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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31.


(In thousands of shares)	2025	2024	2023
Common stock - issued:
Balance, beginning of period	1,356,763	1,355,398	1,354,079
Exercise of stock options and issuance of restricted shares	1,146	1,365	1,319
Balance, end of period	1,357,909	1,356,763	1,355,398
Treasury stock:
Balance, beginning of period	806,799	776,919	738,823
Purchases of treasury stock:
Share repurchase program	32,994	30,428	38,896
Other	411	494	364
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(698)	(751)	(897)
Exercise of stock options	(60)	(104)	(88)
Other	(227)	(187)	(179)
Balance, end of period	839,219	806,799	776,919
Shares outstanding, end of period	518,690	549,964	578,479

Schedule of Weighted Average Number of Shares

A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted EPS for the years ended December 31 is as follows:


(In thousands of shares)	2025	2024	2023
Weighted-average outstanding shares used for calculating basic EPS	532,885	562,492	596,173
Dilutive effect of share-based awards	1,993	2,523	2,572
Weighted-average outstanding shares used for calculating diluted EPS	534,878	565,015	598,745

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 at December 31.


(In thousands)	2025		2024		2023
Anti-dilutive share-based awards		1		17		51

Changes in Accumulated Other Comprehensive Income (Loss)

The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income


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		151			(1,828)			3			6,029			76			4,431
Amounts reclassified from accumulated other comprehensive income (loss)		0			(5)			4			0			0			(1)
Net current-period other comprehensive income (loss)		151			(1,833)			7			6,029			76			4,430
Balance at December 31, 2025		$	(4,847)		$	(1,809)		$	(13)		$	8,035		$	86		$	1,452

All amounts in the table above are net of tax.


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		(929)			(959)			(3)			4,566			20			2,695
Amounts reclassified from accumulated other comprehensive income (loss)		0			(156)			5			0			(2)			(153)
Net current-period other comprehensive income (loss)		(929)			(1,115)			2			4,566			18			2,542
Balance at December 31, 2024		$	(4,998)		$	24		$	(20)		$	2,006		$	10		$	(2,978)

All amounts in the table above are net of tax.


2023
(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, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)


Other comprehensive income (loss) before reclassification		(505)			1,972			1			(460)			28			1,036
Amounts reclassified from accumulated other comprehensive income (loss)		0			(131)			4			0			0			(127)
Net current-period other comprehensive income (loss)		(505)			1,841			5			(460)			28			909
Balance at December 31, 2023		$	(4,069)		$	1,139		$	(22)		$	(2,560)		$	(8)		$	(5,520)

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 years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income


(In millions)	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		$	6	Net investment gains (losses)
		(1)		Tax (expense) or benefit(1)
		$	5	Net of tax
Unrealized gains (losses) on derivatives		$	(4)	Net investment gains (losses)
		(1)		Net investment income
		(5)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(4)	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		$	1	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 13 for additional details).


(In millions)	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		$	197	Net investment gains (losses)
		(41)		Tax (expense) or benefit(1)
		$	156	Net of tax
Unrealized gains (losses) on derivatives		$	(5)	Net investment gains (losses)
		(1)		Net investment income
		(6)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(5)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		1		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	2	Net of tax
Total reclassifications for the period		$	153	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 13 for additional details).


(In millions)	2023
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		$	166	Net investment gains (losses)
		(35)		Tax (expense) or benefit(1)
		$	131	Net of tax
Unrealized gains (losses) on derivatives		$	(4)	Net investment gains (losses)
		(1)		Net investment income
		(5)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(4)	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		$	127	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 13 for additional details).