BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Revenue from Segments to Consolidated

Information regarding operations by reportable segment and Corporate and other is presented in the following tables.


	Three Months Ended March 31,
(In millions)		2025		2024
Revenues:
Aflac Japan:
Net earned premiums (1)		$	1,681	$	1,816
Adjusted net investment income		586		648
Other income		5		9
Total adjusted revenue Aflac Japan		2,272		2,473
Aflac U.S.:
Net earned premiums		1,502		1,475
Adjusted net investment income		202		206
Other income		17		18
Total adjusted revenue Aflac U.S.		1,721		1,699
Corporate and other (2)		326		247
Total adjusted revenues		4,319		4,419
Net investment gains (losses)		(963)		951
Reconciling items:
Amortized hedge costs		7		6
Amortized hedge income		(30)		(28)
Net interest (income) expense from derivatives associated with certain investment strategies		65		88
Total revenues		$	3,398	$	5,436

(1) Includes a gain (loss) of an immaterial amount and $(3) for the three-month periods ended March 31, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $32 for the three-month periods ended March 31, 2025 and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $33 for the three-month periods ended March 31, 2025 and 2024, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated


	Three Months Ended March 31,
(In millions)		2025		2024
Adjusted revenues:
Aflac Japan (1)		$	2,272	$	2,473
Aflac U.S.		1,721		1,699
Corporate and other (2)		326		247
Total adjusted revenues		4,319		4,419
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement		1,130		1,243
Reserve remeasurement (gains) losses		(25)		(26)
Total benefits and claims, net		1,105		1,217
Adjusted expenses:
Amortization of deferred policy acquisition costs		79		83
Insurance commissions		105		114
Insurance and other expenses		261		249
Total benefits and adjusted expenses Aflac Japan		1,550		1,663
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement		731		715
Reserve remeasurement (gains) losses		(15)		(29)
Total benefits and claims, net		716		686
Adjusted expenses:
Amortization of deferred policy acquisition costs		137		132
Insurance commissions		135		141
Insurance and other expenses		375		384
Total benefits and adjusted expenses Aflac U.S.		1,363		1,343
Corporate and other		283		250
Total adjusted expenses		$	3,196	$	3,256
Pretax earnings:
Aflac Japan (1)		$	722	$	810
Aflac U.S.		358		356
Corporate and other (2)		43		(3)
Pretax adjusted earnings		1,123		1,163
Other income (loss)		(53)		(2)
Net investment gains (losses)		(963)		951
Reconciling items:
Amortized hedge costs		7		6
Amortized hedge income		(30)		(28)
Net interest (income) expense from derivatives associated with certain investment strategies		65		88
Impact of interest from derivatives associated with notes payable		(4)		(8)
Total earnings before income taxes		$	145	$	2,170
Income taxes applicable to pretax adjusted earnings		$	217	$	202
Effect of foreign currency translation on after-tax adjusted earnings		(8)		(44)

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $32 for the three-month periods ended March 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $33 for the three-month periods ended March 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Assets from Segment to Consolidated

Total Assets: The Company's total assets were as follows:


(In millions)	March 31, 2025			December 31, 2024
Assets:
Aflac Japan		$	93,430		$	90,210
Aflac U.S.		21,881			21,930
Corporate and other		4,947			5,426
Total assets		$	120,258		$	117,566