Equibles

8-K

AFLAC INC (AFL)

8-K 2025-11-04 For: 2025-11-04
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Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 4, 2025

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Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia 001-07434 58-1167100
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1932 Wynnton Road Columbus Georgia 31999
(Address of principal executive offices) (Zip Code)

706.323.3431

_________________________________________________________________________________________________________________________________________________________

(Registrant’s telephone number, including area code)

_________________________________________________________________________________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.10 Par Value AFL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2025, Aflac Incorporated (the "Company") issued a press release dated November 4, 2025 in which it reported the Company's 2025 third quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's third quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure.

On November 4, 2025, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2025 third quarter financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Exhibit Title or Description
99.1 Press release of Aflac Incorporated dated November 4, 2025
99.2 Financial Supplement for Third Quarter 2025
99.3 Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
99.4 Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Aflac Incorporated
November 4, 2025 /s/ Robin L. Blackmon
(Robin L. Blackmon)
Senior Vice President, Financial Services
Chief Accounting Officer

2

Document

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News Release

Aflac Incorporated Announces Third Quarter Results,

Reports Third Quarter Net Earnings of $1.6 Billion,

Declares Fourth Quarter Dividend

COLUMBUS, Ga. - November 4, 2025 - Aflac Incorporated (NYSE: AFL) today reported its third quarter results.

Total revenues were $4.7 billion in the third quarter of 2025, compared with $2.9 billion in the third quarter of 2024, primarily due to net investment gains of $275 million this quarter compared to net investment losses of $1.4 billion in the third quarter of 2024. Net earnings were $1.6 billion, or $3.08 per diluted share, compared with net losses of $93 million, or losses of $0.17 per diluted share a year ago.

Net earnings in the third quarter of 2025 included net investment gains of $275 million, or $0.52 per diluted share, compared with net investment losses of $1.4 billion, or $2.51 per diluted share a year ago. These net investment gains were driven by net gains of $285 million on certain derivatives and foreign currency activities; net gains from sales and redemptions of $33 million; a $10 million gain from an increase in the fair value of equity securities; and no impairments; offset by $53 million of current expected credit losses (CECL).

Adjusted earnings* in the third quarter were $1.3 billion, compared with $1.2 billion in the third quarter of 2024, reflecting an increase of 9.6%. Adjusted earnings per diluted share* increased 15.3% to $2.49 in the quarter. Variable investment income was in line with the company's long-term return expectations. The slightly stronger yen/dollar exchange rate did not impact adjusted earnings per share.

The average yen/dollar exchange rate in the third quarter of 2025 was 147.68, or 0.2% stronger than the average rate of 147.95 in the third quarter of 2024. For the first nine months, the average exchange rate was 148.03, or 1.7% stronger than the rate of 150.60 a year ago.

Shareholders’ equity was $28.7 billion, or $54.57 per share, at September 30, 2025, compared with $24.8 billion, or $44.60 per share, at September 30, 2024. Shareholders’ equity at the end of the third quarter included a cumulative increase of $6.8 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative decrease of $67 million at September 30, 2024 and a net unrealized loss on investment securities and derivatives of $1.7 billion, compared with a net unrealized gain of $537 million at September 30, 2024. Shareholders’ equity at the end of the third quarter also included an unrealized foreign currency translation loss of $4.5 billion, compared with an unrealized foreign currency translation loss of $4.1 billion at September 30, 2024. The annualized return on average shareholders’ equity in the third quarter was 23.5%.

For the first nine months of 2025, total revenues were down 9.1% to $12.3 billion, compared with $13.5 billion in the first nine months of 2024. Net earnings were $2.3 billion, or $4.21 per diluted share, compared with $3.5 billion, or $6.23 per diluted share, for the first nine months of 2024. Adjusted earnings for the first nine months of 2025 were $3.2 billion, or $5.92 per diluted share, compared with $3.2 billion, or $5.64 per diluted share, in 2024. Excluding the positive impact of $0.03 per share from the stronger yen/dollar exchange rate, adjusted earnings per diluted share increased 4.4% to $5.89 for the first nine months of 2025.

Shareholders’ equity excluding AOCI (or adjusted book value*) was $28.0 billion, or $53.33 per share at September 30, 2025, compared with $28.5 billion, or $51.21 per share, at September 30, 2024. Adjusted book value excluding foreign currency remeasurement* was $24.4 billion, or $46.35 per share at September 30, 2025, compared with $24.3 billion, or $43.61 per share, at September 30, 2024. The annualized adjusted return on equity excluding foreign currency remeasurement* in the third quarter was 22.1%.

AFLAC JAPAN

In yen terms, Aflac Japan's net earned premiums were ¥245.2 billion for the quarter, or 4.0% lower than a year ago, mainly due to internal cancer reinsurance transactions. Adjusted net investment income was relatively flat at ¥98.0 billion, decreasing 0.9%. Total adjusted revenues in yen declined 3.1% to ¥344.2 billion. Pretax adjusted earnings in yen for the quarter increased 13.1% on a reported basis to ¥179.5 billion, primarily due to lower benefits from higher reserve remeasurement gains as a result of unlocking assumptions. Pretax adjusted earnings also increased 13.1% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 52.2%, compared with 44.7% a year ago.

For the first nine months, net earned premiums in yen were ¥756.2 billion, or 4.6% lower than a year ago. Adjusted net investment income decreased 6.5% to ¥288.4 billion. Total adjusted revenues in yen were down 5.1% to ¥1.0 trillion. Pretax adjusted earnings were ¥403.9 billion, or 2.4% lower than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 38.5%, compared with 37.5% a year ago.

In dollar terms, net earned premiums decreased 2.7% to $1.7 billion in the third quarter. Adjusted net investment income increased 0.5% to $665 million. Total adjusted revenues declined by 1.8% to $2.3 billion. Pretax adjusted earnings increased 13.3% to $1.2 billion.

For the first nine months, net earned premiums in dollars were $5.1 billion, or 2.6% lower than a year ago. Adjusted net investment income decreased 4.2% to $2.0 billion. Total adjusted revenues were down 3.0% to $7.1 billion. Pretax adjusted earnings were $2.7 billion, or 0.7% lower than a year ago.

For the quarter, total new annualized premium sales (sales) increased 11.8% to ¥19.6 billion, or $133 million, primarily reflecting strong sales of Miraito, the new cancer insurance product. For the first nine months, sales increased 16.1% to ¥54.4 billion, or $369 million.

AFLAC U.S.

Aflac U.S. net earned premiums increased 2.5% to $1.5 billion in the third quarter compared to the prior year, reflecting improved sales. Adjusted net investment income increased 1.9% to $214 million, primarily due to higher variable net investment income. Total adjusted revenues were up 2.6% to $1.7 billion. Pretax adjusted earnings were $375 million, 7.1% higher than a year ago, reflecting higher premiums and lower benefits, resulting from higher reserve remeasurement gains offset by higher expenses. As a result, the pretax adjusted profit margin for the U.S. segment was 21.7%, compared with 20.8% a year ago.

For the first nine months, net earned premiums increased 2.6% to $4.5 billion. Adjusted net investment income decreased 1.7% to $623 million. Total adjusted revenues were up 2.2% to $5.2 billion. Pretax adjusted earnings were $1.1 billion, or 2.9% higher than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 21.7%, compared with 21.5% a year ago.

Aflac U.S. sales increased 2.8% in the quarter to $390 million, primarily benefiting from sales of group life and disability products. For the first nine months of the year, total new sales increased 3.0% to $1.0 billion.

CORPORATE AND OTHER

For the quarter, total adjusted revenues increased 52.4% to $343 million compared to the prior year. Internal reinsurance activity in the fourth quarter of 2024 drove an increase in both net earned premiums and adjusted net investment income. A lower volume of tax credit investments also contributed to higher adjusted net investment income. Total benefits and adjusted expenses increased $64 million compared to the prior year primarily due to reinsurance activity, higher costs pertaining to business operations, and higher interest expense, partially offset by higher reserve remeasurement gains. Pretax adjusted earnings were $69 million, compared with $15 million a year ago.

For the first nine months, total adjusted revenues increased 39.0% to $1.0 billion. Pretax adjusted earnings were $132 million, compared with $36 million a year ago.

DIVIDEND AND CAPITAL RETURNED TO SHAREHOLDERS

The board of directors declared the fourth quarter dividend of $0.58 per share, payable on December 1, 2025 to shareholders of record at the close of business on November 19, 2025.

In the third quarter, Aflac Incorporated deployed $1.0 billion in capital to repurchase 9.3 million of its common shares. At the end of September 2025, the company had 121.6 million remaining shares authorized for repurchase.

OUTLOOK

Commenting on the company’s results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered very solid earnings for the quarter and the first nine months. These results reflect our focused efforts to execute on our strategy of creating long-term value for shareholders.

"Looking at our operations in Japan, I am pleased with Aflac Japan’s 11.8% year-over-year sales increase in the quarter and ongoing strong premium persistency. The strong sales were driven largely by continued sales of our cancer insurance product Miraito, which was launched in March. We also continue to drive awareness for third sector protection to new and younger customers through our innovative first sector product Tsumitasu, which was repriced for new policies effective in September. Overall, I believe we have the right strategy to meet our customers' financial protection needs throughout their different life stages.

"In the U.S., I am pleased with our 2.5% increase in net earned premiums, which is supported by our strong persistency of 79% and a 2.8% increase in sales in the quarter. We are encouraged by the momentum we are seeing within all areas of our group business, especially our group life and disability as well as network dental. We continue to focus on more profitable growth through our stronger underwriting discipline and improving the productivity of agents and brokers. We are seeing improvement in net earned premiums and continue our prudent approach to expense management and maintaining a strong pretax margin.

"We continue to generate strong capital and cash flows while maintaining our commitment to prudent liquidity and capital management. We are pleased with our investments, which continue to produce strong net investment income. Especially as we celebrate Aflac's 70th anniversary this month, we treasure our 2025 milestone of 43 consecutive years of dividend increases and remain committed to extending this record, supported by our financial strength. We repurchased a record $1.0 billion in shares for the quarter. We intend to continue our balanced approach of investing in growth and driving long-term operating efficiencies."

*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. The company takes pride in being there for its policyholders when they need us most, as well as being included in the World’s Most Ethical Companies by Ethisphere for 19 consecutive years (2025) and Fortune’s World’s Most Admired Companies for 24 years (2025). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2024) for 11 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under “Sustainability.”

1LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report

A copy of Aflac’s financial supplement for the quarter can be found on the “Investors” page at aflac.com.

Aflac Incorporated will webcast its quarterly conference call via the “Investors” page of aflac.com at 8:00 a.m. (ET) on November 5, 2025.

Note: Tables within this document may not foot due to rounding.

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Total revenues $ 4,740 $ 2,949 60.7 %
Benefits and claims, net 1,436 1,595 (10.0)
Total acquisition and operating expenses 1,310 1,262 3.8
Earnings before income taxes 1,994 92 2,067.4
Income taxes 355 185
Net earnings $ 1,639 $ (93) 1,862.4 %
Net earnings per share – basic $ 3.09 $ (0.17) 1,917.6 %
Net earnings per share – diluted 3.08 (0.17) 1,911.8
Shares used to compute earnings per share (000):
Basic 530,050 557,899 (5.0) %
Diluted 532,015 560,414 (5.1)
Dividends paid per share $ 0.58 $ 0.50 16.0 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
--- --- --- --- --- --- ---
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Total revenues $ 12,298 $ 13,524 (9.1) %
Benefits and claims, net 5,391 5,527 (2.5)
Total acquisition and operating expenses 3,946 3,715 6.2
Earnings before income taxes 2,961 4,282 (30.9)
Income taxes 694 741
Net earnings $ 2,267 $ 3,541 (36.0) %
Net earnings per share – basic $ 4.22 $ 6.26 (32.6) %
Net earnings per share – diluted 4.21 6.23 (32.4)
Shares used to compute earnings per share (000):
Basic 537,095 565,757 (5.1) %
Diluted 539,052 568,216 (5.1)
Dividends paid per share $ 1.74 $ 1.50 16.0 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
--- --- --- --- --- --- ---
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
SEPTEMBER 30, 2025 2024 % Change
Assets:
Total investments and cash $ 109,516 $ 115,601 (5.3) %
Deferred policy acquisition costs 9,216 9,232 (0.2)
Other assets 3,574 3,609 (1.0)
Total assets $ 122,306 $ 128,442 (4.8) %
Liabilities and shareholders’ equity:
Policy liabilities $ 74,737 $ 87,554 (14.6) %
Notes payable and lease obligations 8,685 7,978 8.9
Other liabilities 10,196 8,080 26.2
Shareholders’ equity 28,688 24,830 15.5
Total liabilities and shareholders’ equity $ 122,306 $ 128,442 (4.8) %
Shares outstanding at end of period (000) 525,710 556,717 (5.6) %

NON-U.S. GAAP FINANCIAL MEASURES

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:

•Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

•Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

•Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using annualized net earnings and average total shareholders’ equity.

•Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on average equity as determined using annualized net earnings and average total shareholders’ equity.

•Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a

straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

•Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.

•Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

•Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

•Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net earnings $ 1,639 $ (93) 1,862.4 %
Items impacting net earnings:
Adjusted net investment (gains) losses (335) 1,347
Other and non-recurring (income) loss 1 —
Income tax (benefit) expense on items excluded <br>from adjusted earnings 22 (43)
Adjusted earnings 1,327 1,211 9.6 %
Current period foreign currency impact1 (1) N/A
Adjusted earnings excluding current period foreign <br> currency impact2 $ 1,326 $ 1,211 9.5 %
Net earnings per diluted share $ 3.08 $ (0.17) 1,911.8 %
Items impacting net earnings:
Adjusted net investment (gains) losses (0.63) 2.40
Other and non-recurring (income) loss — —
Income tax (benefit) expense on items excluded <br>from adjusted earnings 0.04 (0.08)
Adjusted earnings per diluted share 2.49 2.16 15.3 %
Current period foreign currency impact1 — N/A
Adjusted earnings per diluted share excluding <br> current period foreign currency impact2 $ 2.49 $ 2.16 15.3 %

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.

2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net earnings $ 2,267 $ 3,541 (36.0) %
Items impacting net earnings:
Adjusted net investment (gains) losses 966 (411)
Other and non-recurring (income) loss 54 1
Income tax (benefit) expense on items excluded <br>from adjusted earnings (97) 76
Adjusted earnings 3,190 3,207 (0.5) %
Current period foreign currency impact1 (16) N/A
Adjusted earnings excluding current period foreign <br> currency impact2 $ 3,174 $ 3,207 (1.0) %
Net earnings per diluted share $ 4.21 $ 6.23 (32.4) %
Items impacting net earnings:
Adjusted net investment (gains) losses 1.79 (0.72)
Other and non-recurring (income) loss 0.10 —
Income tax (benefit) expense on items excluded <br>from adjusted earnings (0.18) 0.13
Adjusted earnings per diluted share 5.92 5.64 5.0 %
Current period foreign currency impact1 (0.03) N/A
Adjusted earnings per diluted share excluding <br> current period foreign currency impact2 $ 5.89 $ 5.64 4.4 %

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.

2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net investment (gains) losses $ (275) $ 1,408 (119.5) %
Items impacting net investment (gains) losses:
Amortized hedge costs (13) (7)
Amortized hedge income 20 25
Net interest income (expense) from derivatives associated<br><br>with certain investment strategies (66) (88)
Impact of interest from derivatives associated with<br><br>notes payable1 (1) 8
Adjusted net investment (gains) losses $ (335) $ 1,347 (124.9) %

1    Amounts are included with interest expenses that are a component of adjusted expenses.

RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net investment income $ 1,067 $ 1,006 6.1 %
Items impacting net investment income:
Amortized hedge costs (13) (7)
Amortized hedge income 20 25
Net interest income (expense) from derivatives associated<br><br>with certain investment strategies (66) (88)
Adjusted net investment income $ 1,008 $ 936 7.7 %
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
--- --- --- --- --- --- ---
(UNAUDITED – IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net investment (gains) losses $ 1,109 $ (239) 564.0 %
Items impacting net investment (gains) losses:
Amortized hedge costs (31) (19)
Amortized hedge income 80 87
Net interest income (expense) from derivatives associated<br><br>with certain investment strategies (195) (265)
Impact of interest from derivatives associated with<br><br>notes payable1 3 25
Adjusted net investment (gains) losses $ 966 $ (411) 335.0 %

1    Amounts are included with interest expenses that are a component of adjusted expenses.

RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 % Change
Net investment income $ 3,103 $ 3,100 0.1 %
Items impacting net investment income:
Amortized hedge costs (31) (19)
Amortized hedge income 80 87
Net interest income (expense) from derivatives associated<br><br>with certain investment strategies (195) (265)
Adjusted net investment income $ 2,957 $ 2,903 1.9 %
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
--- --- --- --- --- --- ---
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
SEPTEMBER 30, 2025 2024 % Change
U.S. GAAP book value $ 28,688 $ 24,830
Less:
Unrealized foreign currency translation gains (losses) (4,504) (4,139)
Unrealized gains (losses) on securities and derivatives (1,717) 537
Effect of changes in discount rate assumptions 6,832 (67)
Pension liability adjustment 42 (8)
Total AOCI 653 (3,677)
Adjusted book value $ 28,035 $ 28,507
Less:
Foreign currency remeasurement gains (losses) 3,666 4,228
Adjusted book value excluding foreign currency remeasurement $ 24,369 $ 24,279
Number of outstanding shares at end of period (000) 525,710 556,717
U.S. GAAP book value per common share $ 54.57 $ 44.60 22.4 %
Less:
Unrealized foreign currency translation gains (losses) per common share (8.57) (7.43)
Unrealized gains (losses) on securities and derivatives per common share (3.27) 0.96
Effect of changes in discount rate assumptions <br>     per common share 13.00 (0.12)
Pension liability adjustment per common share 0.08 (0.01)
Total AOCI per common share 1.24 (6.60)
Adjusted book value per common share $ 53.33 $ 51.21 4.1 %
Less:
Foreign currency remeasurement gains (losses) per common share 6.97 7.59
Adjusted book value excluding foreign currency remeasurement per common share $ 46.35 $ 43.61 6.3 %
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
--- --- --- --- ---
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024
U.S. GAAP ROE - Net earnings1 23.5 % (1.5) %
Impact of excluding unrealized foreign currency translation gains (losses) (5.4) 0.3
Impact of excluding unrealized gains (losses) on securities and derivatives (2.2) —
Impact of excluding effect of changes in discount rate assumptions 7.7 —
Impact of excluding pension liability adjustment 0.1 —
Impact of excluding AOCI 0.1 0.2
U.S. GAAP ROE - less AOCI 23.5 (1.3)
Differences between adjusted earnings and net earnings2 (4.5) 18.0
Adjusted ROE - reported 19.1 16.7
Impact of excluding gains (losses) associated with foreign currency remeasurement3 3.0 3.5
Adjusted ROE, excluding foreign currency remeasurement 22.1 20.2

1    U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

2    See separate reconciliation of net income to adjusted earnings.

3    Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024
U.S. GAAP ROE - Net earnings1 11.0 % 20.2 %
Impact of excluding unrealized foreign currency translation gains (losses) (1.6) (2.9)
Impact of excluding unrealized gains (losses) on securities and derivatives (0.3) 0.6
Impact of excluding effect of changes in discount rate assumptions 1.5 (0.9)
Impact of excluding pension liability adjustment — —
Impact of excluding AOCI (0.4) (3.3)
U.S. GAAP ROE - less AOCI 10.6 16.9
Differences between adjusted earnings and net earnings2 4.3 (1.6)
Adjusted ROE - reported 14.9 15.3
Impact of excluding gains (losses) associated with foreign currency remeasurement3 2.9 2.5
Adjusted ROE, excluding foreign currency remeasurement 17.8 17.8

1    U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

2    See separate reconciliation of net income to adjusted earnings.

3    Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2025 Including<br>Currency<br>Changes Excluding<br><br>Currency<br><br>Changes2
Net earned premiums3 1.3 % 1.4 %
Adjusted net investment income4 7.7 7.7
Total benefits and expenses (3.6) (3.5)
Adjusted earnings 9.6 9.5
Adjusted earnings per diluted share 15.3 15.3

1Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.

3Net of reinsurance

4Refer to previously defined adjusted net investment income.

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2025 Including<br>Currency<br>Changes Excluding<br><br>Currency<br><br>Changes2
Net earned premiums3 1.1 % 0.2 %
Adjusted net investment income4 1.9 1.4
Total benefits and expenses 0.7 (0.2)
Adjusted earnings (0.5) (1.0)
Adjusted earnings per diluted share 5.0 4.4

1Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.

3Net of reinsurance

4Refer to previously defined adjusted net investment income.

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements.

The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation

•defaults and credit downgrades of investments

•global fluctuations in interest rates and exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable yen-denominated investments

•foreign currency fluctuations in the yen/dollar exchange rate

•differing interpretations applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•operational risks of third-party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation or regulatory inquiries

•allegations or determinations of worker misclassification in the United States

Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or dyoung@aflac.com

Media contact - Ines Gutzmer, 762.207.7601 or igutzmer@aflac.com

18

Document

Final                                                             11/04/2025

aflaclogoa01a01a01a33a.jpg

Financial Supplement

Third Quarter 2025

This document is a statistical supplement to Aflac’s quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.

The Company adopted the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09 Financial Services - Insurance: Effective Date, and (ii) ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application (collectively, “LDTI”) as of January 1, 2023. The amended guidance is applied as of the beginning of the earliest period presented in the Company’s quarterly and annual financial statements, which results in a January 1, 2021 Transition Date. In conjunction with the adoption of LDTI, the Company changed its practice of recording the change in the deferred profit liability (DPL) on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This change in presentation has no impact on net earnings. All quarterly and annual amounts for 2021 and 2022 presented herein reflect these changes for LDTI and DPL.

Aflac Incorporated: Page
Share Data 2
Summary of Adjusted Results by Business Segment 3
Statements of Earnings 4
Analysis of Net Earnings and Net Earnings Per Share 5
Balance Sheets 6
Quarterly Financial Results 7
Quarterly Book Value Per Share 8
Return on Equity 9
Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact 10
Investment Results 11,12,13
Long-Term Debt Data 14
Ratings 15
Aflac U.S.:
Statement of Pretax Adjusted Earnings 16
Balance Sheets 17
Quarterly Pretax Adjusted Earnings 18
Operating Ratios 19
Sales 20,21
Aflac Japan:
Statement of Pretax Adjusted Earnings 22,23
Balance Sheets 24,25
Quarterly Pretax Adjusted Earnings 26
Operating Ratios 27
Sales 28,29,30
Yen/Dollar Exchange Rates 31
Corporate and Other:
Statement of Pretax Adjusted Earnings 32
Non-U.S. GAAP Financial Measures 33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com

Aflac Incorporated and Subsidiaries
Share Data
(In Thousands)
1 Shares Issued Shares Purchased QTD Weighted Avg. Shares YTD Weighted Avg. Shares
Period Beginning Shares Outstanding Stk. Bon. & DRP Stk. Opt. & Misc. Treas. Shares Misc. Purch. (1) Ending Shares Outstanding Avg. Shares Dilutive Shares Avg. Diluted Avg. Shares Dilutive Shares Avg. Diluted
2023 1 615,256 239 1,152 10,348 347 605,952 611,205 2,745 613,950 611,205 2,745 613,950
2 605,952 259 225 10,461 6 595,969 600,742 2,187 602,929 605,945 2,466 608,411
3 595,969 210 115 9,390 7 586,897 591,246 2,350 593,596 600,991 2,427 603,419
4 586,897 191 94 8,698 5 578,479 581,876 3,005 584,881 596,173 2,572 598,745
2024 1 578,479 212 1,320 9,276 457 570,278 574,886 2,596 577,482 574,886 2,596 577,482
2 570,278 217 186 9,288 24 561,369 564,573 2,265 566,838 569,730 2,430 572,160
3 561,369 165 75 4,882 10 556,717 557,899 2,515 560,414 565,757 2,459 568,216
4 556,717 156 77 6,982 4 549,964 552,767 2,716 555,483 562,492 2,523 565,015
2025 1 549,964 173 1,251 8,497 398 542,493 544,707 2,171 546,878 544,707 2,171 546,878
2 542,493 193 42 7,916 4 534,809 536,688 1,737 538,425 540,676 1,954 542,630
3 534,809 171 66 9,331 5 525,710 530,050 1,965 532,015 537,095 1,957 539,052

(1) Includes previously owned shares used to purchase options (swapped shares) and/or shares purchased for deferred compensation program

Aflac Incorporated and Subsidiaries
Summary of Adjusted Results by Business Segment
(In Millions, except per-share data)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Aflac Japan $ 3,263 $ 3,755 $ 3,281 $ 3,234 $ 3,494 $ 1,073 $ 1,216 13.3 % $ 2,747 $ 2,728 (0.7) %
Aflac U.S. 1,268 1,356 1,359 1,501 1,419 350 375 7.1 1,089 1,121 2.9
1 Corporate and other (1) (115) (293) (218) (425) 32 15 69 36 132
Pretax adjusted earnings 4,416 4,819 4,422 4,310 4,945 1,438 1,660 15.4 3,872 3,981 2.8
Income taxes (1) 864 893 808 577 873 227 333 46.7 665 791 18.9
2 Adjusted earnings (2) 3,552 3,925 3,614 3,733 4,072 1,211 1,327 9.6 3,207 3,190 (0.5)
Reconciling items:
Adjusted net investment gains (losses) (229) 462 447 914 1,495 (1,347) 335 411 (966)
Other and non-recurring income (loss) (28) (73) 1 39 (23) — (1) (1) (54)
3 Income tax benefit (expense) on items excluded from adjusted earnings (3) 72 (83) 357 (26) (101) 43 (22) (76) 97
4 Tax valuation allowance release (4) 1,411 — — — — — — — —
Net earnings $ 4,778 $ 4,231 $ 4,418 $ 4,659 $ 5,443 $ (93) $ 1,639 1,862.4 % $ 3,541 $ 2,267 (36.0) %
Effective Tax rate (14.9) % 18.7 % 9.3 % 11.5 % 15.2 % 201.8 % 17.8 % 17.3 % 23.4 %
Earnings per share of common stock:
Net earnings (basic) $ 6.69 $ 6.28 $ 6.96 $ 7.81 $ 9.68 $ (0.17) $ 3.09 1,917.6 $ 6.26 $ 4.22 (32.6) %
Net earnings (diluted) 6.67 6.25 6.93 7.78 9.63 (0.17) 3.08 1,911.8 6.23 4.21 (32.4)
Adjusted earnings (basic) (2) $ 4.98 $ 5.83 $ 5.69 $ 6.26 $ 7.24 $ 2.17 $ 2.50 15.2 % $ 5.67 $ 5.94 4.8 %
Adjusted earnings (diluted) (2) 4.96 5.80 5.67 6.23 7.21 2.16 2.49 15.3 5.64 5.92 5.0

(1) 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 statement of earnings.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.

