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BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | Information regarding operations by reportable segment and Corporate and other, follows:
|  |  | Three Months Ended March 31, |
(In millions) |  |  |  |  | 2024 |  | 2023 |
Revenues: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 1,816 |  |  | $ | 2,170 |  |
Adjusted net investment income |  |  |  |  | 648 |  |  | 611 |  |
Other income |  |  |  |  | 9 |  |  | 9 |  |
Total adjusted revenue Aflac Japan |  |  |  |  | 2,473 |  |  | 2,790 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | 1,475 |  |  | 1,428 |  |
Adjusted net investment income |  |  |  |  | 206 |  |  | 197 |  |
Other income |  |  |  |  | 18 |  |  | 35 |  |
Total adjusted revenue Aflac U.S. |  |  |  |  | 1,699 |  |  | 1,660 |  |
Corporate and other (1) |  |  |  |  | 247 |  |  | 129 |  |
Total adjusted revenues |  |  |  |  | 4,419 |  |  | 4,579 |  |
Net investment gains (losses) |  |  |  |  | 951 |  |  | 123 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs |  |  |  |  | 6 |  |  | 58 |  |
Amortized hedge income |  |  |  |  | (28) |  |  | (29) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  |  |  |  | 88 |  |  | 69 |  |
Total revenues |  |  |  |  | $ | 5,436 |  |  | $ | 4,800 |  |
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated |
|  |  | Three Months Ended March 31, |
(In millions) |  |  |  |  | 2024 |  | 2023 |
Pretax earnings: |  |  |  |  |  |  |  |
Aflac Japan |  |  |  |  | $ | 810 |  |  | $ | 788 |  |
Aflac U.S. |  |  |  |  | 356 |  |  | 352 |  |
Corporate and other (1) |  |  |  |  | (3) |  |  | (7) |  |
Pretax adjusted earnings |  |  |  |  | 1,163 |  |  | 1,133 |  |
Other income (loss) |  |  |  |  | (2) |  |  | 0 |  |
Net investment gains (losses) |  |  |  |  | 951 |  |  | 123 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs |  |  |  |  | 6 |  |  | 58 |  |
Amortized hedge income |  |  |  |  | (28) |  |  | (29) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  |  |  |  | 88 |  |  | 69 |  |
Impact of interest from derivatives associated with notes payable |  |  |  |  | (8) |  |  | (12) |  |
Total earnings before income taxes |  |  |  |  | $ | 2,170 |  |  | $ | 1,342 |  |
Income taxes applicable to pretax adjusted earnings |  |  |  |  | $ | 202 |  |  | $ | 180 |  |
Effect of foreign currency translation on after-tax adjusted earnings |  |  |  |  | (44) |  |  | (41) |  |
(1)The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Reconciliation of Assets from Segment to Consolidated | Assets were as follows:
(In millions) | March 31, 2024 |  | December 31, 2023
Assets: |  |  |  |  |  |  |
Aflac Japan |  | $ | 98,189 |  |  |  |  | $ | 101,541 |  |
Aflac U.S. |  | 21,850 |  |  |  |  | 21,861 |  |
Corporate and other |  | 4,703 |  |  |  |  | 3,322 |  |
Total assets |  | $ | 124,742 |  |  |  |  | $ | 126,724 |  |

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