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BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30, |
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Net earned premiums (1) | $ | 1,663 |  |  | $ | 1,709 |  |  | $ | 5,105 |  |  | $ | 5,241 |  |
Adjusted net investment income | 665 |  |  | 662 |  |  | 1,950 |  |  | 2,036 |  |
Other income | 7 |  |  | 7 |  |  | 24 |  |  | 20 |  |
Total adjusted revenue Aflac Japan | 2,335 |  |  | 2,378 |  |  | 7,079 |  |  | 7,297 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Net earned premiums | 1,495 |  |  | 1,459 |  |  | 4,501 |  |  | 4,388 |  |
Adjusted net investment income | 214 |  |  | 210 |  |  | 623 |  |  | 634 |  |
Other income | 19 |  |  | 15 |  |  | 53 |  |  | 46 |  |
Total adjusted revenue Aflac U.S. | 1,728 |  |  | 1,684 |  |  | 5,177 |  |  | 5,068 |  |
Corporate and other (2) | 343 |  |  | 225 |  |  | 1,005 |  |  | 723 |  |
Total adjusted revenues | 4,406 |  |  | 4,287 |  |  | 13,261 |  |  | 13,088 |  |
Net investment gains (losses) | 275 |  |  | (1,408) |  |  | (1,109) |  |  | 239 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 13 |  |  | 7 |  |  | 31 |  |  | 19 |  |
Amortized hedge income | (20) |  |  | (25) |  |  | (80) |  |  | (87) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 66 |  |  | 88 |  |  | 195 |  |  | 265 |  |
Total revenues | $ | 4,740 |  |  | $ | 2,949 |  |  | $ | 12,298 |  |  | $ | 13,524 |  |
(1) Includes a gain (loss) of $(55) and $(75) for the three-month periods and $(55) and $(80) for the nine-month periods ended September 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 $6 and $57 for the three-month periods and $22 and $119 for the nine-month periods ended September 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $78 for the three-month periods and $24 and $142 for the nine-month periods ended September 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 September 30, |  | Nine Months Ended September 30, |
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Adjusted revenues: |  |  |  |  |  |  |  |
Aflac Japan (1) | $ | 2,335 |  |  | $ | 2,378 |  |  | $ | 7,079 |  |  | $ | 7,297 |  |
Aflac U.S. | 1,728 |  |  | 1,684 |  |  | 5,177 |  |  | 5,068 |  |
Corporate and other (2) | 343 |  |  | 225 |  |  | 1,005 |  |  | 723 |  |
Total adjusted revenues | 4,406 |  |  | 4,287 |  |  | 13,261 |  |  | 13,088 |  |
Benefits and adjusted expenses: |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement | 1,130 |  |  | 1,197 |  |  | 3,446 |  |  | 3,614 |  |
Reserve remeasurement (gains) losses | (474) |  |  | (369) |  |  | (513) |  |  | (421) |  |
Total benefits and claims, net | 656 |  |  | 828 |  |  | 2,933 |  |  | 3,193 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs | 81 |  |  | 82 |  |  | 245 |  |  | 242 |  |
Insurance commissions | 111 |  |  | 110 |  |  | 328 |  |  | 330 |  |
Insurance and other expenses | 271 |  |  | 285 |  |  | 845 |  |  | 785 |  |
Total benefits and adjusted expenses Aflac Japan | 1,119 |  |  | 1,305 |  |  | 4,351 |  |  | 4,550 |  |
Aflac U.S.: |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement | 752 |  |  | 711 |  |  | 2,219 |  |  | 2,130 |  |
Reserve remeasurement (gains) losses | (71) |  |  | (17) |  |  | (110) |  |  | (71) |  |
Total benefits and claims, net | 681 |  |  | 694 |  |  | 2,109 |  |  | 2,059 |  |
Adjusted expenses: |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs | 137 |  |  | 132 |  |  | 410 |  |  | 396 |  |
Insurance commissions | 143 |  |  | 141 |  |  | 417 |  |  | 422 |  |
Insurance and other expenses | 392 |  |  | 367 |  |  | 1,120 |  |  | 1,102 |  |
Total benefits and adjusted expenses Aflac U.S. | 1,353 |  |  | 1,334 |  |  | 4,056 |  |  | 3,979 |  |
Corporate and other | 274 |  |  | 210 |  |  | 873 |  |  | 687 |  |
Total adjusted expenses | $ | 2,746 |  |  | $ | 2,849 |  |  | $ | 9,280 |  |  | $ | 9,216 |  |
Pretax earnings: |  |  |  |  |  |  |  |
Aflac Japan (1) | $ | 1,216 |  |  | $ | 1,073 |  |  | $ | 2,728 |  |  | $ | 2,747 |  |
Aflac U.S. | 375 |  |  | 350 |  |  | 1,121 |  |  | 1,089 |  |
Corporate and other (2) | 69 |  |  | 15 |  |  | 132 |  |  | 36 |  |
Pretax adjusted earnings | 1,660 |  |  | 1,438 |  |  | 3,981 |  |  | 3,872 |  |
Other income (loss) | (1) |  |  | 0 |  |  | (54) |  |  | (1) |  |
Net investment gains (losses) | 275 |  |  | (1,408) |  |  | (1,109) |  |  | 239 |  |
Reconciling items: |  |  |  |  |  |  |  |
Amortized hedge costs | 13 |  |  | 7 |  |  | 31 |  |  | 19 |  |
Amortized hedge income | (20) |  |  | (25) |  |  | (80) |  |  | (87) |  |
Net interest (income) expense from derivatives associated with certain investment strategies | 66 |  |  | 88 |  |  | 195 |  |  | 265 |  |
Impact of interest from derivatives associated with notes payable | 1 |  |  | (8) |  |  | (3) |  |  | (25) |  |
Total earnings before income taxes | $ | 1,994 |  |  | $ | 92 |  |  | $ | 2,961 |  |  | $ | 4,282 |  |
Income taxes applicable to pretax adjusted earnings | $ | 333 |  |  | $ | 227 |  |  | $ | 791 |  |  | $ | 665 |  |
Effect of foreign currency translation on after-tax adjusted earnings | 1 |  |  | (16) |  |  | 16 |  |  | (97) |  |
(1) Includes a gain (loss) of $(55) and $(75) for the three-month periods and $(55) and $(80) for the nine-month periods ended September 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 $6 and $57 for the three-month periods and $22 and $119 for the nine-month periods ended September 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $78 for the three-month periods and $24 and $142 for the nine-month periods ended September 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) | September 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |
Aflac Japan |  | $ | 94,131 |  |  |  |  | $ | 90,210 |  |
Aflac U.S. |  | 22,569 |  |  |  |  | 21,930 |  |
Corporate and other |  | 5,606 |  |  |  |  | 5,426 |  |
Total assets |  | $ | 122,306 |  |  |  |  | $ | 117,566 |  |

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