afl-20250805

News Release

Aflac Incorporated Announces Second Quarter Results,

Reports Second Quarter Net Earnings of $599 Million,

Declares Third Quarter Dividend

COLUMBUS, Ga. - August 5, 2025 - Aflac Incorporated (NYSE: AFL) today reported its second quarter results.

Total revenues were $4.2 billion in the second quarter of 2025, compared with $5.1 billion in the second quarter of 2024, primarily due to net investment losses of $421 million this quarter compared to net investment gains of $696 million in the second quarter of 2024. Net earnings were $599 million, or $1.11 per diluted share, compared with $1.8 billion, or $3.10 per diluted share a year ago.

Net earnings in the second quarter of 2025 included net investment losses of $421 million, or $0.78 per diluted share, compared with net investment gains of $696 million, or $1.23 per diluted share a year ago. These net investment losses were driven by net losses of $452 million on certain derivatives and foreign currency activities; $58 million of current expected credit losses (CECL); impairments of $6 million; and net losses from sales and redemptions of $3 million; offset by a $98 million gain from an increase in the fair value of equity securities.

Adjusted earnings* in the second quarter were $957 million, compared with $1.0 billion in the second quarter of 2024, reflecting a decrease of 7.5%. Adjusted earnings per diluted share* decreased 2.7% to $1.78 in the quarter. Variable investment income ran $35 million below the company's long-term return expectations. Net investment income included $35 million, or $0.05 per share, from a make-whole call of a security in the Japan segment. The stronger yen/dollar exchange rate positively impacted adjusted earnings per share by $0.04.

The average yen/dollar exchange rate in the second quarter of 2025 was 144.60, or 7.7% stronger than the average rate of 155.70 in the second quarter of 2024. For the first six months, the average exchange rate was 148.32, or 2.7% stronger than the rate of 152.30 a year ago.

Shareholders’ equity was $27.2 billion, or $50.86 per share, at June 30, 2025, compared with $26.0 billion, or $46.40 per share, at June 30, 2024. Shareholders’ equity at the end of the second quarter included a cumulative increase of $5.6 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $1.4 billion at June 30, 2024 and a net unrealized loss on investment securities and derivatives of $1.8 billion, compared with a net unrealized gain of $379 million at June 30, 2024. Shareholders’ equity at the end of the second quarter also included an unrealized foreign currency translation loss of $4.3 billion, compared with an unrealized foreign currency translation loss of $5.1 billion at June 30, 2024. The annualized return on average shareholders’ equity in the second quarter was 9.0%.

For the first six months of 2025, total revenues were down 28.5% to $7.6 billion, compared with $10.6 billion in the first half of 2024. Net earnings were $628 million, or $1.16 per diluted share, compared with $3.6 billion, or $6.35 per diluted share, for the first six months of 2024. Adjusted earnings for the first half of 2025 were $1.9 billion, or $3.43 per diluted share, compared with $2.0 billion, or $3.49 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 decreased 2.3% to $3.41 for the first six months of 2025.

Shareholders’ equity excluding AOCI (or adjusted book value*) was $27.7 billion, or $51.78 per share at June 30, 2025, compared with $29.3 billion, or $52.26 per share, at June 30, 2024. Adjusted book value excluding foreign currency remeasurement* was $23.6 billion, or $44.17 per share at June 30, 2025, compared with $23.6 billion, or $41.98 per share, at June 30, 2024. The annualized adjusted return on equity excluding foreign currency remeasurement* in the second quarter was 16.4%.

AFLAC JAPAN

In yen terms, Aflac Japan's net earned premiums were ¥254.6 billion for the quarter, or 4.8% lower than a year ago, mainly due to internal cancer reinsurance transactions, as well as limited-pay policies reaching paid-up status. Adjusted net investment income decreased 10.5% to ¥101.1 billion primarily due to lower floating rate income and the impact from foreign currency on USD investments in yen terms. Total adjusted revenues in yen declined 6.2% to ¥357.5 billion. Pretax adjusted earnings in yen for the quarter declined 15.0% on a reported basis to ¥114.3 billion, primarily due to the decline in revenue and an increase in expenses, partially offset by lower benefits. Pretax adjusted earnings decreased 11.5% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 32.0%, compared with 35.3% a year ago.

For the first six months, net earned premiums in yen were ¥511.0 billion, or 4.9% lower than a year ago. Adjusted net investment income decreased 9.1% to ¥190.4 billion. Total adjusted revenues in yen were down 6.0% to ¥704.0 billion. Pretax adjusted earnings were ¥224.3 billion, or 12.1% lower than a year ago.

In dollar terms, net earned premiums increased 2.7% to $1.8 billion in the second quarter. Adjusted net investment income decreased 3.6% to $699 million. Total adjusted revenues increased by 1.0% to $2.5 billion. Pretax adjusted earnings declined 8.6% to $790 million.

For the first six months, net earned premiums in dollars were $3.4 billion, or 2.5% lower than a year ago. Adjusted net investment income decreased 6.5% to $1.3 billion. Total adjusted revenues were down 3.6% to $4.7 billion. Pretax adjusted earnings were $1.5 billion, or 9.7% lower than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 31.9%, compared with 34.1% a year ago.

For the quarter, total new annualized premium sales (sales) increased 23.2% to ¥20.7 billion, or $143 million, primarily reflecting strong sales of Miraito, the new cancer insurance product. For the first six months, sales increased 18.7% to ¥34.8 billion, or $236 million.

AFLAC U.S.

Aflac U.S. net earned premiums increased 3.4% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and persistency. Adjusted net investment income decreased 5.0% to $207 million, primarily due to lower floating rate income. Total adjusted revenues were up 2.6% to $1.7 billion. Pretax adjusted earnings were $388 million, 1.3% higher than a year ago, reflecting higher premiums, which were partially offset by increased benefits, lower net investment income and higher expenses. As a result, the pretax adjusted profit margin for the U.S. segment was 22.5%, compared with 22.7% a year ago.

