 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	$ 0		$ 0

[1] Excludes policy loans of $202 and equity method investments of $2,551, at carrying value

[2] Excludes policy loans of $214 and equity method investments of $2,290, at carrying value

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FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	$ 74,505	$ 75,741
Equity securities	965	1,091
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23,022	24,158
Equity securities	752	822
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	49,856	49,805
Equity securities	0	60
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,627	1,778
Equity securities	213	209
Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	752	882
Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	752	822
Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	60
Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	213	209
Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	213	209
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23,953	25,114
Government and agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23,022	24,158
Government and agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	931	956
Government and agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Government and agencies | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23,594	24,740
Government and agencies | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23,022	24,158
Government and agencies | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	572	582
Government and agencies | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Government and agencies | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	359	374
Government and agencies | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Government and agencies | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	359	374
Government and agencies | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,323	2,320
Municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,323	2,320
Municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,030	2,021
Municipalities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,030	2,021
Municipalities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	293	299
Municipalities | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	293	299
Municipalities | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,855	2,146
Mortgage- and asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,203	1,803
Mortgage- and asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	652	343
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,193	1,798
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	2,193	1,798
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	92	3
Mortgage- and asset-backed securities | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	10	3
Mortgage- and asset-backed securities | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	82	0
Mortgage- and asset-backed securities | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	570	345
Mortgage- and asset-backed securities | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	2
Mortgage- and asset-backed securities | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	570	343
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	7,569	7,666
Public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	7,267	7,169
Public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	302	497
Public utilities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	3,778	3,786
Public utilities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	3,778	3,786
Public utilities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	3,460	3,383
Public utilities | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	3,460	3,383
Public utilities | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	331	497
Public utilities | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	29	0
Public utilities | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	302	497
Sovereign and supranational
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	674	834
Sovereign and supranational | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	642	797
Sovereign and supranational | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	32	37
Sovereign and supranational | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	215	232
Sovereign and supranational | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	215	232
Sovereign and supranational | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	427	565
Sovereign and supranational | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	427	565
Sovereign and supranational | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	32	37
Sovereign and supranational | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	32	37
Banks/financial institutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	8,849	9,299
Banks/financial institutions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	8,780	9,140
Banks/financial institutions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	69	159
Banks/financial institutions | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	4,502	4,622
Banks/financial institutions | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	4,502	4,622
Banks/financial institutions | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	4,341	4,623
Banks/financial institutions | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	4,278	4,518
Banks/financial institutions | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	63	105
Banks/financial institutions | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6	54
Banks/financial institutions | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6	54
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	28,282	28,362
Other corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	27,710	27,620
Other corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	572	742
Other corporate | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	22,151	22,268
Other corporate | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	22,151	22,268
Other corporate | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	5,664	5,552
Other corporate | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	5,460	5,352
Other corporate | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	204	200
Other corporate | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	467	542
Other corporate | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	99	0
Other corporate | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	$ 368	$ 542

XML

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Amortized Cost (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	$ 19,938	$ 21,210
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	18,932	20,132
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,006	1,078
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	19,102	20,312
Government and agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	18,932	20,132
Government and agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	170	180
Government and agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Government and agencies | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	19,102	20,312
Government and agencies | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	18,932	20,132
Government and agencies | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	170	180
Government and agencies | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	314	335
Municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	314	335
Municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	314	335
Municipalities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	314	335
Municipalities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	39	41
Public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	39	41
Public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	39	41
Public utilities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	39	41
Public utilities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	462	500
Sovereign and supranational | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	462	500
Sovereign and supranational | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	229	242
Sovereign and supranational | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	229	242
Sovereign and supranational | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Broker/other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value		258
Sovereign and supranational | Broker/other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value		0
Sovereign and supranational | Broker/other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value		258
Sovereign and supranational | Broker/other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value		0
Sovereign and supranational | Internal valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	233
Sovereign and supranational | Internal valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0
Sovereign and supranational | Internal valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	233
Sovereign and supranational | Internal valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	21	22
Other corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	21	22
Other corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	21	22
Other corporate | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	21	22
Other corporate | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	$ 0	$ 0

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FAIR VALUE MEASUREMENTS - Changes in Investments and Derivatives Carried at Fair Value Classified as Level 3 (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 1,940	$ 1,460	$ 1,987	$ 1,471
Net investment gains (losses) included in earnings	(8)	(5)	(6)	2
Unrealized gains (losses) included in other comprehensive income (loss)	(52)	(142)	(7)	(214)
Purchases	173	297	450	392
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(25)	(61)	(154)	(82)
Transfers into Level 3	124	258	142	428
Transfers out of Level 3	(312)	(10)	(572)	(200)
Balance, end of period	1,840	1,797	1,840	1,797
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	(8)	(6)	(5)	(1)
Fixed maturity securities | Mortgage- and asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	418	318	343	291
Net investment gains (losses) included in earnings	0	0	0	0
Unrealized gains (losses) included in other comprehensive income (loss)	(13)	(54)	(10)	(69)
Purchases	136	90	328	166
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(13)	(36)	(133)	(38)
Transfers into Level 3	124	0	124	0
Transfers out of Level 3	0	(7)	0	(39)
Balance, end of period	652	311	652	311
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	0	0	0	0
Fixed maturity securities | Public utilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	350	585	497	493
Net investment gains (losses) included in earnings	0	1	0	1
Unrealized gains (losses) included in other comprehensive income (loss)	(16)	(44)	(6)	(81)
Purchases	0	19	0	28
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(2)	(24)	(9)	(32)
Transfers into Level 3	0	0	18	128
Transfers out of Level 3	(30)	0	(198)	0
Balance, end of period	302	537	302	537
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	0	0	0	1
Fixed maturity securities | Sovereign and supranational
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	37	41	37	43
Net investment gains (losses) included in earnings	0	0	0	0
Unrealized gains (losses) included in other comprehensive income (loss)	(3)	(5)	(3)	(7)
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(2)	0	(2)	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	32	36	32	36
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	0	0	0	0
Fixed maturity securities | Banks/financial institutions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	161	60	159	45
Net investment gains (losses) included in earnings	0	0	0	0
Unrealized gains (losses) included in other comprehensive income (loss)	2	(2)	4	(2)
Purchases	0	33	0	33
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(7)	0	(7)	(3)
Transfers into Level 3	0	0	0	18
Transfers out of Level 3	(87)	0	(87)	0
Balance, end of period	69	91	69	91
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	0	0	0	0
Fixed maturity securities | Other corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	753	290	742	426
Net investment gains (losses) included in earnings	0	0	0	0
Unrealized gains (losses) included in other comprehensive income (loss)	(22)	(37)	8	(55)
Purchases	37	122	112	122
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(1)	(1)	(3)	(2)
Transfers into Level 3	0	258	0	282
Transfers out of Level 3	(195)	0	(287)	(141)
Balance, end of period	572	632	572	632
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	221	166	209	173
Net investment gains (losses) included in earnings	(8)	(6)	(6)	1
Unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases	0	33	10	43
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	(7)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(3)	0	(20)
Balance, end of period	213	190	213	190
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$ (8)	$ (6)	$ (5)	$ (2)

