BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,715	$	2,064	$	3,531	$	4,234
Adjusted net investment income	725		637		1,374		1,248
Other income	7		9		14		18
Total adjusted revenue Aflac Japan	2,447		2,710		4,919		5,500
Aflac U.S.:
Net earned premiums	1,455		1,425		2,930		2,853
Adjusted net investment income	218		203		424		400
Other income	11		35		30		70
Total adjusted revenue Aflac U.S.	1,684		1,663		3,384		3,323
Corporate and other (2)	249		140		497		268
Total adjusted revenues	4,380		4,513		8,800		9,091
Net investment gains (losses)	696		555		1,647		678
Reconciling items:
Amortized hedge costs	7		63		13		122
Amortized hedge income	(34)		(38)		(62)		(67)
Net interest (income) expense from derivatives associated with certain investment strategies	89		79		177		148
Total revenues	$	5,138	$	5,172	$	10,575	$	9,972

(1) Includes a gain (loss) of $(2) and $(1) for the three-month periods and $(5) and $(1) for the six-month periods ended June 30, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $30 and $53 for the three-month periods and $62 and $105 for the six-month periods ended June 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $31 and $56 for the three-month periods and $64 and $108 for the six-month periods ended June 30, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Pretax earnings:
Aflac Japan (1)	$	864	$	822	$	1,674	$	1,610
Aflac U.S.	383		369		739		721
Corporate and other (2)	23		(52)		21		(58)
Pretax adjusted earnings	1,270		1,139		2,434		2,273
Other income (loss)	0		35		(2)		35
Net investment gains (losses)	696		555		1,647		678
Reconciling items:
Amortized hedge costs	7		63		13		122
Amortized hedge income	(34)		(38)		(62)		(67)
Net interest (income) expense from derivatives associated with certain investment strategies	89		79		177		148
Impact of interest from derivatives associated with notes payable	(9)		(8)		(17)		(22)
Total earnings before income taxes	$	2,019	$	1,825	$	4,190	$	3,167
Income taxes applicable to pretax adjusted earnings	$	235	$	186	$	438	$	366
Effect of foreign currency translation on after-tax adjusted earnings	(37)		(25)		(81)		(66)

(2)The change in value of federal historic rehabilitation and solar investments in partnerships of $30 and $53 for the three-month periods and $62 and $105 for the six-month periods ended June 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $31 and $56 for the three-month periods and $64 and $108 for the six-month periods ended June 30, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Assets from Segment to Consolidated

The Company's total assets were as follows:


(In millions)	June 30, 2024			December 31, 2023
Assets:
Aflac Japan		$	92,708		$	101,541
Aflac U.S.		21,755			21,861
Corporate and other		5,705			3,322
Total assets		$	120,168		$	126,724