(3) Primarily reflects release of $452 in deferred taxes in 2022.

(4) Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.

Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings - U.S. GAAP
(In Millions, except per-share data)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Revenues:
Net earned premiums:
Gross premiums $ 18,955 $ 17,305 $ 15,025 $ 14,318 $ 13,562 $ 3,360 $ 3,413 $ 10,193 $ 10,371
Assumed (ceded) (333) (210) (124) (195) (122) (32) (41) (84) (148)
1 Total net earned premiums (1) 18,622 17,095 14,901 14,123 13,440 3,328 3,372 1.3 % 10,109 10,223 1.1 %
Net investment income 3,638 3,818 3,656 3,811 4,116 1,006 1,067 6.1 3,100 3,103 0.1
Net investment gains (losses) (270) 468 363 590 1,271 (1,408) 275 239 (1,109)
Other income 157 173 220 177 100 23 26 76 81
Total revenues 22,147 21,554 19,140 18,701 18,927 2,949 4,740 60.7 13,524 12,298 (9.1)
Benefits and Claims:
Benefits and claims, net:
Incurred claims -direct 9,364 8,949 8,271 8,005 8,281 2,064 2,216 6,248 6,739
Incurred claims -assumed (ceded) (296) (147) (108) (177) (95) (22) (40) (57) (135)
2 Increase in FPB -direct (2) 2,707 1,819 888 594 (184) (40) (165) (147) (560)
Increase in FPB -assumed (ceded) (2) 21 3 51 172 5 1 5 (2) 5
Total net benefits and claims, excluding reserve remeasurement N/A 10,623 9,102 8,594 8,008 2,003 2,016 6,042 6,049
Reserve remeasurement (gain) loss N/A (147) (215) (383) (558) (408) (580) (515) (658)
Total net benefits and claims 11,796 10,476 8,887 8,211 7,450 1,595 1,436 (10.0) 5,527 5,391 (2.5)
Acquisition and operating expenses:
3 Amortization of DAC (3) 1,214 835 792 816 851 214 218 638 655
Insurance commissions 1,316 1,256 1,117 1,052 998 251 254 751 745
Insurance expenses 3,420 3,541 3,249 3,165 3,014 747 781 2,179 2,387
Interest expense 242 238 226 195 197 50 57 147 159
Total acquisition and operating expenses 6,192 5,870 5,384 5,228 5,060 1,262 1,310 3.8 3,715 3,946 6.2
Total benefits and expenses 17,988 16,346 14,271 13,439 12,510 2,857 2,746 (3.9) 9,242 9,337 1.0
Pretax earnings 4,159 5,208 4,869 5,262 6,417 92 1,994 4,282 2,961
4 Income tax expense (benefit) (4) (619) 977 451 603 974 185 355 741 694
Net earnings $ 4,778 $ 4,231 $ 4,418 $ 4,659 $ 5,443 $ (93) $ 1,639 1,862.4 % $ 3,541 $ 2,267 (36.0) %

(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) Future policy benefits

(3) Deferred acquisition costs

(4) Primarily reflects release of $452 in deferred taxes in 2022.

Aflac Incorporated and Subsidiaries
Analysis of Net Earnings and Net Earnings Per Diluted Share
(In Millions, except for per-share data)
Period Net Earnings Net Investment Gains (Losses) (1) Other and Non- Recurring Items (1)(3) Foreign Currency Impact (2) Net Earnings Per Share Net Investment Gains (Losses) (1) Other and Non-Recurring Items Per Share (1)(3) Foreign Currency Impact Per Share (2)
1 2020 $ 4,778 $ (181) $ 1,407 $ 31 $ 6.67 $ (0.25) $ 1.96 $ 0.04
2 2021 4,231 365 (59) (42) 6.25 0.54 (0.09) (0.06)
2022 4,418 803 1 (262) 6.93 1.26 — (0.41)
3 2023 4,659 896 31 (113) 7.78 1.50 0.05 (0.19)
2024 5,443 1,389 (18) (103) 9.63 2.46 (0.03) (0.18)
2023 1 1,188 235 — (41) 1.94 0.38 — (0.07)
2 1,634 653 28 (25) 2.71 1.08 0.05 (0.04)
3 1,569 472 2 (33) 2.64 0.80 — (0.06)
4 268 (464) — (14) 0.46 (0.79) — (0.02)
2024 1 1,879 920 (2) (44) 3.25 1.59 — (0.08)
2 1,755 720 — (37) 3.10 1.27 — (0.07)
3 (93) (1,304) — (16) (0.17) (2.33) — (0.03)
4 1,902 1,054 (17) (6) 3.42 1.90 (0.03) (0.01)
2025 1 29 (835) (42) (8) 0.05 (1.53) (0.08) (0.01)
2 599 (358) — 23 1.11 (0.66) — 0.04
3 1,639 313 (1) 1 3.08 0.59 — —

(1) Items are presented net of tax.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact

(3) Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.

Aflac Incorporated and Subsidiaries
Consolidated Balance Sheets
(In Millions, except per-share data)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Assets:
Investments and cash:
Securities available for sale:
Fixed maturity securities available for sale, at fair value $ 101,286 $ 94,206 $ 71,936 $ 69,578 $ 61,841 $ 68,261 $ 63,584
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value 4,596 4,490 3,805 3,712 3,428 4,031 3,692
Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses 24,464 22,000 19,056 17,819 15,966 17,698 16,955
Equity securities, at fair value 1,283 1,603 1,091 1,088 796 808 885
Commercial mortgage and other loans, net of allowance for credit losses 10,554 11,786 13,496 12,527 10,869 11,544 10,137
Other investments 2,429 3,842 4,070 4,530 5,958 7,647 7,495
Cash and cash equivalents 5,141 5,051 3,943 4,306 6,229 5,612 6,768
Total investments and cash 149,753 142,978 117,397 113,560 105,087 115,601 109,516
1 Receivables, net of allowance for credit losses (1) 778 672 647 848 779 814 852
Accrued investment income 780 737 745 731 710 696 702
Deferred policy acquisition costs 10,441 9,848 9,239 9,132 8,758 9,232 9,216
Property and equipment, net 601 538 530 445 387 421 367
2 Other assets, net of allowance for credit losses (1)(2) 2,733 3,377 3,180 2,008 1,845 1,678 1,653
Total assets $ 165,086 $ 158,150 $ 131,738 $ 126,724 $ 117,566 $ 128,442 $ 122,306
Liabilities and Shareholders' Equity:
Liabilities:
Total policy liabilities $ 114,391 $ 126,331 $ 96,910 $ 91,599 $ 77,508 $ 87,554 $ 74,737
Notes payable 7,899 7,956 7,442 7,364 7,498 7,978 8,685
Income taxes, primarily deferred 4,661 30 698 154 573 454 1,477
Other liabilities 4,576 6,802 6,548 5,622 5,889 7,626 8,719
Total liabilities 131,527 141,119 111,598 104,739 91,468 103,612 93,618
Shareholders' equity:
Common stock 135 135 135 136 136 136 136
Additional paid-in capital 2,410 2,529 2,641 2,771 2,894 2,876 2,977
Retained earnings 37,984 40,963 44,367 47,993 52,277 50,972 53,923
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) (1,109) (1,985) (3,564) (4,069) (4,998) (4,139) (4,504)
Unrealized gains (losses) on fixed maturity securities 10,361 9,602 (702) 1,139 24 557 (1,701)
Unrealized gains (losses) on derivatives (34) (30) (27) (22) (20) (20) (16)
Effect of change in discount rate assumption(s) N/A (15,832) (2,100) (2,560) 2,006 (67) 6,832
Pension liability adjustment (284) (166) (36) (8) 10 (8) 42
Treasury stock (15,904) (18,185) (20,574) (23,395) (26,231) (25,477) (29,001)
Total shareholders' equity 33,559 17,031 20,140 21,985 26,098 24,830 28,688
Total liabilities & shareholders' equity $ 165,086 $ 158,150 $ 131,738 $ 126,724 $ 117,566 $ 128,442 $ 122,306

(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

(2) Includes goodwill of $260 million in September 2025, $265 million in September 2024, $263 million in 2024, $265 million in 2023, $265 million in 2022, $268 million in 2021 and $269 million in 2020

Aflac Incorporated and Subsidiaries
Quarterly Financial Results
(In Millions, except per-share data)
1 Net EPS Adj. EPS (1)
Period Net Earned Premiums Net Investment Income Total Revenues Benefits & Claims, Net Total Acquisitions & Adj. Exp. Total Pretax Earnings Net Earnings Adjusted Earnings (1) Basic Dil. Basic Dil.
2020 $ 18,622 $ 3,638 $ 22,147 $ 11,796 $ 6,192 $ 4,159 $ 4,778 $ 3,552 $ 6.69 $ 6.67 $ 4.98 $ 4.96
2021 17,095 3,818 21,554 10,476 5,870 5,208 4,231 3,925 6.28 6.25 5.83 5.80
2022 14,901 3,656 19,140 8,887 5,384 4,869 4,418 3,614 6.96 6.93 5.69 5.67
2023 14,123 3,811 18,701 8,211 5,228 5,262 4,659 3,733 7.81 7.78 6.26 6.23
2024 13,440 4,116 18,927 7,450 5,060 6,417 5,443 4,072 9.68 9.63 7.24 7.21
2023 1 3,688 943 4,800 2,150 1,308 1,342 1,188 953 1.94 1.94 1.56 1.55
2 3,573 999 5,172 2,098 1,249 1,825 1,634 954 2.72 2.71 1.59 1.58
3 3,476 1,004 4,950 1,860 1,285 1,805 1,569 1,095 2.65 2.64 1.85 1.84
4 3,385 865 3,777 2,103 1,385 289 268 732 0.46 0.46 1.26 1.25
2024 1 3,456 1,000 5,436 2,010 1,256 2,170 1,879 961 3.27 3.25 1.67 1.66
2 3,325 1,095 5,138 1,921 1,198 2,019 1,755 1,035 3.11 3.10 1.83 1.83
3 3,328 1,006 2,949 1,595 1,262 92 (93) 1,211 (0.17) (0.17) 2.17 2.16
4 3,331 1,016 5,403 1,923 1,345 2,135 1,902 865 3.44 3.42 1.56 1.56
2025 1 3,381 955 3,398 1,945 1,308 145 29 906 0.05 0.05 1.66 1.66
2 3,470 1,081 4,160 2,010 1,328 822 599 957 1.12 1.11 1.78 1.78
3 3,372 1,067 4,740 1,436 1,310 1,994 1,639 1,327 3.09 3.08 2.50 2.49

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.

