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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)2023202220232022
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 income9 9 18 18 
               Total adjusted revenue Aflac Japan2,710 3,066 5,500 6,379 
Aflac U.S.:
   Net earned premiums1,425 1,394 2,853 2,807 
   Adjusted net investment income (3)
203 193 400 377 
   Other income35 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 revenues4,513 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)2023202220232022
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 other5,722 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.