For the first six months, net earned premiums increased 2.6% to $3.0 billion. Adjusted net investment income decreased 3.5% to $409 million. Total adjusted revenues were up 1.9% to $3.4 billion. Pretax adjusted earnings were $746 million, or 0.9% higher than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 21.6%, compared with 21.8% a year ago.

Aflac U.S. sales increased 2.7% in the quarter to $340 million, primarily benefiting from sales of group life and disability products. For the first half of the year, total new sales increased 3.1% to $649 million.

CORPORATE AND OTHER

For the quarter, total adjusted revenues increased 34.9% to $336 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 $90 million compared to the prior year primarily due to reinsurance activity, higher costs pertaining to business operations, and higher interest expense. Pretax adjusted earnings were a gain of $20 million, compared with a gain of $23 million a year ago.

For the first six months, total adjusted revenues increased 33.2% to $662 million. Pretax adjusted earnings were a gain of $63 million, compared with a gain of $21 million a year ago.

DIVIDEND AND CAPITAL RETURNED TO SHAREHOLDERS

The board of directors declared the third quarter dividend of $0.58 per share, payable on September 2, 2025 to shareholders of record at the close of business on August 20, 2025.

In the second quarter, Aflac Incorporated deployed $829 million in capital to repurchase 7.9 million of its common shares. At the end of June 2025, the company had 30.9 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 solid earnings for the quarter and the first six months. We have continued to actively concentrate on generating profitable growth in the U.S. and Japan with distribution strategies and refreshed products. We believe our strategy will continue to create long-term value for shareholders.

"Looking at our operations in Japan, I am pleased with Aflac Japan’s 23.2% year-over-year sales increase and ongoing strong premium persistency. The strong sales were driven largely by sales of our newest cancer insurance product Miraito. We also continue to introduce the need for third sector protection to new and younger customers through our innovative first sector product Tsumitasu. 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 continue to be pleased with our premium persistency of 79.2%, in addition to our 3.4% increase in net earned premiums and 2.7% increase in sales. 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 have been pleased with our investments, which have continued to produce strong net investment income. We treasure our 2024 milestone of 42 consecutive years of dividend increases and remain committed to extending this record, supported by our financial strength. We repurchased $829 million 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 nearly 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.”

1 LIMRA 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 August 6, 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 JUNE 30,	2025		2024		% Change
Total revenues	$	4,160	$	5,138	(19.0)	%
Benefits and claims, net	2,010		1,921		4.6
Total acquisition and operating expenses	1,328		1,198		10.9
Earnings before income taxes	822		2,019		(59.3)
Income taxes	223		264
Net earnings	$	599	$	1,755	(65.9)	%
Net earnings per share – basic	$	1.12	$	3.11	(64.0)	%
Net earnings per share – diluted	1.11		3.10		(64.2)
Shares used to compute earnings per share (000):
Basic	536,688		564,573		(4.9)	%
Diluted	538,425		566,838		(5.0)
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)

SIX MONTHS ENDED JUNE 30,	2025		2024		% Change
Total revenues	$	7,558	$	10,575	(28.5)	%
Benefits and claims, net	3,955		3,932		0.6
Total acquisition and operating expenses	2,636		2,453		7.5
Earnings before income taxes	967		4,190		(76.9)
Income taxes	339		556
Net earnings	$	628	$	3,634	(82.7)	%
Net earnings per share – basic	$	1.16	$	6.38	(81.8)	%
Net earnings per share – diluted	1.16		6.35		(81.7)
Shares used to compute earnings per share (000):
Basic	540,676		569,730		(5.1)	%
Diluted	542,629		572,160		(5.2)
Dividends paid per share	$	1.16	$	1.00	16.0	%


AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)

JUNE 30,	2025		2024		% Change
Assets:
Total investments and cash	$	111,769	$	107,629	3.8	%
Deferred policy acquisition costs	9,296		8,550		8.7
Other assets	3,671		3,989		(8.0)
Total assets	$	124,736	$	120,168	3.8	%
Liabilities and shareholders’ equity:
Policy liabilities	$	78,904	$	77,353	2.0	%
Notes payable and lease obligations	8,933		7,430		20.2
Other liabilities	9,699		9,338		3.9
Shareholders’ equity	27,200		26,047		4.4
Total liabilities and shareholders’ equity	$	124,736	$	120,168	3.8	%
Shares outstanding at end of period (000)	534,809		561,369		(4.7)	%

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 JUNE 30,	2025		2024		% Change

Net earnings	$	599	$	1,755	(65.9)	%

Items impacting net earnings:
Adjusted net investment (gains) losses	377		(749)




Other and non-recurring (income) loss	—		—
Income tax (benefit) expense on items excluded from adjusted earnings	(19)		29



Adjusted earnings	957		1,035		(7.5)	%
Current period foreign currency impact 1	(23)		N/A
Adjusted earnings excluding current period foreign currency impact 2	$	934	$	1,035	(9.8)	%

Net earnings per diluted share	$	1.11	$	3.10	(64.2)	%

Items impacting net earnings:
Adjusted net investment (gains) losses	0.70		(1.32)
Other and non-recurring (income) loss	—		—
Income tax (benefit) expense on items excluded from adjusted earnings	(0.04)		0.05



Adjusted earnings per diluted share	1.78		1.83		(2.7)	%
Current period foreign currency impact 1	(0.04)		N/A
Adjusted earnings per diluted share excluding current period foreign currency impact 2	$	1.73	$	1.83	(5.5)	%

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)

SIX MONTHS ENDED JUNE 30,	2025		2024		% Change

Net earnings	$	628	$	3,634	(82.7)	%

Items impacting net earnings:
Adjusted net investment (gains) losses	1,301		(1,758)




Other and non-recurring (income) loss	53		2
Income tax (benefit) expense on items excluded from adjusted earnings	(119)		118



Adjusted earnings	1,863		1,996		(6.7)	%
Current period foreign currency impact 1	(15)		N/A
Adjusted earnings excluding current period foreign currency impact 2	$	1,848	$	1,996	(7.4)	%

Net earnings per diluted share	$	1.16	$	6.35	(81.7)	%

Items impacting net earnings:
Adjusted net investment (gains) losses	2.40		(3.07)
Other and non-recurring (income) loss	0.10		—
Income tax (benefit) expense on items excluded from adjusted earnings	(0.22)		0.21