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FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 74,505	$ 75,741
Equity securities		965	1,091
Total assets		83,564	82,924
Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		1,627	1,778
Equity securities		213	209
Total assets		1,840	1,987
Valuation, Cost Approach | Level 3 | Private Financials
Fair Value Measurement Inputs and Valuation Techniques
Equity securities		213	209
Municipalities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		2,323	2,320
Municipalities | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		0	0
Mortgage- and asset-backed securities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		2,855	2,146
Mortgage- and asset-backed securities | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		652	343
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 652	$ 343
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Lower Limit | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[1]	81.82	97.38
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Upper Limit | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[1]	107.45	106.71
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Weighted Average | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[1]	98.37	102.98
Public utilities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 7,569	$ 7,666
Public utilities | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		302	497
Public utilities | Discounted cash flow technique | Level 3 | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 302	$ 497
Public utilities | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0160	0.0128
Public utilities | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0298	0.0286
Public utilities | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0213	0.0192
Sovereign and supranational
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 674	$ 834
Sovereign and supranational | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		32	37
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		32	37
Banks/financial institutions
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		8,849	9,299
Banks/financial institutions | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		69	159
Banks/financial institutions | Discounted cash flow technique | Level 3 | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		69	$ 159
Banks/financial institutions | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]		0.0067
Banks/financial institutions | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]		0.0188
Banks/financial institutions | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]		0.0113
Other corporate
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		28,282	$ 28,362
Other corporate | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		572	742
Other corporate | Discounted cash flow technique | Level 3 | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 572	$ 742
Other corporate | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0067	0.0066
Other corporate | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0294	0.0647
Other corporate | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads
Fair Value Measurement Inputs and Valuation Techniques
Debt Securities, Available-for-Sale, Measurement Input	[2]	0.0196	0.0191

[1] Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.

[2] Actual or equivalent credit spreads in basis points.

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DEFERRED POLICY ACQUISITION COSTS - Schedule Of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			$ 9,239	$ 9,848	$ 9,848
Capitalization			525		1,052
Amortization expense	$ (202)	$ (197)	(407)	(405)	(792)
Foreign currency translation and other			(497)		(869)
Ending balance	8,860		8,860		9,239
Aflac Japan | Cancer
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			3,035	3,464	3,464
Capitalization			153		291
Amortization expense			(94)		(188)
Foreign currency translation and other			(262)		(532)
Ending balance	2,832		2,832		3,035
Aflac Japan | Medical and other health
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			2,161	2,372	2,372
Capitalization			63		161
Amortization expense			(54)		(112)
Foreign currency translation and other			(185)		(260)
Ending balance	1,985		1,985		2,161
Aflac Japan | Life insurance
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			525	595	595
Capitalization			18		33
Amortization expense			(18)		(35)
Foreign currency translation and other			(44)		(68)
Ending balance	481		481		525
Aflac Japan | Other
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			55	51	51
Capitalization			5		12
Amortization expense			(2)		(3)
Foreign currency translation and other			(4)		(5)
Ending balance	54		54		55
Aflac U.S. | Life insurance
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			135	115	115
Capitalization			27		40
Amortization expense			(11)		(20)
Foreign currency translation and other			0		0
Ending balance	151		151		135
Aflac U.S. | Accident
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			904	887	887
Capitalization			76		147
Amortization expense			(69)		(130)
Foreign currency translation and other			0		0
Ending balance	911		911		904
Aflac U.S. | Disability
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			613	604	604
Capitalization			59		117
Amortization expense			(56)		(108)
Foreign currency translation and other			0		0
Ending balance	616		616		613
Aflac U.S. | Critical Care
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			1,304	1,270	1,270
Capitalization			80		160
Amortization expense			(67)		(126)
Foreign currency translation and other			0		0
Ending balance	1,317		1,317		1,304
Aflac U.S. | Hospital Indemnity
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			418	399	399
Capitalization			39		80
Amortization expense			(32)		(61)
Foreign currency translation and other			0		0
Ending balance	425		425		418
Aflac U.S. | Dental/Vision
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			88	90	90
Capitalization			5		11
Amortization expense			(6)		(13)
Foreign currency translation and other			0		0
Ending balance	87		87		88
Aflac U.S. | Other
Deferred Policy Acquisition Cost [Line Items]
Beginning balance			1	$ 1	1
Capitalization			0		0
Amortization expense			2		4
Foreign currency translation and other			(2)		(4)
Ending balance	$ 1		$ 1		$ 1

