INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:

(In millions)	Foreign			U.S.			Total
2024:
Current		$	1,196		$	134		$	1,330
Deferred		159			(515)			(356)
Total income tax expense		$	1,355		$	(381)		$	974
2023:
Current		$	1,275		$	388		$	1,663
Deferred		(160)			(900)			(1,060)
Total income tax expense		$	1,115		$	(512)		$	603
2022:
Current		$	913		$	268		$	1,181
Deferred		200			(930)			(730)
Total income tax expense		$	1,113		$	(662)		$	451

Schedule of Effective Income Tax Rate Reconciliation

The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:

(In millions)	2024			2023			2022
Income taxes based on U.S. statutory rates		$	1,348		$	1,105		$	1,023
DST functional currency change		(208)			(174)			(452)
Solar and historic tax credits, net of amortization		(164)			(348)			(83)
Other, net		(2)			20			(37)
Income tax expense		$	974		$	603		$	451

Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation

(In millions)	2024			2023			2022
Statements of earnings		$	974		$	603		$	451
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during   period		160			140			547
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity   securities during period		(265)			520			(2,657)
Reclassification adjustment for (gains) losses   on fixed maturity securities included in net earnings		(41)			(35)			(95)
Unrealized gains (losses) on derivatives during period		1			1			1
Effect of changes in discount rate assumptions during period		1,214			(122)			3,650
Pension liability adjustment during period		5			7			35
Total income tax expense (benefit) related to items of   other comprehensive income (loss)		1,074			511			1,481
Total income taxes		$	2,048		$	1,114		$	1,932

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:

(In millions)	2024			2023
Deferred income tax liabilities:
Deferred policy acquisition costs		$	2,637		$	2,883
Unrealized gains and other basis differences on investments		615			988
Foreign currency gain on Aflac Japan		1			2
Premiums receivable		43			85
Policy benefit reserves		2,509			110
Other		54			0
Total deferred income tax liabilities		5,859			4,068
Deferred income tax assets:
Unfunded retirement benefits		4			5
Other accrued expenses		32			28
Policy and contract claims		514			572
Deferred compensation		31			45
Depreciation		255			265
Anticipatory foreign tax credit		3,262			2,210
Deferred foreign tax credit and carryforward		1,428			1,077
Other		0			135
Total deferred income tax assets		5,526			4,337
Net deferred income tax (asset) liability		333			(269)
Current income tax (asset) liability		240			423
Total income tax liability		$	573		$	154

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:

(In millions)	2024		2023
Balance, beginning of year	$	1	$	5
Additions for tax positions of prior years	0		0
Reductions for tax positions of prior years	(1)		(4)
Balance, end of year	$	0	$	1