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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)
Condensed Statements of Earnings
 Years ended December 31,
(In millions)202420232022
Revenues:
   Management and service fees from subsidiaries(1)
$163 $151 $136 
   Net investment income31 (174)3 
   Interest from subsidiaries(1)
1 1 2 
   Net investment gains (losses)503 301 (228)
     Total revenues698 279 (87)
Operating expenses:
   Interest expense189 187 215 
   Other operating expenses282 295 275 
     Total operating expenses471 482 490 
   Earnings before income taxes and equity in earnings of
     subsidiaries		227 (203)(577)
Income tax expense (benefit)(126)(444)(208)
   Earnings before equity in earnings of subsidiaries353 241 (369)
Equity in earnings of subsidiaries(1)
5,090 4,418 4,787 
     Net earnings$5,443 $4,659 $4,418 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Comprehensive Income (Loss)
  Years ended December 31,
(In millions)202420232022
Net earnings$5,443 $4,659 $4,418 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period(769)(366)(1,034)
Unrealized gains (losses) on fixed maturity securities during period(1,421)2,327 (13,056)
Unrealized gains (losses) on derivatives during period3 6 4 
Effect of changes in discount rate assumptions during period5,780 (582)17,384 
Pension liability adjustment during period23 35 165 
Total other comprehensive income (loss) before income taxes3,616 1,420 3,463 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)		1,074 511 1,481 
Other comprehensive income (loss), net of income taxes2,542 909 1,982 
Total comprehensive income (loss)$7,985 $5,568 $6,400 
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Balance Sheets
  December 31,
(In millions, except for share and per-share amounts)20242023
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance
  for credit losses in 2024 and 2023, amortized cost $1,702 in 2024 and
  $1,447 in 2023)
$1,713 $1,582 
Investments in subsidiaries(1)
27,890 24,508 
Other investments1,239 1,126 
Cash and cash equivalents2,308 1,007 
Total investments and cash33,150 28,223 
Due from subsidiaries(1)
242 270 
Income taxes receivable71 251 
Other assets1,121 1,202 
Total assets$34,584 $29,946 
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans$347 $329 
Notes payable and lease obligations7,219 6,819 
Other liabilities920 813 
Total liabilities8,486 7,961 
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
  shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398
  shares in 2023
136 136 
Additional paid-in capital2,894 2,771 
Retained earnings52,277 47,993 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,998)(4,069)
Unrealized gains (losses) on fixed maturity securities24 1,139 
Unrealized gains (losses) on derivatives(20)(22)
Effect of changes in discount rate assumptions2,006 (2,560)
Pension liability adjustment10 (8)
Treasury stock, at average cost(26,231)(23,395)
Total shareholders' equity26,098 21,985 
Total liabilities and shareholders' equity$34,584 $29,946 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Cash Flows
  Years ended December 31,
(In millions)202420232022
Cash flows from operating activities:
Net earnings$5,443 $4,659 $4,418 
Adjustments to reconcile net earnings to net cash provided from
  operating activities:
Equity in earnings of subsidiaries(1)
(5,090)(4,418)(4,787)
Cash dividends received from subsidiaries 4,274 3,410 2,705 
Other, net(292)(686)18 
Net cash provided (used) by operating activities4,335 2,965 2,354 
Cash flows from investing activities:
Fixed maturity securities sold572 547 392 
Fixed maturity securities purchased(695)(345)(438)
Other investments sold (purchased)(243)(34)(206)
Settlement of derivatives469 693 718 
Additional capitalization of subsidiaries(1)
(84)(203)(294)
Other, net0 1 1 
Net cash provided (used) by investing activities19 659 173 
Cash flows from financing activities:
Purchases of treasury stock(2,800)(2,801)(2,401)
Proceeds from borrowings823 0 1,277 
Principal payments under debt obligations0 0 (1,416)
Dividends paid to shareholders(1,087)(966)(979)
Treasury stock reissued14 17 17 
Proceeds from exercise of stock options9 13 12 
Net change in amount due to/from subsidiaries(1)
(5)(6)16 
Other, net(7)(17)(7)
Net cash provided (used) by financing activities(3,053)(3,760)(3,481)
Net change in cash and cash equivalents1,301 (136)(954)
Cash and cash equivalents, beginning of period1,007 1,143 2,097 
Cash and cash equivalents, end of period$2,308 $1,007 $1,143 
(1) Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Notes to Condensed Financial Statements
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Aflac Incorporated and Subsidiaries included in Part II, Item 8. of this report.
(A) Notes Payable and Lease Obligations
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20242023
1.125% senior sustainability notes due March 2026
$399 $398 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
994 993 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 542 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
79 87 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
378 422 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
81 0 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
211 234 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
79 88 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
84 93 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
184 206 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
176 0 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
189 211 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
58 65 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
130 145 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
133 148 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 84 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
95 106 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
48 0 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
115 0 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 69 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
66 74 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
94 0 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
63 70 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 45 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 62 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
103 0 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
39 44 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 70 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
35 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
375 419 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
125 140 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
75 84 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
122 0 
Yen-denominated loans:
Variable interest rate loan due August 2027 (.84% in 2024 and .35% in 2023,
  principal amount ¥11.7 billion)
74 82 
Variable interest rate loan due August 2029 (.94% in 2024 and .45% in 2023,
  principal amount ¥25.3 billion)
160 178 
Variable interest rate loan due August 2032 (1.09% in 2024 and .60% in 2023,
  principal amount ¥70.0 billion)
441 492 
Operating lease obligations payable through 20325 0 
Total notes payable and lease obligations$7,219 $6,819 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
In March 2024, the Parent Company issued five series of senior notes totaling ¥75.0 billion through a private placement. The first series, which totaled ¥18.3 billion, bears interest at a fixed rate of 1.600% per annum, payable semi-annually, and will mature in March 2034. The second series, which totaled ¥15.0 billion, bears interest at a fixed rate of 1.740% per annum, payable semi-annually, and will mature in March 2036. The third series, which totaled ¥16.5 billion, bears interest at a fixed rate of 1.920% per annum, payable semi-annually, and will mature in March 2039. The fourth series, which totaled ¥5.7 billion, bears interest at a fixed rate of 2.160% per annum, payable semi-annually, and will mature in March 2044. The fifth series, which totaled ¥19.5 billion, bears interest at a fixed rate of 2.400% per annum, payable semi-annually, and will mature in March 2054. These notes are redeemable at the Parent Company's option (i) in whole at any time or (ii) in part from time to time in an amount not less than 5% of the aggregate principal amount then outstanding of the notes to be redeemed.

