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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
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of expected future policy benefits:      
Beginning balance $ 132,131    
Ending balance 112,297 $ 132,131  
Net liability for future policy benefits 70,339 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   (77) (315)
Adjusted beginning of period balance   16,375 17,741
Issuances 439 1,034  
Interest accrual 189 412  
Net premiums collected [1] (721) (1,564)  
Foreign currency translation (1,956) (1,170)  
Other 0 (1)  
Ending balance at original discount rate 14,326 16,452  
Effect of changes in discount rate assumptions 326 1,057  
Ending balance 14,652 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   (105) (385)
Adjusted beginning of period balance   43,521 47,145
Issuances 448 1,059  
Interest accrual 672 1,473  
Benefit payments (1,357) (2,987)  
Foreign currency translation (5,192) (3,064)  
Other 0 0  
Ending balance at original discount rate 38,092 43,626  
Effect of changes in discount rate assumptions 3,456 6,535  
Ending balance 41,548 50,161  
Net liability for future policy benefits 26,896 32,652  
Less: reinsurance recoverable 3,420 4,135  
Net liability for future policy benefits after reinsurance recoverable 23,476 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   (84) (137)
Adjusted beginning of period balance   13,956 15,588
Issuances 193 418  
Interest accrual 149 334  
Net premiums collected [1] (565) (1,261)  
Foreign currency translation (1,661) (1,038)  
Other 0 (1)  
Ending balance at original discount rate 12,072 14,040  
Effect of changes in discount rate assumptions 47 657  
Ending balance 12,119 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   (97) (154)
Adjusted beginning of period balance   24,926 26,905
Issuances 199 432  
Interest accrual 280 608  
Benefit payments (497) (1,153)  
Foreign currency translation (2,983) (1,769)  
Other 0 0  
Ending balance at original discount rate 21,925 25,023  
Effect of changes in discount rate assumptions (1,230) 234  
Ending balance 20,695 25,257  
Net liability for future policy benefits 8,576 10,560  
Less: reinsurance recoverable 1,247 1,521  
Net liability for future policy benefits after reinsurance recoverable 7,329 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   (39) (42)
Adjusted beginning of period balance   6,219 7,285
Issuances 105 335  
Interest accrual 55 124  
Net premiums collected [1] (435) (1,017)  
Foreign currency translation (730) (469)  
Other 0 0  
Ending balance at original discount rate 5,214 6,258  
Effect of changes in discount rate assumptions 64 230  
Ending balance 5,278 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   (46) (51)
Adjusted beginning of period balance   30,210 32,814
Issuances 107 341  
Interest accrual 287 625  
Benefit payments (827) (1,415)  
Foreign currency translation (3,585) (2,109)  
Other 0 0  
Ending balance at original discount rate 26,192 30,256  
Effect of changes in discount rate assumptions (1,822) (525)  
Ending balance 24,370 29,731  
Net liability for future policy benefits 19,092 23,243  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 19,092 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   (8) (15)
Adjusted beginning of period balance   1,061 1,215
Issuances 10 26  
Interest accrual 9 20  
Net premiums collected [1] (50) (112)  
Foreign currency translation (127) (80)  
Other 0 0  
Ending balance at original discount rate 903 1,069  
Effect of changes in discount rate assumptions (12) 19  
Ending balance 891 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   (14) (15)
Adjusted beginning of period balance   5,430 5,898
Issuances 12 32  
Interest accrual 46 100  
Benefit payments (97) (206)  
Foreign currency translation (647) (380)  
Other 0 0  
Ending balance at original discount rate 4,744 5,444  
Effect of changes in discount rate assumptions (500) (266)  
Ending balance 4,244 5,178  
Net liability for future policy benefits 3,353 4,090  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 3,353 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   (18) (25)
Adjusted beginning of period balance   891 835
Issuances 117 181  
Interest accrual 18 31  
Net premiums collected [1] (76) (137)  
Foreign currency translation 0 0  
Other (3) (1)  
Ending balance at original discount rate 947 909  
Effect of changes in discount rate assumptions (73) (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   (25) (32)
Adjusted beginning of period balance   1,946 1,818
Issuances 121 185  
Interest accrual 38 68  
Benefit payments (57) (105)  
Foreign currency translation 0 0  
Other 0 5  
Ending balance at original discount rate 2,048 1,971  
Effect of changes in discount rate assumptions (280) (207)  
Ending balance 1,768 1,764  
Net liability for future policy benefits 894 911  
Less: reinsurance recoverable 15 15  
Net liability for future policy benefits after reinsurance recoverable 879 896  
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   3 (58)
Adjusted beginning of period balance   2,633 2,686
Issuances 174 323  
