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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
3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of expected future policy benefits:      
Beginning balance $ 132,131    
Ending balance 123,453 $ 132,131  
Net liability for future policy benefits 77,867 83,718  
Aflac Japan | Cancer      
Present value of expected premiums:      
Beginning balance 17,509 19,298  
Beginning balance at original discount rate 16,452 18,221  
Effect of changes in cash flow assumptions   0 $ (165)
Effect of actual variances from expected experience   (46) (315)
Adjusted beginning of period balance   16,406 17,741
Issuances 229 1,034  
Interest accrual 97 412  
Net premiums collected [1] (369) (1,564)  
Foreign currency translation (1,041) (1,170)  
Other 0 (1)  
Ending balance at original discount rate 15,322 16,452  
Effect of changes in discount rate assumptions 895 1,057  
Ending balance 16,217 17,509  
Present value of expected future policy benefits:      
Beginning balance 50,161 54,766  
Beginning balance at original discount rate 43,626 47,677  
Effect of changes in cash flow assumptions   0 (147)
Effect of actual variances from expected experience   (62) (385)
Adjusted beginning of period balance   43,564 47,145
Issuances 232 1,059  
Interest accrual 343 1,473  
Benefit payments (682) (2,987)  
Foreign currency translation (2,757) (3,064)  
Other 0 0  
Ending balance at original discount rate 40,700 43,626  
Effect of changes in discount rate assumptions 5,689 6,535  
Ending balance 46,389 50,161  
Net liability for future policy benefits 30,172 32,652  
Less: reinsurance recoverable 3,829 4,135  
Net liability for future policy benefits after reinsurance recoverable 26,343 28,517  
Aflac Japan | Medical and other health      
Present value of expected premiums:      
Beginning balance 14,697 16,714  
Beginning balance at original discount rate 14,040 16,195  
Effect of changes in cash flow assumptions   0 (470)
Effect of actual variances from expected experience   (52) (137)
Adjusted beginning of period balance   13,988 15,588
Issuances 103 418  
Interest accrual 77 334  
Net premiums collected [1] (290) (1,261)  
Foreign currency translation (888) (1,038)  
Other 0 (1)  
Ending balance at original discount rate 12,990 14,040  
Effect of changes in discount rate assumptions 535 657  
Ending balance 13,525 14,697  
Present value of expected future policy benefits:      
Beginning balance 25,257 27,419  
Beginning balance at original discount rate 25,023 27,566  
Effect of changes in cash flow assumptions   0 (507)
Effect of actual variances from expected experience   (59) (154)
Adjusted beginning of period balance   24,964 26,905
Issuances 105 432  
Interest accrual 142 608  
Benefit payments (246) (1,153)  
Foreign currency translation (1,582) (1,769)  
Other 0 0  
Ending balance at original discount rate 23,383 25,023  
Effect of changes in discount rate assumptions (52) 234  
Ending balance 23,331 25,257  
Net liability for future policy benefits 9,806 10,560  
Less: reinsurance recoverable 1,407 1,521  
Net liability for future policy benefits after reinsurance recoverable 8,399 9,039  
Aflac Japan | Life insurance      
Present value of expected premiums:      
Beginning balance 6,488 7,485  
Beginning balance at original discount rate 6,258 7,284  
Effect of changes in cash flow assumptions   0 43
Effect of actual variances from expected experience   (19) (42)
Adjusted beginning of period balance   6,239 7,285
Issuances 58 335  
Interest accrual 28 124  
Net premiums collected [1] (226) (1,017)  
Foreign currency translation (392) (469)  
Other 0 0  
Ending balance at original discount rate 5,707 6,258  
Effect of changes in discount rate assumptions 194 230  
Ending balance 5,901 6,488  
Present value of expected future policy benefits:      
Beginning balance 29,731 31,954  
Beginning balance at original discount rate 30,256 32,800  
Effect of changes in cash flow assumptions   0 65
Effect of actual variances from expected experience   (20) (51)
Adjusted beginning of period balance   30,236 32,814
Issuances 59 341  
Interest accrual 146 625  
Benefit payments (516) (1,415)  
Foreign currency translation (1,909) (2,109)  
Other 0 0  
Ending balance at original discount rate 28,016 30,256  
Effect of changes in discount rate assumptions (767) (525)  
Ending balance 27,249 29,731  
Net liability for future policy benefits 21,348 23,243  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 21,348 23,243  
Aflac Japan | Other      
Present value of expected premiums:      
Beginning balance 1,088 1,256  
Beginning balance at original discount rate 1,069 1,242  
Effect of changes in cash flow assumptions   0 (12)
Effect of actual variances from expected experience   (5) (15)
Adjusted beginning of period balance   1,064 1,215
Issuances 5 26  
Interest accrual 4 20  
Net premiums collected [1] (26) (112)  
Foreign currency translation (66) (80)  