In March 2024, the Parent Company issued three series of senior notes totaling ¥48.6 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥13.0 billion, bears interest at a fixed rate of 1.048% per annum, payable semi-annually, and will mature in March 2029. The second series, which totaled ¥27.9 billion, bears interest at a fixed rate of 1.412% per annum, payable semi-annually, and will mature in March 2031. The third series, which totaled ¥7.7 billion, bears interest at a fixed rate of 1.682% per annum, payable semi-annually, and will mature in March 2034. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in March 2029, March 2031 and March 2034 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after December 21, 2028, December 31, 2030 and September 21, 2033, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

The aggregate contractual maturities of notes payable during each of the years after December 31, 2024, are as follows:
(In millions)
2025$79 
2026700 
2027453 
20280 
2029533 
Thereafter5,500 
Total$7,265 

For further information regarding notes payable and lease obligations, see Note 9 of the Notes to the Consolidated Financial Statements.
(B) Derivatives
At December 31, 2024, the Parent Company's outstanding freestanding derivative contracts were swaps, foreign currency forwards and options. The cross-currency swap agreements relate to certain of the Parent Company's U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. The foreign currency forwards and options are designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Parent Company also enters into foreign currency forward contracts with Aflac Re to economically manage the currency mismatch between Aflac Re's assets which are mostly denominated in U.S. dollars and its liabilities which are mostly denominated in yen. The Parent Company does not use derivative financial instruments for trading purposes, nor does it engage in leveraged derivative transactions. For further information regarding these derivatives, see Notes 1 and 4 of the Notes to the Consolidated Financial Statements.
(C) Income Taxes
The Parent Company and its eligible U.S. subsidiaries file a consolidated U.S. federal income tax return. Income tax liabilities or benefits are recorded by each principal subsidiary based upon separate return calculations, and any difference between the consolidated provision and the aggregate amounts recorded by the subsidiaries is reflected in the Parent Company financial statements. For further information on income taxes, see Note 10 of the Notes to the Consolidated Financial Statements.
(D) Dividend Restrictions

See Note 13 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.
(E) Supplemental Disclosures of Cash Flow Information
(In millions)202420232022
Interest paid$180 $184 $211 
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment41 37 37