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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
9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of expected future policy benefits:      
Beginning balance $ 132,131    
Ending balance 125,399 $ 132,131  
Net liability for future policy benefits 79,672 83,718  
Aflac Japan | Cancer      
Present value of expected future net premiums:      
Beginning balance 17,509 19,298  
Beginning balance at original discount rate 16,452 18,221  
Effect of changes in cash flow assumptions   (627) $ (165)
Effect of actual variances from expected experience   (72) (315)
Adjusted beginning of period balance   15,753 17,741
Issuances 735 1,034  
Interest accrual 286 412  
Net premiums collected [1] (1,099) (1,564)  
Foreign currency translation (134) (1,170)  
Other (1) (1)  
Ending balance at original discount rate 15,540 16,452  
Effect of changes in discount rate assumptions 535 1,057  
Ending balance 16,075 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   (817) (147)
Effect of actual variances from expected experience   (107) (385)
Adjusted beginning of period balance   42,702 47,145
Issuances 749 1,059  
Interest accrual 1,026 1,473  
Benefit payments (2,066) (2,987)  
Foreign currency translation (318) (3,064)  
Other 0 0  
Ending balance at original discount rate 42,093 43,626  
Effect of changes in discount rate assumptions 4,484 6,535  
Ending balance 46,577 50,161  
Net liability for future policy benefits 30,502 32,652  
Less: reinsurance recoverable 3,896 4,135  
Net liability for future policy benefits after reinsurance recoverable 26,606 28,517  
Aflac Japan | Medical and other health      
Present value of expected future net premiums:      
Beginning balance 14,697 16,714  
Beginning balance at original discount rate 14,040 16,195  
Effect of changes in cash flow assumptions   (154) (470)
Effect of actual variances from expected experience   (123) (137)
Adjusted beginning of period balance   13,763 15,588
Issuances 277 418  
Interest accrual 228 334  
Net premiums collected [1] (861) (1,261)  
Foreign currency translation (114) (1,038)  
Other 0 (1)  
Ending balance at original discount rate 13,293 14,040  
Effect of changes in discount rate assumptions 269 657  
Ending balance 13,562 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   (229) (507)
Effect of actual variances from expected experience   (145) (154)
Adjusted beginning of period balance   24,649 26,905
Issuances 286 432  
Interest accrual 430 608  
Benefit payments (766) (1,153)  
Foreign currency translation (173) (1,769)  
Other 0 0  
Ending balance at original discount rate 24,426 25,023  
Effect of changes in discount rate assumptions (761) 234  
Ending balance 23,665 25,257  
Net liability for future policy benefits 10,103 10,560  
Less: reinsurance recoverable 1,430 1,521  
Net liability for future policy benefits after reinsurance recoverable 8,673 9,039  
Aflac Japan | Life insurance      
Present value of expected future net premiums:      
Beginning balance 6,488 7,485  
Beginning balance at original discount rate 6,258 7,284  
Effect of changes in cash flow assumptions   (191) 43
Effect of actual variances from expected experience   (60) (42)
Adjusted beginning of period balance   6,007 7,285
Issuances 346 335  
Interest accrual 83 124  
Net premiums collected [1] (656) (1,017)  
Foreign currency translation (59) (469)  
Other 0 0  
Ending balance at original discount rate 5,721 6,258  
Effect of changes in discount rate assumptions 125 230  
Ending balance 5,846 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   (303) 65
Effect of actual variances from expected experience   (73) (51)
Adjusted beginning of period balance   29,880 32,814
Issuances 352 341  
Interest accrual 438 625  
Benefit payments (1,180) (1,415)  
Foreign currency translation (218) (2,109)  
Other 0 0  
Ending balance at original discount rate 29,272 30,256  
Effect of changes in discount rate assumptions (1,597) (525)  
Ending balance 27,675 29,731  
Net liability for future policy benefits 21,829 23,243  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 21,829 23,243  
Aflac Japan | Other      
Present value of expected future net premiums:      
Beginning balance 1,088 1,256  
Beginning balance at original discount rate 1,069 1,242  
Effect of changes in cash flow assumptions   (19) (12)
Effect of actual variances from expected experience   (12) (15)