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POLICY LIABILITIES - Schedule of Changes in Present Value of Expected Net Premiums and Expected Future Policy Benefits (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Present value of expected future policy benefits:
Beginning balance		$ 141,463
Ending balance		136,089	$ 141,463
Net liability for future policy benefits		85,904	88,241
Cancer | Aflac Japan
Present value of expected premiums:
Beginning balance		19,298	25,893
Beginning balance at original discount rate		18,221	22,470
Effect of changes in cash flow assumptions			0	$ (639)
Effect of actual variances from expected experience			(198)	(284)
Adjusted beginning of period balance			18,023	21,547
Issuances		498	947
Interest accrual		218	459
Net premium earned	[1]	(824)	(1,734)
Foreign currency translation		(1,521)	(2,997)
Other		0	(1)
Ending balance at original discount rate		16,394	18,221	22,470
Effect of changes in discount rate assumptions		1,579	1,077
Ending balance		17,973	19,298	25,893
Present value of expected future policy benefits:
Beginning balance		54,766	72,747
Beginning balance at original discount rate		47,677	56,807
Effect of changes in cash flow assumptions			0	(721)
Effect of actual variances from expected experience			(232)	(333)
Adjusted beginning of period balance			47,445	55,753
Issuances		509	960
Interest accrual		779	1,599
Benefit payments		(1,592)	(3,050)
Foreign currency translation		(4,000)	(7,585)
Other		0	0
Ending balance at original discount rate		43,141	47,677	56,807
Effect of changes in discount rate assumptions		8,551	7,089
Ending balance		51,692	54,766	72,747
Net liability for future policy benefits		33,719	35,468
Less: reinsurance recoverable		2,130	0
Net liability for future policy benefits after reinsurance recoverable		31,589	35,468
Medical and other health | Aflac Japan
Present value of expected premiums:
Beginning balance		16,714	21,174
Beginning balance at original discount rate		16,195	18,681
Effect of changes in cash flow assumptions			0	317
Effect of actual variances from expected experience			(61)	61
Adjusted beginning of period balance			16,134	19,059
Issuances		204	639
Interest accrual		180	364
Net premium earned	[1]	(673)	(1,376)
Foreign currency translation		(1,348)	(2,488)
Other		0	(3)
Ending balance at original discount rate		14,497	16,195	18,681
Effect of changes in discount rate assumptions		1,135	519
Ending balance		15,632	16,714	21,174
Present value of expected future policy benefits:
Beginning balance		27,419	36,021
Beginning balance at original discount rate		27,566	31,398
Effect of changes in cash flow assumptions			0	352
Effect of actual variances from expected experience			(65)	83
Adjusted beginning of period balance			27,501	31,833
Issuances		211	646
Interest accrual		323	642
Benefit payments		(647)	(1,375)
Foreign currency translation		(2,323)	(4,180)
Other		0	0
Ending balance at original discount rate		25,065	27,566	31,398
Effect of changes in discount rate assumptions		1,462	(147)
Ending balance		26,527	27,419	36,021
Net liability for future policy benefits		10,895	10,705
Less: reinsurance recoverable		1,580	1,579
Net liability for future policy benefits after reinsurance recoverable		9,315	9,126
Life insurance | Aflac Japan
Present value of expected premiums:
Beginning balance		7,485	10,847
Beginning balance at original discount rate		7,284	10,064
Effect of changes in cash flow assumptions			0	(494)
Effect of actual variances from expected experience			(22)	(81)
Adjusted beginning of period balance			7,262	9,489
Issuances		198	221
Interest accrual		66	146
Net premium earned	[1]	(549)	(1,229)
Foreign currency translation		(597)	(1,343)
Other		0	0
Ending balance at original discount rate		6,380	7,284	10,064
Effect of changes in discount rate assumptions		335	201
Ending balance		6,715	7,485	10,847
Present value of expected future policy benefits:
Beginning balance		31,954	42,720
Beginning balance at original discount rate		32,800	39,002
Effect of changes in cash flow assumptions			0	(550)
Effect of actual variances from expected experience			(26)	(91)
Adjusted beginning of period balance			32,774	38,361
Issuances		201	222
Interest accrual		329	670
Benefit payments		(808)	(1,248)
Foreign currency translation		(2,759)	(5,205)
Other		0	0
Ending balance at original discount rate		29,737	32,800	39,002
Effect of changes in discount rate assumptions		670	(846)
Ending balance		30,407	31,954	42,720
Net liability for future policy benefits		23,692	24,469
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		23,692	24,469
Life insurance | Aflac U.S.
Present value of expected premiums:
Beginning balance		724	834
Beginning balance at original discount rate		799	780
Effect of changes in cash flow assumptions			0	(1)
Effect of actual variances from expected experience			(9)	(16)
Adjusted beginning of period balance			790	763
Issuances		90	146
Interest accrual		14	27
Net premium earned	[1]	(65)	(131)
Foreign currency translation		0	0
Other		2	(6)
Ending balance at original discount rate		831	799	780
Effect of changes in discount rate assumptions		(68)	(75)
Ending balance		763	724	834
Present value of expected future policy benefits:
Beginning balance		1,526	1,843
Beginning balance at original discount rate		1,778	1,694
Effect of changes in cash flow assumptions			0	(1)
Effect of actual variances from expected experience			(12)	(21)
Adjusted beginning of period balance			1,766	1,672
Issuances		94	149
Interest accrual		33	62
Benefit payments		(56)	(103)
Foreign currency translation		0	0
Other		4	(2)
Ending balance at original discount rate		1,841	1,778	1,694
Effect of changes in discount rate assumptions		(228)	(252)
Ending balance		1,613	1,526	1,843
Net liability for future policy benefits		850	802
Less: reinsurance recoverable		11	9
Net liability for future policy benefits after reinsurance recoverable		839	793
Accident | Aflac U.S.
Present value of expected premiums:
Beginning balance		2,534	3,283
Beginning balance at original discount rate		2,760	2,999
Effect of changes in cash flow assumptions			0	(52)
Effect of actual variances from expected experience			(51)	(152)
Adjusted beginning of period balance			2,709	2,795
Issuances		185	355
Interest accrual		51	105
Net premium earned	[1]	(237)	(496)
Foreign currency translation		0	0
Other		(3)	1
Ending balance at original discount rate		2,705	2,760	2,999
Effect of changes in discount rate assumptions		(201)	(226)
Ending balance		2,504	2,534	3,283
Present value of expected future policy benefits:
Beginning balance		3,098	3,949
Beginning balance at original discount rate		3,391	3,594
Effect of changes in cash flow assumptions			0	(70)
Effect of actual variances from expected experience			(65)	(177)
Adjusted beginning of period balance			3,326	3,347
Issuances		194	364
Interest accrual		63	128
Benefit payments		(225)	(456)
Foreign currency translation		0	0
Other		0	8
Ending balance at original discount rate		3,358	3,391	3,594
Effect of changes in discount rate assumptions		(264)	(293)
Ending balance		3,094	3,098	3,949
Net liability for future policy benefits		590	564
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		590	564
Disability | Aflac U.S.
Present value of expected premiums:
Beginning balance		1,635	1,862
Beginning balance at original discount rate		1,775	1,760
Effect of changes in cash flow assumptions			0	5
Effect of actual variances from expected experience			(15)	(43)
Adjusted beginning of period balance			1,760	1,722
Issuances		204	384
Interest accrual		30	57
Net premium earned	[1]	(193)	(382)
Foreign currency translation		0	0
Other		(3)	(6)
Ending balance at original discount rate		1,798	1,775	1,760
Effect of changes in discount rate assumptions		(129)	(140)
Ending balance		1,669	1,635	1,862
Present value of expected future policy benefits:
Beginning balance		2,445	2,871
Beginning balance at original discount rate		2,636	2,670
Effect of changes in cash flow assumptions			0	5
Effect of actual variances from expected experience			(23)	(48)
Adjusted beginning of period balance			2,613	2,627
Issuances		212	397
Interest accrual		48	94
Benefit payments		(233)	(483)
Foreign currency translation		0	0
Other		0	1
Ending balance at original discount rate		2,640	2,636	2,670
Effect of changes in discount rate assumptions		(176)	(191)
Ending balance		2,464	2,445	2,871
Net liability for future policy benefits		795	810
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		795	810
Critical Care | Aflac U.S.
Present value of expected premiums:
Beginning balance		4,486	6,023
Beginning balance at original discount rate		5,050	5,391
Effect of changes in cash flow assumptions			0	(38)
Effect of actual variances from expected experience			(139)	(421)
Adjusted beginning of period balance			4,911	4,932
Issuances		291	537
Interest accrual		94	193
Net premium earned	[1]	(298)	(612)
Foreign currency translation		0	0
Other		(2)	0
Ending balance at original discount rate		4,996	5,050	5,391
Effect of changes in discount rate assumptions		(497)	(564)
Ending balance		4,499	4,486	6,023
Present value of expected future policy benefits:
Beginning balance		11,489	15,388
Beginning balance at original discount rate		12,846	13,079
Effect of changes in cash flow assumptions			0	(43)
Effect of actual variances from expected experience			(166)	(465)
Adjusted beginning of period balance			12,680	12,571
Issuances		302	550
Interest accrual		267	539
Benefit payments		(446)	(823)
Foreign currency translation		0	0
Other		0	9
Ending balance at original discount rate		12,803	12,846	13,079
Effect of changes in discount rate assumptions		(1,166)	(1,357)
Ending balance		11,637	11,489	15,388
Net liability for future policy benefits		7,138	7,003
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		7,138	7,003
Hospital Indemnity | Aflac U.S.
Present value of expected premiums:
Beginning balance		1,220	1,467
Beginning balance at original discount rate		1,365	1,380
Effect of changes in cash flow assumptions			0	42
Effect of actual variances from expected experience			(44)	(111)
Adjusted beginning of period balance			1,321	1,311
Issuances		153	273
Interest accrual		23	45
Net premium earned	[1]	(127)	(261)
Foreign currency translation		0	0
Other		(1)	(3)
Ending balance at original discount rate		1,369	1,365	1,380
Effect of changes in discount rate assumptions		(129)	(145)
Ending balance		1,240	1,220	1,467
Present value of expected future policy benefits:
Beginning balance		2,074	2,552
Beginning balance at original discount rate		2,300	2,300
Effect of changes in cash flow assumptions			0	40
Effect of actual variances from expected experience			(58)	(130)
Adjusted beginning of period balance			2,242	2,210
Issuances		162	282
Interest accrual		43	85
Benefit payments		(137)	(277)
Foreign currency translation		0	0
Other		0	0
Ending balance at original discount rate		2,310	2,300	2,300
Effect of changes in discount rate assumptions		(201)	(226)
Ending balance		2,109	2,074	2,552
Net liability for future policy benefits		869	854
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		869	854
Dental/Vision | Aflac U.S.
Present value of expected premiums:
Beginning balance		211	264
Beginning balance at original discount rate		231	241
Effect of changes in cash flow assumptions			0	10
Effect of actual variances from expected experience			(11)	(20)
Adjusted beginning of period balance			220	231
Issuances		20	33
Interest accrual		4	9
Net premium earned	[1]	(20)	(42)
Foreign currency translation		0	0
Other		2	0
Ending balance at original discount rate		226	231	241
Effect of changes in discount rate assumptions		(17)	(20)
Ending balance		209	211	264
Present value of expected future policy benefits:
Beginning balance		488	616
Beginning balance at original discount rate		532	549
Effect of changes in cash flow assumptions			0	13
Effect of actual variances from expected experience			(14)	(23)
Adjusted beginning of period balance			518	539
Issuances		23	34
Interest accrual		10	21
Benefit payments		(30)	(62)
Foreign currency translation		0	0
Other		2	0
Ending balance at original discount rate		523	532	549
Effect of changes in discount rate assumptions		(39)	(44)
Ending balance		484	488	616
Net liability for future policy benefits		275	277
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		275	277
Other | Aflac Japan
Present value of expected premiums:
Beginning balance		1,256	1,586
Beginning balance at original discount rate		1,242	1,461
Effect of changes in cash flow assumptions			0	25
Effect of actual variances from expected experience			(5)	(10)
Adjusted beginning of period balance			1,237	1,476
Issuances		14	62
Interest accrual		11	22
Net premium earned	[1]	(60)	(123)
Foreign currency translation		(104)	(195)
Other		0	0
Ending balance at original discount rate		1,098	1,242	1,461
Effect of changes in discount rate assumptions		47	14
Ending balance		1,145	1,256	1,586
Present value of expected future policy benefits:
Beginning balance		5,582	7,322
Beginning balance at original discount rate		5,940	6,787
Effect of changes in cash flow assumptions			0	96
Effect of actual variances from expected experience			(2)	(10)
Adjusted beginning of period balance			5,938	6,873
Issuances		17	68
Interest accrual		53	106
Benefit payments		(107)	(202)
Foreign currency translation		(500)	(905)
Other		0	0
Ending balance at original discount rate		5,401	5,940	6,787
Effect of changes in discount rate assumptions		(25)	(358)
Ending balance		5,376	5,582	7,322
Net liability for future policy benefits		4,231	4,326
Less: reinsurance recoverable		0	0
Net liability for future policy benefits after reinsurance recoverable		4,231	4,326
Other | Aflac U.S.
Present value of expected premiums:
Beginning balance		110	153
Beginning balance at original discount rate		118	135
Effect of changes in cash flow assumptions			0	(12)
Effect of actual variances from expected experience			0	6
Adjusted beginning of period balance			118	129
Issuances		55	0
Interest accrual		3	5
Net premium earned	[1]	(8)	(17)
Foreign currency translation		0	0
Other		9	1
Ending balance at original discount rate		177	118	135
Effect of changes in discount rate assumptions		(8)	(8)
Ending balance		169	110	153
Present value of expected future policy benefits:
Beginning balance		622	837
Beginning balance at original discount rate		624	645
Effect of changes in cash flow assumptions			0	(15)
Effect of actual variances from expected experience			(1)	7
Adjusted beginning of period balance			623	637
Issuances		55	0
Interest accrual		16	32
Benefit payments		(23)	(45)
Foreign currency translation		0	0
Other		9	0
Ending balance at original discount rate		680	624	645
Effect of changes in discount rate assumptions		6	(2)
Ending balance		686	622	$ 837
Net liability for future policy benefits		517	512
Less: reinsurance recoverable		1	0
Net liability for future policy benefits after reinsurance recoverable		$ 516	$ 512

