INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Pretax Earnings

The components of pretax earnings for the year ended December 31, 2025 were as follows:

(In millions)	Foreign			U.S.			Total
2025:
Pretax earnings		$	3,321		$	1,212		$	4,533

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:

(In millions)	Foreign			U.S.			Total
2025:
Current		$	785		$	330		$	1,115
Deferred		217			(445)			(228)
Total income tax expense		$	1,002		$	(115)		$	887
2024:
Current		$	1,196		$	134		$	1,330
Deferred		159			(515)			(356)
Total income tax expense		$	1,355		$	(381)		$	974
2023:
Current		$	1,275		$	388		$	1,663
Deferred		(160)			(900)			(1,060)
Total income tax expense		$	1,115		$	(512)		$	603

Schedule of Effective Income Tax Rate Reconciliation

The principal reasons for the differences and the related tax effects for the year ended December 31, 2025 were as follows:

(In millions)	2025
Income taxes based on U.S. statutory rates		$	952	21.0	%
Domestic federal reconciling items:
Tax credits
Solar tax credits		(54)		(1.2)
Other tax credits		(41)		(.9)
Nontaxable and nondeductible items
DST functional currency change		23		.5
Other nontaxable and nondeductible items, net		23		.5
Effects of cross-border tax laws
U.S. effects of foreign branch		(184)		(4.0)
Changes in tax law		(112)		(2.5)
Other, net		(19)		(.4)
Foreign reconciling items:
Japan:
Japan federal rate differential		69		1.5
Japan local rate differential		151		3.3
Changes in tax law		112		2.5
Other foreign tax effects, Japan		3		.1
Bermuda:
Bermuda corporate income tax credit		(26)		(.6)
Bermuda rate differential		(10)		(.2)
Income tax expense		$	887	19.6	%

The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:

(In millions)	2024			2023
Income taxes based on U.S. statutory rates		$	1,348		$	1,105
DST functional currency change		(208)			(174)
Solar and historic tax credits, net of amortization		(164)			(348)
Other, net		(2)			20
Income tax expense		$	974		$	603

Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation

(In millions)	2025			2024			2023
Statements of earnings		$	887		$	974		$	603
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during   period		(6)			160			140
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity   securities during period		(489)			(265)			520
Reclassification adjustment for (gains) losses   on fixed maturity securities included in net earnings		(1)			(41)			(35)
Unrealized gains (losses) on derivatives during period		2			1			1
Effect of changes in discount rate assumptions during period		1,603			1,214			(122)
Pension liability adjustment during period		21			5			7
Total income tax expense (benefit) related to items of   other comprehensive income (loss)		1,130			1,074			511
Total income taxes		$	2,017		$	2,048		$	1,114

Schedule of Income Taxes Paid, Net of Refunds Received

The components of income taxes paid, net of refunds received for the year ended December 31, 2025 were as follows:

(In millions)	2025
U.S. federal	$	104
Foreign:
Japan federal	970
Other foreign taxes	91
Total income taxes paid, net of refunds	$	1,165

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:

(In millions)	2025			2024
Deferred income tax liabilities:
Deferred policy acquisition costs		$	2,695		$	2,637
Unrealized gains and other basis differences on investments		0			615
Foreign currency gain on Aflac Japan		0			1
Premiums receivable		36			43
Policy benefit reserves		6,585			2,509
Other		237			54
Total deferred income tax liabilities		9,553			5,859
Deferred income tax assets:
Unfunded retirement benefits		4			4
Other accrued expenses		40			32
Policy and contract claims		504			514
Foreign currency loss on Aflac Japan		7			0
Deferred compensation		0			31
Depreciation		295			255
Anticipatory foreign tax credit		4,966			3,262
Deferred foreign tax credit and carryforward		1,098			1,428
Unrealized losses and other basis differences in investments		1,360			0
Total deferred income tax assets		8,274			5,526
Net deferred income tax (asset) liability		1,279			333
Current income tax (asset) liability		89			240
Total income tax liability		$	1,368		$	573

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:

(In millions)	2025		2024
Balance, beginning of year	$	0	$	1
Reductions for tax positions of prior years	0		(1)
Balance, end of year	$	0	$	0