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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)
Condensed Statements of Earnings
 Years ended December 31,
(In millions)202520242023
Revenues:
   Management and service fees from subsidiaries(1)
$170 $163 $151 
   Net investment income147 31 (174)
   Interest from subsidiaries(1)
1 1 1 
   Net investment gains (losses)122 503 301 
     Total revenues440 698 279 
Operating expenses:
   Interest expense213 189 187 
   Other operating expenses392 282 295 
     Total operating expenses605 471 482 
   Earnings before income taxes and equity in earnings of
     subsidiaries		(165)227 (203)
Income tax expense (benefit)(103)(126)(444)
   Earnings before equity in earnings of subsidiaries(62)353 241 
Equity in earnings of subsidiaries(1)
3,708 5,090 4,418 
     Net earnings$3,646 $5,443 $4,659 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Comprehensive Income (Loss)
  Years ended December 31,
(In millions)202520242023
Net earnings$3,646 $5,443 $4,659 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period146 (769)(366)
Unrealized gains (losses) on fixed maturity securities during period(2,322)(1,421)2,327 
Unrealized gains (losses) on derivatives during period8 3 6 
Effect of changes in discount rate assumptions during period7,631 5,780 (582)
Pension liability adjustment during period97 23 35 
Total other comprehensive income (loss) before income taxes5,560 3,616 1,420 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)		1,130 1,074 511 
Other comprehensive income (loss), net of income taxes4,430 2,542 909 
Total comprehensive income (loss)$8,076 $7,985 $5,568 
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Balance Sheets
  December 31,
(In millions, except for share and per-share amounts)20252024
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance
  for credit losses in 2025 and 2024, amortized cost $1,728 in 2025 and
  $1,702 in 2024)
$1,714 $1,713 
Investments in subsidiaries(1)
32,215 27,890 
Other investments978 1,239 
Cash and cash equivalents2,646 2,308 
Total investments and cash37,553 33,150 
Due from subsidiaries(1)
206 242 
Income taxes receivable147 71 
Other assets946 1,121 
Total assets$38,852 $34,584 
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans$357 $347 
Notes payable and lease obligations8,143 7,219 
Other liabilities862 920 
Total liabilities9,362 8,486 
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
  shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763
  shares in 2024
136 136 
Additional paid-in capital3,024 2,894 
Retained earnings54,682 52,277 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,847)(4,998)
Unrealized gains (losses) on fixed maturity securities(1,809)24 
Unrealized gains (losses) on derivatives(13)(20)
Effect of changes in discount rate assumptions8,035 2,006 
Pension liability adjustment86 10 
Treasury stock, at average cost(29,804)(26,231)
Total shareholders' equity29,490 26,098 
Total liabilities and shareholders' equity$38,852 $34,584 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Cash Flows
  Years ended December 31,
(In millions)202520242023
Cash flows from operating activities:
Net earnings$3,646 $5,443 $4,659 
Adjustments to reconcile net earnings to net cash provided from
  operating activities:
Equity in earnings of subsidiaries(1)
(3,708)(5,090)(4,418)
Cash dividends received from subsidiaries 3,824 4,274 3,410 
Other, net(52)(292)(686)
Net cash provided (used) by operating activities3,710 4,335 2,965 
Cash flows from investing activities:
Fixed maturity securities sold824 572 547 
Fixed maturity securities purchased(772)(695)(345)
Other investments sold (purchased)125 (243)(34)
Settlement of derivatives277 469 693 
Additional capitalization of subsidiaries(1)
(15)(84)(203)
Other, net(58)0 1 
Net cash provided (used) by investing activities381 19 659 
Cash flows from financing activities:
Purchases of treasury stock(3,530)(2,800)(2,801)
Proceeds from borrowings1,039 823 0 
Principal payments under debt obligations(84)0 0 
Dividends paid to shareholders(1,198)(1,087)(966)
Treasury stock reissued8 14 17 
Proceeds from exercise of stock options7 9 13 
Net change in amount due to/from subsidiaries(1)
25 (5)(6)
Other, net(20)(7)(17)
Net cash provided (used) by financing activities(3,753)(3,053)(3,760)
Net change in cash and cash equivalents338 1,301 (136)
Cash and cash equivalents, beginning of period2,308 1,007 1,143 
Cash and cash equivalents, end of period$2,646 $2,308 $1,007 
(1) Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Notes to Condensed Financial Statements
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Aflac Incorporated and Subsidiaries included in Part II, Item 8. of this report.
(A) Notes Payable and Lease Obligations
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20252024
1.125% senior sustainability notes due March 2026
$400 $399 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
995 994 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 255 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 542 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes paid September 2025 (principal amount ¥12.4 billion)
0 79 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
382 378 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
83 81 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
213 211 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
80 79 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
85 84 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
186 184 
1.726% senior notes due October 2030 (principal amount ¥35.0 billion)
223 0 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
178 176 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
191 189 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
59 58 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
131 130 
1.990% senior notes due May 2032 (principal amount ¥18.2 billion)
116 0 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
134 133 
2.003% senior notes due December 2032 (principal amount ¥23.4 billion)
149 0 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 76 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
97 95 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
49 48 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
116 115 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 62 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
67 66 
2.320% senior notes due May 2035 (principal amount ¥38.3 billion)
245 0 
2.369% senior notes due June 2035 (principal amount ¥9.5 billion)
60 0 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
95 94 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
64 63 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 41 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 56 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
104 103 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
40 39 
2.650% senior notes due May 2040 (principal amount ¥11.6 billion)
74 0 
2.779% senior notes due June 2040 (principal amount ¥7.0 billion)
45 0 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 63 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
36 35 
3.040% senior notes due May 2045 (principal amount ¥7.0 billion)
45 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
379 375 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
127 125 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
76 75 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
124 122 
Yen-denominated loans:
Variable interest rate loan due August 2027 (1.08% in 2025 and .84% in 2024,
  principal amount ¥11.7 billion)
75 74 
Variable interest rate loan due August 2029 (1.18% in 2025 and .94% in 2024,
  principal amount ¥25.3 billion)
161 160 
Variable interest rate loan due August 2032 (1.33% in 2025 and 1.09% in 2024,
  principal amount ¥70.0 billion)
446 441 
Operating lease obligations payable through 20324 5 
Total notes payable and lease obligations$8,143 $7,219 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