[1] Net premiums earned represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

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POLICY LIABILITIES - Schedule of Weighted-Average Interest Rate and Liability for Future Policy Benefit (Details)		Jun. 30, 2023	Dec. 31, 2022
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	3.90%	4.10%
Weighted-average interest, current discount rate	[1]	1.60%	1.60%
Weighted-average liability duration		13 years 7 months 6 days	13 years 8 months 12 days
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	2.50%	2.60%
Weighted-average interest, current discount rate	[1]	2.10%	2.20%
Weighted-average liability duration		26 years 4 months 24 days	26 years 10 months 24 days
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	2.10%	2.10%
Weighted-average interest, current discount rate	[1]	1.60%	1.60%
Weighted-average liability duration		17 years 1 month 6 days	17 years 3 months 18 days
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	3.70%	3.70%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		12 years 9 months 18 days	13 years 1 month 6 days
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	3.90%	3.80%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		8 years 4 months 24 days	8 years 6 months
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	4.20%	4.20%
Weighted-average interest, current discount rate	[1]	5.30%	4.70%
Weighted-average liability duration		5 years 7 months 6 days	5 years 7 months 6 days
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	4.60%	4.60%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		11 years 9 months 18 days	12 years
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	4.40%	4.40%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		9 years 6 months	9 years 4 months 24 days
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	4.30%	4.30%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		8 years	8 years 1 month 6 days
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	1.80%	1.80%
Weighted-average interest, current discount rate	[1]	1.90%	1.90%
Weighted-average liability duration		17 years 9 months 18 days	18 years 2 months 12 days
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest, original discount rate	[1]	5.40%	5.40%
Weighted-average interest, current discount rate	[1]	5.20%	4.80%
Weighted-average liability duration		9 years 4 months 24 days	9 years 7 months 6 days

[1] The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

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POLICY LIABILITIES - Reconciliation of Future Policy Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability - limited-payment contracts	$ 1,697	$ 1,740
Deferred profit liability - reinsurance	620	692
Future policy benefits	85,904	88,241
Intercompany Eliminations
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	(2,680)	(667)
Corporate and other
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	2,696	686
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	33,719	35,468
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	10,895	10,705
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	23,692	24,469
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	850	802
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	590	564
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	795	810
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	7,138	7,003
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	869	854
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	275	277
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	4,231	4,326
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 517	$ 512

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POLICY LIABILITIES - Summary of Net Earned Premiums Recognized (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Reinsurance ceded	$ (103)	$ (105)	$ (210)	$ (221)
Net earned premiums	3,573	3,764	7,262	7,844
Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	2,064	2,334	4,234	4,959
Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	1,425	1,394	2,853	2,807
Corporate and other
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	84	36	175	82
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	1,054	1,193	2,149	2,528
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	672	735	1,377	1,563
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	390	459	812	983
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	115	99	228	197
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	322	329	652	665
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	318	295	627	591
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	439	439	882	885
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	182	183	367	368
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	53	50	107	99
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	38	42	77	85
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums	$ 9	$ 9	$ 19	$ 19