Adjusted earnings per diluted share	3.43		3.49		(1.7)	%
Current period foreign currency impact 1	(0.03)		N/A
Adjusted earnings excluding current period foreign currency impact 2	$	3.41	$	3.49	(2.3)	%

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


RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)

THREE MONTHS ENDED JUNE 30,	2025		2024		% Change

Net investment (gains) losses	$	421	$	(696)	(160.5)	%

Items impacting net investment (gains) losses:
Amortized hedge costs	(11)		(7)
Amortized hedge income	30		34
Net interest income (expense) from derivatives associated with certain investment strategies	(64)		(89)
Impact of interest from derivatives associated with notes payable1	—		9

Adjusted net investment (gains) losses	$	377	$	(749)	(150.3)	%

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 JUNE 30,	2025		2024		% Change

Net investment income	$	1,081	$	1,095	(1.3)	%

Items impacting net investment income:
Amortized hedge costs	(11)		(7)
Amortized hedge income	30		34
Net interest income (expense) from derivatives associated with certain investment strategies	(64)		(89)

Adjusted net investment income	$	1,036	$	1,033	0.3	%


RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)

SIX MONTHS ENDED JUNE 30,	2025		2024		% Change

Net investment (gains) losses	$	1,384	$	(1,647)	(184.0)	%

Items impacting net investment (gains) losses:
Amortized hedge costs	(18)		(13)
Amortized hedge income	60		62
Net interest income (expense) from derivatives associated with certain investment strategies	(129)		(177)
Impact of interest from derivatives associated with notes payable1	4		17

Adjusted net investment (gains) losses	$	1,301	$	(1,758)	(174.0)	%

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)

SIX MONTHS ENDED JUNE 30,	2025		2024		% Change

Net investment income	$	2,036	$	2,095	(2.8)	%

Items impacting net investment income:
Amortized hedge costs	(18)		(13)
Amortized hedge income	60		62
Net interest income (expense) from derivatives associated with certain investment strategies	(129)		(177)

Adjusted net investment income	$	1,949	$	1,967	(0.9)	%


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)

JUNE 30,	2025		2024		% Change
U.S. GAAP book value	$	27,200	$	26,047
Less:
Unrealized foreign currency translation gains (losses)	(4,282)		(5,091)
Unrealized gains (losses) on securities and derivatives	(1,845)		379
Effect of changes in discount rate assumptions	5,594		1,425
Pension liability adjustment	42		(5)
Total AOCI	(491)		(3,292)
Adjusted book value	$	27,691	$	29,339
Less:
Foreign currency remeasurement gains (losses)	4,069		5,770
Adjusted book value excluding foreign currency remeasurement	$	23,622	$	23,569

Number of outstanding shares at end of period (000)	534,809		561,369

U.S. GAAP book value per common share	$	50.86	$	46.40	9.6	%
Less:
Unrealized foreign currency translation gains (losses) per common share	(8.01)		(9.07)
Unrealized gains (losses) on securities and derivatives per common share	(3.45)		0.68
Effect of changes in discount rate assumptions per common share	10.46		2.54
Pension liability adjustment per common share	0.08		(0.01)
Total AOCI per common share	(0.92)		(5.86)
Adjusted book value per common share	$	51.78	$	52.26	(0.9)	%
Less:
Foreign currency remeasurement gains (losses) per common share	7.61		10.28
Adjusted book value excluding foreign currency remeasurement per common share	$	44.17	$	41.98	5.2	%


RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)

THREE MONTHS ENDED JUNE 30,	2025		2024
U.S. GAAP ROE - Net earnings1	9.0	%	28.3	%
Impact of excluding unrealized foreign currency translation gains (losses)	(1.5)		(4.8)
Impact of excluding unrealized gains (losses) on securities and derivatives	(0.5)		0.7
Impact of excluding effect of changes in discount rate assumptions	1.6		—
Impact of excluding pension liability adjustment	—		—
Impact of excluding AOCI	(0.4)		(4.1)
U.S. GAAP ROE - less AOCI	8.6		24.2
Differences between adjusted earnings and net earnings2	5.1		(9.9)
Adjusted ROE - reported	13.7		14.3
Impact of excluding gains (losses) associated with foreign currency remeasurement3	2.7		3.2
Adjusted ROE, excluding foreign currency remeasurement	16.4		17.5

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)

SIX MONTHS ENDED JUNE 30,	2025		2024
U.S. GAAP ROE - Net earnings1	4.7	%	30.3	%
Impact of excluding unrealized foreign currency translation gains (losses)	(0.8)		(4.9)
Impact of excluding unrealized gains (losses) on securities and derivatives	(0.2)		0.8
Impact of excluding effect of changes in discount rate assumptions	0.7		(0.6)
Impact of excluding pension liability adjustment	—		—
Impact of excluding AOCI	(0.3)		(4.7)
U.S. GAAP ROE - less AOCI	4.4		25.6
Differences between adjusted earnings and net earnings2	8.7		(11.5)
Adjusted ROE - reported	13.1		14.0
Impact of excluding gains (losses) associated with foreign currency remeasurement3	2.8		2.9
Adjusted ROE, excluding foreign currency remeasurement	15.9		16.9

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.


EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2025	Including Currency Changes		Excluding Currency Changes2
Net earned premiums3	4.4	%	0.0	%
Adjusted net investment income4	0.3		(1.5)
Total benefits and expenses	7.3		3.0
Adjusted earnings	(7.5)		(9.8)
Adjusted earnings per diluted share	(2.7)		(5.5)

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)

SIX MONTHS ENDED JUNE 30, 2025	Including Currency Changes		Excluding Currency Changes2
Net earned premiums3	1.0	%	(0.4)	%
Adjusted net investment income4	(0.9)		(1.6)
Total benefits and expenses	2.6		1.3
Adjusted earnings	(6.7)		(7.4)
Adjusted earnings per diluted share	(1.7)		(2.3)

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

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 [email protected]

Media contact - Ines Gutzmer, 762.207.7601 or [email protected]

Final 8/5/2025

Financial Supplement

Second 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

[email protected]

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

(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 June 30,								6 Months Ended June 30,
		2020			2021			2022			2023			2024			2024			2025			% Change		2024			2025			% Change

	Aflac Japan	$	3,263		$	3,755		$	3,281		$	3,234		$	3,494		$	864		$	790		(8.6)	%	$	1,674		$	1,512		(9.7)	%
	Aflac U.S.	1,268			1,356			1,359			1,501			1,419			383			388			1.3		739			746			0.9
1	Corporate and other (1)	(115)			(293)			(218)			(425)			32			23			20					21			63
	Pretax adjusted earnings	4,416			4,819			4,422			4,310			4,945			1,270			1,198			(5.7)		2,434			2,321			(4.6)
	Income taxes (1)	864			893			808			577			873			235			241			2.6		438			458			4.6
2	Adjusted earnings (2)	3,552			3,925			3,614			3,733			4,072			1,035			957			(7.5)		1,996			1,863			(6.7)

	Reconciling items:
	Adjusted net investment gains (losses)	(229)			462			447			914			1,495			749			(377)					1,758			(1,301)
	Other and non-recurring income (loss)	(28)			(73)			1			39			(23)			—			—					(2)			(53)
3	Income tax benefit (expense) on items excluded from adjusted earnings (3)	72			(83)			357			(26)			(101)			(29)			19					(118)			119
4	Tax valuation allowance release (4)	1,411			—			—			—			—			—			—					—			—
	Net earnings	$	4,778		$	4,231		$	4,418		$	4,659		$	5,443		$	1,755		$	599		(65.9)	%	$	3,634		$	628		(82.7)	%

	Effective Tax rate	(14.9)		%	18.7		%	9.3		%	11.5		%	15.2		%	13.1		%	27.0		%			13.3		%	35.0		%

	Earnings per share of common stock:
	Net earnings (basic)	$	6.69		$	6.28		$	6.96		$	7.81		$	9.68		$	3.11		$	1.12		(64.0)	%	$	6.38		$	1.16		(81.8)	%
	Net earnings (diluted)	6.67			6.25			6.93			7.78			9.63			3.10			1.11			(64.2)		6.35			1.16			(81.7)

	Adjusted earnings (basic) (2)	$	4.98		$	5.83		$	5.69		$	6.26		$	7.24		$	1.83		$	1.78		(2.7)	%	$	3.50		$	3.45		(1.4)	%
	Adjusted earnings (diluted) (2)	4.96			5.80			5.67			6.23			7.21			1.83			1.78			(2.7)		3.49			3.43			(1.7)

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $30 for the three-month periods and $16 and $62 for the six-month periods ended June 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $9 and $31 for the three-month periods and $16 and$64 for the six-month periods ended June 30, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated 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 June 30,						6 Months Ended June 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	$	3,352	$	3,525			$	6,833	$	6,958
	Assumed (ceded)	(333)		(210)		(124)		(195)		(122)		(26)		(55)				(52)		(107)
1	Total net earned premiums (1)	18,622		17,095		14,901		14,123		13,440		3,325		3,470		4.4	%	6,781		6,851		1.0	%
	Net investment income	3,638		3,818		3,656		3,811		4,116		1,095		1,081		(1.3)		2,095		2,036		(2.8)
	Net investment gains (losses)	(270)		468		363		590		1,271		696		(421)				1,647		(1,384)
	Other income	157		173		220		177		100		22		30				52		55
	Total revenues	22,147		21,554		19,140		18,701		18,927		5,138		4,160		(19.0)		10,575		7,558		(28.5)

	Benefits and Claims:
	Benefits and claims, net:
	Incurred claims -direct	9,364		8,949		8,271		8,005		8,281		1,907		2,135				4,185		4,523
	Incurred claims -assumed (ceded)	(296)		(147)		(108)		(177)		(95)		(19)		(51)				(35)		(95)
2	Increase in FPB -direct (2)	2,707		1,819		888		594		(184)		87		(38)				(108)		(395)
	Increase in FPB -assumed (ceded) (2)	21		3		51		172		5		(3)		1				(3)		—
	Total net benefits and claims, excluding reserve remeasurement	N/A		10,623		9,102		8,594		8,008		1,972		2,047				4,039		4,033
	Reserve remeasurement (gain) loss	N/A		(147)		(215)		(383)		(558)		(51)		(37)				(107)		(78)
	Total net benefits and claims	11,796		10,476		8,887		8,211		7,450		1,921		2,010		4.6		3,932		3,955		0.6

	Acquisition and operating expenses:
3	Amortization of DAC (3)	1,214		835		792		816		851		208		221				424		437
	Insurance commissions	1,316		1,256		1,117		1,052		998		246		251				501		491
	Insurance expenses	3,420		3,541		3,249		3,165		3,014		694		804				1,431		1,606
	Interest expense	242		238		226		195		197		50		52				97		102

	Total acquisition and operating expenses	6,192		5,870		5,384		5,228		5,060		1,198		1,328		10.9		2,453		2,636		7.5
	Total benefits and expenses	17,988		16,346		14,271		13,439		12,510		3,119		3,338		7.0		6,385		6,591		3.2

	Pretax earnings	4,159		5,208		4,869		5,262		6,417		2,019		822				4,190		967

4	Income tax expense (benefit) (4)	(619)		977		451		603		974		264		223				556		339

	Net earnings	$	4,778	$	4,231	$	4,418	$	4,659	$	5,443	$	1,755	$	599	(65.9)	%	$	3,634	$	628	(82.7)	%

(1) Includes a gain (loss) of $0 and $(2) for the three-month periods and $0 and $(5) for the six-month periods ended June 30, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited-payment

contracts.