In September 2025, the Parent Company extinguished ¥12.4 billion of .300% senior notes upon their maturity.
In June 2025, the Parent Company issued four series of senior notes totaling ¥74.9 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥35.0 billion, bears interest at a fixed rate of 1.726% per annum, payable semiannually, and will mature in October 2030. The second series, which totaled ¥23.4 billion, bears interest at a fixed rate of 2.003% per annum, payable semiannually, and will mature in December 2032. The third series, which totaled ¥9.5 billion, bears interest at a fixed rate of 2.369% per annum, payable semiannually, and will mature in June 2035. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 2.779% per annum, payable semiannually, and will mature in June 2040. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in October 2030, December 2032, June 2035 and June 2040 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after July 18, 2030, September 14, 2032, December 5, 2034, and December 5, 2039, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

In May 2025, the Parent Company issued four series of senior notes totaling ¥75.1 billion through a private placement. The first series, which totaled ¥18.2 billion, bears interest at a fixed rate of 1.990% per annum, payable semiannually, and will mature in May 2032. The second series, which totaled ¥38.3 billion, bears interest at a fixed rate of 2.320% per annum, payable semiannually, and will mature in May 2035. The third series, which totaled ¥11.6 billion, bears interest at a fixed rate of 2.650% per annum, payable semiannually, and will mature in May 2040. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 3.040% per annum, payable semiannually, and will mature in May 2045. These notes are redeemable at the Parent Company's option (i) in whole at any time or (ii) in part from time to time in an amount not less than 5% of the aggregate principal amount then outstanding of the notes to be redeemed.

The aggregate contractual maturities of notes payable during each of the years after December 31, 2025, are as follows:
(In millions)
2026$700 
2027458 
20280 
2029539 
20301,496 
Thereafter4,994 
Total$8,187 

For further information regarding notes payable and lease obligations, see Note 9 of the Notes to the Consolidated Financial Statements.
(B) Derivatives
At December 31, 2025, the Parent Company's outstanding freestanding derivative contracts were foreign currency forwards. The foreign currency forwards are designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Parent Company also enters into foreign currency forward contracts with Aflac Re to economically manage the currency mismatch between Aflac Re's assets which are mostly denominated in U.S. dollars and its liabilities which are mostly denominated in Japanese yen. The Parent Company does not use derivative financial instruments for trading purposes, nor does it engage in leveraged derivative transactions. For further information regarding these derivatives, see Notes 1 and 4 of the Notes to the Consolidated Financial Statements.
(C) Income Taxes
The Parent Company and its eligible U.S. subsidiaries file a consolidated U.S. federal income tax return. Income tax liabilities or benefits are recorded by each principal subsidiary based upon separate return calculations, and any difference between the consolidated provision and the aggregate amounts recorded by the subsidiaries is reflected in the Parent Company financial statements. For further information on income taxes, see Note 10 of the Notes to the Consolidated Financial Statements.
(D) Dividend Restrictions

See Note 14 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.
(E) Supplemental Disclosures of Cash Flow Information
(In millions)202520242023
Interest paid$197 $180 $184 
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment43 41 37