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SHAREHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Share Data: The following table is a reconciliation of the number of shares of the Company's common stock for the nine-month periods ended September 30.
(In thousands of shares) | 2025 |  | 2024
Common stock - issued: |  |  |
Balance, beginning of period | 1,356,763 |  |  | 1,355,398 |
Exercise of stock options and issuance of restricted shares | 1,078 |  |  | 1,294 |
Balance, end of period | 1,357,841 |  |  | 1,356,692 |
Treasury stock: |  |  |
Balance, beginning of period | 806,799 |  |  | 776,919 |
Purchases of treasury stock: |  |  |
Share repurchase program | 25,744 |  |  | 23,446 |
Other | 407 |  |  | 491 |
Dispositions of treasury stock: |  |  |
Shares issued to AFL Stock Plan | (537) |  |  | (594) |
Exercise of stock options | (57) |  |  | (99) |
Other | (225) |  |  | (188) |
Balance, end of period | 832,131 |  |  | 799,975 |
Shares outstanding, end of period | 525,710 |  |  | 556,717 |
Share Repurchase Program: During the first nine months of 2025, the Company repurchased 25.7 million shares of its common stock for $2.7 billion as part of its share repurchase program. During the first nine months of 2024, the Company repurchased 23.4 million shares of its common stock for $2.1 billion as part of its share repurchase program. In August 2025, the Company's board of directors authorized the purchase of an additional 100 million shares of its common stock. As of September 30, 2025, a remaining balance of 121.6 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors. EPS: Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS), but are included in the calculation of weighted-average shares used in the computation of diluted EPS. Anti-dilutive share-based awards are excluded from the computation of diluted EPS. The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.
| Three Months Ended September 30, | Nine Months Ended September 30, |
(In thousands) | 2025 |  | 2024 | 2025 |  | 2024
Anti-dilutive share-based awards |  | 1 |  |  |  | 0 |  |  | 1 |  |  |  | 23 |
Reclassifications from Accumulated Other Comprehensive Income The tables below are reconciliations of accumulated other comprehensive income by component for the following periods. Changes in Accumulated Other Comprehensive Income
Three Months Ended September 30, 2025
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at June 30, 2025 |  | $ | (4,282) |  |  |  |  | $ | (1,828) |  |  |  |  | $ | (17) |  |  |  |  | $ | 5,594 |  |  |  |  | $ | 42 |  |  |  |  | $ | (491) |  |
Other comprehensive income (loss) before reclassification |  | (222) |  |  |  |  | 152 |  |  |  |  | 0 |  |  |  |  | 1,238 |  |  |  |  | 0 |  |  |  |  | 1,168 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (25) |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (24) |  |
Net current-period other comprehensive income (loss) |  | (222) |  |  |  |  | 127 |  |  |  |  | 1 |  |  |  |  | 1,238 |  |  |  |  | 0 |  |  |  |  | 1,144 |  |
Balance at September 30, 2025 |  | $ | (4,504) |  |  |  |  | $ | (1,701) |  |  |  |  | $ | (16) |  |  |  |  | $ | 6,832 |  |  |  |  | $ | 42 |  |  |  |  | $ | 653 |  |
All amounts in the table above are net of tax.
Three Months Ended September 30, 2024
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at June 30, 2024 |  | $ | (5,091) |  |  |  |  | $ | 401 |  |  |  |  | $ | (22) |  |  |  |  | $ | 1,425 |  |  |  |  | $ | (5) |  |  |  |  | $ | (3,292) |  |
Other comprehensive income (loss) before reclassification |  | 952 |  |  |  |  | 198 |  |  |  |  | 1 |  |  |  |  | (1,492) |  |  |  |  | (3) |  |  |  |  | (344) |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (42) |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (41) |  |
Net current-period other comprehensive income (loss) |  | 952 |  |  |  |  | 156 |  |  |  |  | 2 |  |  |  |  | (1,492) |  |  |  |  | (3) |  |  |  |  | (385) |  |
Balance at September 30, 2024 |  | $ | (4,139) |  |  |  |  | $ | 557 |  |  |  |  | $ | (20) |  |  |  |  | $ | (67) |  |  |  |  | $ | (8) |  |  |  |  | $ | (3,677) |  |
All amounts in the table above are net of tax.