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POLICY LIABILITIES - Summary of Interest Expense Related to Insurance Contracts Recognized (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	$ 629	$ 654	$ 1,270	$ 1,367
Net earned premiums, principally supplemental health insurance	3,573	3,764	7,262	7,844
Reinsurance ceded	(103)	(105)	(210)	(221)
Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums, principally supplemental health insurance	2,064	2,334	4,234	4,959
Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums, principally supplemental health insurance	1,425	1,394	2,853	2,807
Corporate and other
Liability for Future Policy Benefit, Activity [Line Items]
Net earned premiums, principally supplemental health insurance	84	36	175	82
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	276	296	561	626
Net earned premiums, principally supplemental health insurance	1,054	1,193	2,149	2,528
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	72	73	143	151
Net earned premiums, principally supplemental health insurance	672	735	1,377	1,563
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	130	136	263	285
Net earned premiums, principally supplemental health insurance	390	459	812	983
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	10	8	19	17
Net earned premiums, principally supplemental health insurance	115	99	228	197
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	6	5	12	12
Net earned premiums, principally supplemental health insurance	322	329	652	665
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	10	9	18	19
Net earned premiums, principally supplemental health insurance	318	295	627	591
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	86	86	173	172
Net earned premiums, principally supplemental health insurance	439	439	882	885
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	10	10	20	20
Net earned premiums, principally supplemental health insurance	182	183	367	368
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	3	3	6	7
Net earned premiums, principally supplemental health insurance	53	50	107	99
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	20	21	42	45
Net earned premiums, principally supplemental health insurance	38	42	77	85
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	6	7	13	13
Net earned premiums, principally supplemental health insurance	$ 9	$ 9	$ 19	$ 19

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POLICY LIABILITIES - Summary of Undiscounted Expected Future Gross Premiums and Future Benefits and Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	$ 188,305	$ 191,005
Benefits and Expenses	233,786	235,775
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	74,340	75,529
Benefits and Expenses	83,000	84,246
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	49,626	50,720
Benefits and Expenses	50,445	50,778
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	16,406	16,946
Benefits and Expenses	52,836	53,271
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	2,502	2,375
Benefits and Expenses	2,926	2,787
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	9,408	9,481
Benefits and Expenses	4,602	4,636
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	5,886	5,858
Benefits and Expenses	3,288	3,267
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	21,050	21,069
Benefits and Expenses	22,022	22,113
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	5,199	5,164
Benefits and Expenses	3,359	3,338
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	1,180	1,208
Benefits and Expenses	749	759
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	2,279	2,322
Benefits and Expenses	9,337	9,433
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	429	333
Benefits and Expenses	$ 1,222	$ 1,147

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POLICY LIABILITIES - Summary of Discounted Expected Future Gross Premiums and Future Benefits and Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	$ 125,393	$ 132,451
Benefits and Expenses	136,089	141,463
Cancer | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	49,689	53,278
Benefits and Expenses	51,692	54,766	$ 72,747
Medical and other health | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	32,246	34,693
Benefits and Expenses	26,527	27,419	36,021
Life insurance | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	11,730	12,951
Benefits and Expenses	30,407	31,954	42,720
Life insurance | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	1,757	1,663
Benefits and Expenses	1,613	1,526	1,843
Accident | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	6,494	6,510
Benefits and Expenses	3,094	3,098	3,949
Disability | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	4,493	4,468
Benefits and Expenses	2,464	2,445	2,871
Critical Care | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	12,785	12,659
Benefits and Expenses	11,637	11,489	15,388
Hospital Indemnity | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	3,532	3,483
Benefits and Expenses	2,109	2,074	2,552
Dental/Vision | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	805	821
Benefits and Expenses	484	488	616
Other | Aflac Japan
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	1,570	1,697
Benefits and Expenses	5,376	5,582	7,322
Other | Aflac U.S.
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	292	228
Benefits and Expenses	$ 686	$ 622	$ 837

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POLICY LIABILITIES - Schedule of Changes in Other Policyholders' Funds (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Total		$ 6,115	$ 6,643
Aflac Japan
Policyholder Account Balance [Line Items]
Other deposit type reserves		251	220
Total		6,115	6,643
Aflac Japan | Fixed Annuity
Policyholder Account Balance [Line Items]
Beginning balance	[1]	6,423	7,410
Premiums received	[1]	65	150
Transfers from WAYS conversions	[1]	107	214
Surrenders and withdrawals	[1]	(27)	(52)
Benefit payments	[1]	(187)	(367)
Interest credited	[1]	26	57
Foreign currency translation and other	[1]	(543)	(989)
Ending balance	[1]	$ 5,864	$ 6,423

[1] Aflac Japan fixed annuities

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POLICY LIABILITIES - Schedule of Other Policyholders' Funds by Guaranteed Crediting Rates (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022		Dec. 31, 2021
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Weighted Average Crediting Rate		1.50%	1.50%
Aflac Japan | Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
At Guaranteed Minimum	[1]	$ 5,864	$ 6,423		$ 7,410
Cash Surrender Value		$ 5,771	$ 6,326	[1]
Lower Limit | Aflac Japan | Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Guaranteed Minimum Crediting Rates	[1],[2]	0.50%	0.50%
Upper Limit | Aflac Japan | Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Guaranteed Minimum Crediting Rates	[1],[2]	2.30%	2.30%

[1] Aflac Japan fixed annuities

[2] Weighted-average crediting rate of 1.5% at June 30, 2023 and December 31, 2022.

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POLICY LIABILITIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Liability for Future Policy Benefit, by Product Segment [Line Items]
Effect of changes in discount rate assumptions during period, net of income taxes	$ (165)	$ (2,794)	$ 5,105	$ 4,224	$ (3,000)	$ 9,300	$ 13,700
Reserve remeasurement (gains) losses	(54)		(25)		$ (107)	$ (59)	$ (215)
Accumulated Other Comprehensive Income (Loss)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Effect of changes in discount rate assumptions during period, net of income taxes	$ (165)	$ (2,794)	$ 5,105	$ 4,224

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REINSURANCE - Effect of Reinsurance on Premiums and Benefits and Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Direct earned premiums	$ 3,623	$ 3,792	$ 7,361	$ 7,907
Ceded premiums	(103)	(105)	(210)	(221)
Net earned premiums	3,573	3,764	7,262	7,844
Direct benefits and claims, excluding reserve remeasurement	2,182	2,317	4,438	4,851
Reserve remeasurement (gains) losses	(54)	(25)	(107)	(59)	$ (215)
Direct benefits and claims	2,128	2,292	4,331	4,792
Benefits and claims, net	2,098	2,274	4,247	4,757
Intercompany eliminations
Effects of Reinsurance [Line Items]
Ceded benefits and claims	70	4	83	9
Assumed benefits and claims from other companies	(47)	(10)	(76)	(17)
All other
Effects of Reinsurance [Line Items]
Ceded premiums	(23)	(18)	(45)	(36)
Assumed premiums earned	23	41	47	81
Ceded benefits and claims	(64)	(14)	(104)	(20)
Assumed benefits and claims from other companies	65	40	103	80
Aflac Japan
Effects of Reinsurance [Line Items]
Net earned premiums	2,064	2,334	4,234	4,959
Aflac Japan | Closed Block
Effects of Reinsurance [Line Items]
Ceded premiums	(80)	(87)	(165)	(185)
Assumed premiums earned	30	36	64	77
Ceded benefits and claims	(74)	(77)	(151)	(165)
Assumed benefits and claims from other companies	$ 20	$ 39	$ 61	$ 78

