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SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table is a reconciliation of the number of shares of the Company's common stock for the nine-month periods ended September 30.


(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	1,078	1,294
Balance, end of period	1,357,841	1,356,692
Treasury stock:
Balance, beginning of period	806,799	776,919
Purchases of treasury stock:
Share repurchase program	25,744	23,446
Other	407	491
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(537)	(594)
Exercise of stock options	(57)	(99)
Other	(225)	(188)
Balance, end of period	832,131	799,975
Shares outstanding, end of period	525,710	556,717

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Anti-dilutive share-based awards		1		0		1		23

Changes in Accumulated Other Comprehensive Income (Loss)

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 September 30, 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 June 30, 2025		$	(4,282)		$	(1,828)		$	(17)		$	5,594		$	42		$	(491)
Other comprehensive income (loss) before reclassification		(222)			152			0			1,238			0			1,168
Amounts reclassified from accumulated other comprehensive income (loss)		0			(25)			1			0			0			(24)
Net current-period other comprehensive income (loss)		(222)			127			1			1,238			0			1,144
Balance at September 30, 2025		$	(4,504)		$	(1,701)		$	(16)		$	6,832		$	42		$	653

All amounts in the table above are net of tax.


Three Months Ended September 30, 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 June 30, 2024		$	(5,091)		$	401		$	(22)		$	1,425		$	(5)		$	(3,292)
Other comprehensive income (loss) before reclassification		952			198			1			(1,492)			(3)			(344)
Amounts reclassified from accumulated other comprehensive income (loss)		0			(42)			1			0			0			(41)
Net current-period other comprehensive income (loss)		952			156			2			(1,492)			(3)			(385)
Balance at September 30, 2024		$	(4,139)		$	557		$	(20)		$	(67)		$	(8)		$	(3,677)

All amounts in the table above are net of tax.


Nine Months Ended September 30, 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		494			(1,679)			2			4,826			32			3,675
Amounts reclassified from accumulated other comprehensive income (loss)		0			(46)			2			0			0			(44)
Net current-period other comprehensive income (loss)		494			(1,725)			4			4,826			32			3,631
Balance at September 30, 2025		$	(4,504)		$	(1,701)		$	(16)		$	6,832		$	42		$	653

All amounts in the table above are net of tax.


Nine Months Ended September 30, 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		(70)			(368)			0			2,493			1			2,056
Amounts reclassified from accumulated other comprehensive income (loss)		0			(214)			2			0			(1)			(213)
Net current-period other comprehensive income (loss)		(70)			(582)			2			2,493			0			1,843
Balance at September 30, 2024		$	(4,139)		$	557		$	(20)		$	(67)		$	(8)		$	(3,677)

All amounts in the table above are net of tax.

Reclassification Out Of Accumulated Other Comprehensive Income

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 September 30, 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		$	32	Net investment gains (losses)
		(7)		Tax (expense) or benefit(1)
		$	25	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)		$	0	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Total reclassifications for the period		$	24	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 September 30, 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		$	53	Net investment gains (losses)
		(11)		Tax (expense) or benefit(1)
		$	42	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)		$	0	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Total reclassifications for the period		$	41	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)	Nine Months Ended September 30, 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		$	58	Net investment gains (losses)
		(12)		Tax (expense) or benefit(1)
		$	46	Net of tax
Unrealized gains (losses) on derivatives		$	(3)	Net investment gains (losses)


		1		Tax (expense) or benefit(1)
		$	(2)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	0	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Total reclassifications for the period		$	44	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)	Nine Months Ended September 30, 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		$	271	Net investment gains (losses)
		(57)		Tax (expense) or benefit(1)
		$	214	Net of tax
Unrealized gains (losses) on derivatives		$	(3)	Net investment gains (losses)
		1		Tax (expense) or benefit(1)
		$	(2)	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		$	213	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).