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BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | Information regarding operations by reportable segment and Corporate and other for the years ended December 31 follows:
(In millions) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums: (1) |  |  |  |  |  |  |  |  |  |  |
Cancer |  | $ | 4,054 |  |  |  |  | $ | 4,702 |  |  |  |  | $ | 5,718 |  |
Medical and other health |  | 2,451 |  |  |  |  | 2,706 |  |  |  |  | 3,287 |  |
Life insurance |  | 1,542 |  |  |  |  | 1,778 |  |  |  |  | 2,296 |  |
Adjusted net investment income |  | 2,582 |  |  |  |  | 2,669 |  |  |  |  | 3,031 |  |
Other income |  | 35 |  |  |  |  | 35 |  |  |  |  | 41 |  |
Total adjusted revenue Aflac Japan |  | 10,664 |  |  |  |  | 11,890 |  |  |  |  | 14,373 |  |
Aflac U.S.: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |  |  |  |  |
Accident |  | 1,284 |  |  |  |  | 1,314 |  |  |  |  | 1,362 |  |
Disability |  | 1,249 |  |  |  |  | 1,171 |  |  |  |  | 1,162 |  |
Critical care |  | 1,743 |  |  |  |  | 1,753 |  |  |  |  | 1,797 |  |
Hospital indemnity |  | 720 |  |  |  |  | 722 |  |  |  |  | 730 |  |
Dental/vision |  | 214 |  |  |  |  | 199 |  |  |  |  | 188 |  |
Life insurance |  | 432 |  |  |  |  | 372 |  |  |  |  | 332 |  |
Other |  | 33 |  |  |  |  | 39 |  |  |  |  | 43 |  |
Adjusted net investment income |  | 820 |  |  |  |  | 755 |  |  |  |  | 754 |  |
Other income |  | 128 |  |  |  |  | 161 |  |  |  |  | 121 |  |
Total adjusted revenue Aflac U.S. |  | 6,623 |  |  |  |  | 6,486 |  |  |  |  | 6,489 |  |
Corporate and other (2) |  | 460 |  |  |  |  | 267 |  |  |  |  | 175 |  |
Total adjusted revenues |  | 17,747 |  |  |  |  | 18,643 |  |  |  |  | 21,037 |  |
Net investment gains (losses) |  | 590 |  |  |  |  | 363 |  |  |  |  | 468 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Amortized hedge costs |  | 157 |  |  |  |  | 112 |  |  |  |  | 76 |  |
Amortized hedge income |  | (121) |  |  |  |  | (68) |  |  |  |  | (57) |  |
Net interest cash flows from derivatives |  | 328 |  |  |  |  | 90 |  |  |  |  | 30 |  |
Total revenues |  | $ | 18,701 |  |  |  |  | $ | 19,140 |  |  |  |  | $ | 21,554 |  |
(1) Includes a gain (loss) of $20, $(42) and $(11) in 2023, 2022 and 2021, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts. (2) The change in value of federal historic rehabilitation and solar investments in partnerships of $343, $91 and $138 in 2023, 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $334, $83 and $115 in 2023, 2022 and 2021, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated |
(In millions) | 2023 |  | 2022 |  | 2021
Pretax earnings: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan (1) |  | $ | 3,234 |  |  |  |  | $ | 3,281 |  |  |  |  | $ | 3,756 |  |
Aflac U.S. |  | 1,501 |  |  |  |  | 1,359 |  |  |  |  | 1,356 |  |
Corporate and other (2) |  | (425) |  |  |  |  | (218) |  |  |  |  | (293) |  |
Pretax adjusted earnings |  | 4,310 |  |  |  |  | 4,422 |  |  |  |  | 4,819 |  |
Other income (loss) |  | 39 |  |  |  |  | 0 |  |  |  |  | (73) |  |
Net investment gains (losses) |  | 590 |  |  |  |  | 363 |  |  |  |  | 468 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Amortized hedge costs |  | 157 |  |  |  |  | 112 |  |  |  |  | 76 |  |
Amortized hedge income |  | (121) |  |  |  |  | (68) |  |  |  |  | (57) |  |
Net interest cash flows from derivatives |  | 328 |  |  |  |  | 90 |  |  |  |  | 30 |  |
Interest rate component of the change in fair value of foreign currency |  | (41) |  |  |  |  | (50) |  |  |  |  | (55) |  |
Total earnings before income taxes |  | $ | 5,262 |  |  |  |  | $ | 4,869 |  |  |  |  | $ | 5,208 |  |
Income taxes applicable to pretax adjusted earnings |  | $ | 577 |  |  |  |  | $ | 808 |  |  |  |  | $ | 893 |  |
Effect of foreign currency translation on after-tax adjusted earnings |  | (113) |  |  |  |  | (262) |  |  |  |  | (35) |  |
(1) Includes a gain (loss) of $20, $(42) and $(11) for 2023, 2022 and 2021, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts. (2) The change in value of federal historic rehabilitation and solar investments in partnerships of $343, $91 and $138 in 2023, 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $334, $83 and $115 in 2023, 2022 and 2021, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Foreign Currency Disclosure | The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. Exchange effects were calculated using the same yen/dollar exchange rate for the current year as for each respective prior year.