(2) 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

(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,										June 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		$	62,582	$	65,204
	Fixed maturity securities available for sale - consolidated variable interest entities, at fair value	4,596		4,490		3,805		3,712		3,428			3,677		3,675
	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			15,685		17,434
	Equity securities, at fair value	1,283		1,603		1,091		1,088		796			728		882
	Commercial mortgage and other loans, net of allowance for credit losses	10,554		11,786		13,496		12,527		10,869			11,795		10,264
	Other investments	2,429		3,842		4,070		4,530		5,958			7,102		7,345
	Cash and cash equivalents	5,141		5,051		3,943		4,306		6,229			6,060		6,965
	Total investments and cash	149,753		142,978		117,397		113,560		105,087			107,629		111,769

1	Receivables, net of allowance for credit losses (1)	778		672		647		848		779			880		873
	Accrued investment income	780		737		745		731		710			726		753
	Deferred policy acquisition costs	10,441		9,848		9,239		9,132		8,758			8,550		9,296
	Property and equipment, net	601		538		530		445		387			398		390
2	Other assets, net of allowance for credit losses (1)(2)	2,733		3,377		3,180		2,008		1,845			1,985		1,655
	Total assets	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	120,168	$	124,736

	Liabilities and Shareholders' Equity:
	Liabilities:
	Total policy liabilities	$	114,391	$	126,331	$	96,910	$	91,599	$	77,508		$	77,353	$	78,904
	Notes payable	7,899		7,956		7,442		7,364		7,498			7,430		8,933
	Income taxes, primarily deferred	4,661		30		698		154		573			752		685
	Other liabilities	4,576		6,802		6,548		5,622		5,889			8,586		9,014
	Total liabilities	131,527		141,119		111,598		104,739		91,468			94,121		97,536
	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			2,835		2,958
	Retained earnings	37,984		40,963		44,367		47,993		52,277			51,345		52,595
	Accumulated other comprehensive income (loss):
	Unrealized foreign currency translation gains (losses)	(1,109)		(1,985)		(3,564)		(4,069)		(4,998)			(5,091)		(4,282)
	Unrealized gains (losses) on fixed maturity securities	10,361		9,602		(702)		1,139		24			401		(1,828)
	Unrealized gains (losses) on derivatives	(34)		(30)		(27)		(22)		(20)			(22)		(17)
	Effect of change in discount rate assumption(s)	N/A		(15,832)		(2,100)		(2,560)		2,006			1,425		5,594
	Pension liability adjustment	(284)		(166)		(36)		(8)		10			(5)		42
	Treasury stock	(15,904)		(18,185)		(20,574)		(23,395)		(26,231)			(24,977)		(27,998)
	Total shareholders' equity	33,559		17,031		20,140		21,985		26,098			26,047		27,200
	Total liabilities & shareholders' equity	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	120,168	$	124,736

(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 June 2025, $264 million in June 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

(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 % Change		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) (1)		Adjusted BV Per Share Excluding Foreign Currency Remeasurement 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

(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 June 30,				6 Months Ended June 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	%	28.3	%	9.0	%	30.3	%	4.7	%

	Impact of excluding unrealized foreign currency translation gains (losses)	(0.9)		(1.7)		(2.5)		(3.1)		(3.6)		(4.8)		(1.5)		(4.9)		(0.8)
	Impact of excluding unrealized gains (losses) on securities and derivatives	6.2		10.7		4.1		0.2		0.4		0.7		(0.5)		0.8		(0.2)
	Impact of excluding effect on change in discount rate assumptions	N/A		(18.5)		(8.2)		(1.9)		(0.2)		—		1.6		(0.6)		0.7
	Impact of excluding pension liability adjustment	(0.2)		(0.2)		(0.1)		—		—		—		—		—		—

	Impact of excluding AOCI	5.1		(9.7)		(6.8)		(4.9)		(3.4)		(4.1)		(0.4)		(4.7)		(0.3)

	U.S. GAAP ROE - less AOCI	20.3		17.0		17.0		17.2		19.2		24.2		8.6		25.6		4.4

3	Differences between adjusted earnings and net earnings (2)	(5.2)		(1.2)		(3.1)		(3.4)		(4.8)		(9.9)		5.1		(11.5)		8.7

4	Adjusted ROE - reported (3)	15.1		15.8		13.9		13.8		14.4		14.3		13.7		14.0		13.1

5	Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)	N/A		0.1		1.0		1.8		2.9		3.2		2.7		2.9		2.8

	Adjusted ROE, excluding foreign currency remeasurement (5)	N/A		15.9		14.9		15.6		17.3		17.5		16.4		16.9		15.9

(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)


			$	3.43	(1.7)	%			$	3.41	(2.3)	%

(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,										June 30,
		2020		2021		2022		2023		2024			2024		2025

1	Fixed Maturity Securities (1)	$	116,056	$	107,369	$	94,525	$	88,508	$	80,055		$	80,288	$	87,464

	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			5,546		4,115
	Middle Market Loans (floating rate)	3,635		4,601		5,028		4,531		4,283			4,391		4,228
	Commercial Mortgage Loans	1,688		1,854		1,775		1,697		1,523			1,591		1,478
	Other Loans	—		20		238		301		360			267		443
	Total Commercial mortgage and other loans, net of allowance for credit losses (1)	10,554		11,721		13,496		12,527		10,869			11,795		10,264

	Equity Securities, at FV through net earnings	1,283		1,603		1,091		1,088		796			728		882

2	Alternatives (2)	919		1,703		2,107		2,619		3,167			2,828		3,464

	Total Portfolio	$	128,812	$	122,396	$	111,219	$	104,742	$	94,887		$	95,639	$	102,074


	Unrealized Gains (Losses) on Invested Assets
	(In Millions)

		December 31,										June 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		$	5,971	$	4,072
	Available For Sale - Gross Losses	(481)		(239)		(4,528)		(3,449)		(4,128)			(4,315)		(5,223)
	Total Available For Sale	14,290		13,327		272		2,601		1,180			1,656		(1,151)

	Held to Maturity - Gross Gains	5,935		4,869		2,154		1,838		815			890		446
	Held to Maturity - Gross Losses	—		—		—		—		(9)			(5)		(273)
	Total Held to Maturity	$	5,935	$	4,869	$	2,154	$	1,838	$	806		$	885	$	173


	Credit Ratings on Fixed Maturities
	(At Amortized Cost)