Adjusted beginning of period balance   1,038 1,215
Issuances 13 26  
Interest accrual 13 20  
Net premiums collected [1] (76) (112)  
Foreign currency translation (11) (80)  
Other 0 0  
Ending balance at original discount rate 977 1,069  
Effect of changes in discount rate assumptions (2) 19  
Ending balance 975 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   (7) (27)
Effect of actual variances from expected experience   (21) (15)
Adjusted beginning of period balance   5,416 5,898
Issuances 17 32  
Interest accrual 70 100  
Benefit payments (157) (206)  
Foreign currency translation (36) (380)  
Other 0 0  
Ending balance at original discount rate 5,310 5,444  
Effect of changes in discount rate assumptions (460) (266)  
Ending balance 4,850 5,178  
Net liability for future policy benefits 3,875 4,090  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 3,875 4,090  
Aflac U.S. | Life insurance      
Present value of expected future net premiums:      
Beginning balance 853 724  
Beginning balance at original discount rate 909 799  
Effect of changes in cash flow assumptions   (5) 61
Effect of actual variances from expected experience   (18) (25)
Adjusted beginning of period balance   886 835
Issuances 173 181  
Interest accrual 27 31  
Net premiums collected [1] (116) (137)  
Foreign currency translation 0 0  
Other (3) (1)  
Ending balance at original discount rate 967 909  
Effect of changes in discount rate assumptions (33) (56)  
Ending balance 934 853  
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   (3) 72
Effect of actual variances from expected experience   (28) (32)
Adjusted beginning of period balance   1,940 1,818
Issuances 179 185  
Interest accrual 58 68  
Benefit payments (83) (105)  
Foreign currency translation 0 0  
Other 0 5  
Ending balance at original discount rate 2,094 1,971  
Effect of changes in discount rate assumptions (175) (207)  
Ending balance 1,919 1,764  
Net liability for future policy benefits 985 911  
Less: reinsurance recoverable 19 15  
Net liability for future policy benefits after reinsurance recoverable 966 896  
Aflac U.S. | Accident      
Present value of expected future net premiums:      
Beginning balance 2,488 2,534  
Beginning balance at original discount rate 2,630 2,760  
Effect of changes in cash flow assumptions   65 (16)
Effect of actual variances from expected experience   33 (58)
Adjusted beginning of period balance   2,728 2,686
Issuances 242 323  
Interest accrual 79 102  
Net premiums collected [1] (357) (473)  
Foreign currency translation 0 0  
Other (5) (8)  
Ending balance at original discount rate 2,687 2,630  
Effect of changes in discount rate assumptions (96) (142)  
Ending balance 2,591 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   109 (11)
Effect of actual variances from expected experience   38 (75)
Adjusted beginning of period balance   3,449 3,305
Issuances 247 331  
Interest accrual 99 127  
Benefit payments (408) (464)  
Foreign currency translation 0 0  
Other 0 3  
Ending balance at original discount rate 3,387 3,302  
Effect of changes in discount rate assumptions (137) (193)  
Ending balance 3,250 3,109  
Net liability for future policy benefits 659 621  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 659 621  
Aflac U.S. | Disability      
Present value of expected future net premiums:      
Beginning balance 1,652 1,635  
Beginning balance at original discount rate 1,738 1,775  
Effect of changes in cash flow assumptions   (47) (51)
Effect of actual variances from expected experience   8 (29)
Adjusted beginning of period balance   1,699 1,695
Issuances 288 376  
Interest accrual 49 62  
Net premiums collected [1] (301) (390)  
Foreign currency translation 0 0  
Other (4) (5)  
Ending balance at original discount rate 1,731 1,738  
Effect of changes in discount rate assumptions (46) (86)  
Ending balance 1,685 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   (73) (59)
Effect of actual variances from expected experience   (11) (59)
Adjusted beginning of period balance   2,457 2,518
Issuances 301 392  
Interest accrual 74 96  
Benefit payments (349) (465)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,483 2,541  
Effect of changes in discount rate assumptions (66) (119)  
Ending balance 2,417 2,422  
Net liability for future policy benefits 732 770  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 732 770  
Aflac U.S. | Critical Care      
Present value of expected future net premiums:      