XML

REINSURANCE - Additional Information (Details) $ in Millions, ¥ in Billions	1 Months Ended
	Jan. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 JPY (¥)	Dec. 31, 2022 USD ($)
Aflac Life Insurance Japan (ALIJ) | Aflac Re Bermuda
Effects of Reinsurance [Line Items]
Ceded insurance, percentage	28.00%
Ceded reinsurance, amount of reserves transferred	$ 2,100
Ceded reinsurance, amount of assets transferred	$ 1,900
Aflac Life Insurance Japan (ALIJ) | Reinsurer, Other
Effects of Reinsurance [Line Items]
Ceded insurance, percentage	1.50%
Aflac Japan
Effects of Reinsurance [Line Items]
Committed reinsurance facility | ¥			¥ 120
Aflac Japan | Closed Block
Effects of Reinsurance [Line Items]
Reinsurance deferred profit liability		$ 620		$ 692
Reinsurance recoverable		$ 998		$ 912

XML

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable and lease obligations	$ 7,087	$ 7,442
Finance lease obligations	7	8
Operating lease obligations	139	139
1.125% senior sustainability notes due March 2026
Debt Instrument [Line Items]
Notes payable and lease obligations	398	397
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Notes payable and lease obligations	298	298
3.60% senior notes due April 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	992	992
6.90% senior notes due December 2039
Debt Instrument [Line Items]
Notes payable and lease obligations	221	221
6.45% senior notes due August 2040
Debt Instrument [Line Items]
Notes payable and lease obligations	254	254
4.00% senior notes due October 2046
Debt Instrument [Line Items]
Notes payable and lease obligations	394	394
4.750% senior notes due January 2049
Debt Instrument [Line Items]
Notes payable and lease obligations	542	541
.300% senior notes due September 2025
Debt Instrument [Line Items]
Notes payable and lease obligations	85	93
.932% senior notes due January 2027
Debt Instrument [Line Items]
Notes payable and lease obligations	412	450
1.075% senior notes due September 2029
Debt Instrument [Line Items]
Notes payable and lease obligations	229	250
.500% senior notes due December 2029
Debt Instrument [Line Items]
Notes payable and lease obligations	87	95
.550% senior notes due March 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	91	99
1.159% senior notes due October 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	201	220
.633% senior notes due April 2031
Debt Instrument [Line Items]
Notes payable and lease obligations	206	225
.843% senior notes due December 2031
Debt Instrument [Line Items]
Notes payable and lease obligations	64	70
.750% senior notes due March 2032
Debt Instrument [Line Items]
Notes payable and lease obligations	142	155
1.320% senior notes due December 2032
Debt Instrument [Line Items]
Notes payable and lease obligations	145	158
.844% senior notes due April 2033
Debt Instrument [Line Items]
Notes payable and lease obligations	82	90
1.488% senior notes due October 2033
Debt Instrument [Line Items]
Notes payable and lease obligations	104	114
.934% senior notes due December 2034
Debt Instrument [Line Items]
Notes payable and lease obligations	67	73
.830% senior notes due March 2035
Debt Instrument [Line Items]
Notes payable and lease obligations	72	79
1.039% senior notes due April 2036
Debt Instrument [Line Items]
Notes payable and lease obligations	68	75
1.594% senior notes due September 2037
Debt Instrument [Line Items]
Notes payable and lease obligations	44	49
1.750% senior notes due October 2038
Debt Instrument [Line Items]
Notes payable and lease obligations	61	66
1.122% senior notes due December 2039
Debt Instrument [Line Items]
Notes payable and lease obligations	43	47
1.264% senior notes due April 2041
Debt Instrument [Line Items]
Notes payable and lease obligations	68	75
2.108% subordinated notes due October 2047
Debt Instrument [Line Items]
Notes payable and lease obligations	410	448
.963% subordinated bonds due April 2049
Debt Instrument [Line Items]
Notes payable and lease obligations	207	226
1.560% senior notes due April 2051
Debt Instrument [Line Items]
Notes payable and lease obligations	137	149
2.144% senior notes due September 2052
Debt Instrument [Line Items]
Notes payable and lease obligations	82	90
Yen-denominated loan variable interest rate due August 2027
Debt Instrument [Line Items]
Notes payable and lease obligations	80	88
Yen-denominated loan variable interest rate due August 2029
Debt Instrument [Line Items]
Notes payable and lease obligations	174	190
Yen-denominated loan variable interest rate due August 2032
Debt Instrument [Line Items]
Notes payable and lease obligations	$ 481	$ 524

XML

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Details 2) - JPY (¥) ¥ in Billions	Jun. 30, 2023	Dec. 31, 2022
1.125% senior sustainability notes due March 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	1.125%	1.125%
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	2.875%	2.875%
3.60% senior notes due April 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	3.60%	3.60%
6.90% senior notes due December 2039
Debt Instrument [Line Items]
Debt instrument, interest rate	6.90%	6.90%
6.45% senior notes due August 2040
Debt Instrument [Line Items]
Debt instrument, interest rate	6.45%	6.45%
4.00% senior notes due October 2046
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%	4.00%
4.750% senior notes due January 2049
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%	4.75%
.300% senior notes due September 2025
Debt Instrument [Line Items]
Debt instrument, interest rate	0.30%	0.30%
Debt instrument, principal amount	¥ 12.4	¥ 12.4
.932% senior notes due January 2027
Debt Instrument [Line Items]
Debt instrument, interest rate	0.932%	0.932%
Debt instrument, principal amount	¥ 60.0	¥ 60.0
1.075% senior notes due September 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	1.075%	1.075%
Debt instrument, principal amount	¥ 33.4	¥ 33.4
.500% senior notes due December 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%
Debt instrument, principal amount	¥ 12.6	¥ 12.6
.550% senior notes due March 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	0.55%	0.55%
Debt instrument, principal amount	¥ 13.3	¥ 13.3
1.159% senior notes due October 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	1.159%	1.159%
Debt instrument, principal amount	¥ 29.3	¥ 29.3
.633% senior notes due April 2031
Debt Instrument [Line Items]
Debt instrument, interest rate	0.633%	0.633%
Debt instrument, principal amount	¥ 30.0	¥ 30.0
.843% senior notes due December 2031
Debt Instrument [Line Items]
Debt instrument, interest rate	0.843%	0.843%
Debt instrument, principal amount	¥ 9.3	¥ 9.3
.750% senior notes due March 2032
Debt Instrument [Line Items]
Debt instrument, interest rate	0.75%	0.75%
Debt instrument, principal amount	¥ 20.7	¥ 20.7
1.320% senior notes due December 2032
Debt Instrument [Line Items]
Debt instrument, interest rate	1.32%	1.32%
Debt instrument, principal amount	¥ 21.1	¥ 21.1
.844% senior notes due April 2033
Debt Instrument [Line Items]
Debt instrument, interest rate	0.844%	0.844%
Debt instrument, principal amount	¥ 12.0	¥ 12.0
1.488% senior notes due October 2033
Debt Instrument [Line Items]
Debt instrument, interest rate	1.488%	1.488%
Debt instrument, principal amount	¥ 15.2	¥ 15.2
.934% senior notes due December 2034
Debt Instrument [Line Items]
Debt instrument, interest rate	0.934%	0.934%
Debt instrument, principal amount	¥ 9.8	¥ 9.8
.830% senior notes due March 2035
Debt Instrument [Line Items]
Debt instrument, interest rate	0.83%	0.83%
Debt instrument, principal amount	¥ 10.6	¥ 10.6
1.039% senior notes due April 2036
Debt Instrument [Line Items]
Debt instrument, interest rate	1.039%	1.039%
Debt instrument, principal amount	¥ 10.0	¥ 10.0
1.594% senior notes due September 2037
Debt Instrument [Line Items]
Debt instrument, interest rate	1.594%	1.594%
Debt instrument, principal amount	¥ 6.5	¥ 6.5
1.750% senior notes due October 2038
Debt Instrument [Line Items]
Debt instrument, interest rate	1.75%	1.75%
Debt instrument, principal amount	¥ 8.9	¥ 8.9
1.122% senior notes due December 2039
Debt Instrument [Line Items]
Debt instrument, interest rate	1.122%	1.122%
Debt instrument, principal amount	¥ 6.3	¥ 6.3
1.264% senior notes due April 2041
Debt Instrument [Line Items]
Debt instrument, interest rate	1.264%	1.264%
Debt instrument, principal amount	¥ 10.0	¥ 10.0
2.108% subordinated notes due October 2047
Debt Instrument [Line Items]
Debt instrument, interest rate	2.108%	2.108%
Debt instrument, principal amount	¥ 60.0	¥ 60.0
.963% subordinated bonds due April 2049
Debt Instrument [Line Items]
Debt instrument, interest rate	0.963%	0.963%
Debt instrument, principal amount	¥ 30.0	¥ 30.0
1.560% senior notes due April 2051
Debt Instrument [Line Items]
Debt instrument, interest rate	1.56%	1.56%
Debt instrument, principal amount	¥ 20.0	¥ 20.0
2.144% senior notes due September 2052
Debt Instrument [Line Items]
Debt instrument, interest rate	2.144%	2.144%
Debt instrument, principal amount	¥ 12.0	¥ 12.0
Yen-denominated loan variable interest rate due August 2027
Debt Instrument [Line Items]
Debt instrument, interest rate	0.35%	0.33%
Debt instrument, principal amount	¥ 11.7	¥ 11.7
Yen-denominated loan variable interest rate due August 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	0.45%	0.43%
Debt instrument, principal amount	¥ 25.3	¥ 25.3
Yen-denominated loan variable interest rate due August 2032
Debt Instrument [Line Items]
Debt instrument, interest rate	0.60%	0.58%
Debt instrument, principal amount	¥ 70.0	¥ 70.0