Other 0 0  
Ending balance at original discount rate 981 1,069  
Effect of changes in discount rate assumptions 14 19  
Ending balance 995 1,088  
Present value of expected future policy benefits:      
Beginning balance 5,178 5,582  
Beginning balance at original discount rate 5,444 5,940  
Effect of changes in cash flow assumptions   0 (27)
Effect of actual variances from expected experience   (8) (15)
Adjusted beginning of period balance   5,436 5,898
Issuances 7 32  
Interest accrual 23 100  
Benefit payments (55) (206)  
Foreign currency translation (345) (380)  
Other 0 0  
Ending balance at original discount rate 5,066 5,444  
Effect of changes in discount rate assumptions (294) (266)  
Ending balance 4,772 5,178  
Net liability for future policy benefits 3,777 4,090  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 3,777 4,090  
Aflac U.S. | Life insurance      
Present value of expected premiums:      
Beginning balance 853 724  
Beginning balance at original discount rate 909 799  
Effect of changes in cash flow assumptions   0 61
Effect of actual variances from expected experience   (8) (25)
Adjusted beginning of period balance   901 835
Issuances 66 181  
Interest accrual 9 31  
Net premiums collected [1] (37) (137)  
Foreign currency translation 0 0  
Other 1 (1)  
Ending balance at original discount rate 940 909  
Effect of changes in discount rate assumptions (66) (56)  
Ending balance 874 853  
Present value of expected future policy benefits:      
Beginning balance 1,764 1,526  
Beginning balance at original discount rate 1,971 1,778  
Effect of changes in cash flow assumptions   0 72
Effect of actual variances from expected experience   (11) (32)
Adjusted beginning of period balance   1,960 1,818
Issuances 70 185  
Interest accrual 19 68  
Benefit payments (29) (105)  
Foreign currency translation 0 0  
Other 1 5  
Ending balance at original discount rate 2,021 1,971  
Effect of changes in discount rate assumptions (246) (207)  
Ending balance 1,775 1,764  
Net liability for future policy benefits 901 911  
Less: reinsurance recoverable 15 15  
Net liability for future policy benefits after reinsurance recoverable 886 896  
Aflac U.S. | Accident      
Present value of expected premiums:      
Beginning balance 2,488 2,534  
Beginning balance at original discount rate 2,630 2,760  
Effect of changes in cash flow assumptions   0 (16)
Effect of actual variances from expected experience   (18) (58)
Adjusted beginning of period balance   2,612 2,686
Issuances 111 323  
Interest accrual 26 102  
Net premiums collected [1] (117) (473)  
Foreign currency translation 0 0  
Other 0 (8)  
Ending balance at original discount rate 2,632 2,630  
Effect of changes in discount rate assumptions (173) (142)  
Ending balance 2,459 2,488  
Present value of expected future policy benefits:      
Beginning balance 3,109 3,098  
Beginning balance at original discount rate 3,302 3,391  
Effect of changes in cash flow assumptions   0 (11)
Effect of actual variances from expected experience   (21) (75)
Adjusted beginning of period balance   3,281 3,305
Issuances 115 331  
Interest accrual 32 127  
Benefit payments (125) (464)  
Foreign currency translation 0 0  
Other 0 3  
Ending balance at original discount rate 3,303 3,302  
Effect of changes in discount rate assumptions (233) (193)  
Ending balance 3,070 3,109  
Net liability for future policy benefits 611 621  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 611 621  
Aflac U.S. | Disability      
Present value of expected premiums:      
Beginning balance 1,652 1,635  
Beginning balance at original discount rate 1,738 1,775  
Effect of changes in cash flow assumptions   0 (51)
Effect of actual variances from expected experience   (10) (29)
Adjusted beginning of period balance   1,728 1,695
Issuances 121 376  
Interest accrual 16 62  
Net premiums collected [1] (99) (390)  
Foreign currency translation 0 0  
Other (1) (5)  
Ending balance at original discount rate 1,765 1,738  
Effect of changes in discount rate assumptions (99) (86)  
Ending balance 1,666 1,652  
Present value of expected future policy benefits:      
Beginning balance 2,422 2,445  
Beginning balance at original discount rate 2,541 2,636  
Effect of changes in cash flow assumptions   0 (59)
Effect of actual variances from expected experience   (17) (59)
Adjusted beginning of period balance   2,524 2,518
Issuances 128 392  
Interest accrual 24 96  
Benefit payments (112) (465)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,564 2,541  
Effect of changes in discount rate assumptions (141) (119)  
Ending balance 2,423 2,422  
Net liability for future policy benefits 757 770  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 757 770  
Aflac U.S. | Critical Care      
Present value of expected premiums:      
Beginning balance 4,074 4,486  
Beginning balance at original discount rate 4,416 5,050  
Effect of changes in cash flow assumptions   0 (494)