Aflac Incorporated and Subsidiaries
Quarterly Book Value Per Share
(In Millions, except per-share data)
1
Period Equity BV Per Share AOCI BV Per Share Adjusted BV Per Share (1) Adjusted BV Per Share <br>% Change Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L) (1) Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L) % Change
2020 $ 48.46 $ 12.90 $ 35.56 15.7 % $ 35.56 15.7 %
2021 26.12 (12.90) 39.01 9.7 37.71 6.0
2022 32.73 (10.45) 43.18 10.7 38.94 3.3
2023 38.00 (9.54) 47.55 10.1 41.15 5.7
2024 47.45 (5.41) 52.87 11.2 42.46 3.2
2023 1 32.65 (12.01) 44.66 10.8 40.05 4.8
2 34.30 (12.31) 46.61 11.5 40.15 5.5
3 38.63 (9.81) 48.44 10.1 41.10 7.7
4 38.00 (9.54) 47.55 10.1 41.15 5.7
2024 1 41.27 (8.95) 50.22 12.4 41.68 4.1
2 46.40 (5.86) 52.26 12.1 41.98 4.6
3 44.60 (6.60) 51.21 5.7 43.61 6.1
4 47.45 (5.41) 52.87 11.2 42.46 3.2
2025 1 48.55 (3.43) 51.98 3.5 42.61 2.2
2 50.86 (0.92) 51.78 (0.9) 44.17 5.2
3 54.57 1.24 53.33 4.1 46.35 6.3

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value excluding foreign currency remeasurement

Aflac Incorporated and Subsidiaries
Return on Equity
Year ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
1 2020 2021 (4) 2022 2023 2024 2024 2025 2024 2025
2 U.S. GAAP ROE - Net earnings (1) 15.3 % 26.7 % 23.8 % 22.1 % 22.6 % (1.5) % 23.5 % 20.2 % 11.0 %
Impact of excluding unrealized foreign currency translation gains (losses) (0.9) (1.7) (2.5) (3.1) (3.6) 0.3 (5.4) (2.9) (1.6)
Impact of excluding unrealized gains (losses) on securities and derivatives 6.2 10.7 4.1 0.2 0.4 — (2.2) 0.6 (0.3)
Impact of excluding effect on change in discount rate assumptions N/A (18.5) (8.2) (1.9) (0.2) — 7.7 (0.9) 1.5
Impact of excluding pension liability adjustment (0.2) (0.2) (0.1) — — — 0.1 — —
Impact of excluding AOCI 5.1 (9.7) (6.8) (4.9) (3.4) 0.2 0.1 (3.3) (0.4)
U.S. GAAP ROE - less AOCI 20.3 17.0 17.0 17.2 19.2 (1.3) 23.5 16.9 10.6
3 Differences between adjusted earnings and net earnings (2) (5.2) (1.2) (3.1) (3.4) (4.8) 18.0 (4.5) (1.6) 4.3
4 Adjusted ROE - reported (3) 15.1 15.8 13.9 13.8 14.4 16.7 19.1 15.3 14.9
5 Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5) N/A 0.1 1.0 1.8 2.9 3.5 3.0 2.5 2.9
Adjusted ROE, excluding foreign currency remeasurement (5) N/A 15.9 14.9 15.6 17.3 20.2 22.1 17.8 17.8

(1) U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

(2) See separate reconciliation of net income to adjusted earnings.

(3) See non-U.S. GAAP financial measures for definition of adjusted return on equity

(4) Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.

(5) Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement

Aflac Incorporated and Subsidiaries
Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
(Diluted Basis)
1 Period Adjusted EPS (1) Growth QTD Foreign Currency Impact (1) YTD Foreign Currency Impact (1) Excluding Foreign Currency Impact (1) Change Excluding Foreign Currency Impact
2020 $ 4.96 11.7 % N/A 0.04 $ 4.92 10.8 %
2021 5.80 16.9 N/A (0.06) 5.86 18.1
2022 5.67 (2.2) N/A (0.41) 6.08 4.8
2023 6.23 9.9 N/A (0.19) 6.43 13.4
2024 7.21 15.7 N/A (0.18) 7.39 18.6
2023 1 $ 1.55 7.6 % (0.07) (0.07) $ 1.62 12.5 %
2 1.58 7.5 (0.04) (0.11) 1.62 10.2
3 1.84 27.8 (0.06) (0.17) 1.90 31.9
4 1.25 (4.6) (0.02) (0.19) 1.28 (2.3)
$ 6.23 9.9 % $ 6.43 13.4 %
2024 1 $ 1.66 7.1 % (0.08) (0.08) $ 1.74 12.3 %
2 1.83 15.8 (0.07) (0.14) 1.89 19.6
3 2.16 17.4 (0.03) (0.17) 2.19 19.0
4 1.56 24.8 (0.01) (0.18) 1.57 25.6
$ 7.21 15.7 % $ 7.39 18.6 %
2025 1 $ 1.66 — % (0.01) (0.01) $ 1.67 0.6 %
2 $ 1.78 (2.7) % 0.04 0.03 $ 1.73 (5.5) %
3 2.49 15.3 — 0.03 2.49 15.3
$ 5.92 5.0 % $ 5.89 4.4 %

(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact

Aflac Incorporated and Subsidiaries
Composition of Invested Assets
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
1 Fixed Maturity Securities (1) $ 116,056 $ 107,369 $ 94,525 $ 88,508 $ 80,055 $ 88,117 $ 85,226
Commercial mortgage and other loans, net of allowance for credit losses: (1)
Transitional Real Estate (floating rate) 5,231 5,246 6,455 5,998 4,703 5,249 4,046
Middle Market Loans (floating rate) 3,635 4,601 5,028 4,531 4,283 4,408 4,248
Commercial Mortgage Loans 1,688 1,854 1,775 1,697 1,523 1,545 1,432
Other Loans — 20 238 301 360 342 411
Total Commercial mortgage and other loans, net of allowance for credit losses (1) 10,554 11,721 13,496 12,527 10,869 11,544 10,137
Equity Securities, at FV through net earnings 1,283 1,603 1,091 1,088 796 808 885
2 Alternatives (2) 919 1,703 2,107 2,619 3,167 2,967 3,667
Total Portfolio $ 128,812 $ 122,396 $ 111,219 $ 104,742 $ 94,887 $ 103,436 $ 99,915 Unrealized Gains (Losses) on Invested Assets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Fixed Maturity Securities:
Available For Sale - Gross Gains $ 14,771 $ 13,566 $ 4,800 $ 6,050 $ 5,308 $ 5,748 $ 4,390
Available For Sale - Gross Losses (481) (239) (4,528) (3,449) (4,128) (3,875) (5,385)
Total Available For Sale 14,290 13,327 272 2,601 1,180 1,873 (995)
Held to Maturity - Gross Gains 5,935 4,869 2,154 1,838 815 1,277 260
Held to Maturity - Gross Losses — — — — (9) — (445)
Total Held to Maturity $ 5,935 $ 4,869 $ 2,154 $ 1,838 $ 806 $ 1,277 $ (185) Credit Ratings on Fixed Maturities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(At Amortized Cost)
December 31, September 30,
Credit Rating: 2020 2021 2022 2023 2024 2024 2025
AAA 1.0 % 1.0 % 1.6 % 1.6 % 1.5 % 1.4 % 1.2 %
AA 4.5 5.1 5.2 5.7 6.0 6.0 6.4
A 69.3 68.9 68.0 68.1 68.0 68.5 68.8
BBB 21.9 22.5 23.0 22.9 22.9 22.7 22.0
BB or Lower 3.3 2.5 2.2 1.7 1.6 1.4 1.6
100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

(1) Presented at amortized cost, net of reserves beginning in 2020

(2) Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances

Aflac Incorporated and Subsidiaries
Supplemental Investment Data by Segment
December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 2024 2025
Aflac Japan:
1 Invested assets (in millions) (1) ¥ 11,936,087 ¥ 12,405,531 ¥ 12,617,181 ¥ 12,127,531 ¥ 11,881,515 ¥ 12,367,665 ¥ 12,137,749 ¥ 12,367,665 ¥ 12,137,749
2 Return on average invested assets (2) 2.38 % 2.72 % 2.78 % 2.90 % 3.33 % 3.16 % 3.24 % 3.31 % 3.20 %
3 Portfolio book yield at end of period (3) 2.59 % 2.60 % 3.06 % 3.18 % 3.22 % 3.21 % 3.28 % 3.21 % 3.28 %
Total purchases for period (in millions) (3) ¥ 714,124 ¥ 952,038 ¥ 716,964 ¥ 378,541 ¥ 735,141 ¥ 190,132 ¥ 213,397 ¥ 647,176 ¥ 1,566,406
4 New money yield (3)(4) 3.75 % 3.50 % 4.48 % 5.18 % 6.11 % 6.21 % 4.66 % 5.85 % 3.96 %
Aflac U.S.:
Invested assets (in millions) (1) $ 14,848 $ 15,841 $ 16,772 $ 17,075 $ 17,341 $ 17,337 $ 17,648 $ 17,337 $ 17,648
Return on average invested assets (2) 4.90 % 4.87 % 4.72 % 4.88 % 5.00 % 4.94 % 5.07 % 5.00 % 4.96 %
Portfolio book yield at end of period (3) 5.18 % 4.94 % 5.39 % 5.53 % 5.58 % 5.63 % 5.55 % 5.63 % 5.55 %
Total purchases for period (in millions) (3) $ 1,050 $ 2,130 $ 1,701 $ 907 $ 934 $ 158 $ 155 $ 886 $ 974
New money yield (3)(4) 3.04 % 3.41 % 5.16 % 7.56 % 6.90 % 6.00 % 6.62 % 6.76 % 6.73 %
5 Hedge Costs/Income Metrics (5)(6)
6 December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 2024 2025
Aflac Japan:
7 FX hedged notional at end of period (in billions) - forwards (7) $ 6.0 $ 6.4 $ 4.1 $ — $ — $ — $ 0.7 $ — $ 0.7
FX hedged notional at end of period (in billions) - put options 13.1 11.6 13.5 24.7 24.2 24.7 25.0 24.7 25.0
Amortized hedge costs for period (in millions) (206) (76) (112) (157) (26) (7) (13) (19) (31)
Corporate and Other (Parent Company):
FX hedged notional at end of period (in billions) - forwards (7) $ 5.0 $ 5.0 $ 5.0 $ 2.6 $ 1.8 $ 1.9 $ 1.8 $ 1.9 $ 1.8
FX hedged notional at end of period (in billions) - put options 2.0 1.9 2.6 0.5 — — — 0.5 —
Amortized hedge income (costs) for period (in millions) 97 57 68 122 113 25 20 87 80

(1) Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.

(2) Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis.

(3) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging activities.

(4) Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs.

(5) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment’s "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Incorporated.

(6) Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options.

(7) Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.

Aflac Incorporated and Subsidiaries
1 Japan Segment Portfolio Allocation by Currency (1)
(U.S. GAAP Basis)
(In Millions)
December 31, 2024 September 30, 2025
Amortized Cost (3) Fair Value Amortized Cost (3) Fair Value
JGB $ 31,951 $ 32,844 $ 32,945 $ 30,351
Other 16,867 17,145 17,900 17,246
Total yen denominated 48,818 49,989 50,845 47,597
USD Program 21,303 23,501 24,922 26,762
Other 1,645 2,406 1,768 2,487
Total US dollar denominated 22,948 25,907 26,690 29,249
Total $ 71,766 $ 75,896 $ 77,535 $ 76,846
2 Distribution of Consolidated Fixed Maturities by Sector (2)
(In millions)
September 30, 2025
3 Amortized Cost (3) % of Total
Government and agencies $ 36,029 42.3 %
Municipalities 2,335 2.7
Mortgage- and asset-backed securities 4,271 5.0
Public utilities: 7,206 8.5
Electric 5,597 6.6
Natural Gas 914 1.1
Other 695 0.8
Sovereign and supranational 805 0.9
Banks/financial institutions: 9,529 11.2
Banking 5,337 6.3
Insurance 2,055 2.4
Other 2,137 2.5
Other corporate: 25,051 29.4
Basic Industry 2,070 2.4
Capital Goods 2,729 3.2
Communications 2,741 3.2
Consumer Cyclical 1,898 2.2
Consumer Non-Cyclical 5,924 7.0
Energy 2,376 2.8
Other 1,074 1.3
Technology 3,322 3.9
Transportation 2,917 3.4
Total fixed maturity securities $ 85,226 100.0 %

(1) Non-U.S.dollar-denominated investments in the U.S. segment are immaterial.

(2) In the first quarter of 2023, the Utility/Energy subsector was combined with the Natural Gas subsector to better reflect the risk characteristics of those issuers and align more closely with industry benchmarks.

(3) Net of reserves

Aflac Incorporated and Subsidiaries
Long-Term Debt Data
Adjusted Leverage Ratios
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Notes payable $ 7,899 $ 7,956 $ 7,442 $ 7,364 $ 7,498 $ 7,978 $ 8,685
50% of subordinated debentures and perpetual bonds (432) (389) (337) (315) (282) (313) (300)
Pre-funding of debt maturities — — — (211) — — (399)
1 Adjusted debt (1) 7,467 7,568 7,105 6,839 7,216 7,666 7,986
Total Shareholders' Equity 33,559 17,031 20,140 21,985 26,098 24,830 28,688
Accumulated other comprehensive (income) loss:
Unrealized foreign currency translation (gains) losses 1,109 1,985 3,564 4,069 4,998 4,139 4,504
Unrealized (gains) losses on fixed maturity securities (10,361) (9,602) 702 (1,139) (24) (557) 1,701
Unrealized (gains) losses on derivatives 34 30 27 22 20 20 16
Effect on change in discount rate assumptions N/A 15,832 2,100 2,560 (2,006) 67 (6,832)
Pension liability adjustment 284 166 36 8 (10) 8 (42)
Adjusted book value (1) $ 24,625 $ 25,442 $ 26,569 $ 27,505 $ 29,076 $ 28,507 $ 28,035
2 Adjusted capitalization ex-AOCI (1)(2) $ 32,524 $ 33,398 $ 34,011 $ 34,658 $ 36,574 $ 36,485 $ 36,321
Adjusted debt to adjusted capitalization ex-AOCI 23.0 % 22.7 % 20.9 % 19.7 % 19.7 % 21.0 % 22.0 %
3 Adjusted capitalization (1)(3) $ 31,131 $ 31,247 $ 30,411 $ 30,581 $ 31,586 $ 32,338 $ 31,859
Adjusted debt to adjusted capitalization 24.0 % 24.2 % 23.4 % 22.4 % 22.8 % 23.7 % 25.1 %
4 Debt Maturities (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
(In Millions)
September 30, 2025
≤ 1 year 1 > 5 years 5 > 10 years 10 > 20 years 20 years + Total
Senior Notes $ — $ 3,270 $ 2,298 $ 1,182 $ 1,295 $ 8,045
Subordinated debt 605 605
Total $ — $ 3,270 $ 2,298 $ 1,182 $ 1,900 $ 8,650

(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value

(3) Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.

