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BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS (Tables) | 12 Months Ended
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Dec. 31, 2024
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 is presented in the following tables.
(In millions) | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums (1) |  | $ | 6,930 |  |  |  |  | $ | 8,047 |  |  |  |  | $ | 9,186 |  |
Adjusted net investment income |  | 2,701 |  |  |  |  | 2,582 |  |  |  |  | 2,669 |  |
Other income |  | 28 |  |  |  |  | 35 |  |  |  |  | 35 |  |
Total adjusted revenue Aflac Japan |  | 9,659 |  |  |  |  | 10,664 |  |  |  |  | 11,890 |  |
Aflac U.S.: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums |  | 5,829 |  |  |  |  | 5,675 |  |  |  |  | 5,570 |  |
Adjusted net investment income |  | 847 |  |  |  |  | 820 |  |  |  |  | 755 |  |
Other income |  | 63 |  |  |  |  | 128 |  |  |  |  | 161 |  |
Total adjusted revenue Aflac U.S. |  | 6,739 |  |  |  |  | 6,623 |  |  |  |  | 6,486 |  |
Corporate and other (2) |  | 1,007 |  |  |  |  | 460 |  |  |  |  | 267 |  |
Total adjusted revenues |  | 17,405 |  |  |  |  | 17,747 |  |  |  |  | 18,643 |  |
Net investment gains (losses) |  | 1,271 |  |  |  |  | 590 |  |  |  |  | 363 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Amortized hedge costs |  | 26 |  |  |  |  | 157 |  |  |  |  | 112 |  |
Amortized hedge income |  | (113) |  |  |  |  | (121) |  |  |  |  | (68) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  | 338 |  |  |  |  | 328 |  |  |  |  | 90 |  |
Total revenues |  | $ | 18,927 |  |  |  |  | $ | 18,701 |  |  |  |  | $ | 19,140 |  |
(1) Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, 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 $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, 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 |
(In millions) | 2024 |  | 2023 |  | 2022
Adjusted revenues: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan (1) |  | $ | 9,659 |  |  |  |  | $ | 10,664 |  |  |  |  | $ | 11,890 |  |
Aflac U.S. |  | 6,739 |  |  |  |  | 6,623 |  |  |  |  | 6,486 |  |
Corporate and other (2) |  | 1,007 |  |  |  |  | 460 |  |  |  |  | 267 |  |
Total adjusted revenues |  | 17,405 |  |  |  |  | 17,747 |  |  |  |  | 18,643 |  |
Benefits and adjusted expenses: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement |  | 4,761 |  |  |  |  | 5,409 |  |  |  |  | 6,282 |  |
Reserve remeasurement (gains) losses |  | (444) |  |  |  |  | (96) |  |  |  |  | (91) |  |
Total benefits and claims, net |  | 4,317 |  |  |  |  | 5,313 |  |  |  |  | 6,191 |  |
Adjusted expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 321 |  |  |  |  | 326 |  |  |  |  | 338 |  |
Insurance commissions |  | 435 |  |  |  |  | 491 |  |  |  |  | 563 |  |
Insurance and other expenses |  | 1,092 |  |  |  |  | 1,300 |  |  |  |  | 1,517 |  |
Total benefits and adjusted expenses Aflac Japan |  | 6,165 |  |  |  |  | 7,430 |  |  |  |  | 8,609 |  |
Aflac U.S.: |  |  |  |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement |  | 2,821 |  |  |  |  | 2,715 |  |  |  |  | 2,679 |  |
Reserve remeasurement (gains) losses |  | (95) |  |  |  |  | (284) |  |  |  |  | (124) |  |
Total benefits and claims, net |  | 2,726 |  |  |  |  | 2,431 |  |  |  |  | 2,555 |  |
Adjusted expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 530 |  |  |  |  | 490 |  |  |  |  | 455 |  |
Insurance commissions |  | 563 |  |  |  |  | 561 |  |  |  |  | 553 |  |
Insurance and other expenses |  | 1,501 |  |  |  |  | 1,640 |  |  |  |  | 1,564 |  |
