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REINSURANCE (Tables) | 6 Months Ended
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Jun. 30, 2024
Reinsurance Disclosures [Abstract] |
Effects of Reinsurance | The following table reconciles direct earned premiums, direct benefits and claims, excluding reserve remeasurement gains and losses, and reserve remeasurement gains and losses to net amounts after the effect of reinsurance.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Direct earned premiums |  | $ | 3,352 |  |  |  |  | $ | 3,623 |  |  |  |  | $ | 6,834 |  |  |  |  | $ | 7,361 |  |
Ceded to other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded Aflac Japan closed blocks |  | (31) |  |  |  |  | (80) |  |  |  |  | (65) |  |  |  |  | (165) |  |
Other |  | (35) |  |  |  |  | (23) |  |  |  |  | (70) |  |  |  |  | (45) |  |
Assumed from other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retrocession activities |  | 27 |  |  |  |  | 30 |  |  |  |  | 56 |  |  |  |  | 64 |  |
Other |  | 12 |  |  |  |  | 23 |  |  |  |  | 26 |  |  |  |  | 47 |  |
Net earned premiums |  | $ | 3,325 |  |  |  |  | $ | 3,573 |  |  |  |  | $ | 6,781 |  |  |  |  | $ | 7,262 |  |
Direct benefits and claims, excluding reserve remeasurement |  | $ | 1,995 |  |  |  |  | $ | 2,182 |  |  |  |  | $ | 4,077 |  |  |  |  | $ | 4,438 |  |
Ceded benefits and change in reserves for future benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded Aflac Japan closed blocks |  | (17) |  |  |  |  | (74) |  |  |  |  | (35) |  |  |  |  | (151) |  |
Other |  | (19) |  |  |  |  | 6 |  |  |  |  | (33) |  |  |  |  | (21) |  |
Assumed from other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retrocession activities |  | 12 |  |  |  |  | 20 |  |  |  |  | 25 |  |  |  |  | 61 |  |
Other |  | 1 |  |  |  |  | 18 |  |  |  |  | 5 |  |  |  |  | 27 |  |
Benefits and claims, excluding reserve remeasurement |  | $ | 1,972 |  |  |  |  | $ | 2,152 |  |  |  |  | $ | 4,039 |  |  |  |  | $ | 4,354 |  |
Direct reserve remeasurement (gains) losses |  | $ | (51) |  |  |  |  | $ | (54) |  |  |  |  | $ | (108) |  |  |  |  | $ | (107) |  |
Ceded reserve remeasurement gains (losses) |  | 0 |  |  |  |  | 0 |  |  |  |  | 1 |  |  |  |  | 0 |  |
Assumed reserve remeasurement (gains) losses |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Reserve remeasurement (gains) losses |  | $ | (51) |  |  |  |  | $ | (54) |  |  |  |  | $ | (107) |  |  |  |  | $ | (107) |  |
Total benefits and claims, net |  | $ | 1,921 |  |  |  |  | $ | 2,098 |  |  |  |  | $ | 3,932 |  |  |  |  | $ | 4,247 |  |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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- References No definition available. + Details
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