Aflac Incorporated and Subsidiaries
Insurer Financial Strength Ratings
AM Best Moody's S&P JCR R&I
U.S. Operating Companies:
Aflac of Columbus A+ Aa3 A+ AA+ AA
Aflac of New York A+ _ A+ _ _
Continental American Insurance Company A+ _ _ _ _
Japan Operating Company:
Aflac Life Insurance Japan Ltd. A+ Aa3 A+ AA+ AA
Bermuda Operating Company:
Aflac Re Bermuda Ltd. _ _ _ AA+ _
Issuer Credit Ratings
AM Best Moody's S&P JCR R&I
Aflac Incorporated:
Long-term Senior Debt a A3 A- AA- A+
Junior Subordinated Debt a- Baa1 BBB _ A-
Aflac of Columbus:
Long-term Senior Debt aa _ A+ AA+ _
Aflac Life Insurance Japan, Ltd.:
Long-term Senior Debt aa _ A+ AA+ _
The outlook for all ratings is stable.
Aflac U.S.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Revenues:
Net earned premiums:
Gross premiums $ 5,762 $ 5,540 $ 5,467 $ 5,669 $ 5,907 $ 1,480 $ 1,540 $ 4,440 $ 4,631
Assumed (ceded) (4) 73 103 6 (78) (21) (45) (51) (130)
Total net earned premiums 5,758 5,614 5,570 5,675 5,829 1,459 1,495 2.5 % 4,388 4,501 2.6 %
Adjusted net investment income 705 754 755 820 847 210 214 1.9 634 623 (1.7)
Other income excl. realized foreign exchange gains (losses) 102 121 161 128 63 15 19 46 53
Total adjusted revenues 6,565 6,489 6,486 6,623 6,739 1,684 1,728 2.6 5,068 5,177 2.2
Benefits and claims:
Benefits and claims, net:
Incurred claims -direct 2,498 2,183 2,245 2,423 2,892 744 807 2,164 2,388
Incurred claims -assumed (ceded) (1) 89 104 17 (75) (17) (42) (42) (128)
Increase in FPB -direct 271 463 326 280 — (18) (12) 6 (44)
Increase in FPB -assumed (ceded) (3) (11) 4 (5) 4 2 — 3 4
Total benefits and claims, net, excluding reserve remeasurement N/A 2,724 2,679 2,715 2,821 711 752 2,130 2,219
Reserve remeasurement (gain) loss N/A (85) (124) (284) (95) (17) (71) (71) (110)
Total benefits and claims, net 2,765 2,639 2,555 2,431 2,726 694 681 (1.9) 2,059 2,109 2.4
Adjusted expenses:
Amortization of deferred policy acquisition costs 570 442 455 490 530 132 137 3.8 396 410 3.5
Insurance commissions 576 550 553 561 563 141 143 1.4 422 417 (1.2)
Insurance and other expenses 1,386 1,502 1,564 1,640 1,501 367 392 6.8 1,102 1,120 1.6
Total adjusted expenses 2,532 2,494 2,573 2,691 2,594 640 672 1,920 1,947
Total benefits and adjusted expenses 5,297 5,132 5,127 5,122 5,320 1,334 1,353 1.4 3,979 4,056 1.9
Pretax adjusted earnings $ 1,268 $ 1,356 $ 1,359 $ 1,501 $ 1,419 $ 350 $ 375 7.1 % $ 1,089 $ 1,121 2.9 %
Aflac U.S.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Assets:
Investments and cash $ 17,949 $ 18,324 $ 15,987 $ 16,718 $ 16,775 $ 17,336 $ 17,409
1 Receivables, net of allowance for credit losses (1) 667 574 584 688 671 728 683
Accrued investment income 172 169 184 183 178 180 174
Deferred policy acquisition costs 3,450 3,366 3,463 3,573 3,656 3,616 3,693
Other assets (1) 626 758 784 698 650 641 609
Total assets $ 22,864 $ 23,191 $ 21,002 $ 21,861 $ 21,930 $ 22,501 $ 22,569
Liabilities and Shareholders' Equity:
Future policy benefits $ 9,674 $ 14,212 $ 10,870 $ 11,234 $ 10,584 $ 11,266 $ 10,865
Policy and contract claims 2,010 151 200 258 376 376 453
Other policy liabilities 126 119 117 107 103 106 101
Deferred income taxes 235 (328) (243) (311) (231) (342) (134)
Other liabilities 2,016 2,010 2,080 2,062 2,055 2,030 1,685
Shareholders' equity 8,803 7,027 7,978 8,510 9,043 9,065 9,599
Total liabilities & shareholders' equity $ 22,864 $ 23,191 $ 21,002 $ 21,861 $ 21,930 $ 22,501 $ 22,569

(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

Aflac U.S.
Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Restated to conform to current classifications)
(In Millions)
Period Net Earned Premiums % Change Adjusted NII % Change Total Adjusted Revenues % Change Benefits & Claims, Net % Change Amort. % Change Total Adjusted Expenses % Change Pretax Adjusted Earn. % Change
2020 $ 5,758 (0.9) % $ 705 (2.1) % $ 6,565 0.2 % $ 2,765 (3.7) % $ 570 (0.5) % $ 2,532 5.2 % $ 1,268 (0.3) %
2021 5,614 (2.5) 754 7.0 6,489 (1.2) 2,639 (4.6) 442 (22.5) 2,494 (1.5) 1,356 6.9
2022 5,570 (0.8) 755 0.1 6,486 — 2,555 (3.2) 455 2.9 2,573 3.2 1,359 0.2
2023 5,675 1.9 820 8.6 6,623 2.1 2,431 (4.9) 490 7.7 2,691 4.6 1,501 10.4
2024 5,829 2.7 847 3.3 6,739 1.8 2,726 12.1 530 8.2 2,594 (3.6) 1,419 (5.5)
2023 1 1,428 1.1 197 7.1 1,660 1.3 651 (2.3) 119 4.4 657 2.7 352 5.7
2 1,425 2.2 203 5.2 1,663 2.1 645 (2.0) 120 6.2 648 3.3 369 7.6
3 1,419 3.2 209 13.0 1,661 3.9 510 (17.2) 122 7.0 674 5.6 478 38.6
4 1,403 1.1 211 9.9 1,639 1.1 626 2.0 129 12.2 712 6.7 302 (10.9)
2024 1 1,475 3.3 206 4.6 1,699 2.3 686 5.4 132 10.9 658 0.2 356 1.1
2 1,455 2.1 218 7.4 1,684 1.3 680 5.4 132 10.0 621 (4.2) 383 3.8
3 1,459 2.8 210 0.5 1,684 1.4 694 36.1 132 8.2 640 (5.0) 350 (26.8)
4 1,441 2.7 213 0.9 1,671 2.0 667 6.5 134 3.9 674 (5.3) 330 9.3
2025 1 1,502 1.8 202 (1.9) 1,721 1.3 716 4.4 137 3.8 647 (1.7) 358 0.6
2 1,504 3.4 207 (5.0) 1,728 2.6 712 4.7 136 3.0 628 1.1 388 1.3
3 1,495 2.5 214 1.9 1,728 2.6 681 (1.9) 137 3.8 672 5.0 375 7.1
Aflac U.S.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Operating Ratios
(Before Management Fee)
1 Period 12-Mo. Rolling Premium Persistency (1) Total Benefit/ Premium Amortization/ Premium Total Adjusted Expenses/ Total Adjusted Revenue Combined Ratio/ Total Adjusted Revenue Pretax Profit Margin
2020 79.3 % 48.0 % 9.9 % 38.6 % 80.7 % 19.3 %
2021 79.7 47.0 7.9 38.4 79.1 20.9
2022 77.3 45.9 8.2 39.7 79.0 21.0
2023 78.6 42.8 8.6 40.6 77.3 22.7
2024 79.3 46.8 9.1 38.5 78.9 21.1
2025 YTD 79.0 46.9 9.1 37.6 78.3 21.7
2023 1 77.9 45.6 8.3 39.6 78.8 21.2
2 78.2 45.3 8.4 39.0 77.8 22.2
3 78.7 35.9 8.6 40.6 71.2 28.8
4 78.6 44.6 9.2 43.4 81.6 18.4
2024 1 78.7 46.5 8.9 38.7 79.0 21.0
2 78.7 46.7 9.1 36.9 77.3 22.7
3 78.9 47.6 9.0 38.0 79.2 20.8
4 79.3 46.3 9.3 40.3 80.3 19.7
2025 1 79.3 47.7 9.1 37.6 79.2 20.8
2 79.2 47.3 9.0 36.3 77.5 22.5
3 79.0 45.6 9.2 38.9 78.3 21.7

(1) Includes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products beginning in 2021

Aflac U.S.
Aflac U.S. Sales Results
(In Millions)
Period Annualized Premiums In Force % Change New Annualized Premiums Sales % Change
2020 $ 6,099 (3.2) % $ 1,093 (30.8) %
2021 6,003 (1.6) 1,278 16.9
2022 5,967 (0.6) 1,483 16.1
2023 6,161 3.3 1,558 5.0
2024 6,383 3.6 1,543 (1.0)
2023 1 6,023 1.4 315 5.3
2 6,064 2.3 324 6.4
3 6,062 2.9 359 7.5
4 6,161 3.3 559 2.6
2024 1 6,211 3.1 298 (5.2)
2 6,239 2.9 331 2.0
3 6,265 3.3 379 5.5
4 6,383 3.6 534 (4.5)
2025 1 6,505 4.7 309 3.5
2 6,506 4.3 340 2.7
3 6,500 3.8 390 2.8
Aflac U.S.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Aflac U.S. Product Mix
(New Annualized Premium Sales)
(In Millions)
1 Period Disability % of Total Life % of Total Accident % of Total Critical Care (1) % of Total Hospital Indemnity % of Total Dental/ Vision % of Total Total
2020 $ 243 22.3 % $ 80 7.3 % $ 285 26.1 % $ 242 22.2 % $ 197 18.0 % $ 45 4.1 % $ 1,093
2021 296 23.1 114 9.0 321 25.1 273 21.3 209 16.4 65 5.1 1,278
2022 378 25.5 156 10.5 338 22.8 299 20.1 226 15.3 85 5.8 1,483
2023 399 25.6 188 12.0 326 20.9 322 20.7 225 14.5 98 6.3 1,558
2024 406 26.3 219 14.2 302 19.6 322 20.9 212 13.7 82 5.3 1,543
2023 1 79 25.2 26 8.3 74 23.5 64 20.5 50 15.9 21 6.6 315
2 80 24.8 35 10.7 73 22.4 66 20.4 46 14.3 24 7.4 324
3 101 28.2 54 15.0 72 19.9 67 18.6 45 12.6 20 5.7 359
4 139 24.8 73 13.0 107 19.2 124 22.2 83 14.9 33 5.9 559
2024 1 69 23.0 32 10.8 67 22.5 66 22.1 45 15.1 19 6.5 298
2 85 25.7 41 12.4 70 21.2 70 21.1 45 13.7 19 5.9 331
3 109 28.8 69 18.3 67 17.7 70 18.6 45 11.9 18 4.7 379
4 143 26.8 77 14.4 97 18.2 115 21.6 76 14.3 25 4.7 534
2025 1 70 22.8 39 12.5 65 21.1 67 21.8 46 15.0 21 6.8 309
2 94 27.7 45 13.1 65 19.0 74 21.8 40 11.9 22 6.5 340
3 130 31.8 76 19.3 66 16.9 55 15.9 41 10.5 22 5.6 390
Aflac U.S. Sales Force Data
--- --- --- --- --- --- ---
Recruited Agents
Period Career Broker Total Average Weekly Producer Equivalents Productivity (Production/ Avg. Weekly Producers)
2020 11,826 1,861 13,687 5,918 184,706
2021 10,641 5,445 16,086 5,993 213,235
2022 9,550 1,500 11,050 6,186 239,786
2023 10,103 1,463 11,566 6,239 249,663
2024 9,994 1,366 11,360 6,271 256,210
2023 1 2,676 348 3,024 6,108 51,525
2 2,801 399 3,200 6,196 52,361
3 2,407 431 2,838 6,044 59,425
4 2,219 285 2,504 6,608 84,645
2024 1 2,330 346 2,676 5,800 51,432
2 3,113 422 3,535 6,098 54,262
3 2,553 335 2,888 5,890 64,336
4 1,998 263 2,261 6,271 85,225
2025 1 2,405 340 2,745 5,146 59,985
2 3,069 352 3,421 5,354 63,505
3 2,549 302 2,851 5,233 74,459

