SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2025

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 three-month periods ended March 31.

(In thousands of shares)	2025	2024
Common stock - issued:
Balance, beginning of period	1,356,763	1,355,398
Exercise of stock options and issuance of restricted shares	989	1,082
Balance, end of period	1,357,752	1,356,480
Treasury stock:
Balance, beginning of period	806,799	776,919
Purchases of treasury stock:
Share repurchase program	8,497	9,276
Other	398	457
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(173)	(212)
Exercise of stock options	(41)	(55)
Other	(221)	(183)
Balance, end of period	815,259	786,202
Shares outstanding, end of period	542,493	570,278

Share Repurchase Program: During the first three months of 2025, the Company repurchased 8.5 million shares of its common stock for $900 million as part of its share repurchase program. During the first three months of 2024, the Company repurchased 9.3 million shares of its common stock for $750 million as part of its share repurchase program. As of March 31, 2025, a remaining balance of 38.8 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

EPS: Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (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 for the following periods.

	Three Months Ended March 31,
(In thousands)	2025		2024
Anti-dilutive share-based awards		0		69

Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income

Three Months Ended March 31, 2025
(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, 2024		$	(4,998)		$	24		$	(20)		$	2,006		$	10		$	(2,978)
Other comprehensive    income (loss) before    reclassification		449			(1,225)			1			1,893			33			1,151
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(32)			1			0			(1)			(32)
Net current-period other    comprehensive    income (loss)		449			(1,257)			2			1,893			32			1,119
Balance at March 31, 2025		$	(4,549)		$	(1,233)		$	(18)		$	3,899		$	42		$	(1,859)

All amounts in the table above are net of tax.

Three Months Ended March 31, 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		(597)			86			(5)			1,065			1			550
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(133)			1			0			0			(132)
Net current-period other    comprehensive    income (loss)		(597)			(47)			(4)			1,065			1			418
Balance at March 31, 2024		$	(4,666)		$	1,092		$	(26)		$	(1,495)		$	(7)		$	(5,102)

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 following periods.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	Three Months Ended March 31, 2025
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		$	40	Net investment gains (losses)
		(8)		Tax (expense) or benefit(1)
		$	32	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	1	Net of tax
Total reclassifications for the period		$	32	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 12 for additional details).

(In millions)	Three Months Ended March 31, 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		$	168	Net investment gains (losses)
		(35)		Tax (expense) or benefit(1)
		$	133	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	132	Net of tax

(1) Based on 21% tax rate