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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
aflaclogoa01a01a01a33.jpg
Aflac Incorporated
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Georgia58-1167100
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1932 Wynnton RoadColumbus,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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 par value per shareAFLNew 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 filerþAccelerated 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.Page
Item 1.
  Three Months Ended June 30, 2023 and 2022
  Six Months Ended June 30, 2023 and 2022
  Three Months Ended June 30, 2023 and 2022
  Six Months Ended June 30, 2023 and 2022
  June 30, 2023, and December 31, 2022
  Three Months Ended March 31, 2023 and 2022
  Three Months Ended June 30, 2023 and 2022
  Six Months Ended June 30, 2023 and 2022
Item 2.
Item 3.
Item 4.
PART II.
Item 1A.
Item 2.
Item 6.
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)2023202220232022
Revenues:
Net earned premiums, principally supplemental health insurance$3,573 $3,764 $7,262 $7,844 
Net investment income999 937 1,942 1,840 
Net investment gains (losses)555 564 678 686 
Other income (loss)45 50 90 118 
Total revenues5,172 5,315 9,972 10,488 
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement2,152 2,299 4,354 4,816 
Reserve remeasurement (gains) losses(54)(25)(107)(59)
Total benefits and claims, net2,098 2,274 4,247 4,757 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs202 197 407 405 
Insurance commissions268 279 547 579 
Insurance and other expenses728 802 1,505 1,633 
Interest expense51 55 99 112 
Total acquisition and operating expenses1,249 1,333 2,558 2,729 
Total benefits and expenses3,347 3,607 6,805 7,486 
Earnings before income taxes1,825 1,708 3,167 3,002 
Income taxes191 314 345 561 
Net earnings$1,634 $1,394 $2,822 $2,441 
Net earnings per share:
Basic$2.72 $2.18 $4.66 $3.78 
Diluted2.71 2.17 4.64 3.77 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic600,742 640,707 605,945 645,205 
Diluted602,929 643,243 608,411 648,010 
Cash dividends per share$.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)2023202220232022
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 period1 0 2 1 
Effect of changes in discount rate assumptions during period(209)6,462 (3,745)11,809 
Pension liability adjustment during period58 5 67 8 
Total other comprehensive income (loss) before income taxes274 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 value965 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 equivalents4,720 3,943 
Total investments and cash116,463 117,397 
Receivables755 647 
Accrued investment income719 745 
Deferred policy acquisition costs8,860 9,239 
Property and equipment, at cost less accumulated depreciation500 530 
Other3,329 3,180 
Total assets$130,626 $131,738 
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits$85,904 $88,241 
Unpaid policy claims244 201 
Unearned premiums1,544 1,825 
Other policyholders’ funds6,115 6,643 
Total policy liabilities93,807 96,910 
Income taxes343 698 
Payables for return of cash collateral on loaned securities4,679 1,809 
Notes payable and lease obligations7,087 7,442 
Other4,271 4,739 
Total liabilities110,187 111,598 
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 capital2,697 2,641 
Retained earnings46,937 44,367 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,249)(3,564)
Unrealized gains (losses) on fixed maturity securities1,978 (702)
Unrealized gains (losses) on derivatives(25)(27)
Effect of changes in discount rate assumptions(5,059)(2,100)
Pension liability adjustment17 (36)
Treasury stock, at average cost(21,993)(20,574)
Total shareholders’ equity20,439 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 StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders'
Equity
Balance at December 31, 2022
$135 $2,641 $44,367 $(6,429)$(20,574)$20,140 
Net earnings0 0 1,188 0 0 1,188 
Unrealized foreign currency translation
   gains (losses) during period, net of
   income taxes
0 0 0 (54)0 (54)
Unrealized gains (losses) on fixed maturity
   securities during period, net of income
   taxes and reclassification adjustments
0 0 0 1,991 0 1,991 
Unrealized gains (losses) on derivatives
   during period, net of income taxes
0 0 0 1 0 1 
Effect of changes in discount rate assumptions
   during period, net of income taxes
0 0 0 (2,794)0 (2,794)
Pension liability adjustment during period,
   net of income taxes
0 0 0 7 0 7 
Dividends to shareholders (1)
  ($.00 per share)
0 0 0 0 0 0 
Exercise of stock options0 3 0 0 0 3 
Share-based compensation 0 14 0 0 0 14 
Purchases of treasury stock0 0 0 0 (732)(732)
Treasury stock reissued0 7 0 0 13 20 
Balance at March 31, 2023$135 $2,665 $45,555 $(7,278)$(21,293)$19,784 
Net earnings0 0 1,634 0 0 1,634 
Unrealized foreign currency translation
   gains (losses) during period, net of
   income taxes
0 0 0 (631)0 (631)
Unrealized gains (losses) on fixed maturity
   securities during period, net of income
   taxes and reclassification adjustments
0 0 0 689 0 689 
Unrealized gains (losses) on derivatives
   during period, net of income taxes
0 0 0 1 0 1 
Effect of changes in discount rate assumptions
   during period, net of income taxes
0 0 0 (165)0 (165)
Pension liability adjustment during period,
   net of income taxes
0 0 0 46 0 46 
Dividends to shareholders (1)
  ($.42 per share)
0 0 (252)0 0 (252)
Exercise of stock options0 5 0 0 0 5 
Share-based compensation 1 17 0 0 0 18 
Purchases of treasury stock0 0 0 0 (708)(708)
Treasury stock reissued0 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)