(1) Includes cancer, critical illness, and hospital intensive care products

Aflac Japan
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Revenues:
Net earned premiums:
Gross premiums ¥ 1,409,134 ¥ 1,290,527 ¥ 1,246,657 ¥ 1,212,654 ¥ 1,159,719 ¥ 280,795 ¥ 276,169 ¥ 869,962 ¥ 850,419
Assumed (ceded) (55,926) (50,864) (48,578) (84,838) (109,719) (25,398) (30,963) (77,387) (94,175)
Total net earned premiums 1,353,208 1,239,663 1,198,079 1,127,816 1,050,000 255,397 245,206 (4.0) % 792,575 756,244 (4.6) %
1 Net investment income: (1)
Yen denominated 138,397 138,513 149,449 138,073 133,059 32,110 32,064 (0.1) 101,787 101,669 (0.1)
US$ denominated 167,541 202,905 215,171 247,277 280,628 67,816 67,947 0.2 209,442 191,345 (8.6)
Net investment income 305,938 341,419 364,621 385,352 413,687 99,953 100,013 0.1 311,258 293,015 (5.9)
2 Amortized hedge costs on foreign investments (2) (22,816) (8,391) (13,155) (19,773) (3,755) (984) (1,981) 101.3 (2,751) (4,616) 67.8
Adjusted net investment income 283,122 333,028 351,466 365,579 409,932 98,969 98,032 (0.9) 308,507 288,399 (6.5)
Other income excl. realized foreign currency gains (losses) 4,497 4,512 4,442 4,720 4,109 966 1,004 3,024 3,569
Total adjusted revenues 1,640,827 1,577,203 1,553,988 1,498,115 1,464,041 355,332 344,243 (3.1) 1,104,106 1,048,213 (5.1)
Benefits and claims:
Benefits and claims, net:
Incurred claims -direct 734,471 743,247 788,572 781,774 815,894 196,886 207,911 617,063 645,735
Incurred claims -assumed (ceded) (37,806) (31,798) (36,141) (70,748) (82,320) (18,570) (25,806) (56,754) (77,183)
Increase in FPB -direct 260,200 149,084 73,592 44,121 (26,672) (2,445) (22,195) (22,084) (76,899)
Increase in FPB -assumed (ceded) (11,377) (11,425) (5,618) 2,226 13,877 3,389 7,067 8,573 19,288
Total benefits and claims, net, excluding reserve remeasurement N/A 849,108 820,405 757,373 720,780 179,260 166,977 546,798 510,941
Reserve remeasurement (gain) loss N/A (6,879) (13,337) (13,072) (64,197) (53,712) (70,539) (61,474) (76,449)
Total benefits and claims, net 945,487 842,229 807,068 744,301 656,583 125,548 96,438 (23.2) 485,325 434,492 (10.5)
Adjusted expenses:
Amortization of deferred policy acquisition costs 68,818 43,131 44,123 45,840 48,581 12,257 12,028 (1.9) 36,541 36,257 (0.8)
Insurance commissions 79,036 77,449 73,482 68,751 65,889 16,372 16,419 0.3 49,784 48,625 (2.3)
Insurance and other expenses 199,606 202,586 198,493 182,364 165,314 42,410 39,830 (6.1) 118,626 124,984 5.4
Total adjusted expenses 347,460 323,166 316,097 296,955 279,784 71,039 68,277 204,950 209,866
Total benefits and adjusted expenses 1,292,947 1,165,395 1,123,165 1,041,256 936,367 196,587 164,715 (16.2) 690,274 644,358 (6.7)
Pretax adjusted earnings ¥ 347,881 ¥ 411,808 ¥ 430,823 ¥ 456,859 ¥ 527,675 ¥ 158,745 ¥ 179,527 13.1 % ¥ 413,832 ¥ 403,854 (2.4) %

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income

Aflac Japan
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Revenues:
Net earned premiums
Gross premiums $ 13,193 $ 11,765 $ 9,558 $ 8,649 $ 7,654 $ 1,880 $ 1,873 $ 5,753 $ 5,741
Assumed (ceded) (524) (463) (372) (602) (724) (171) (210) (512) (636)
Total net earned premiums 12,670 11,301 9,186 8,047 6,930 1,709 1,663 (2.7) % 5,241 5,105 (2.6) %
1 Net investment income (1)
Yen denominated 1,296 1,262 1,140 985 879 215 217 0.9 673 687 2.1
US$ denominated 1,569 1,845 1,641 1,755 1,849 453 461 1.8 1,382 1,294 (6.4)
Net investment income 2,865 3,107 2,782 2,739 2,727 668 678 1.5 2,055 1,981 (3.6)
2 Amortized hedge costs on foreign investments (2) (206) (76) (112) (157) (26) (7) (13) 85.7 (19) (31) 63.2
Adjusted net investment income 2,659 3,031 2,669 2,582 2,701 662 665 0.5 2,036 1,950 (4.2)
Other income excl. realized foreign currency gains (losses) 42 41 35 35 28 7 7 20 24
Total adjusted revenues 15,371 14,373 11,890 10,664 9,659 2,378 2,335 (1.8) 7,297 7,079 (3.0)
Benefits and claims:
Benefits and claims, net
Incurred claims -direct 6,875 6,776 6,038 5,582 5,390 1,319 1,410 4,085 4,352
Incurred claims -assumed (ceded) (354) (290) (275) (502) (543) (124) (175) (376) (521)
Increase in FPB -direct 2,437 1,356 562 314 (184) (22) (153) (153) (516)
Increase in FPB -assumed (ceded) (107) (104) (43) 15 99 24 48 58 130
Total benefits and claims, net, excluding reserve remeasurement N/A 7,738 6,282 5,409 4,761 1,197 1,130 3,614 3,446
Reserve remeasurement (gain) loss N/A (62) (91) (96) (444) (369) (474) (421) (513)
Total benefits and claims, net 8,851 7,675 6,191 5,313 4,317 828 656 (20.8) 3,193 2,933 (8.1)
Adjusted expenses:
Amortization of deferred policy acquisition costs 644 393 338 326 321 82 81 (1.2) 242 245 1.2
Insurance commissions 740 706 563 491 435 110 111 0.9 330 328 (0.6)
Insurance and other expenses 1,873 1,843 1,517 1,300 1,092 285 271 (4.9) 785 845 7.6
Total adjusted expenses 3,257 2,942 2,417 2,117 1,848 477 463 1,357 1,418
Total benefits and adjusted expenses 12,108 10,618 8,609 7,430 6,165 1,305 1,119 (14.3) 4,550 4,351 (4.4)
Pretax adjusted earnings $ 3,263 $ 3,756 $ 3,281 $ 3,234 $ 3,494 $ 1,073 $ 1,216 13.3 % $ 2,747 $ 2,728 (0.7) %

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies.

(2) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income.

Aflac Japan
Balance Sheets
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Assets:
Investments and cash ¥ 13,080,154 ¥ 13,645,902 ¥ 12,777,746 ¥ 12,566,939 ¥ 12,216,793 ¥ 12,658,627 ¥ 12,077,217
Receivables, net of allowance for credit losses 20,782 22,439 23,138 24,848 31,172 25,916 25,995
Accrued investment income 62,722 67,493 76,489 74,666 77,899 69,705 76,333
Deferred policy acquisition costs 723,579 745,510 766,506 788,394 806,920 801,575 822,220
Other assets 320,351 386,832 387,065 946,644 1,136,609 878,775 1,012,447
Total assets ¥ 14,207,588 ¥ 14,868,176 ¥ 14,030,944 ¥ 14,401,491 ¥ 14,269,393 ¥ 14,434,598 ¥ 14,014,213
Liabilities and Shareholders' Equity:
Future policy benefits ¥ 9,175,501 ¥ 11,755,704 ¥ 10,315,140 ¥ 10,444,044 ¥ 9,630,864 ¥ 9,921,238 ¥ 8,546,217
Policy and contract claims 328,778 — 28 465 754 679 963
Unearned premiums 361,010 284,045 227,732 192,595 189,583 187,927 188,772
Other policyholders' funds 808,429 877,690 880,989 874,854 863,699 869,954 861,174
Income taxes (prim. deferred) 478,969 36,166 114,688 95,297 136,262 149,851 252,115
Other liabilities 253,219 502,633 575,554 576,879 526,477 785,070 1,022,520
Shareholders' equity 2,801,682 1,411,938 1,916,812 2,217,357 2,921,754 2,519,880 3,142,452
Total liabilities & shareholders' equity ¥ 14,207,588 ¥ 14,868,176 ¥ 14,030,944 ¥ 14,401,491 ¥ 14,269,393 ¥ 14,434,598 ¥ 14,014,213
Aflac Japan
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
(In Millions)
December 31, September 30,
2020 2021 2022 2023 2024 2024 2025
Assets:
Investments and cash $ 126,378 $ 118,639 $ 96,290 $ 88,606 $ 77,233 $ 88,689 $ 81,120
Receivables, net of allowance for credit losses 201 195 174 175 197 182 175
Accrued investment income 606 587 576 526 492 488 513
Deferred policy acquisition costs 6,991 6,482 5,776 5,559 5,102 5,616 5,523
Other assets 3,095 3,363 2,917 6,675 7,186 6,157 6,800
Total assets $ 137,271 $ 129,266 $ 105,734 $ 101,541 $ 90,210 $ 101,132 $ 94,131
Liabilities and Shareholders' Equity:
Future policy benefits $ 88,652 $ 102,206 $ 77,733 $ 73,638 $ 60,885 $ 69,511 $ 57,403
Policy and contract claims 3,177 — — 3 5 5 6
Unearned premiums 3,488 2,470 1,716 1,358 1,199 1,317 1,268
Other policyholders' funds 7,811 7,631 6,639 6,169 5,460 6,095 5,785
Income taxes (prim. deferred) 4,630 314 781 619 884 1,009 1,685
Other liabilities 2,447 4,369 4,337 4,067 3,328 5,500 6,868
Shareholders' equity 27,068 12,276 14,528 15,687 18,449 17,696 21,116
Total liabilities & shareholders' equity $ 137,271 $ 129,266 $ 105,734 $ 101,541 $ 90,210 $ 101,132 $ 94,131
Aflac Japan
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(In Millions)
Period Net Earned Premiums % Change Adjusted NII % Change Total Adjusted Revenues % Change Benefits & Claims, Net % Change Amort. % Change Total Adjusted Expense % Change Pretax Adjusted Earn. % Change
2020 ¥ 1,353,208 (2.8) % ¥ 283,122 4.4 % ¥ 1,640,827 (1.7) % ¥ 945,487 (2.3) % ¥ 68,818 (11.0) % ¥ 347,459 0.4 % ¥ 347,881 (2.0) %
2021 1,239,663 (8.4) 333,028 17.6 1,577,203 (3.9) 842,229 (10.9) 43,131 (37.3) 323,166 (7.0) 411,808 18.4
2022 1,198,079 (3.4) 351,466 5.5 1,553,988 (1.5) 807,068 (4.2) 44,123 2.3 316,097 (2.2) 430,823 4.6
2023 1,127,816 (5.9) 365,579 4.0 1,498,115 (3.6) 744,301 (7.8) 45,840 3.9 296,955 (6.1) 456,859 6.0
2024 1,050,000 (6.9) 409,932 12.1 1,464,041 (2.3) 656,583 (11.8) 48,581 6.0 279,784 (5.8) 527,675 15.5
2023 1 287,048 (5.9) 80,931 2.4 369,145 (4.1) 192,270 (7.1) 11,281 3.6 72,625 (5.8) 104,251 3.2
2 283,377 (6.2) 87,963 (6.4) 372,544 (6.2) 186,310 (9.0) 11,359 3.6 72,808 (7.9) 113,426 (0.1)
3 285,305 (2.8) 98,866 7.2 385,363 (0.5) 185,855 (5.2) 11,435 3.3 73,068 (5.7) 126,440 11.4
4 272,085 (8.5) 97,819 13.5 371,063 (3.5) 179,866 (9.7) 11,766 5.0 78,454 (4.9) 112,742 9.7
2024 1 269,859 (6.0) 96,551 19.3 367,593 (0.4) 180,873 (5.9) 12,289 8.9 66,157 (8.9) 120,564 15.6
2 267,319 (5.7) 112,987 28.4 381,181 2.3 178,904 (4.0) 11,995 5.6 67,754 (6.9) 134,523 18.6
3 255,397 (10.5) 98,969 0.1 355,332 (7.8) 125,548 (32.4) 12,257 7.2 71,039 (2.8) 158,745 25.5
4 257,425 (5.4) 101,425 3.7 359,935 (3.0) 171,258 (4.8) 12,040 2.3 74,834 (4.6) 113,843 1.0
2025 1 256,464 (5.0) 89,222 (7.6) 346,482 (5.7) 168,645 (6.8) 12,097 (1.6) 67,821 2.5 110,017 (8.7)
2 254,574 (4.8) 101,145 (10.5) 357,488 (6.2) 169,409 (5.3) 12,132 1.1 73,768 8.9 114,310 (15.0)
3 245,206 (4.0) 98,032 (0.9) 344,243 (3.1) 96,438 (23.2) 12,028 (1.9) 68,277 (3.9) 179,527 13.1
Aflac Japan
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Operating Ratios
(Before Management Fee)
1 Period 12-Month Rolling Premium Persistency (1) Total Benefit/ Premium Total Benefit/ Premiums<br>(3rd sector) Amortization/<br>Premium Total Adjusted Expenses/<br>Total Adjusted Revenue Combined Ratio/ Total Adjusted Revenue Pretax Profit Margin
2020 95.1 % 69.9 % 59.7 % 5.1 % 21.2 % 78.8 % 21.2 %
2021 94.3 67.9 58.7 3.5 20.5 73.9 26.1
2022 94.1 67.4 58.5 3.7 20.3 72.3 27.7
2023 93.4 66.0 56.2 4.1 19.8 69.5 30.5
2024 93.4 62.5 53.5 4.6 19.1 64.0 36.0
2025 YTD 93.3 57.5 47.3 4.8 20.0 61.5 38.5
2023 1 93.9 67.0 57.7 3.9 19.7 71.8 28.2
2 93.8 65.7 56.2 4.0 19.5 69.6 30.4
3 93.5 65.1 54.8 4.0 19.0 67.2 32.8
4 93.4 66.1 56.2 4.3 21.1 69.6 30.4
2024 1 93.4 67.0 57.5 4.6 18.0 67.2 32.8
2 93.3 66.9 57.8 4.5 17.8 64.7 35.3
3 93.3 49.2 41.8 4.8 20.0 55.3 44.7
4 93.4 66.5 56.9 4.7 20.8 68.4 31.6
2025 1 93.8 65.8 56.3 4.7 19.6 68.2 31.8
2 93.7 66.5 57.4 4.8 20.6 68.0 32.0
3 93.3 39.3 27.8 4.9 19.8 47.8 52.2

