BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

BENEFIT PLANS

BENEFIT PLANS

Pension and Other Postretirement Plans

The Company has funded defined benefit plans in Japan and the U.S.; however, future benefits under the U.S. plan were frozen effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in 2023. As part of the U.S. plan freeze, the company offered lump sum payments to certain participants. The lump sum payments were distributed in the fourth quarter of 2024 and resulted in a settlement charge of $18 million in 2024 due to the payments being greater than the settlement threshold. In January 2025, the Company purchased a nonparticipating single premium group annuity contract from an external insurer to settle its obligations under the U.S. defined pension plan and paid to the insurer the related annuity premium. As a result, the Company recognized a settlement charge of $55 million in 2025. Effective April 1, 2025, the external insurer began making annuity payments to plan participants.

The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees. However, future benefits under the Company's Supplemental Executive Retirement Plan and Retirement Plan for Senior Officers were frozen effective January 1, 2024, provided that actively employed participants may continue to accrue service toward eligibility for early retirement benefits or delayed early retirement benefits.

The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. For certain employees and former employees, additional coverage is provided for all medical expenses for life. Effective January 1, 2014, the plan was frozen to new participants.

Information with respect to the Company's benefit plans' assets and obligations as of December 31 follows:

	Pension Benefits												Other
	Japan						U.S.						Postretirement Benefits
(In millions)	2025			2024			2025			2024			2025			2024
Projected benefit obligation:
Benefit obligation, beginning of year		$	282		$	324		$	584		$	764		$	23		$	25
Service cost		13			14			0			0			0			0
Interest cost		9			8			15			36			1			1
Actuarial (gain) loss		(45)			(18)			8			(7)			3			2
Benefits and expenses paid		(15)			(16)			(15)			(32)			(5)			(5)
Settlement		0			0			(420)			(177)			0			0
Effect of foreign exchange          rate changes		5			(30)			0			0			0			0
Benefit obligation, end of year		249			282			172			584			22			23
Plan assets:
Fair value of plan assets,          beginning of year		345			344			439			648			0			0
Actual return on plan assets		23			27			0			(8)			0			0
Employer contributions		28			27			9			8			5			5
Benefits and expenses paid		(15)			(16)			(15)			(32)			(5)			(5)
Settlement		0			0			(420)			(177)			0			0
Effect of foreign exchange          rate changes		2			(37)			0			0			0			0
Fair value of plan assets,                   end of year		383			345			13			439			0			0
Funded status of the plans(1)		$	134		$	63		$	(159)		$	(145)		$	(22)		$	(23)
Amounts recognized in accumulated other     comprehensive income:
Net actuarial (gain) loss		$	(68)		$	(10)		$	(40)		$	1		$	6		$	4
Prior service (credit) cost		0			0			(1)			(1)			0			0
Total included in accumulated                   other comprehensive income		$	(68)		$	(10)		$	(41)		$	0		$	6		$	4
Accumulated benefit obligation		$	162		$	184		$	172		$	584		N/A			N/A

(1) Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included in other assets in the consolidated balance sheets

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

	Pension Benefits
	Japan						U.S.
(In millions)	2025			2024			2025			2024
Accumulated benefit obligation		$	162		$	184		$	172		$	584
Fair value of plan assets		383			345			13			439

Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets

	Pension Benefits
	Japan (1)						U.S.(2)
(In millions)	2025			2024			2025			2024
Projected benefit obligation		$	249		$	282		$	172		$	584
Fair value of plan assets		383			345			13			439

(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $134 and $63 at December 31, 2025 and 2024, respectively, and was included in other assets in the consolidated balance sheets.

(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $159 and $145 at December 31, 2025 and 2024, respectively, and was included in other liabilities in the consolidated balance sheets.

Information for other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed in the note on “Obligations and Funded Status” because all the other postretirement benefit plans are unfunded or underfunded.

	Pension Benefits														Other
	Japan						U.S.								Postretirement Benefits
	2025		2024		2023		2025		2024			2023			2025			2024			2023
Weighted-average   actuarial assumptions:
Discount rate - net periodic   benefit cost	2.31	%	1.84	%	1.95	%	5.60	%	5.33	%	(1)	5.24	%	(2)	5.60	%		5.04	%		5.28	%
Discount rate - benefit   obligations	3.39		2.31		1.84		5.34		5.60			5.04			4.49			5.60			5.04
Expected long-term return   on plan assets	2.00		2.00		2.00		4.75		4.75			4.75			N/A			N/A			N/A
Rate of compensation   increase	5.90		5.90		N/A		N/A		N/A			4.00			N/A			N/A			N/A
Health care cost trend rates	N/A		N/A		N/A		N/A		N/A			N/A			6.50		(3)	6.30		(3)	6.80		(3)

(1) An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.

