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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 September 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. 584,379,889 shares of the issuer's common stock were outstanding as of October 26, 2023.



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2023
Table of Contents
 
PART I.Page
Item 1.
  Three Months Ended September 30, 2023 and 2022
  Nine Months Ended September 30, 2023 and 2022
  Three Months Ended September 30, 2023 and 2022
  Nine Months Ended September 30, 2023 and 2022
  September 30, 2023, and December 31, 2022
  Three Months Ended March 31, 2023 and 2022
  Three Months Ended June 30, 2023 and 2022
  Three Months Ended September 30, 2023 and 2022
  Nine Months Ended September 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 September 30,Nine Months Ended September 30,
(In millions, except for share and per-share amounts - Unaudited)2023202220232022
Revenues:
Net earned premiums, principally supplemental health insurance (1)
$3,476 $3,535 $10,737 $11,379 
Net investment income1,004 920 2,946 2,760 
Net investment gains (losses)423 199 1,101 885 
Other income (loss)47 50 139 168 
Total revenues4,950 4,704 14,923 15,192 
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement2,065 2,169 6,420 6,985 
Reserve remeasurement (gains) losses(205)(93)(312)(152)
Total benefits and claims, net1,860 2,076 6,108 6,833 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs201 194 608 598 
Insurance commissions250 267 797 846 
Insurance and other expenses785 779 2,290 2,413 
Interest expense49 59 148 171 
Total acquisition and operating expenses1,285 1,299 3,843 4,028 
Total benefits and expenses3,145 3,375 9,951 10,861 
Earnings before income taxes1,805 1,329 4,972 4,331 
Income taxes236 (452)581 109 
Net earnings$1,569 $1,781 $4,391 $4,222 
Net earnings per share:
Basic$2.65 $2.83 $7.31 $6.60 
Diluted2.64 2.82 7.28 6.57 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic591,246 629,350 600,991 639,862 
Diluted593,596 631,946 603,419 642,597 
Cash dividends per share$.42 $.40 $1.26 $1.20 
(1) Includes a gain (loss) of $22 and $(41) for the three-month periods and $22 and $(42) for the nine-month periods ended September 30, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
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 September 30,Nine Months Ended September 30,
(In millions - Unaudited)2023202220232022
Net earnings$1,569 $1,781 $4,391 $4,222 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during
   period
(194)(438)(674)(1,641)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities
   during period
(2,978)(2,220)489 (10,473)
Reclassification adjustment for (gains) losses on
   fixed maturity securities included in net earnings
(41)(58)(125)(252)
Unrealized gains (losses) on derivatives during period1 1 4 2 
Effect of changes in discount rate assumptions during period5,309 3,073 1,563 14,883 
Pension liability adjustment during period1 2 68 10 
Total other comprehensive income (loss) before income taxes2,098 360 1,325 2,529 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)
520 885 656 1,623 
Other comprehensive income (loss), net of income taxes1,578 (525)669 906 
Total comprehensive income (loss)$3,147 $1,256 $5,060 $5,128 
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)
September 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 $66,430 in 2023 and $72,246 in 2022)
$66,369 $71,936 
Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value
  (amortized cost $2,731 in 2023 and $3,223 in 2022)
3,432 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 $18,460 in 2023 and $21,210 in 2022)
16,899 19,056 
Equity securities, at fair value990 1,091 
Commercial mortgage and other loans, net of allowance for credit losses of $260 in 2023 and $192
  in 2022 (includes $10,425 in 2023 and $10,832 in 2022 of consolidated variable interest entities)
12,873 13,496 
Other investments
  (includes $2,278 in 2023 and $1,909 in 2022 of consolidated variable interest entities)
5,241 4,070 
Cash and cash equivalents5,502 3,943 
Total investments and cash111,306 117,397 
Receivables712 647 
Accrued investment income687 745 
Deferred policy acquisition costs8,771 9,239 
Property and equipment, at cost less accumulated depreciation445 530 
Other3,190 3,180 
Total assets$125,111 $131,738 
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits$78,448 $88,241 
Unpaid policy claims249 201 
Unearned premiums1,447 1,825 
Other policyholders’ funds5,884 6,643 
Total policy liabilities86,028 96,910 
Income taxes869 698 
Payables for return of cash collateral on loaned securities4,607 1,809 
Notes payable and lease obligations6,961 7,442 
Other3,977 4,739 
Total liabilities102,442 111,598 
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 1,355,312 shares in 2023 and 1,354,079 shares in 2022
136 135 
Additional paid-in capital2,729 2,641 
Retained earnings48,257 44,367 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,484)(3,564)
Unrealized gains (losses) on fixed maturity securities(403)(702)
Unrealized gains (losses) on derivatives(24)(27)
Effect of changes in discount rate assumptions(866)(2,100)
Pension liability adjustment17 (36)
Treasury stock, at average cost(22,693)(20,574)
Total shareholders’ equity22,669 20,140 
Total liabilities and shareholders’ equity$125,111 $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-bas