		December 31,										June 30,
Credit Rating:		2020		2021		2022		2023		2024			2024		2025

	AAA	1.0	%	1.0	%	1.6	%	1.6	%	1.5	%		1.6	%	1.4	%
	AA	4.5		5.1		5.2		5.7		6.0			6.2		6.3
	A	69.3		68.9		68.0		68.1		68.0			67.6		68.5
	BBB	21.9		22.5		23.0		22.9		22.9			23.1		22.2
	BB or Lower	3.3		2.5		2.2		1.7		1.6			1.5		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 June 30,							6 Months Ended June 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			¥	12,661,415		¥	12,064,994			¥	12,661,415		¥	12,064,994
2	Return on average invested assets (2)	2.38		%	2.72		%	2.78		%	2.90		%	3.33		%		3.59		%	3.38		%		3.37		%	3.19		%
3	Portfolio book yield at end of period (3)	2.59		%	2.60		%	3.06		%	3.18		%	3.22		%		3.32		%	3.26		%		3.32		%	3.26		%
	Total purchases for period (in millions) (3)	¥	714,124		¥	952,038		¥	716,964		¥	378,541		¥	735,141			¥	156,496		¥	383,204			¥	457,066		¥	1,353,009
4	New money yield (3)(4)	3.75		%	3.50		%	4.48		%	5.18		%	6.11		%		5.96		%	5.26		%		5.71		%	3.85		%

	Aflac U.S.:
	Invested assets (in millions) (1)	$	14,848		$	15,841		$	16,772		$	17,075		$	17,341			$	17,242		$	17,279			$	17,242		$	17,279
	Return on average invested assets (2)	4.90		%	4.87		%	4.72		%	4.88		%	5.00		%		5.13		%	4.94		%		5.01		%	4.92		%
	Portfolio book yield at end of period (3)	5.18		%	4.94		%	5.39		%	5.53		%	5.58		%		5.63		%	5.57		%		5.63		%	5.57		%
	Total purchases for period (in millions) (3)	$	1,050		$	2,130		$	1,701		$	907		$	934			$	209		$	327			$	727		$	819
	New money yield (3)(4)	3.04		%	3.41		%	5.16		%	7.56		%	6.90		%		7.60		%	6.97		%		6.96		%	6.75		%

5	Hedge Costs/Income Metrics (5)(6)

6		December 31,															3 Months Ended June 30,							6 Months Ended June 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		$	—		$	—			$	—		$	0.6			$	—		$	0.6
	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)			(11)				(13)			(18)

	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			$	2.0		$	1.9			$	2.0		$	1.9
	FX hedged notional at end of period (in billions) - put options	2.0			1.9			2.6			0.5			—				—			—				—			—
	Amortized hedge income (costs) for period (in millions)	97			57			68			122			113				34			30				62			60

(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				June 30, 2025
		Amortized Cost (3)		Fair Value		Amortized Cost (3)		Fair Value

	JGB	$	31,951	$	32,844	$	34,136	$	32,177
	Other	16,867		17,145		18,107		17,731
	Total yen denominated	48,818		49,989		52,243		49,908

	USD Program	21,303		23,501		25,286		26,625
	Other	1,645		2,406		1,825		2,463
	Total US dollar denominated	22,948		25,907		27,111		29,088

	Total	$	71,766	$	75,896	$	79,354	$	78,996

2	Distribution of Consolidated Fixed Maturities by Sector (2)
	(In millions)

						June 30, 2025
3						Amortized Cost (3)		% of Total

	Government and agencies					$	37,233	42.6		%
	Municipalities					2,417		2.8
	Mortgage- and asset-backed securities					4,450		5.1
	Public utilities:					7,331		8.2
	Electric					5,686		6.4
	Natural Gas					935		1.0
	Other					710		0.8
	Sovereign and supranational					826		0.9
	Banks/financial institutions:					9,701		11.2
	Banking					5,479		6.3
	Insurance					2,058		2.4
	Other					2,164		2.5
	Other corporate:					25,506		29.2
	Basic Industry					2,102		2.4
	Capital Goods					2,747		3.1
	Communications					2,770		3.2
	Consumer Cyclical					1,975		2.3
	Consumer Non-Cyclical					5,982		6.8
	Energy					2,435		2.8
	Other					1,188		1.4
	Technology					3,416		3.9
	Transportation					2,891		3.3
	Total fixed maturity securities					$	87,464	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,															June 30,
		2020			2021			2022			2023			2024				2024			2025

	Notes payable	$	7,899		$	7,956		$	7,442		$	7,364		$	7,498			$	7,430		$	8,933
	50% of subordinated debentures and perpetual bonds	(432)			(389)			(337)			(315)			(282)				(277)			(308)
	Pre-funding of debt maturities	—			—			—			(211)			—				—			(486)
1	Adjusted debt (1)	7,467			7,568			7,105			6,839			7,216				7,154			8,139

	Total Shareholders' Equity	33,559			17,031			20,140			21,985			26,098				26,047			27,200
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses	1,109			1,985			3,564			4,069			4,998				5,091			4,282
	Unrealized (gains) losses on fixed maturity securities	(10,361)			(9,602)			702			(1,139)			(24)				(401)			1,828
	Unrealized (gains) losses on derivatives	34			30			27			22			20				22			17
	Effect on change in discount rate assumptions	N/A			15,832			2,100			2,560			(2,006)				(1,425)			(5,594)
	Pension liability adjustment	284			166			36			8			(10)				5			(42)
	Adjusted book value (1)	$	24,625		$	25,442		$	26,569		$	27,505		$	29,076			$	29,339		$	27,691

2	Adjusted capitalization ex-AOCI (1)(2)	$	32,524		$	33,398		$	34,011		$	34,658		$	36,574			$	36,769		$	36,138
	Adjusted debt to adjusted capitalization ex-AOCI	23.0		%	22.7		%	20.9		%	19.7		%	19.7		%		19.5		%	22.5		%

3	Adjusted capitalization (1)(3)	$	31,131		$	31,247		$	30,411		$	30,581		$	31,586			$	31,673		$	31,898
	Adjusted debt to adjusted capitalization	24.0		%	24.2		%	23.4		%	22.4		%	22.8		%		22.6		%	25.5		%


4	Debt Maturities (4)
	(In Millions)

		June 30, 2025
		≤ 1 year		1 > 5 years		5 > 10 years		10 > 20 years		20 years +		Total

	Senior Notes	$	86	$	3,314	$	2,362	$	1,201	$	1,305	$	8,268
	Subordinated debt	—		—		—		—		622		622

	Total	$	86	$	3,314	$	2,362	$	1,201	$	1,927	$	8,890

(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+

Aflac of New York

A+

Continental American Insurance Company

A+

Japan Operating Company:

Aflac Life Insurance Japan Ltd.