Nine Months Ended September 30, 2025
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at December 31, 2024 |  | $ | (4,998) |  |  |  |  | $ | 24 |  |  |  |  | $ | (20) |  |  |  |  | $ | 2,006 |  |  |  |  | $ | 10 |  |  |  |  | $ | (2,978) |  |
Other comprehensive income (loss) before reclassification |  | 494 |  |  |  |  | (1,679) |  |  |  |  | 2 |  |  |  |  | 4,826 |  |  |  |  | 32 |  |  |  |  | 3,675 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (46) |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (44) |  |
Net current-period other comprehensive income (loss) |  | 494 |  |  |  |  | (1,725) |  |  |  |  | 4 |  |  |  |  | 4,826 |  |  |  |  | 32 |  |  |  |  | 3,631 |  |
Balance at September 30, 2025 |  | $ | (4,504) |  |  |  |  | $ | (1,701) |  |  |  |  | $ | (16) |  |  |  |  | $ | 6,832 |  |  |  |  | $ | 42 |  |  |  |  | $ | 653 |  |
All amounts in the table above are net of tax.
Nine Months Ended September 30, 2024
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at December 31, 2023 |  | $ | (4,069) |  |  |  |  | $ | 1,139 |  |  |  |  | $ | (22) |  |  |  |  | $ | (2,560) |  |  |  |  | $ | (8) |  |  |  |  | $ | (5,520) |  |
Other comprehensive income (loss) before reclassification |  | (70) |  |  |  |  | (368) |  |  |  |  | 0 |  |  |  |  | 2,493 |  |  |  |  | 1 |  |  |  |  | 2,056 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (214) |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | (1) |  |  |  |  | (213) |  |
Net current-period other comprehensive income (loss) |  | (70) |  |  |  |  | (582) |  |  |  |  | 2 |  |  |  |  | 2,493 |  |  |  |  | 0 |  |  |  |  | 1,843 |  |
Balance at September 30, 2024 |  | $ | (4,139) |  |  |  |  | $ | 557 |  |  |  |  | $ | (20) |  |  |  |  | $ | (67) |  |  |  |  | $ | (8) |  |  |  |  | $ | (3,677) |  |
All amounts in the table above are net of tax. The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods. Reclassifications Out of Accumulated Other Comprehensive Income
(In millions) | Three Months Ended September 30, 2025 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 32 |  |  | Net investment gains (losses)
|  | (7) |  |  | Tax (expense) or benefit(1)
|  | $ | 25 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (1) |  |  | Net investment gains (losses)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | (1) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | 0 |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | 0 |  |  | Net of tax
Total reclassifications for the period |  | $ | 24 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).
(In millions) | Three Months Ended September 30, 2024 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 53 |  |  | Net investment gains (losses)
|  | (11) |  |  | Tax (expense) or benefit(1)
|  | $ | 42 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (1) |  |  | Net investment gains (losses)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | (1) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | 0 |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | 0 |  |  | Net of tax
Total reclassifications for the period |  | $ | 41 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).
(In millions) | Nine Months Ended September 30, 2025 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 58 |  |  | Net investment gains (losses)
|  | (12) |  |  | Tax (expense) or benefit(1)
|  | $ | 46 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (3) |  |  | Net investment gains (losses)
|  | 1 |  |  | Tax (expense) or benefit(1)
|  | $ | (2) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | 0 |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | 0 |  |  | Net of tax
Total reclassifications for the period |  | $ | 44 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).
(In millions) | Nine Months Ended September 30, 2024 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 271 |  |  | Net investment gains (losses)
|  | (57) |  |  | Tax (expense) or benefit(1)
|  | $ | 214 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (3) |  |  | Net investment gains (losses)
|  | 1 |  |  | Tax (expense) or benefit(1)
|  | $ | (2) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | 1 |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | 1 |  |  | Net of tax
Total reclassifications for the period |  | $ | 213 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

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