(2) An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.

(3) For the years 2025, 2024 and 2023, the health care cost trend rates are expected to trend down to 3.7% in 48 years, 3.7% in 49 years, and 3.7% in 50 years, respectively.

The Company determines its discount rate assumption for its U.S. pension retirement obligations based on indices for AA corporate bonds with an average duration of approximately 13 years, and determination of the U.S. pension plan discount rate utilizes the 85-year extrapolated yield curve. In Japan, the discount rate assumption is determined using the yield curve equivalent approach, and participant salary and future salary increases are factors in determining pension benefit cost or the related pension benefit obligation.

The Company bases its assumption for the long-term rate of return on assets on historical trends (10-year or longer historical rates of return for the Japanese plan assets), expected future market movement, as well as the portfolio mix of securities in the asset portfolio including, but not limited to, style, class and equity and fixed income allocations. In addition, the Company's consulting actuaries evaluate its assumptions for long-term rates of return under Actuarial Standards of Practice (ASOP). Under the ASOP, the actual portfolio type, mix and class are modeled to determine a best estimate of the long-term rate of return. The Company in turn uses those results to further validate its own assumptions.

Components of Net Periodic Benefit Cost

Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes $68 million, $24 million and $(39) million of other components of net periodic pension cost and postretirement costs (other than service costs) for the years ended December 31, 2025, 2024 and 2023, respectively. Total net periodic benefit cost includes the following components:

	Pension Benefits																		Other
		Japan								U.S.									Postretirement Benefits
(In millions)	2025			2024			2023			2025			2024			2023			2025			2024			2023
Service cost		$	13		$	14		$	14		$	0		$	0		$	7		$	0		$	0		$	0
Interest cost		9			8			9			15			36			41			1			1			1
Expected return on   plan assets		(7)			(7)			(7)			(5)			(30)			(34)			0			0			0
Amortization of net   actuarial (gain) loss		0			0			0			(1)			(1)			(2)			1			0			2
Amortization of prior   service cost (credit)		0			0			0			0			(1)			0			0			0			0
Curtailment (gain) loss		0			0			0			0			0			(49)			0			0			0
Settlement (gain) loss		0			0			0			55			18			0			0			0			0
Net periodic benefit   cost (credit)		$	15		$	15		$	16		$	64		$	22		$	(37)		$	2		$	1		$	3

Changes in Accumulated Other Comprehensive Income

The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:

	Pension Benefits																		Other
	Japan									U.S.									Postretirement Benefits
(In millions)	2025			2024			2023			2025			2024			2023			2025			2024			2023
Net actuarial (gain) loss		$	(58)		$	(40)		$	(5)		$	13		$	31		$	31		$	3		$	2		$	(4)
Amortization of net   actuarial gain (loss)		0			0			0			1			1			2			(1)			0			(2)
Amortization of prior   service cost		0			0			0			0			1			0			0			0			0
Curtailment (gain) loss		0			0			0			0			0			(57)			0			0			0
Settlement (gain) loss		0			0			0			(55)			(18)			0			0			0			0
Total		$	(58)		$	(40)		$	(5)		$	(41)		$	15		$	(24)		$	2		$	2		$	(6)

No transition obligations arose during 2025.

Benefit Payments

The following table provides expected benefit payments, which reflect expected future service, as appropriate.

	Pension Benefits						Other
(In millions)	Japan			U.S.			Postretirement Benefits
2026		$	16		$	10		$	4
2027		12			16			4
2028		12			14			3
2029		13			13			2
2030		13			13			1
2031-2035		80			64			4

Funding

The Company plans to make contributions of $23 million to the Japanese funded defined benefit plan in 2026. The Company did not make a contribution to the U.S. funded defined benefit plan in 2025. The funding policy for the Company's non-qualified supplemental defined benefit pension plans and other postretirement benefits plan is to contribute the amount of the benefit payments made during the year.