(1) Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.

Aflac Japan
Aflac Japan Sales Results
(In Millions, unless otherwise noted)
Period Annualized Premium In Force<br>(Billions) % Change Third Sector New Annualized Premium Sales % Change Total New Annualized Premium Sales % Change
2020 ¥ 1,426.5 (4.2) % ¥ 45,110 (38.1) % ¥ 50,852 (36.2) %
2021 1,360.6 (4.7) 48,977 8.6 54,764 7.7
2022 1,301.0 (4.4) 47,998 (2.0) 54,765 —
2023 1,246.4 (4.2) 52,234 8.8 60,730 10.9
2024 1,209.0 (3.0) 47,651 (8.8) 64,111 5.6
2023 1 1,281.4 (4.8) 10,952 2.6 13,213 10.8
2 1,268.4 (4.8) 13,964 22.8 16,112 26.6
3 1,257.4 (4.4) 13,606 7.7 15,600 12.4
4 1,246.4 (4.2) 13,711 3.0 15,805 (2.6)
2024 1 1,232.6 (3.8) 10,767 (1.7) 12,534 (5.1)
2 1,222.5 (3.6) 12,712 (9.0) 16,833 4.5
3 1,216.7 (3.2) 11,925 (12.4) 17,522 12.3
4 1,209.0 (3.0) 12,246 (10.7) 17,222 9.0
2025 1 1,199.1 (2.7) 10,655 (1.0) 14,112 12.6
2 1,194.1 (2.3) 17,463 37.4 20,736 23.2
3 1,185.7 (2.5) 15,871 33.1 19,586 11.8
Aflac Japan
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Aflac Japan Product Mix
(New Annualized Premium Sales)
(In Billions)
Period Cancer % of Total Medical and Other Health % of Total Child Endowment % of Total WAYS % of Total Ordinary Life Other % of Total Other % of Total Total
2020 ¥ 28.8 56.6 % ¥ 16.4 32.2 % ¥ 0.2 0.4 % ¥ 0.4 0.7 % ¥ 4.8 9.5 % ¥ 0.3 0.6 % ¥ 50.9
2021 27.0 49.2 20.7 37.7 0.2 0.3 0.4 0.8 4.9 9.0 1.6 3.0 54.8
2022 30.9 56.5 15.3 27.9 0.2 0.3 1.9 3.5 4.5 8.1 2.0 3.7 54.8
2023 38.9 64.1 12.6 20.6 0.2 0.4 4.1 6.8 3.9 6.5 1.0 1.6 60.7
2024 36.9 57.5 10.4 16.1 0.1 0.2 1.4 2.2 14.8 23.0 0.6 1.0 64.1
2023 1 7.9 59.9 2.8 21.4 0.1 0.6 1.2 8.9 1.0 7.3 0.2 1.9 13.2
2 10.9 67.7 2.9 17.9 0.1 0.4 1.0 6.6 1.0 6.1 0.2 1.3 16.1
3 10.3 65.6 3.2 20.4 0.1 0.4 0.9 6.0 0.9 6.1 0.2 1.5 15.6
4 9.9 62.5 3.7 23.2 — 0.3 0.9 6.0 1.1 6.6 0.2 1.4 15.8
2024 1 7.9 63.2 2.7 21.4 — 0.3 0.7 5.3 1.0 8.1 0.2 1.7 12.5
2 9.9 58.8 2.7 16.0 — 0.2 0.4 2.3 3.7 21.8 0.1 0.9 16.8
3 9.7 55.1 2.2 12.4 — 0.1 0.1 0.8 5.4 30.8 0.1 0.8 17.5
4 9.4 54.5 2.7 16.1 — 0.1 0.2 1.3 4.7 27.1 0.1 0.9 17.2
2025 1 8.4 59.7 2.1 15.3 — 0.1 0.2 1.8 3.2 22.3 0.1 0.8 14.1
2 15.1 73.0 2.2 10.9 — 0.1 0.2 1.1 3.0 14.4 0.1 0.5 20.7
3 13.7 70.0 2.1 10.7 — 0.1 0.2 1.0 3.5 17.7 0.1 0.5 19.6
Aflac Japan
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Aflac Japan Sales Force Data
Number of Agencies by Type Sales Contribution by Agency Type
1 Period Individual/ Independent Corporate Affiliated<br>Corporate Bank Total Individual/ Independent Corporate Affiliated<br>Corporate Bank Licensed Sales<br>Associates (1) Recruited<br>Agencies
2020 7,231 1,312 361 8,904 52.3 % 42.6 % 5.1 % 111,886 48
2021 6,779 1,283 360 8,422 51.1 43.7 5.2 111,854 62
2022 6,159 1,239 359 7,757 49.5 46.5 4.0 110,259 38
2023 5,751 1,203 360 7,314 46.7 50.0 3.3 113,010 24
2024 5,384 1,166 360 6,910 48.2 48.6 3.2 113,836 50
2023 1 6,056 1,232 359 7,647 50.9 45.4 3.7 109,769 4
2 5,947 1,219 360 7,526 44.8 52.5 2.7 112,593 5
3 5,843 1,211 360 7,414 44.4 51.9 3.7 112,795 6
4 5,751 1,203 360 7,314 47.7 49.2 3.1 113,010 9
2024 1 5,659 1,191 360 7,210 48.9 48.0 3.1 112,645 12
2 5,542 1,180 360 7,082 49.5 48.4 2.1 114,424 12
3 5,464 1,176 360 7,000 46.2 50.2 3.6 114,473 19
4 5,384 1,166 360 6,910 48.5 47.7 3.8 113,836 7
2025 1 5,300 1,155 358 6,813 52.8 43.8 3.4 112,996 18
2 5,225 1,141 358 6,724 46.8 50.4 2.8 111,387 76
3 5,213 1,136 358 6,707 45.1 51.4 3.5 111,736 73

(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life

Aflac Japan
Yen/Dollar Exchange Rates
1 Period Closing Rate(1) Quarterly Average Yearly Cumulative Average % Change
2020 103.50 N/A 106.86 2.1 %
2021 115.02 N/A 109.79 (2.7)
2022 132.70 N/A 130.17 (15.7)
2023 141.83 N/A 140.57 (7.4)
2024 158.18 N/A 150.97 (6.9)
2023 1 133.53 132.30 132.30 (12.2)
2 144.99 137.53 134.97 (9.0)
3 149.58 144.97 138.38 (8.5)
4 141.83 148.11 140.57 (7.4)
2024 1 151.41 148.67 148.67 (11.0)
2 161.07 155.70 152.30 (11.4)
3 142.73 147.95 150.60 (8.1)
4 158.18 152.35 150.97 (6.9)
2025 1 149.52 152.40 152.40 (2.4)
2 144.81 144.60 148.32 2.7
3 148.88 147.68 148.03 1.7

(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.

Corporate and Other
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31, 3 Months Ended September 30, 9 Months Ended September 30,
2020 2021 2022 2023 2024 2024 2025 % Change 2024 2025 % Change
Revenues:
Total net earned premiums $ 194 $ 180 $ 145 $ 400 $ 680 $ 160 $ 214 33.8 % $ 479 $ 618 29.0 %
1 Net investment income (1) 80 (73) 30 (77) 201 39 110 182.1 146 304 108.2
2 Amortized hedge income (2) 97 57 68 121 113 25 20 (20.0) 87 80 (8.0)
Adjusted net investment income 177 (16) 98 44 314 64 130 103.1 233 384 64.8
Other income 13 11 24 15 13 1 (1) (200.0) 11 3 (72.7)
Total adjusted revenues 384 175 267 460 1,007 225 343 52.4 723 1,005 39.0
Benefits and expenses:
Total benefits and claims, net, excluding reserve remeasurement 180 161 141 470 426 95 133 40.0 298 384 28.9
Reserve remeasurement (gain) loss — — — (3) (19) (21) (34) (61.9) (23) (35) (52.2)
Total benefits and claims, net 180 161 141 467 407 74 99 33.8 275 349 26.9
Interest expense 164 165 162 144 156 39 55 41.0 113 151 33.6
Other adjusted expenses 155 142 181 273 412 97 120 23.7 299 373 24.7
Total benefits and adjusted expenses 499 469 485 885 975 210 274 30.5 687 873 27.1
Pretax adjusted earnings $ (115) $ (293) $ (218) $ (425) $ 32 $ 15 $ 69 360.0 % $ 36 $ 132 266.7 %

(1) 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 statement of earnings.

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income

Non-U.S. GAAP Financial Measures

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The Company defines the non-U.S. GAAP financial measures included in this document as follows:

• Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.
Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.
• Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.
• Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.
• Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.
• Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
--- ---
• Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
• Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.
• Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.
• Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
• Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using annualized net earnings and average total shareholders’ equity.
• Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on average equity as determined using annualized net earnings and average total shareholders’ equity.

34

Document

aflac-incorporatedx4xproa.jpg

Third Quarter 2025

Earnings Call

Video Update

Max K. Brodén

November 4, 2025

For more information contact:

Investor and Rating Agency Relations

800.235.2667

aflacir@aflac.com

Aflac Worldwide Headquarters

1932 Wynnton Road

Columbus, GA 31999

Forward-Looking Information and Non-U.S. GAAP Financial Measures

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This transcript contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation

•defaults and credit downgrades of investments

•global fluctuations in interest rates and exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable yen-denominated investments

•foreign currency fluctuations in the yen/dollar exchange rate

•differing interpretations applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•operational risks of third-party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation or regulatory inquiries

•allegations or determinations of worker misclassification in the United States

Non-U.S. GAAP Financial Measures and Reconciliations

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial

measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided in the presentation slides that accompany this transcript.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

Max K. Brodén

Q3 2025 CFO Video Update

November 4, 2025

Thank you for joining me as I provide a financial update on Aflac Incorporated's results.

For the third quarter of 2025, adjusted earnings per diluted share increased 15.3% year over year to $2.49, with no impact from FX in the quarter. In this quarter, remeasurement gains on reserves totaled $580 million, reducing benefits and also increasing the deferred profit liability in earned premium line by $55 million. The total net impact from the Q3 assumption update increased EPS by $0.76. Variable investment income ran in line with our long-term return expectations. In our U.S. business, as part of our strategic technology plan as we optimize efficiencies and migrate to the cloud, we terminated a services contract early, which led us to book a one-time termination fee of $21 million in the quarter.

Adjusted book value per share excluding foreign currency remeasurement increased 6.3%. The adjusted ROE was 19.1%, and 22.1% excluding foreign currency remeasurement, a solid spread to our cost of capital. Overall, we view these results in the quarter as very good.

Starting with our Japan segment, net earned premiums for the quarter declined 4.0%. Aflac Japan's underlying earned premiums1 – which excludes the impact of deferred profit liability, paid-up policies and reinsurance – declined 1.2%. We believe this metric better provides insight into long-term premium trends.

