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BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30, |
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Net earned premiums (1) | $ | 1,761 |  |  | $ | 1,715 |  |  | $ | 3,442 |  |  | $ | 3,531 |  |
Adjusted net investment income | 699 |  |  | 725 |  |  | 1,285 |  |  | 1,374 |  |
Other income | 12 |  |  | 7 |  |  | 17 |  |  | 14 |  |
Total adjusted revenue Aflac Japan | 2,472 |  |  | 2,447 |  |  | 4,744 |  |  | 4,919 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Net earned premiums | 1,504 |  |  | 1,455 |  |  | 3,006 |  |  | 2,930 |  |
Adjusted net investment income | 207 |  |  | 218 |  |  | 409 |  |  | 424 |  |
Other income | 17 |  |  | 11 |  |  | 34 |  |  | 30 |  |
Total adjusted revenue Aflac U.S. | 1,728 |  |  | 1,684 |  |  | 3,449 |  |  | 3,384 |  |
Corporate and other (2) | 336 |  |  | 249 |  |  | 662 |  |  | 497 |  |
Total adjusted revenues | 4,536 |  |  | 4,380 |  |  | 8,855 |  |  | 8,800 |  |
Net investment gains (losses) | (421) |  |  | 696 |  |  | (1,384) |  |  | 1,647 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 11 |  |  | 7 |  |  | 18 |  |  | 13 |  |
Amortized hedge income | (30) |  |  | (34) |  |  | (60) |  |  | (62) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 64 |  |  | 89 |  |  | 129 |  |  | 177 |  |
Total revenues | $ | 4,160 |  |  | $ | 5,138 |  |  | $ | 7,558 |  |  | $ | 10,575 |  |
(1) Includes a gain (loss) of an immaterial amount and $(2) for the three-month periods and an immaterial amount and $(5) for the six-month periods ended June 30, 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 $30 for the three-month periods and $16 and $62 for the six-month periods ended June 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $9 and $31 for the three-month periods and $16 and $64 for the six-month periods ended June 30, 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 June 30, |  | Six Months Ended June 30, |
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Adjusted revenues: |  |  |  |  |  |  |  |
Aflac Japan (1) | $ | 2,472 |  |  | $ | 2,447 |  |  | $ | 4,744 |  |  | $ | 4,919 |  |
Aflac U.S. | 1,728 |  |  | 1,684 |  |  | 3,449 |  |  | 3,384 |  |
Corporate and other (2) | 336 |  |  | 249 |  |  | 662 |  |  | 497 |  |
Total adjusted revenues | 4,536 |  |  | 4,380 |  |  | 8,855 |  |  | 8,800 |  |
Benefits and adjusted expenses: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement | 1,186 |  |  | 1,174 |  |  | 2,316 |  |  | 2,417 |  |
Reserve remeasurement (gains) losses | (14) |  |  | (26) |  |  | (39) |  |  | (52) |  |
Total benefits and claims, net | 1,172 |  |  | 1,148 |  |  | 2,277 |  |  | 2,365 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs | 85 |  |  | 77 |  |  | 164 |  |  | 160 |  |
Insurance commissions | 112 |  |  | 105 |  |  | 217 |  |  | 220 |  |
Insurance and other expenses | 313 |  |  | 253 |  |  | 574 |  |  | 500 |  |
Total benefits and adjusted expenses Aflac Japan | 1,682 |  |  | 1,583 |  |  | 3,232 |  |  | 3,245 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement | 736 |  |  | 704 |  |  | 1,467 |  |  | 1,419 |  |
Reserve remeasurement (gains) losses | (24) |  |  | (24) |  |  | (39) |  |  | (54) |  |
Total benefits and claims, net | 712 |  |  | 680 |  |  | 1,428 |  |  | 1,365 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs | 136 |  |  | 132 |  |  | 273 |  |  | 264 |  |
Insurance commissions | 139 |  |  | 140 |  |  | 274 |  |  | 281 |  |
Insurance and other expenses | 353 |  |  | 349 |  |  | 728 |  |  | 735 |  |
Total benefits and adjusted expenses Aflac U.S. | 1,340 |  |  | 1,301 |  |  | 2,703 |  |  | 2,645 |  |
Corporate and other | 316 |  |  | 226 |  |  | 599 |  |  | 476 |  |
Total adjusted expenses | $ | 3,338 |  |  | $ | 3,110 |  |  | $ | 6,534 |  |  | $ | 6,366 |  |
Pretax earnings: |  |  |  |  |  |  |  |
Aflac Japan (1) | $ | 790 |  |  | $ | 864 |  |  | $ | 1,512 |  |  | $ | 1,674 |  |
Aflac U.S. | 388 |  |  | 383 |  |  | 746 |  |  | 739 |  |
Corporate and other (2) | 20 |  |  | 23 |  |  | 63 |  |  | 21 |  |
Pretax adjusted earnings | 1,198 |  |  | 1,270 |  |  | 2,321 |  |  | 2,434 |  |
Other income (loss) | 0 |  |  | 0 |  |  | (53) |  |  | (2) |  |
Net investment gains (losses) | (421) |  |  | 696 |  |  | (1,384) |  |  | 1,647 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 11 |  |  | 7 |  |  | 18 |  |  | 13 |  |
Amortized hedge income | (30) |  |  | (34) |  |  | (60) |  |  | (62) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 64 |  |  | 89 |  |  | 129 |  |  | 177 |  |
Impact of interest from derivatives associated with notes payable | 0 |  |  | (9) |  |  | (4) |  |  | (17) |  |
Total earnings before income taxes | $ | 822 |  |  | $ | 2,019 |  |  | $ | 967 |  |  | $ | 4,190 |  |
Income taxes applicable to pretax adjusted earnings | $ | 241 |  |  | $ | 235 |  |  | $ | 458 |  |  | $ | 438 |  |
Effect of foreign currency translation on after-tax adjusted earnings | 23 |  |  | (37) |  |  | 15 |  |  | (81) |  |
(1) Includes a gain (loss) of an immaterial amount and $(2) for the three-month periods and an immaterial amount and $(5) for the six-month periods ended June 30, 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 $30 for the three-month periods and $16 and $62 for the six-month periods ended June 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $9 and $31 for the three-month periods and $16 and $64 for the six-month periods ended June 30, 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) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |
Aflac Japan |  | $ | 96,592 |  |  |  |  | $ | 90,210 |  |
Aflac U.S. |  | 22,038 |  |  |  |  | 21,930 |  |
Corporate and other |  | 6,106 |  |  |  |  | 5,426 |  |
Total assets |  | $ | 124,736 |  |  |  |  | $ | 117,566 |  |

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