| 2023 |  | 2022 |  | 2021
Statements of Earnings: |  |  |  |  |  |  |  |  |  |  |
Weighted-average yen/dollar exchange rate (1) |  | 140.57 |  |  |  |  | 130.17 |  |  |  |  | 109.79 |  |
Yen percent strengthening (weakening) |  | (7.4) | % |  |  |  | (15.7) | % |  |  |  | (2.7) | % |
Exchange effect on pretax adjusted earnings (in millions) |  | $ | (131) |  |  |  |  | $ | (318) |  |  |  |  | $ | (43) |  |
| 2023 |  | 2022
Balance Sheets: |  |  |  |  |  |  |
Yen/dollar exchange rate at December 31(1) |  | 141.83 |  |  |  |  | 132.70 |  |
Yen percent strengthening (weakening) |  | (6.4) | % |  |  |  | (13.3) | % |
Exchange effect on total assets (in millions) |  | $ | (3,984) |  |  |  |  | $ | (11,099) |  |
Exchange effect on total liabilities (in millions) |  | (6,936) |  |  |  |  | (9,513) |  |
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM) Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Schedule of Intercompany Transfers of Funds | Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions) | 2023 |  | 2022 |  | 2021
Management fees |  | $ | 67 |  |  |  |  | $ | 61 |  |  |  |  | $ | 59 |  |
Profit remittances |  | 2,623 |  |  |  |  | 2,412 |  |  |  |  | 2,138 |  |
Total transfers from Aflac Japan |  | $ | 2,690 |  |  |  |  | $ | 2,473 |  |  |  |  | $ | 2,197 |  |
Reconciliation of Assets from Segment to Consolidated | The Company's total assets as of December 31 were as follows:
(In millions) | 2023 |  | 2022 |
Assets: |  |  |  |  |  |  |  |
Aflac Japan |  | $ | 101,541 |  |  |  |  | $ | 105,734 |  |  |
Aflac U.S. |  | 21,861 |  |  |  |  | 21,002 |  |  |
Corporate and other |  | 3,322 |  |  |  |  | 5,002 |  |  |
Total assets |  | $ | 126,724 |  |  |  |  | $ | 131,738 |  |  |
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Property, Plant and Equipment | Classes of property and equipment as of December 31 were as follows:
(In millions) | 2023 |  | 2022
Property and equipment: |  |  |  |  |  |  |
Land |  | $ | 168 |  |  |  |  | $ | 168 |  |
Buildings |  | 421 |  |  |  |  | 437 |  |
Equipment and furniture |  | 510 |  |  |  |  | 587 |  |
Total property and equipment |  | 1,099 |  |  |  |  | 1,192 |  |
Less accumulated depreciation |  | 654 |  |  |  |  | 662 |  |
Net property and equipment |  | $ | 445 |  |  |  |  | $ | 530 |  |

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