Total benefits and adjusted expenses Aflac U.S. |  | 5,320 |  |  |  |  | 5,122 |  |  |  |  | 5,127 |  |
Corporate and other |  | 975 |  |  |  |  | 885 |  |  |  |  | 485 |  |
Total adjusted expenses |  | $ | 12,460 |  |  |  |  | $ | 13,437 |  |  |  |  | $ | 14,221 |  |
Pretax earnings: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan (1) |  | $ | 3,494 |  |  |  |  | $ | 3,234 |  |  |  |  | $ | 3,281 |  |
Aflac U.S. |  | 1,419 |  |  |  |  | 1,501 |  |  |  |  | 1,359 |  |
Corporate and other (2) |  | 32 |  |  |  |  | (425) |  |  |  |  | (218) |  |
Pretax adjusted earnings |  | 4,945 |  |  |  |  | 4,310 |  |  |  |  | 4,422 |  |
Other income (loss) |  | (23) |  |  |  |  | 39 |  |  |  |  | 0 |  |
Net investment gains (losses) |  | 1,271 |  |  |  |  | 590 |  |  |  |  | 363 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Amortized hedge costs |  | 26 |  |  |  |  | 157 |  |  |  |  | 112 |  |
Amortized hedge income |  | (113) |  |  |  |  | (121) |  |  |  |  | (68) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  | 338 |  |  |  |  | 328 |  |  |  |  | 90 |  |
Impact of interest from derivatives associated with notes payable |  | (27) |  |  |  |  | (41) |  |  |  |  | (50) |  |
Total earnings before income taxes |  | $ | 6,417 |  |  |  |  | $ | 5,262 |  |  |  |  | $ | 4,869 |  |
Income taxes applicable to pretax adjusted earnings |  | $ | 873 |  |  |  |  | $ | 577 |  |  |  |  | $ | 808 |  |
Effect of foreign currency translation on after-tax adjusted earnings |  | (103) |  |  |  |  | (113) |  |  |  |  | (262) |  |
(1) Includes a gain (loss) of $(81), $20 and $(42) for 2024, 2023 and 2022, 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 $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
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) | 2024 |  | 2023 |  | 2022
Management fees |  | $ | 69 |  |  |  |  | $ | 67 |  |  |  |  | $ | 61 |  |
Profit remittances |  | 2,865 |  |  |  |  | 2,623 |  |  |  |  | 2,412 |  |
Total transfers from Aflac Japan |  | $ | 2,934 |  |  |  |  | $ | 2,690 |  |  |  |  | $ | 2,473 |  |
Reconciliation of Assets from Segment to Consolidated | The Company's total assets as of December 31 were as follows:
(In millions) | 2024 |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Aflac Japan |  | $ | 90,210 |  |  |  |  | $ | 101,541 |  |  |
Aflac U.S. |  | 21,930 |  |  |  |  | 21,861 |  |  |
Corporate and other |  | 5,426 |  |  |  |  | 3,322 |  |  |
Total assets |  | $ | 117,566 |  |  |  |  | $ | 126,724 |  |  |
Foreign Currency Disclosure | The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. For comparison, exchange effects for the current year were calculated using the yen/dollar exchange rate that was used in the prior year.
| 2024 |  | 2023 |  | 2022
Statements of Earnings: |  |  |  |  |  |  |  |  |  |  |
Weighted-average yen/dollar exchange rate (1) |  | 150.97 |  |  |  |  | 140.57 |  |  |  |  | 130.17 |  |
Yen percent strengthening (weakening) |  | (6.9) | % |  |  |  | (7.4) | % |  |  |  | (15.7) | % |
Exchange effect on pretax adjusted earnings (in millions) |  | $ | (125) |  |  |  |  | $ | (131) |  |  |  |  | $ | (318) |  |
| 2024 |  | 2023
Balance Sheets: |  |  |  |  |  |  |
Yen/dollar exchange rate at December 31(1) |  | 158.18 |  |  |  |  | 141.83 |  |
Yen percent strengthening (weakening) |  | (10.3) | % |  |  |  | (6.4) | % |
Exchange effect on total assets (in millions) |  | $ | (6,127) |  |  |  |  | $ | (3,984) |  |
Exchange effect on total liabilities (in millions) |  | (9,624) |  |  |  |  | (6,936) |  |
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

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