Beginning balance 4,074 4,486  
Beginning balance at original discount rate 4,416 5,050  
Effect of changes in cash flow assumptions   (106) (494)
Effect of actual variances from expected experience   (55) (223)
Adjusted beginning of period balance   4,255 4,333
Issuances 439 493  
Interest accrual 130 179  
Net premiums collected [1] (432) (580)  
Foreign currency translation 0 0  
Other (6) (9)  
Ending balance at original discount rate 4,386 4,416  
Effect of changes in discount rate assumptions (256) (342)  
Ending balance 4,130 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   (112) (592)
Effect of actual variances from expected experience   (86) (271)
Adjusted beginning of period balance   11,922 11,983
Issuances 452 505  
Interest accrual 386 524  
Benefit payments (693) (893)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 12,067 12,120  
Effect of changes in discount rate assumptions (680) (830)  
Ending balance 11,387 11,290  
Net liability for future policy benefits 7,257 7,216  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 7,257 7,216  
Aflac U.S. | Hospital Indemnity      
Present value of expected future net premiums:      
Beginning balance 1,107 1,220  
Beginning balance at original discount rate 1,193 1,365  
Effect of changes in cash flow assumptions   (21) (142)
Effect of actual variances from expected experience   16 (73)
Adjusted beginning of period balance   1,188 1,150
Issuances 187 249  
Interest accrual 34 45  
Net premiums collected [1] (182) (247)  
Foreign currency translation 0 0  
Other (3) (4)  
Ending balance at original discount rate 1,224 1,193  
Effect of changes in discount rate assumptions (60) (86)  
Ending balance 1,164 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   (31) (194)
Effect of actual variances from expected experience   15 (99)
Adjusted beginning of period balance   2,060 2,007
Issuances 192 258  
Interest accrual 63 84  
Benefit payments (235) (274)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 2,080 2,076  
Effect of changes in discount rate assumptions (95) (133)  
Ending balance 1,985 1,943  
Net liability for future policy benefits 821 836  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 821 836  
Aflac U.S. | Dental/Vision      
Present value of expected future net premiums:      
Beginning balance 206 211  
Beginning balance at original discount rate 217 231  
Effect of changes in cash flow assumptions   (17) (9)
Effect of actual variances from expected experience   (9) (17)
Adjusted beginning of period balance   191 205
Issuances 40 44  
Interest accrual 6 8  
Net premiums collected [1] (29) (39)  
Foreign currency translation 0 0  
Other (1) (1)  
Ending balance at original discount rate 207 217  
Effect of changes in discount rate assumptions (6) (11)  
Ending balance 201 206  
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   (28) (14)
Effect of actual variances from expected experience   (12) (22)
Adjusted beginning of period balance   466 496
Issuances 42 46  
Interest accrual 15 21  
Benefit payments (45) (59)  
Foreign currency translation 0 0  
Other 0 2  
Ending balance at original discount rate 478 506  
Effect of changes in discount rate assumptions (17) (28)  
Ending balance 461 478  
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 future net premiums:      
Beginning balance 277 110  
Beginning balance at original discount rate 272 118  
Effect of changes in cash flow assumptions   (8) (9)
Effect of actual variances from expected experience   27 (2)
Adjusted beginning of period balance   291 107
Issuances 401 169  
Interest accrual 16 6  
Net premiums collected [1] (35) (17)  
Foreign currency translation 0 0  
Other (9) 7  
Ending balance at original discount rate 664 272  
Effect of changes in discount rate assumptions 35 5  
Ending balance 699 277  
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   (12) (13)
Effect of actual variances from expected experience   25 (4)
Adjusted beginning of period balance   782 $ 607
Issuances 405 169  
Interest accrual 36 33  
Benefit payments (69) (48)  
Foreign currency translation 0 0  
Other 0 8  
Ending balance at original discount rate 1,154 769  
Effect of changes in discount rate assumptions 59 29  
Ending balance 1,213 798  
Net liability for future policy benefits 514 521  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable $ 514 $ 521  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.