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BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30, |
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Revenues: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Net earned premiums (1) | $ | 1,715 |  |  | $ | 2,064 |  |  | $ | 3,531 |  |  | $ | 4,234 |  |
Adjusted net investment income | 725 |  |  | 637 |  |  | 1,374 |  |  | 1,248 |  |
Other income | 7 |  |  | 9 |  |  | 14 |  |  | 18 |  |
Total adjusted revenue Aflac Japan | 2,447 |  |  | 2,710 |  |  | 4,919 |  |  | 5,500 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Net earned premiums | 1,455 |  |  | 1,425 |  |  | 2,930 |  |  | 2,853 |  |
Adjusted net investment income | 218 |  |  | 203 |  |  | 424 |  |  | 400 |  |
Other income | 11 |  |  | 35 |  |  | 30 |  |  | 70 |  |
Total adjusted revenue Aflac U.S. | 1,684 |  |  | 1,663 |  |  | 3,384 |  |  | 3,323 |  |
Corporate and other (2) | 249 |  |  | 140 |  |  | 497 |  |  | 268 |  |
Total adjusted revenues | 4,380 |  |  | 4,513 |  |  | 8,800 |  |  | 9,091 |  |
Net investment gains (losses) | 696 |  |  | 555 |  |  | 1,647 |  |  | 678 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 7 |  |  | 63 |  |  | 13 |  |  | 122 |  |
Amortized hedge income | (34) |  |  | (38) |  |  | (62) |  |  | (67) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 89 |  |  | 79 |  |  | 177 |  |  | 148 |  |
Total revenues | $ | 5,138 |  |  | $ | 5,172 |  |  | $ | 10,575 |  |  | $ | 9,972 |  |
(1) Includes a gain (loss) of $(2) and $(1) for the three-month periods and $(5) and $(1) for the six-month periods ended June 30, 2024 and 2023, 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 $30 and $53 for the three-month periods and $62 and $105 for the six-month periods ended June 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $31 and $56 for the three-month periods and $64 and $108 for the six-month periods ended June 30, 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 June 30, |  | Six Months Ended June 30, |
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Pretax earnings: |  |  |  |  |  |  |  |
Aflac Japan (1) | $ | 864 |  |  | $ | 822 |  |  | $ | 1,674 |  |  | $ | 1,610 |  |
Aflac U.S. | 383 |  |  | 369 |  |  | 739 |  |  | 721 |  |
Corporate and other (2) | 23 |  |  | (52) |  |  | 21 |  |  | (58) |  |
Pretax adjusted earnings | 1,270 |  |  | 1,139 |  |  | 2,434 |  |  | 2,273 |  |
Other income (loss) | 0 |  |  | 35 |  |  | (2) |  |  | 35 |  |
Net investment gains (losses) | 696 |  |  | 555 |  |  | 1,647 |  |  | 678 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 7 |  |  | 63 |  |  | 13 |  |  | 122 |  |
Amortized hedge income | (34) |  |  | (38) |  |  | (62) |  |  | (67) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 89 |  |  | 79 |  |  | 177 |  |  | 148 |  |
Impact of interest from derivatives associated with notes payable | (9) |  |  | (8) |  |  | (17) |  |  | (22) |  |
Total earnings before income taxes | $ | 2,019 |  |  | $ | 1,825 |  |  | $ | 4,190 |  |  | $ | 3,167 |  |
Income taxes applicable to pretax adjusted earnings | $ | 235 |  |  | $ | 186 |  |  | $ | 438 |  |  | $ | 366 |  |
Effect of foreign currency translation on after-tax adjusted earnings | (37) |  |  | (25) |  |  | (81) |  |  | (66) |  |
(1) Includes a gain (loss) of $(2) and $(1) for the three-month periods and $(5) and $(1) for the six-month periods ended June 30, 2024 and 2023, 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 $30 and $53 for the three-month periods and $62 and $105 for the six-month periods ended June 30, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $31 and $56 for the three-month periods and $64 and $108 for the six-month periods ended June 30, 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 | The Company's total assets were as follows:
(In millions) | June 30, 2024 |  | December 31, 2023
Assets: |  |  |  |  |  |  |
Aflac Japan |  | $ | 92,708 |  |  |  |  | $ | 101,541 |  |
Aflac U.S. |  | 21,755 |  |  |  |  | 21,861 |  |
Corporate and other |  | 5,705 |  |  |  |  | 3,322 |  |
Total assets |  | $ | 120,168 |  |  |  |  | $ | 126,724 |  |

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