Japan’s total benefit ratio came in at 39.3% for the quarter, down nearly 10 percentage points year over year. The third sector benefit ratio was 27.8% for the quarter, down approximately 14.0 percentage points year over year. We estimate the impact from reserve remeasurement gains to be 26.6 percentage points favorable to the benefit ratio in Q3 2025. Long-term experience trends, as they relate to treatments of cancer and hospitalization, continue to be in place, leading to continued favorable underwriting experience.

Persistency remained solid year over year and in line with our expectations at 93.3%. With refreshed product introductions, we generally see an uptick in lapse and reissue activity, causing reported lapsation to increase. We did experience this uptick with our recently launched cancer product, but overall lapsation remains within our expectations.

Our expense ratio in Japan was 19.8% for the quarter, down 20 basis points year over year, driven primarily by an increase in expense capitalization rates resulting from higher sales.

For the quarter, adjusted net investment income in yen terms was relatively flat at ¥98 billion.

The pretax margin for Japan in the quarter was 52.2%, up 750 basis points year over year, notably driven by the unlock of actuarial assumptions – but even adjusting for that, a very good result.

Turning to U.S. results, net earned premium was up 2.5%. Persistency increased 10 basis points year over year to 79.0%.

Our total benefit ratio came in at 45.6%, 200 basis points lower than Q3 2024, driven by the unlock. We estimate that reserve remeasurement gains impacted the benefit ratio by 480 basis points in the quarter, largely driven by the assumption unlock and claims remaining below our previous long-term expectations.

Our expense ratio in the U.S. was 38.9%, up 90 basis points year over year, primarily driven by the one-time early contract termination fee of $21 million that I referred to earlier and the timing of advertising spend. Even though we

1Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums.

incurred a one-time fee as part of our overall strategy, we anticipate reduced costs and improved efficiency, which will offset the termination fee over the next few years.

Our growth initiatives – group life & disability, network dental and vision and direct to consumer – had no impact to our total expense ratio in the quarter. This is in line with our expectations, as these businesses continue to scale.

Adjusted net investment income in the U.S. was up 1.9% for the quarter, primarily driven by higher variable investment income compared to a year ago.

Profitability in the U.S. segment was very strong, with a pretax margin of 21.7%, a 90 basis points increase compared with a strong quarter a year ago.

In Corporate and other, we recorded pretax adjusted earnings of $69 million. Adjusted net investment income was $66 million higher than last year due to a combination of lower volume of tax credit investments and higher asset balances, which included the impact of the internal reinsurance transaction in Q4 2024. Our tax credit investments impacted the net investment income line for U.S. GAAP purposes negatively by $6 million in the quarter with an associated credit to the tax line. The net impact to our bottom line was a positive $2 million in the quarter. Higher total adjusted revenues were offset by higher total benefits and adjusted expenses of $64 million driven primarily by internal reinsurance activity, higher costs pertaining to business operations, and higher interest expense.

We continue to be pleased with the performance of our investment portfolio. During the quarter, we increased our CECL reserves associated with our commercial real estate portfolio by $28 million net of charge offs, reflecting continued distressed property values. We did not foreclose on any properties in the period.

Our portfolio of first lien senior secured middle market loans continues to perform well with increased CECL reserves of $7 million in the quarter net of charge offs.

For U.S. statutory, we recorded a $7 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, there were securities impairments of ¥476 million in Q3, and we booked a net realized loss of ¥189 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

During the quarter, we also enhanced our liquidity and capital flexibility by $2 billion with the creation of two off-balance sheet, pre-capitalized trusts that issued securities commonly referred to as PCaps. Unencumbered holding company liquidity stood at $4.5 billion, which was $2.7 billion above our minimum balance.

Our leverage was 22.0% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 64% of our debt in yen, this leverage ratio is impacted by moves in the yen/dollar exchange rate. This is intentional and part of our enterprise hedging program – protecting the economic value of Aflac Japan in U.S. dollar terms.

Our capital position remains strong. We ended the quarter with an SMR above 900% and estimated regulatory ESR with the undertaking-specific parameter, or USP, above 250%. While not finalized, we estimate our combined RBC to be greater than 600%. These are strong capital ratios, which we actively monitor, stress and manage to withstand credit cycles as well as external shocks.

Given the strength of our capital and liquidity, we repurchased $1 billion of our own stock and paid dividends of $309 million in Q3, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in how we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

For 2025, we now expect that the benefit ratio in Japan will be in the 58% to 60% range, and we continue to expect the expense ratio to be on the lower end of the 20% to 23% range as we pursue various growth and strategic initiatives. As a result, we expect Aflac Japan's pretax profit margin to be in the 35% to 38% range.

In the U.S., we continue to expect the benefit ratio for 2025 to be at the lower end of the 48% to 52% range and the expense ratio to be in the mid to upper end of the 36% to 39% range as we continue to scale new business lines. At the same time, we expect pretax profit margin for 2025 in the U.S. to be at the upper end of the 17% to 20% range.

Thank you. I look forward to discussing our results in further detail on tomorrow's earnings call.

maxteleconferencepresent

Third Quarter 2025 Update Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated

Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements. The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements: Non-U.S. GAAP Financial Measures and Reconciliations This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations. Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided as appropriate. Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM). 2 • difficult conditions in global capital markets and the economy, including inflation • defaults and credit downgrades of investments • global fluctuations in interest rates and exposure to significant interest rate risk • concentration of business in Japan • limited availability of acceptable yen-denominated investments • foreign currency fluctuations in the yen/dollar exchange rate • differing interpretations applied to investment valuations • significant valuation judgments in determination of expected credit losses recorded on the Company's investments • decreases in the Company's financial strength or debt ratings • decline in creditworthiness of other financial institutions • the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners • deviations in actual experience from pricing and reserving assumptions • ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives • interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025 • subsidiaries' ability to pay dividends to the Parent Company • inherent limitations to risk management policies and procedures • operational risks of third-party vendors • tax rates applicable to the Company may change • failure to comply with restrictions on policyholder privacy and information security • extensive regulation and changes in law or regulation by governmental authorities • competitive environment and ability to anticipate and respond to market trends • catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events • ability to protect the Aflac brand and the Company's reputation • ability to effectively manage key executive succession • changes in accounting standards • level and outcome of litigation or regulatory inquiries • allegations or determinations of worker misclassification in the United States

$2.16 $2.49 3Q24 3Q25 Earnings Per Share $(0.17) $3.08 3Q24 3Q25 Net EPS (diluted) 1,911.8% $2.16 $2.49 3Q24 3Q25 Adjusted EPS (diluted)1 15.3% Adjusted EPS ex-FX1 15.3% 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 3

Return on Equity (1.5)% 23.5% 16.7% 19.1%20.2% 22.1% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 3Q24 3Q25 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 4 11

1 Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted. Aflac Japan Premium Persistency Remains Solid1 93.3% 93.4% 93.8% 93.7% 93.3% 3Q24 4Q24 1Q25 2Q25 3Q25 5

Aflac U.S. Premium Persistency Remains Solid 78.9% 79.3% 79.3% 79.2% 79.0% 3Q24 4Q24 1Q25 2Q25 3Q25 6

Adjusted Leverage Ratio1 Target range of 20-25% 21.0% 19.7% 20.7% 22.5% 22.0% 3Q24 4Q24 1Q25 2Q25 3Q25 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in Appendix for more information about this measure and its calculation. 7

ESR (Japan) Combined RBC ratio (U.S.) Strong Capital Ratios1 As of September 30, 2025 230% >250% 170% 1The target minimum and maximum are based on our internal operating ranges. 2Estimated regulatory ESR with undertaking-specific parameter (USP). 3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company. >600% 8 Target maximum Target minimum 450% 350% 2 3

Capital Deployment Dividends and Share Repurchase (In Millions) $780 $1,027 $1,217 $1,141 $1,309 280 277 317 312 309 500 750 900 829 1,000 Dividends Share Repurchase 3Q24 4Q24 1Q25 2Q25 3Q25 9

10 2025 Estimated Ranges Underlying earned premiums1 • -1% to -2% Benefit ratio reflects: • 2025 LDTI assumption unlock • Lower benefit ratio of new business compared to inforce block Expense ratio • lower end of range Benefit Ratio 58% - 60% Expense Ratio 20% - 23% Pretax Profit Margin 35% - 38% 1Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums. Aflac Japan Stronger than expected pretax profit margin for 2025

11 2025 Estimated Ranges Benefit ratio: • lower end of the range Expense ratio • mid- to upper end of the range • scaling new business lines Pretax profit margin • upper end of the range Benefit Ratio 48% - 52% Expense Ratio 36% - 39% Pretax Profit Margin 17% - 20% Aflac U.S. 2025 Ranges intact as new businesses continue to scale

Thank You Investors.Aflac.com

Appendix

Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. • Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. • Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. • Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using annualized net earnings and average total shareholders’ equity. 14

Glossary of Non-U.S. GAAP Financial Measures (cont’d) The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on average equity as determined using annualized net earnings and average total shareholders’ equity. • Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable. • Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable. • Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. • Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. 15

Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended September 30 2025 2024 % Change Net earnings per diluted share $3.08 $(0.17) 1,911.8% Items impacting net earnings Adjusted net investment (gains) losses (0.63) 2.40 Other and non-recurring (income) loss — — Income tax (benefit) expense on items excluded from adjusted earnings 0.04 (0.08) Adjusted earnings per diluted share 2.49 2.16 15.3% Current period foreign currency impact1 — N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $2.49 $2.16 15.3% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2 Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 16

Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended September 30 (In Millions) 2025 2024 % Change Net earnings $1,639 $(93) 1,862.4% Items impacting net earnings Adjusted net investment (gains) losses (335) 1,347 Other and non-recurring (income) loss 1 — Income tax (benefit) expense on items excluded from adjusted earnings 22 (43) Adjusted earnings 1,327 1,211 9.6% Current period foreign currency impact1 (1) N/A Adjusted earnings excluding current period foreign currency impact2 $1,326 $1,211 9.5% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 17

Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended September 30 (In Millions) 2025 2024 % Change Net investment (gains) losses $(275) $1,408 (119.5)% Items impacting net investment (gains) losses: Amortized hedge costs (13) (7) Amortized hedge income 20 25 Net interest income (expense) from derivatives associated with certain investment strategies (66) (88) Impact of interest from derivatives associated with notes payable1 (1) 8 Adjusted net investment (gains) losses $(335) $1,347 (124.9)% 1Amounts are included with interest expenses that are a component of adjusted expenses. 18

Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended September 30 2025 2024 U.S. GAAP ROE - Net earnings1 23.5% (1.5)% Impact of excluding unrealized foreign currency translation gains (losses) (5.4) 0.3 Impact of excluding unrealized gains (losses) on securities and derivatives (2.2) — Impact of excluding effect of changes in discount rate assumptions 7.7 — Impact of excluding pension liability adjustment 0.1 — Impact of excluding AOCI 0.1 0.2 U.S. GAAP ROE - less AOCI 23.5 (1.3) Differences between adjusted earnings and net earnings2 (4.5) 18.0 Adjusted ROE - reported 19.1 16.7 Impact of excluding gains (losses) associated with foreign currency remeasurement3 3.0% 3.5% Adjusted ROE, excluding impact of foreign currency remeasurement 22.1% 20.2% 1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders’ equity. 2 See separate reconciliation of net earnings to adjusted earnings. 3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement. 19

Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At September 30 2025 2024 % Change U.S. GAAP book value per common share $54.57 $44.60 22.4% Less: Unrealized foreign currency translation gains (losses) per common share (8.57) (7.43) Unrealized gains (losses) on securities and derivatives per common share (3.27) 0.96 Effect of changes in discount rate assumptions per common share 13.00 (0.12) Pension liability adjustment per common share 0.08 (0.01) Total AOCI per common share 1.24 (6.60) Adjusted book value per common share $53.33 $51.21 4.1% Less: Foreign currency remeasurement gains (losses) per common share 6.97 7.59 Adjusted book value excluding foreign currency remeasurement per common share $46.35 $43.61 6.3% 20

Adjusted Leverage Ratios At September 30 (In Millions) 2025 2024 Notes payable $8,685 $7,978 50% of subordinated debentures and perpetual bonds (300) (313) Pre-funding of debt maturities (399) — Adjusted debt1 7,986 7,666 Total Shareholders’ Equity 28,688 24,830 Accumulated other comprehensive (income) loss: Unrealized foreign currency translation (gains) losses 4,504 4,139 Unrealized (gains) losses on fixed maturity securities 1,701 (557) Unrealized (gains) losses on derivatives 16 20 Effect on change in discount rate assumptions (6,832) 67 Pension liability adjustment (42) 8 Adjusted book value1 28,035 28,507 Adjusted capitalization ex-AOCI 1,2 $36,321 $36,485 Adjusted debt to adjusted capitalization ex-AOCI 22.0% 21.0% 1 Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds. 2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value. 21

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