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BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | Information regarding operations by reportable segment and Corporate and other is presented in the following tables.
|  |  | Three Months Ended March 31, |
(In millions) |  |  |  |  | 2025 |  | 2024 |
Revenues: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Net earned premiums (1) |  |  |  |  | $ | 1,681 |  |  | $ | 1,816 |  |
Adjusted net investment income |  |  |  |  | 586 |  |  | 648 |  |
Other income |  |  |  |  | 5 |  |  | 9 |  |
Total adjusted revenue Aflac Japan |  |  |  |  | 2,272 |  |  | 2,473 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | 1,502 |  |  | 1,475 |  |
Adjusted net investment income |  |  |  |  | 202 |  |  | 206 |  |
Other income |  |  |  |  | 17 |  |  | 18 |  |
Total adjusted revenue Aflac U.S. |  |  |  |  | 1,721 |  |  | 1,699 |  |
Corporate and other (2) |  |  |  |  | 326 |  |  | 247 |  |
Total adjusted revenues |  |  |  |  | 4,319 |  |  | 4,419 |  |
Net investment gains (losses) |  |  |  |  | (963) |  |  | 951 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs |  |  |  |  | 7 |  |  | 6 |  |
Amortized hedge income |  |  |  |  | (30) |  |  | (28) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  |  |  |  | 65 |  |  | 88 |  |
Total revenues |  |  |  |  | $ | 3,398 |  |  | $ | 5,436 |  |
(1) Includes a gain (loss) of an immaterial amount and $(3) for the three-month periods ended March 31, 2025 and 2024, 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 $8 and $32 for the three-month periods ended March 31, 2025 and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $33 for the three-month periods ended March 31, 2025 and 2024, 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) |  |  |  |  | 2025 |  | 2024 |
Adjusted revenues: |  |  |  |  |  |  |  |
Aflac Japan (1) |  |  |  |  | $ | 2,272 |  |  | $ | 2,473 |  |
Aflac U.S. |  |  |  |  | 1,721 |  |  | 1,699 |  |
Corporate and other (2) |  |  |  |  | 326 |  |  | 247 |  |
Total adjusted revenues |  |  |  |  | 4,319 |  |  | 4,419 |  |
Benefits and adjusted expenses: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement |  |  |  |  | 1,130 |  |  | 1,243 |  |
Reserve remeasurement (gains) losses |  |  |  |  | (25) |  |  | (26) |  |
Total benefits and claims, net |  |  |  |  | 1,105 |  |  | 1,217 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  |  |  |  | 79 |  |  | 83 |  |
Insurance commissions |  |  |  |  | 105 |  |  | 114 |  |
Insurance and other expenses |  |  |  |  | 261 |  |  | 249 |  |
Total benefits and adjusted expenses Aflac Japan |  |  |  |  | 1,550 |  |  | 1,663 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement |  |  |  |  | 731 |  |  | 715 |  |
Reserve remeasurement (gains) losses |  |  |  |  | (15) |  |  | (29) |  |
Total benefits and claims, net |  |  |  |  | 716 |  |  | 686 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  |  |  |  | 137 |  |  | 132 |  |
Insurance commissions |  |  |  |  | 135 |  |  | 141 |  |
Insurance and other expenses |  |  |  |  | 375 |  |  | 384 |  |
Total benefits and adjusted expenses Aflac U.S. |  |  |  |  | 1,363 |  |  | 1,343 |  |
Corporate and other |  |  |  |  | 283 |  |  | 250 |  |
Total adjusted expenses |  |  |  |  | $ | 3,196 |  |  | $ | 3,256 |  |
Pretax earnings: |  |  |  |  |  |  |  |
Aflac Japan (1) |  |  |  |  | $ | 722 |  |  | $ | 810 |  |
Aflac U.S. |  |  |  |  | 358 |  |  | 356 |  |
Corporate and other (2) |  |  |  |  | 43 |  |  | (3) |  |
Pretax adjusted earnings |  |  |  |  | 1,123 |  |  | 1,163 |  |
Other income (loss) |  |  |  |  | (53) |  |  | (2) |  |
Net investment gains (losses) |  |  |  |  | (963) |  |  | 951 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs |  |  |  |  | 7 |  |  | 6 |  |
Amortized hedge income |  |  |  |  | (30) |  |  | (28) |  |
Net interest (income) expense from derivatives associated with certain investment strategies |  |  |  |  | 65 |  |  | 88 |  |
Impact of interest from derivatives associated with notes payable |  |  |  |  | (4) |  |  | (8) |  |
Total earnings before income taxes |  |  |  |  | $ | 145 |  |  | $ | 2,170 |  |
Income taxes applicable to pretax adjusted earnings |  |  |  |  | $ | 217 |  |  | $ | 202 |  |
Effect of foreign currency translation on after-tax adjusted earnings |  |  |  |  | (8) |  |  | (44) |  |
(1) Includes a gain (loss) of an immaterial amount and $(3) for the three-month periods ended March 31, 2025 and 2024, 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 $8 and $32 for the three-month periods ended March 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $33 for the three-month periods ended March 31, 2025, and 2024, 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 | Total Assets: The Company's total assets were as follows:
(In millions) | March 31, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |
Aflac Japan |  | $ | 93,430 |  |  |  |  | $ | 90,210 |  |
Aflac U.S. |  | 21,881 |  |  |  |  | 21,930 |  |
Corporate and other |  | 4,947 |  |  |  |  | 5,426 |  |
Total assets |  | $ | 120,258 |  |  |  |  | $ | 117,566 |  |

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