A+

Aa3

A+

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-

AA-

A+

Junior Subordinated Debt

Baa1

BBB

A-

Aflac of Columbus:

Long-term Senior Debt

A+

AA+

Aflac Life Insurance Japan, Ltd.:

Long-term Senior Debt

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 June 30,						6 Months Ended June 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	$	1,471	$	1,548			$	2,960	$	3,091
	Assumed (ceded)	(4)		73		103		6		(78)		(16)		(44)				(30)		(85)
	Total net earned premiums	5,758		5,614		5,570		5,675		5,829		1,455		1,504		3.4	%	2,930		3,006		2.6	%
	Adjusted net investment income	705		754		755		820		847		218		207		(5.0)		424		409		(3.5)
	Other income excl. realized foreign exchange gains (losses)	102		121		161		128		63		11		17				30		34
	Total adjusted revenues	6,565		6,489		6,486		6,623		6,739		1,684		1,728		2.6		3,384		3,449		1.9

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	2,498		2,183		2,245		2,423		2,892		654		765				1,419		1,581
	Incurred claims -assumed (ceded)	(1)		89		104		17		(75)		(14)		(47)				(25)		(86)
	Increase in FPB -direct	271		463		326		280		—		64		15				24		(32)
	Increase in FPB -assumed (ceded)	(3)		(11)		4		(5)		4		(1)		3				1		4
	Total benefits and claims, net, excluding reserve remeasurement	N/A		2,724		2,679		2,715		2,821		704		736				1,419		1,467
	Reserve remeasurement (gain) loss	N/A		(85)		(124)		(284)		(95)		(24)		(24)				(54)		(39)
	Total benefits and claims, net	2,765		2,639		2,555		2,431		2,726		680		712		4.7		1,365		1,428		4.6

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	570		442		455		490		530		132		136		3.0		264		273		3.4
	Insurance commissions	576		550		553		561		563		140		139		(0.7)		281		274		(2.5)
	Insurance and other expenses	1,386		1,502		1,564		1,640		1,501		349		353		1.1		735		728		(1.0)
	Total adjusted expenses	2,532		2,494		2,573		2,691		2,594		621		628				1,279		1,275

	Total benefits and adjusted expenses	5,297		5,132		5,127		5,122		5,320		1,301		1,340		3.0		2,645		2,703		2.2

	Pretax adjusted earnings	$	1,268	$	1,356	$	1,359	$	1,501	$	1,419	$	383	$	388	1.3	%	$	739	$	746	0.9	%


Aflac U.S.

	Balance Sheets
	(In Millions)

		December 31,										June 30,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash	$	17,949	$	18,324	$	15,987	$	16,718	$	16,775		$	16,588	$	16,864
1	Receivables, net of allowance for credit losses (1)	667		574		584		688		671			710		711
	Accrued investment income	172		169		184		183		178			186		180
	Deferred policy acquisition costs	3,450		3,366		3,463		3,573		3,656			3,599		3,682
	Other assets (1)	626		758		784		698		650			672		601
	Total assets	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	21,755	$	22,038

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	9,674	$	14,212	$	10,870	$	11,234	$	10,584		$	10,657	$	10,712
	Policy and contract claims	2,010		151		200		258		376			356		420
	Other policy liabilities	126		119		117		107		103			112		105

	Deferred income taxes	235		(328)		(243)		(311)		(231)			(307)		(162)
	Other liabilities	2,016		2,010		2,080		2,062		2,055			2,145		1,697
	Shareholders' equity	8,803		7,027		7,978		8,510		9,043			8,793		9,266
	Total liabilities & shareholders' equity	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	21,755	$	22,038


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


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	79.2		47.5		9.1		37.0		78.4		21.6

	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

(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


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


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

(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 June 30,						6 Months Ended June 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	¥	293,110	¥	285,931			¥	589,167	¥	574,250
	Assumed (ceded)	(55,926)		(50,864)		(48,578)		(84,838)		(109,719)		(25,792)		(31,357)				(51,989)		(63,212)
	Total net earned premiums	1,353,208		1,239,663		1,198,079		1,127,816		1,050,000		267,319		254,574		(4.8)	%	537,178		511,038		(4.9)	%
1	Net investment income: (1)
	Yen denominated	138,397		138,513		149,449		138,073		133,059		35,327		35,622		0.8		69,679		69,605		(0.1)
	US$ denominated	167,541		202,905		215,171		247,277		280,628		78,629		67,088		(14.7)		141,626		123,398		(12.9)
	Net investment income	305,938		341,419		364,621		385,352		413,687		113,957		102,709		(9.9)		211,305		193,002		(8.7)
2	Amortized hedge costs on foreign investments (2)	(22,816)		(8,391)		(13,155)		(19,773)		(3,755)		(970)		(1,564)		61.2		(1,767)		(2,635)		49.1
	Adjusted net investment income	283,122		333,028		351,466		365,579		409,932		112,987		101,145		(10.5)		209,538		190,367		(9.1)
	Other income excl. realized foreign currency gains (losses)	4,497		4,512		4,442		4,720		4,109		875		1,769				2,058		2,565
	Total adjusted revenues	1,640,827		1,577,203		1,553,988		1,498,115		1,464,041		381,181		357,488		(6.2)		748,774		703,970		(6.0)