XML

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Lines of Credit (Details) - 6 months ended Jun. 30, 2023 ¥ in Millions, $ in Millions	USD ($)	JPY (¥)
$100 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 100.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	The rate quoted by the bank and agreed upon at the time of borrowing
100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	5 years
Line of credit facility, maximum borrowing capacity | ¥		¥ 100,000
Line of credit facility, amount outstanding | ¥		0
Line of credit facility, interest rate description	A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period
$1 billion line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	5 years
Line of credit facility, maximum borrowing capacity	$ 1,000.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	A rate per annum equal to, at theCompany's option, either, (a) SecuredOvernight Financing Rate (SOFR) for U.S.dollar denominated borrowings or TIBORfor Japanese yen denominated borrowings,in either case adjusted for certain costs, or(b) a base rate determined by reference tothe highest of (1) the federal funds rateplus 1/2 of 1%, (2) the rate of interest forsuch day announced by the agent as itsprime rate, or (3) SOFR for an interestperiod of one month plus 1.00%, in eachcase plus an applicable margin
$50 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	A rate per annum equal to, at the ParentCompany's option, either (a) a ratedetermined by reference to SOFR forthe interest period relevant to suchborrowing or (b) the base rate determinedby reference to the highest of (1) thelender's USD short-term commercial loanrate and (2) the federal funds rate plus 1/2 of 1%
$250 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 250.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum
50.0 billion yen line of credit (Tranche 1)
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | ¥		50,000
Line of credit facility, amount outstanding | ¥		0
Line of credit facility, interest rate description	Three-month yen TIBOR plus 45 basis points per annum
50.0 billion yen line of credit (Tranche 2)
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | ¥		50,000
Line of credit facility, amount outstanding | ¥		0
Line of credit facility, interest rate description	Three-month yen TIBOR plus 45 basis points per annum
$25 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 25.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum
$15 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 15.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum
$300 thousand line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 0.3
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum
900 million yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | ¥		900
Line of credit facility, amount outstanding | ¥		0
Line of credit facility, interest rate description	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period
600 million yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | ¥		600
Line of credit facility, amount outstanding | ¥		¥ 0
Line of credit facility, interest rate description	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period
$30 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 30.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum
$400 million line of credit (Aflac Incorporated as borrower)
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 400.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen denominated borrowings
$400 million dollar line of credit (Aflac Re Bermuda Ltd. as borrower)
Line of Credit Facility [Line Items]
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity	$ 400.0
Line of credit facility, amount outstanding	$ 0.0
Line of credit facility, interest rate description	Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen denominated borrowings
Lower Limit | 100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.28%
Lower Limit | $1 billion line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.08%
Upper Limit | $100 million line of credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 months
Upper Limit | 100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.45%
Upper Limit | $1 billion line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.20%
Upper Limit | $50 million line of credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 months

XML

NOTES PAYABLE AND LEASE OBLIGATIONS - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Lines of credit
Debt Instrument [Line Items]
Debt instrument, debt default, amount	$ 0
Notes payable
Debt Instrument [Line Items]
Debt instrument, debt default, amount	$ 0

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SHAREHOLDERS' EQUITY - Reconciliation of Number of Shares of Common Stock (Detail) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common Stock Issued [Roll Forward]
Balance, beginning of period	1,354,079	1,352,739
Exercise of stock options and issuance of restricted shares	1,148	1,132
Balance, end of period	1,355,227	1,353,871
Treasury Stock [Roll Forward]
Balance, beginning of period	738,823	700,607
Balance, end of period	759,258	719,345
Shares outstanding, end of period	595,969	634,526
Treasury Stock
Treasury Stock [Roll Forward]
Share repurchase program	20,809	19,192
Other purchases	354	351
Shares issued to AFL Stock Plan	(498)	(528)
Exercise of stock options	(52)	(62)
Other dispositions	(178)	(215)

XML

SHAREHOLDERS' EQUITY - Anti-Dilutive Share-Based Awards Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Anti-dilutive share-based awards	39	171	102	210

