BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,663	$	1,709	$	5,105	$	5,241
Adjusted net investment income	665		662		1,950		2,036
Other income	7		7		24		20
Total adjusted revenue Aflac Japan	2,335		2,378		7,079		7,297
Aflac U.S.:
Net earned premiums	1,495		1,459		4,501		4,388
Adjusted net investment income	214		210		623		634
Other income	19		15		53		46
Total adjusted revenue Aflac U.S.	1,728		1,684		5,177		5,068
Corporate and other (2)	343		225		1,005		723
Total adjusted revenues	4,406		4,287		13,261		13,088
Net investment gains (losses)	275		(1,408)		(1,109)		239
Reconciling items:
Amortized hedge costs	13		7		31		19
Amortized hedge income	(20)		(25)		(80)		(87)
Net interest (income) expense from derivatives associated with certain investment strategies	66		88		195		265
Total revenues	$	4,740	$	2,949	$	12,298	$	13,524

(1) Includes a gain (loss) of $(55) and $(75) for the three-month periods and $(55) and $(80) for the nine-month periods ended September 30, 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 $6 and $57 for the three-month periods and $22 and $119 for the nine-month periods ended September 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $78 for the three-month periods and $24 and $142 for the nine-month periods ended September 30, 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 September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Adjusted revenues:
Aflac Japan (1)	$	2,335	$	2,378	$	7,079	$	7,297
Aflac U.S.	1,728		1,684		5,177		5,068
Corporate and other (2)	343		225		1,005		723
Total adjusted revenues	4,406		4,287		13,261		13,088
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement	1,130		1,197		3,446		3,614
Reserve remeasurement (gains) losses	(474)		(369)		(513)		(421)
Total benefits and claims, net	656		828		2,933		3,193
Adjusted expenses:
Amortization of deferred policy acquisition costs	81		82		245		242
Insurance commissions	111		110		328		330
Insurance and other expenses	271		285		845		785
Total benefits and adjusted expenses Aflac Japan	1,119		1,305		4,351		4,550
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement	752		711		2,219		2,130
Reserve remeasurement (gains) losses	(71)		(17)		(110)		(71)
Total benefits and claims, net	681		694		2,109		2,059
Adjusted expenses:
Amortization of deferred policy acquisition costs	137		132		410		396
Insurance commissions	143		141		417		422
Insurance and other expenses	392		367		1,120		1,102
Total benefits and adjusted expenses Aflac U.S.	1,353		1,334		4,056		3,979
Corporate and other	274		210		873		687
Total adjusted expenses	$	2,746	$	2,849	$	9,280	$	9,216
Pretax earnings:
Aflac Japan (1)	$	1,216	$	1,073	$	2,728	$	2,747
Aflac U.S.	375		350		1,121		1,089
Corporate and other (2)	69		15		132		36
Pretax adjusted earnings	1,660		1,438		3,981		3,872
Other income (loss)	(1)		0		(54)		(1)
Net investment gains (losses)	275		(1,408)		(1,109)		239
Reconciling items:
Amortized hedge costs	13		7		31		19
Amortized hedge income	(20)		(25)		(80)		(87)
Net interest (income) expense from derivatives associated with certain investment strategies	66		88		195		265
Impact of interest from derivatives associated with notes payable	1		(8)		(3)		(25)
Total earnings before income taxes	$	1,994	$	92	$	2,961	$	4,282
Income taxes applicable to pretax adjusted earnings	$	333	$	227	$	791	$	665
Effect of foreign currency translation on after-tax adjusted earnings	1		(16)		16		(97)

Reconciliation of Assets from Segment to Consolidated

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


(In millions)	September 30, 2025			December 31, 2024
Assets:
Aflac Japan		$	94,131		$	90,210
Aflac U.S.		22,569			21,930
Corporate and other		5,606			5,426
Total assets		$	122,306		$	117,566