BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Reconciliation of Revenue from Segments to Consolidated

Information regarding operations by reportable segment and Corporate and other follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2024		2023		2024		2023
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,709	$	1,973	$	5,241	$	6,207
Adjusted net investment income	662		679		2,036		1,927
Other income	7		8		20		26
Total adjusted revenue Aflac Japan	2,378		2,660		7,297		8,160
Aflac U.S.:
Net earned premiums	1,459		1,419		4,388		4,272
Adjusted net investment income	210		209		634		609
Other income	15		33		46		102
Total adjusted revenue Aflac U.S.	1,684		1,661		5,068		4,983
Corporate and other (2)	225		115		723		384
Total adjusted revenues	4,287		4,436		13,088		13,527
Net investment gains (losses)	(1,408)		423		239		1,101
Reconciling items:
Amortized hedge costs	7		26		19		148
Amortized hedge income	(25)		(25)		(87)		(92)
Net interest (income) expense from derivatives associated with certain investment strategies	88		90		265		239
Total revenues	$	2,949	$	4,950	$	13,524	$	14,923

(1) Includes a gain (loss) of $(75) and $22 for the three-month periods and $(80) and $22 for the nine-month periods ended September 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 $57 and $64 for the three-month periods and $119 and $169 for the nine-month periods ended September 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $78 and $63 for the three-month periods and $142 and $171 for the nine-month periods ended September 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 September 30,				Nine Months Ended September 30,
(In millions)	2024		2023		2024		2023
Pretax earnings:
Aflac Japan (1)	$	1,073	$	869	$	2,747	$	2,479
Aflac U.S.	350		478		1,089		1,199
Corporate and other (2)	15		(49)		36		(107)
Pretax adjusted earnings	1,438		1,298		3,872		3,571
Other income (loss)	0		3		(1)		38
Net investment gains (losses)	(1,408)		423		239		1,101
Reconciling items:
Amortized hedge costs	7		26		19		148
Amortized hedge income	(25)		(25)		(87)		(92)
Net interest (income) expense from derivatives associated with certain investment strategies	88		90		265		239
Impact of interest from derivatives associated with notes payable	(8)		(10)		(25)		(33)
Total earnings before income taxes	$	92	$	1,805	$	4,282	$	4,972
Income taxes applicable to pretax adjusted earnings	$	227	$	203	$	665	$	570
Effect of foreign currency translation on after-tax adjusted earnings	(16)		(33)		(97)		(100)

(2)The change in value of federal historic rehabilitation and solar investments in partnerships of $57 and $64 for the three-month periods and $119 and $169 for the nine-month periods ended September 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $78 and $63 for the three-month periods and $142 and $171 for the nine-month periods ended September 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)	September 30, 2024			December 31, 2023
Assets:
Aflac Japan		$	101,132		$	101,541
Aflac U.S.		22,501			21,861
Corporate and other		4,809			3,322
Total assets		$	128,442		$	126,724