XML

SHAREHOLDERS' EQUITY - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	$ (7,278)	$ (8,451)	$ (6,429)	$ (8,411)
Other comprehensive income (loss) before reclassifications net of tax	(41)	1,556	(845)	1,573
Amounts reclassified from accumulated other comprehensive income net of tax	(19)	(85)	(64)	(142)
Other comprehensive income (loss), net of tax	(60)	1,471	(909)	1,431
Balance, end of period	(7,338)	(6,980)	(7,338)	(6,980)
Unrealized Foreign Currency Translation Gains (Losses)
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(3,618)	(2,438)	(3,564)	(1,985)
Other comprehensive income (loss) before reclassifications net of tax	(631)	(780)	(685)	(1,233)
Amounts reclassified from accumulated other comprehensive income net of tax	0	0	0	0
Other comprehensive income (loss), net of tax	(631)	(780)	(685)	(1,233)
Balance, end of period	(4,249)	(3,218)	(4,249)	(3,218)
Unrealized Gains (Losses) on Fixed Maturity Securities
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	1,289	5,787	(702)	9,602
Other comprehensive income (loss) before reclassifications net of tax	710	(2,767)	2,746	(6,520)
Amounts reclassified from accumulated other comprehensive income net of tax	(21)	(90)	(66)	(152)
Other comprehensive income (loss), net of tax	689	(2,857)	2,680	(6,672)
Balance, end of period	1,978	2,930	1,978	2,930
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(26)	(29)	(27)	(30)
Other comprehensive income (loss) before reclassifications net of tax	0	(1)	1	0
Amounts reclassified from accumulated other comprehensive income net of tax	1	1	1	1
Other comprehensive income (loss), net of tax	1	0	2	1
Balance, end of period	(25)	(29)	(25)	(29)
Effect of Changes in Discount Rate Assumptions
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(4,894)	(11,608)	(2,100)	(15,832)
Other comprehensive income (loss) before reclassifications net of tax	(165)	5,105	(2,959)	9,329
Amounts reclassified from accumulated other comprehensive income net of tax	0	0	0	0
Other comprehensive income (loss), net of tax	(165)	5,105	(2,959)	9,329
Balance, end of period	(5,059)	(6,503)	(5,059)	(6,503)
Pension Liability Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(29)	(163)	(36)	(166)
Other comprehensive income (loss) before reclassifications net of tax	45	(1)	52	(3)
Amounts reclassified from accumulated other comprehensive income net of tax	1	4	1	9
Other comprehensive income (loss), net of tax	46	3	53	6
Balance, end of period	$ 17	$ (160)	$ 17	$ (160)

XML

SHAREHOLDERS' EQUITY - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)		$ 555		$ 564		$ 678	$ 686
Acquisition and operating expenses		(1,249)		(1,333)		(2,558)	(2,729)
Income tax (expense) or benefit		(191)		(314)		(345)	(561)
Net of tax		$ 1,634	$ 1,188	$ 1,394	$ 1,047	$ 2,822	$ 2,441
U.S. federal statutory income tax rate		21.00%		21.00%		21.00%	21.00%
Reclassification Out Of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax		$ 19		$ 85		$ 64	$ 142
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)		27		114		84	192
Income tax (expense) or benefit	[1]	(6)		(24)		(18)	(40)
Net of tax		21		90		66	152
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)		(1)		(1)		(1)	(1)
Income tax (expense) or benefit	[1]	0		0		0	0
Net of tax		(1)		(1)		(1)	(1)
Reclassification Out Of Accumulated Other Comprehensive Income | Pension liability adjustment, actuarial gains (losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Acquisition and operating expenses	[2]	(1)		(5)		(1)	(11)
Reclassification Out Of Accumulated Other Comprehensive Income | Pension liability adjustment, prior service (cost) credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Acquisition and operating expenses	[2]	0		0		0	0
Reclassification Out Of Accumulated Other Comprehensive Income | Pension Liability Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax (expense) or benefit	[1]	0		1		0	2
Net of tax		$ (1)		$ (4)		$ (1)	$ (9)

[1] Based on 21% tax rate

[2] These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

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SHAREHOLDERS' EQUITY - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders Equity Note [Line Items]
Common stock, share repurchase, dollar amount	$ 708	$ 732	$ 650	$ 523
Common stock, share repurchase, dollar amount					$ 1,400	$ 1,150
Remaining common stock available for purchase under share repurchase authorizations	95.8				95.8
Share Repurchase Program
Stockholders Equity Note [Line Items]
Stock acquired under share repurchase program, shares					20.8	19.2
Common stock, share repurchase, dollar amount					$ 1,400	$ 1,200

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SHARE-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Detail) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options Outstanding - Stock Option Shares | shares	1,231
Options Outstanding - Weighted-Average Remaining Term (Yrs)	2 years 7 months 6 days
Options Outstanding - Aggregate Intrinsic Value | $	$ 46
Options Outstanding - Weighted-Average Exercise Price Per Share | $ / shares	$ 32.78
Options Exercisable - Stock Option Shares | shares	1,231
Options Exercisable - Weighted-Average Remaining Term (Yrs.)	2 years 7 months 6 days
Options Exercisable - Aggregate Intrinsic Value | $	$ 46
Options Exercisable - Weighted-Average Exercise Price Per Share | $ / shares	$ 32.78

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SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Beginning Balance | shares	2,414
Granted | shares	1,120
Canceled | shares	(59)
Vested | shares	(1,133)
Ending Balance | shares	2,342
Weighted-Average Grant-Date Fair Value Per Share
Beginning Balance | $ / shares	$ 56.21
Granted | $ / shares	70.50
Cancelled | $ / shares	59.72
Vested | $ / shares	52.81
Ending Balance | $ / shares	$ 62.60

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SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised		$ 10	$ 9
Tax benefit from exercise of stock options		$ 19	$ 17
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable		75,000
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable other than options and stock appreciation rights		38,000
Shares available for future grants under the long-term incentive plan		34,700
Long-term incentive plan awards, term (in years)		10 years
Long-term incentive plan awards, vesting period		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, restricted stock awards		$ 61
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		2,342		2,414
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition		1 year 8 months 12 days
Restricted stock awards, grants in period		1,120
Performance based Vesting Condition | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, restricted stock awards		$ 33
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		1,800
Restricted stock awards, grants in period	454

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BENEFIT PLANS - Net Periodic (Benefit) Cost Included in Acquisition and Operating Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	1	0	1	0
Expected return on plan assets	0	0	0	0
Amortization of net actuarial loss	1	0	1	1
Curtailment (gain) loss	0	0	0	0
Net periodic (benefit) cost	2	0	2	1
Japan | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	3	5	7	10
Interest cost	2	1	4	3
Expected return on plan assets	(1)	(2)	(3)	(4)
Amortization of net actuarial loss	0	0	0	0
Curtailment (gain) loss	0	0	0	0
Net periodic (benefit) cost	4	4	8	9
U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	3	7	7	13
Interest cost	10	8	21	17
Expected return on plan assets	(9)	(10)	(18)	(21)
Amortization of net actuarial loss	0	5	0	10
Curtailment (gain) loss	(49)	0	(49)	0
Net periodic (benefit) cost	$ (45)	$ 10	$ (39)	$ 19

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BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 01, 2014	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amount of years active employees have left to meet rule of 80 in order to be eligible for postretirement medical benefits	5 years
Amount of years left to meet 15 year service requirement for active employees age 55 or older to be eligible for postretirement medical benefits	5 years
Net periodic (benefit) cost, excluding service cost		$ (45)	$ 2	$ (43)	$ 6
Lower Limit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care plan, retirement age and years of service combined years for eligibility (rule of 80)	80 years
Health care plan, retirement age for eligibility, (in years)	55 years
Health care plan, number of years of service for eligibility	15 years
Japan | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment (gain) loss		0	0	0	0
Employer contributions				12
U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment (gain) loss		$ (49)	$ 0	(49)	$ 0
Employer contributions				$ 0

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COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Details) - Management Consulting and Technology Services Company Application Maintenance and Development Services - Aflac Japan $ in Millions, ¥ in Billions	6 Months Ended
	Jun. 30, 2023 JPY (¥)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Outsourcing agreement, remaining term	5 years	5 years
Outsourcing agreement, aggregate remaining cost	¥ 20.1	$ 138