Interest accrual 52 102  
Net premiums collected [1] (236) (473)  
Foreign currency translation 0 0  
Other (3) (8)  
Ending balance at original discount rate 2,620 2,630  
Effect of changes in discount rate assumptions (197) (142)  
Ending balance 2,423 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   0 (75)
Adjusted beginning of period balance   3,302 3,305
Issuances 179 331  
Interest accrual 65 127  
Benefit payments (259) (464)  
Foreign currency translation 0 0  
Other (1) 3  
Ending balance at original discount rate 3,286 3,302  
Effect of changes in discount rate assumptions (266) (193)  
Ending balance 3,020 3,109  
Net liability for future policy benefits 597 621  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 597 621  
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   0 (29)
Adjusted beginning of period balance   1,738 1,695
Issuances 203 376  
Interest accrual 33 62  
Net premiums collected [1] (201) (390)  
Foreign currency translation 0 0  
Other (4) (5)  
Ending balance at original discount rate 1,769 1,738  
Effect of changes in discount rate assumptions (108) (86)  
Ending balance 1,661 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   (11) (59)
Adjusted beginning of period balance   2,530 2,518
Issuances 212 392  
Interest accrual 49 96  
Benefit payments (229) (465)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,562 2,541  
Effect of changes in discount rate assumptions (157) (119)  
Ending balance 2,405 2,422  
Net liability for future policy benefits 744 770  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 744 770  
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   (60) (223)
Adjusted beginning of period balance   4,356 4,333
Issuances 323 493  
Interest accrual 87 179  
Net premiums collected [1] (286) (580)  
Foreign currency translation 0 0  
Other (3) (9)  
Ending balance at original discount rate 4,477 4,416  
Effect of changes in discount rate assumptions (472) (342)  
Ending balance 4,005 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   (84) (271)
Adjusted beginning of period balance   12,036 11,983
Issuances 336 505  
Interest accrual 258 524  
Benefit payments (460) (893)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 12,170 12,120  
Effect of changes in discount rate assumptions (1,323) (830)  
Ending balance 10,847 11,290  
Net liability for future policy benefits 6,842 7,216  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 6,842 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   (6) (73)
Adjusted beginning of period balance   1,187 1,150
Issuances 138 249  
Interest accrual 22 45  
Net premiums collected [1] (120) (247)  
Foreign currency translation 0 0  
Other 0 (4)  
Ending balance at original discount rate 1,227 1,193  
Effect of changes in discount rate assumptions (109) (86)  
Ending balance 1,118 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   (13) (99)
Adjusted beginning of period balance   2,063 2,007
Issuances 144 258  
Interest accrual 41 84  
Benefit payments (154) (274)  
Foreign currency translation 0 0  
Other 1 1  
Ending balance at original discount rate 2,095 2,076  
Effect of changes in discount rate assumptions (188) (133)  
Ending balance 1,907 1,943  
Net liability for future policy benefits 789 836  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 789 836  
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   (7) (17)
Adjusted beginning of period balance   210 205
Issuances 29 44  
Interest accrual 4 8  
Net premiums collected [1] (20) (39)  
Foreign currency translation 0 0  
Other 1 (1)  
Ending balance at original discount rate 224 217  
Effect of changes in discount rate assumptions (16) (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   (9) (22)
Adjusted beginning of period balance   497 496
Issuances 30 46  
Interest accrual 10 21  
Benefit payments (29) (59)  
Foreign currency translation 0 0  
Other 0 2  
Ending balance at original discount rate 508 506  
Effect of changes in discount rate assumptions (40) (28)  
Ending balance 468 478  
Net liability for future policy benefits 260 272  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 260 272  
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   11 (2)
Adjusted beginning of period balance   283 107
Issuances 264 169  
Interest accrual 9 6  
Net premiums collected [1] (20) (17)  
Foreign currency translation 0 0  
Other (4) 7  
Ending balance at original discount rate 532 272  
Effect of changes in discount rate assumptions 0 5  
Ending balance 532 277  
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   11 (4)
Adjusted beginning of period balance   780 $ 607
Issuances 265 169  
Interest accrual 22 33  
Benefit payments (42) (48)  
Foreign currency translation 0 0  
Other 2 8  
Ending balance at original discount rate 1,027 769  
Effect of changes in discount rate assumptions (2) 29  
Ending balance 1,025 798  
Net liability for future policy benefits 493 521  
Less: reinsurance recoverable 1 0  
Net liability for future policy benefits after reinsurance recoverable $ 492 $ 521  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.