SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Share Data: The following table is a reconciliation of the number of shares of the Company's common stock for the years ended December 31.

(In thousands of shares)	2024	2023	2022
Common stock - issued:
Balance, beginning of period	1,355,398	1,354,079	1,352,739
Exercise of stock options and issuance of restricted shares	1,365	1,319	1,340
Balance, end of period	1,356,763	1,355,398	1,354,079
Treasury stock:
Balance, beginning of period	776,919	738,823	700,607
Purchases of treasury stock:
Share repurchase program	30,428	38,896	39,187
Other	494	364	370
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(751)	(897)	(1,009)
Exercise of stock options	(104)	(88)	(117)
Other	(187)	(179)	(215)
Balance, end of period	806,799	776,919	738,823
Shares outstanding, end of period	549,964	578,479	615,256

Share Repurchase Program: In November 2022, the Company's board of directors authorized the purchase of an additional 100 million shares of its common stock. As of December 31, 2024, a remaining balance of 47.3 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

During 2024, the Company repurchased 30.4 million shares of its common stock in the open market for $2.8 billion. The Company repurchased 38.9 million shares for $2.8 billion in 2023 and 39.2 million shares for $2.4 billion in 2022.

Voting Rights: In accordance with the Parent Company's articles of incorporation, shares of common stock are generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of 48 months, at which time they become entitled to 10 votes per share.

EPS: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted EPS for the years ended December 31 is as follows: 

(In thousands of shares)	2024	2023	2022
Weighted-average outstanding shares used for calculating basic EPS	562,492	596,173	634,816
Dilutive effect of share-based awards	2,523	2,572	2,839
Weighted-average outstanding shares used for calculating diluted EPS	565,015	598,745	637,655

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic EPS, but are included in the calculation of weighted-average shares used in the computation of diluted EPS. Anti-dilutive share-based awards are excluded from the computation of diluted EPS.

The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS at December 31:

(In thousands)	2024		2023		2022
Anti-dilutive share-based awards		17		51		118

Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income

2024
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2023		$	(4,069)		$	1,139		$	(22)		$	(2,560)		$	(8)		$	(5,520)
Other comprehensive    income (loss) before    reclassification		(929)			(959)			(3)			4,566			20			2,695
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(156)			5			0			(2)			(153)
Net current-period other    comprehensive    income (loss)		(929)			(1,115)			2			4,566			18			2,542
Balance at December 31, 2024		$	(4,998)		$	24		$	(20)		$	2,006		$	10		$	(2,978)

All amounts in the table above are net of tax.

2023
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)
Other comprehensive    income (loss) before    reclassification		(505)			1,972			1			(460)			28			1,036
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(131)			4			0			0			(127)
Net current-period other    comprehensive    income (loss)		(505)			1,841			5			(460)			28			909
Balance at December 31, 2023		$	(4,069)		$	1,139		$	(22)		$	(2,560)		$	(8)		$	(5,520)

All amounts in the table above are net of tax.

2022
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2021		$	(1,985)		$	9,602		$	(30)		$	(15,832)		$	(166)		$	(8,411)
Other comprehensive    income (loss) before    reclassification		(1,579)			(9,946)			(1)			13,732			111			2,317
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(358)			4			0			19			(335)
Net current-period other    comprehensive    income (loss)		(1,579)			(10,304)			3			13,732			130			1,982
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)

All amounts in the table above are net of tax.

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	2024
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	197	Net investment gains (losses)
		(41)		Tax (expense) or benefit(1)
		$	156	Net of tax
Unrealized gains (losses) on derivatives		$	(5)	Net investment gains (losses)
		(1)		Net investment income
		(6)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(5)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		1		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	2	Net of tax
Total reclassifications for the period		$	153	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).

(In millions)	2023
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	166	Net investment gains (losses)
		(35)		Tax (expense) or benefit(1)
		$	131	Net of tax
Unrealized gains (losses) on derivatives		$	(4)	Net investment gains (losses)
		(1)		Net investment income
		(5)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	0	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Total reclassifications for the period		$	127	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).

(In millions)	2022
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale    securities		$	453	Net investment gains (losses)
		(95)		Tax (expense) or benefit(1)
		$	358	Net of tax
Unrealized gains (losses) on derivatives		$	(4)	Net investment gains (losses)
		(1)		Net investment income
		(5)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(24)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		5		Tax (expense) or benefit(1)
		$	(19)	Net of tax
Total reclassifications for the period		$	335	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).