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BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
BENEFIT PLANS BENEFIT PLANS
Pension and Other Postretirement Plans

The Company has funded defined benefit plans in Japan and the U.S.; however, future benefits under the U.S. plan were frozen effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in 2023. As part of the U.S. plan freeze, the company offered lump sum payments to certain participants. The lump sum payments were distributed in the fourth quarter of 2024 and resulted in a settlement charge of $18 million in 2024 due to the payments being greater than the settlement threshold. In January 2025, the Company purchased a nonparticipating single premium group annuity contract from an external insurer to settle its obligations under the U.S. defined pension plan and paid to the insurer the related annuity premium. Effective April 1, 2025, the external insurer will begin making annuity payments to plan participants.

The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees. However, future benefits under the Company's Supplemental Executive Retirement Plan and Retirement Plan for Senior Officers were frozen effective January 1, 2024, provided that actively employed participants may continue to accrue service toward eligibility for early retirement benefits or delayed early retirement benefits.

The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next five years; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next five years; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life.
Information with respect to the Company's benefit plans' assets and obligations as of December 31 was as follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232024202320242023
Projected benefit obligation:
      Benefit obligation, beginning of year$324 $327 $764 $843 $25 $32 
      Service cost14 14 0 7 0 0 
      Interest cost8 9 36 41 1 1 
      Actuarial (gain) loss(18)7 (7)37 2 (4)
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Curtailment (gain) loss0 0 0 (106)0 0 
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(30)(20)0 0 0 0 
               Benefit obligation, end of year282 324 584 764 23 25 
Plan assets:
      Fair value of plan assets,
         beginning of year		344 335 648 659 0 0 
      Actual return on plan assets27 17 (8)39 0 0 
      Employer contributions27 27 8 8 5 4 
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(37)(22)0 0 0 0 
               Fair value of plan assets,
                  end of year		345 344 439 648 0 0 
Funded status of the plans(1)
$63 $20 $(145)$(116)$(23)$(25)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(10)$30 $1 $(13)$4 $2 
      Prior service (credit) cost0 0 (1)(2)0 0 
               Total included in accumulated
                  other comprehensive income		$(10)$30 $0 $(15)$4 $2 
Accumulated benefit obligation$184 $213 $584 $764 N/AN/A
(1) Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Pension Benefits
JapanU.S.
(In millions)2024202320242023
Accumulated benefit obligation $184 $213 $584 $764 
Fair value of plan assets345 344 439 648 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2024202320242023
Projected benefit obligation $282 $324 $584 $764 
Fair value of plan assets345 344 439 648 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $63 and $20 at December 31, 2024 and 2023, respectively, and was classified as other assets on the statement of financial position.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $145 and $116 at December 31, 2024 and 2023, respectively, and was classified as other liabilities on the statement of financial position.

Information for other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed in the note on “Obligations and Funded Status” because all the other postretirement benefit plans are unfunded or underfunded.
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202420232022202420232022202420232022
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		1.84 %1.95 %.94 %5.33 %
(1)
5.24 %
(2)
2.94 %5.04 %5.28 %2.94 %
Discount rate - benefit
  obligations		2.31 1.84 1.95 5.60 5.04 5.28   5.60 5.04 5.28   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 5.50 N/AN/AN/A
Rate of compensation
  increase		5.90 N/AN/AN/A 4.00 4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.30 
(3)
6.80 
(3)
6.50 
(3)
(1) An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
(2) An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
(3) For the years 2024, 2023 and 2022, the health care cost trend rates are expected to trend down to 3.7% in 49 years, 3.7% in 50 years, and 3.7% in 51 years, respectively.

The Company determines its discount rate assumption for its U.S. pension retirement obligations based on indices for AA corporate bonds with an average duration of approximately 11 years, and determination of the U.S. pension plan discount rate utilizes the 85-year extrapolated yield curve. In Japan, the discount rate assumption is determined using the yield curve equivalent approach, and participant salary and future salary increases are factors in determining pension benefit cost or the related pension benefit obligation.

The Company bases its assumption for the long-term rate of return on assets on historical trends (10-year or longer historical rates of return for the Japanese plan assets and 15-year historical rates of return for the U.S. plan assets), expected future market movement, as well as the portfolio mix of securities in the asset portfolio including, but not limited to, style, class and equity and fixed income allocations. In addition, the Company's consulting actuaries evaluate its assumptions for long-term rates of return under Actuarial Standards of Practice (ASOP). Under the ASOP, the actual portfolio type, mix and class are modeled to determine a best estimate of the long-term rate of return. The Company in turn uses those results to further validate its own assumptions.
Components of Net Periodic Benefit Cost
Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes $24 million, $(39) million and $14 million of other components of net periodic pension cost and postretirement costs (other than service costs) for the years ended December 31, 2024, 2023 and 2022, respectively. Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Service cost$14 $14 $19 $0 $7 $26 $0 $0 $0 
Interest cost8 9 5 36 41 34 1 1 1 
Expected return on
  plan assets		(7)(7)(8)(30)(34)(42)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 1 (1)(2)21 0 2 2 
Amortization of prior
  service cost (credit)		0 0 0 (1)0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (49)0 0 0 0 
Settlement (gain) loss0 0 0 18 0 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $16 $17 $22 $(37)$39 $1 $3 $3 

Changes in Accumulated Other Comprehensive Income
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Net actuarial (gain) loss$(40)$(5)$(14)$31 $31 $(127)$2 $(4)$0 
Amortization of net
  actuarial gain (loss)
0 0 (1)1 2 (21)0 (2)(2)
Amortization of prior
  service cost 		0 0 0 1 0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (57)0 0 0 0 
Settlement (gain) loss0 0 0 (18)0 0 0 0 0 
Total$(40)$(5)$(15)$15 $(24)$(148)$2 $(6)$(2)

No transition obligations arose during 2024.

Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2025$16 $37 $4 
202610 37 4 
202711 43 3 
202811 42 2 
202912 42 2 
2030-203472 212 3 
Funding

The Company plans to make contributions of $23 million to the Japanese funded defined benefit plan in 2025. The Company does not plan to make any contributions to the U.S. funded defined benefit plan in 2025. The Company did not make a contribution to the U.S. funded defined benefit plan in 2024. The funding policy for the Company's non-qualified supplemental defined benefit pension plans and other postretirement benefits plan is to contribute the amount of the benefit payments made during the year.

Plan Assets

The investment objective of the Company's Japanese and U.S. funded defined benefit plans is to preserve the purchasing power of the plan's assets and earn a reasonable inflation-adjusted rate of return over the long term. In January 2025, the assets of the U.S. defined benefit plan were moved to cash in anticipation of plan termination. Furthermore, the Company seeks to accomplish these objectives in a manner that allows for the adequate funding of plan benefits and expenses. In order to achieve these objectives, the Company's goal is to maintain a conservative, well-diversified and balanced portfolio of high-quality equity, fixed-income and money market securities. As a part of its strategy, the Company has established strict policies covering quality, type and concentration of investment securities. For the Company's Japanese plan, these policies include limitations on investments in derivatives including futures, options and swaps, and low-liquidity investments such as real estate, venture capital investments, and privately issued securities. For the Company's U.S. plan, these policies prohibit investments in precious metals, limited partnerships, venture capital, and direct investments in real estate. The Company is also prohibited from trading on margin.

The plan fiduciaries for the Company's funded defined benefit plans have developed guidelines for asset allocations reflecting a percentage of total assets by asset class, which are reviewed on an annual basis. Asset allocation targets as of December 31, 2024 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities8 %0 %
International equities10 0 
Fixed income securities45 99 
Other37 1 
     Total100 %100 %

The following tables present the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31.
  2024
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $29 $0 $29 
International equity securities0 36 0 36 
Fixed income securities:
Japanese bonds0 0 0 0 
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Cash and cash equivalents0 0 0 0 
Total $0 $283 $62 $345 
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $21 $0 $21 
International equity securities0 38 0 38 
Fixed income securities:
Japanese bonds0 22 0 22 
International bonds0 194 0 194 
Insurance contracts0 26 0 26 
Alternative investments0 0 16 16 
Cash and cash equivalents27 0 0 27 
Total $27 $301 $16 $344 

The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.
(In millions)20242023
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds435 $648 
Cash and cash equivalents4 0 
Total$439 $648 

The fair values of the Company's pension plan investments categorized as Level 1, consisting of mutual funds, are based on quoted market prices for identical securities traded in active markets that are readily and regularly available to the Company. The fair values of the Company's pension plan investments classified as Level 2 are based on quoted prices for similar assets in markets that are not active, other inputs that are observable, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates, or other market-corroborated inputs. The fair values of the Company's pension plan investments classified as Level 3 are based on certain inputs that are not observable in an active market including the difference between contract rates and market rates, the difference of interest spread on contract and interest spread on market and the appraisal value of collateralized real estate.

The following table presents the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
(In millions)20242023
Alternative investments:
Balance, beginning of period$16 $0 
Actual return on plan assets:
Relating to assets still held at the reporting date2 0 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 16 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $16 
401(k) Plan

The Company sponsors a 401(k) plan in which it matches a portion of U.S. employees' contributions. The plan provides for salary reduction contributions by employees and, in 2024, 2023, and 2022, provided matching contributions by the Company of 100% of each employee's contributions which were not in excess of 4% of the employee's annual cash compensation. The Company also provides a nonelective contribution to the 401(k) plan of 4% of annual cash compensation. Effective January 1, 2024, the nonelective 401(k) employer contribution was extended to U.S. employees who were participants in the defined benefit plan prior to the freeze of future benefits on January 1, 2024.

The 401(k) contributions by the Company, included in acquisition and operating expenses in the consolidated statements of earnings, were $21 million in 2024 and $20 million in 2023 and $18 million in 2022. The plan trustee held approximately 1.9 million shares of the Company's common stock for plan participants at December 31, 2024.

Stock Bonus Plan

Aflac U.S. maintains a stock bonus plan for eligible U.S. sales associates. Plan participants receive shares of Aflac Incorporated common stock based on their new annualized premium sales and their first-year persistency of substantially all new insurance policies. The cost of this plan, which was capitalized as deferred policy acquisition costs, amounted to $21 million in 2024 and $19 million in 2023 and $16 million in 2022.