Plan Assets

The investment objective of the Company's Japanese funded defined benefit plans is to preserve the purchasing power of the plan's assets and earn a reasonable inflation-adjusted rate of return over the long term. Furthermore, the Company seeks to accomplish these objectives in a manner that allows for the adequate funding of plan benefits and expenses. In order to achieve these objectives, the Company's goal is to maintain a conservative, well-diversified and balanced portfolio of high-quality equity, fixed-income and money market securities. As a part of its strategy, the Company has established strict policies covering quality, type and concentration of investment securities. For the Company's Japanese plan, these policies include limitations on investments in derivatives including futures, options and swaps, and low-liquidity investments such as real estate, venture capital investments, and privately issued securities. The Company is also prohibited from trading on margin.

The plan fiduciaries for the Company's funded defined benefit plans have developed guidelines for asset allocations reflecting a percentage of total assets by asset class, which are reviewed on an annual basis. Asset allocation targets as of December 31, 2025 were as follows:

	Japan Pension			U.S. Pension
Domestic equities		9	%		0	%
International equities		11			0
Fixed income securities		46			0
Other		34			100
Total		100	%		100	%

The following tables present the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31.

	2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Japan pension plan assets:
Equities:
Japanese equity securities		$	0		$	35		$	0		$	35
International equity securities		0			44			0			44
Fixed income securities:
Japanese bonds		0			17			0			17
International bonds		0			129			29			158
Insurance contracts		0			63			0			63
Alternative investments		0			0			65			65
Cash and cash equivalents		1			0			0			1
Total		$	1		$	288		$	94		$	383

	2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Japan pension plan assets:
Equities:
Japanese equity securities		$	0		$	29		$	0		$	29
International equity securities		0			36			0			36
Fixed income securities:
International bonds		0			154			0			154
Insurance contracts		0			64			0			64
Alternative investments		0			0			62			62
Total		$	0		$	283		$	62		$	345

The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.

(In millions)	2025			2024
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds		$	0		$	435
Cash and cash equivalents		13			4
Total		$	13		$	439

The fair values of the Company's pension plan investments categorized as Level 1, consisting of mutual funds, are based on quoted market prices for identical securities traded in active markets that are readily and regularly available to the Company. The fair values of the Company's pension plan investments classified as Level 2 are based on quoted prices for similar assets in markets that are not active, other inputs that are observable, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates, or other market-corroborated inputs. The fair values of the Company's pension plan investments classified as Level 3 are based on certain inputs that are not observable in an active market including the difference between contract rates and market rates, the difference of interest spread on contract and interest spread on market and the appraisal value of collateralized real estate.

The following tables present the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.

2025
(In millions)	International Bonds		Alternative Investments		Total
Balance, beginning of period	$	0	$	62	$	62
Actual return on plan assets:
Relating to assets still held at the reporting date	0		3		3
Relating to assets sold during the period	0		0		0
Purchases, sales and settlements	29		0		29
Transfers in and/or out of Level 3	0		0		0
Balance, end of period	$	29	$	65	$	94

2024
(In millions)	Alternative Investments		Total
Balance, beginning of period	$	16	$	16
Actual return on plan assets:
Relating to assets still held at the reporting date	2		2
Relating to assets sold during the period	0		0
Purchases, sales and settlements	44		44
Transfers in and/or out of Level 3	0		0
Balance, end of period	$	62	$	62

401(k) Plan

The Company sponsors a 401(k) plan in which it matches a portion of U.S. employees' contributions. The plan provides for salary reduction contributions by employees and, in 2025, 2024, and 2023, provided matching contributions by the Company of 100% of each employee's contributions which were not in excess of 4% of the employee's annual cash compensation. The Company also provides a nonelective contribution to the 401(k) plan of 4% of annual cash compensation. Effective January 1, 2024, the nonelective 401(k) employer contribution was extended to U.S. employees who were participants in the defined benefit plan prior to the freeze of future benefits on January 1, 2024.

The 401(k) contributions by the Company, included in acquisition and operating expenses in the consolidated statements of earnings, were $21 million in 2025 and $21 million in 2024 and $20 million in 2023. The plan trustee held approximately 1.7 million shares of the Company's common stock for plan participants at December 31, 2025.

Stock Bonus Plan

Aflac U.S. maintains a stock bonus plan for eligible U.S. sales associates. Plan participants receive shares of Aflac Incorporated common stock based on their new annualized premium sales and their first-year persistency of substantially all new insurance policies. The cost of this plan, which was capitalized as deferred policy acquisition costs, amounted to $22 million in 2025 and $21 million in 2024 and $19 million in 2023.