Effect of actual variances from expected experience   (48) (223)
Adjusted beginning of period balance   4,368 4,333
Issuances 221 493  
Interest accrual 43 179  
Net premiums collected [1] (139) (580)  
Foreign currency translation 0 0  
Other 0 (9)  
Ending balance at original discount rate 4,493 4,416  
Effect of changes in discount rate assumptions (412) (342)  
Ending balance 4,081 4,074  
Present value of expected future policy benefits:      
Beginning balance 11,290 11,489  
Beginning balance at original discount rate 12,120 12,846  
Effect of changes in cash flow assumptions   0 (592)
Effect of actual variances from expected experience   (60) (271)
Adjusted beginning of period balance   12,060 11,983
Issuances 233 505  
Interest accrual 128 524  
Benefit payments (228) (893)  
Foreign currency translation 0 0  
Other 1 1  
Ending balance at original discount rate 12,194 12,120  
Effect of changes in discount rate assumptions (1,092) (830)  
Ending balance 11,102 11,290  
Net liability for future policy benefits 7,021 7,216  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 7,021 7,216  
Aflac U.S. | Hospital Indemnity      
Present value of expected premiums:      
Beginning balance 1,107 1,220  
Beginning balance at original discount rate 1,193 1,365  
Effect of changes in cash flow assumptions   0 (142)
Effect of actual variances from expected experience   (14) (73)
Adjusted beginning of period balance   1,179 1,150
Issuances 95 249  
Interest accrual 11 45  
Net premiums collected [1] (58) (247)  
Foreign currency translation 0 0  
Other (1) (4)  
Ending balance at original discount rate 1,226 1,193  
Effect of changes in discount rate assumptions (99) (86)  
Ending balance 1,127 1,107  
Present value of expected future policy benefits:      
Beginning balance 1,943 2,074  
Beginning balance at original discount rate 2,076 2,300  
Effect of changes in cash flow assumptions   0 (194)
Effect of actual variances from expected experience   (18) (99)
Adjusted beginning of period balance   2,058 2,007
Issuances 99 258  
Interest accrual 20 84  
Benefit payments (76) (274)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 2,101 2,076  
Effect of changes in discount rate assumptions (163) (133)  
Ending balance 1,938 1,943  
Net liability for future policy benefits 811 836  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 811 836  
Aflac U.S. | Dental/Vision      
Present value of expected premiums:      
Beginning balance 206 211  
Beginning balance at original discount rate 217 231  
Effect of changes in cash flow assumptions   0 (9)
Effect of actual variances from expected experience   (4) (17)
Adjusted beginning of period balance   213 205
Issuances 18 44  
Interest accrual 2 8  
Net premiums collected [1] (10) (39)  
Foreign currency translation 0 0  
Other (1) (1)  
Ending balance at original discount rate 222 217  
Effect of changes in discount rate assumptions (14) (11)  
Ending balance 208 206  
Present value of expected future policy benefits:      
Beginning balance 478 488  
Beginning balance at original discount rate 506 532  
Effect of changes in cash flow assumptions   0 (14)
Effect of actual variances from expected experience   (5) (22)
Adjusted beginning of period balance   501 496
Issuances 16 46  
Interest accrual 5 21  
Benefit payments (14) (59)  
Foreign currency translation 0 0  
Other 1 2  
Ending balance at original discount rate 509 506  
Effect of changes in discount rate assumptions (35) (28)  
Ending balance 474 478  
Net liability for future policy benefits 266 272  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 266 272  
Aflac U.S. | Other      
Present value of expected premiums:      
Beginning balance 277 110  
Beginning balance at original discount rate 272 118  
Effect of changes in cash flow assumptions   0 (9)
Effect of actual variances from expected experience   2 (2)
Adjusted beginning of period balance   274 107
Issuances 147 169  
Interest accrual 3 6  
Net premiums collected [1] (8) (17)  
Foreign currency translation 0 0  
Other (1) 7  
Ending balance at original discount rate 415 272  
Effect of changes in discount rate assumptions 6 5  
Ending balance 421 277  
Present value of expected future policy benefits:      
Beginning balance 798 622  
Beginning balance at original discount rate 769 624  
Effect of changes in cash flow assumptions   0 (13)
Effect of actual variances from expected experience   2 (4)
Adjusted beginning of period balance   771 $ 607
Issuances 151 169  
Interest accrual 10 33  
Benefit payments (17) (48)  
Foreign currency translation 0 0  
Other 0 8  
Ending balance at original discount rate 915 769  
Effect of changes in discount rate assumptions 15 29  
Ending balance 930 798  
Net liability for future policy benefits 509 521  
Less: reinsurance recoverable 2 0  
Net liability for future policy benefits after reinsurance recoverable $ 507 $ 521  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.