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	734,471		743,247		788,572		781,774		815,894		195,320		198,189				420,177		437,824
	Incurred claims -assumed (ceded)	(37,806)		(31,798)		(36,141)		(70,748)		(82,320)		(18,777)		(25,321)				(38,184)		(51,377)
	Increase in FPB -direct	260,200		149,084		73,592		44,121		(26,672)		3,386		(7,471)				(19,639)		(54,704)
	Increase in FPB -assumed (ceded)	(11,377)		(11,425)		(5,618)		2,226		13,877		2,853		6,185				5,184		12,221
	Total benefits and claims, net, excluding reserve remeasurement	N/A		849,108		820,405		757,373		720,780		182,782		171,581				367,538		343,964
	Reserve remeasurement (gain) loss	N/A		(6,879)		(13,337)		(13,072)		(64,197)		(3,878)		(2,172)				(7,762)		(5,910)
	Total benefits and claims, net	945,487		842,229		807,068		744,301		656,583		178,904		169,409		(5.3)		359,776		338,054		(6.0)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	68,818		43,131		44,123		45,840		48,581		11,995		12,132		1.1		24,284		24,229		(0.2)
	Insurance commissions	79,036		77,449		73,482		68,751		65,889		16,424		16,214		(1.3)		33,412		32,206		(3.6)
	Insurance and other expenses	199,606		202,586		198,493		182,364		165,314		39,335		45,423		15.5		76,215		85,154		11.7
	Total adjusted expenses	347,460		323,166		316,097		296,955		279,784		67,754		73,768				133,911		141,589

	Total benefits and adjusted expenses	1,292,947		1,165,395		1,123,165		1,041,256		936,367		246,658		243,178		(1.4)		493,687		479,643		(2.8)

	Pretax adjusted earnings	¥	347,881	¥	411,808	¥	430,823	¥	456,859	¥	527,675	¥	134,523	¥	114,310	(15.0)	%	¥	255,087	¥	224,327	(12.1)	%

(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 June 30,						6 Months Ended June 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	$	1,881	$	1,978			$	3,873	$	3,868
	Assumed (ceded)	(524)		(463)		(372)		(602)		(724)		(165)		(217)				(342)		(426)
	Total net earned premiums	12,670		11,301		9,186		8,047		6,930		1,715		1,761		2.7	%	3,531		3,442		(2.5)	%
1	Net investment income (1)
	Yen denominated	1,296		1,262		1,140		985		879		227		246		8.4		458		470		2.6
	US$ denominated	1,569		1,845		1,641		1,755		1,849		505		464		(8.1)		929		833		(10.3)
	Net investment income	2,865		3,107		2,782		2,739		2,727		732		710		(3.0)		1,387		1,303		(6.1)
2	Amortized hedge costs on foreign investments (2)	(206)		(76)		(112)		(157)		(26)		(7)		(11)		57.1		(13)		(18)		38.5
	Adjusted net investment income	2,659		3,031		2,669		2,582		2,701		725		699		(3.6)		1,374		1,285		(6.5)
	Other income excl. realized foreign currency gains (losses)	42		41		35		35		28		7		12				14		17
	Total adjusted revenues	15,371		14,373		11,890		10,664		9,659		2,447		2,472		1.0		4,919		4,744		(3.6)

	Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct	6,875		6,776		6,038		5,582		5,390		1,253		1,370				2,765		2,942
	Incurred claims -assumed (ceded)	(354)		(290)		(275)		(502)		(543)		(120)		(175)				(251)		(346)
	Increase in FPB -direct	2,437		1,356		562		314		(184)		23		(53)				(131)		(363)
	Increase in FPB -assumed (ceded)	(107)		(104)		(43)		15		99		18		42				34		82
	Total benefits and claims, net, excluding reserve remeasurement	N/A		7,738		6,282		5,409		4,761		1,174		1,186				2,417		2,316
	Reserve remeasurement (gain) loss	N/A		(62)		(91)		(96)		(444)		(26)		(14)				(52)		(39)
	Total benefits and claims, net	8,851		7,675		6,191		5,313		4,317		1,148		1,172		2.1		2,365		2,277		(3.7)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	644		393		338		326		321		77		85		10.4		160		164		2.5
	Insurance commissions	740		706		563		491		435		105		112		6.7		220		217		(1.4)
	Insurance and other expenses	1,873		1,843		1,517		1,300		1,092		253		313		23.7		500		574		14.8
	Total adjusted expenses	3,257		2,942		2,417		2,117		1,848		435		509				880		954

	Total benefits and adjusted expenses	12,108		10,618		8,609		7,430		6,165		1,583		1,682		6.3		3,245		3,232		(0.4)

	Pretax adjusted earnings	$	3,263	$	3,756	$	3,281	$	3,234	$	3,494	$	864	$	790	(8.6)	%	$	1,674	$	1,512	(9.7)	%

(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,										June 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		¥	13,115,407	¥	12,005,337
	Receivables, net of allowance for credit losses	20,782		22,439		23,138		24,848		31,172			32,133		33,409
	Accrued investment income	62,722		67,493		76,489		74,666		77,899			83,439		80,758
	Deferred policy acquisition costs	723,579		745,510		766,506		788,394		806,920			797,500		812,901
	Other assets	320,351		386,832		387,065		946,644		1,136,609			904,100		1,055,055

	Total assets	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393		¥	14,932,579	¥	13,987,461

	Liabilities and Shareholders' Equity:

	Future policy benefits	¥	9,175,501	¥	11,755,704	¥	10,315,140	¥	10,444,044	¥	9,630,864		¥	9,772,638	¥	8,913,737
	Policy and contract claims	328,778		—		28		465		754			605		871
	Unearned premiums	361,010		284,045		227,732		192,595		189,583			180,459		187,379
	Other policyholders' funds	808,429		877,690		880,989		874,854		863,699			875,931		869,166
	Income taxes (prim. deferred)	478,969		36,166		114,688		95,297		136,262			165,623		155,422
	Other liabilities	253,219		502,633		575,554		576,879		526,477			1,012,671		1,060,420
	Shareholders' equity	2,801,682		1,411,938		1,916,812		2,217,357		2,921,754			2,924,652		2,800,466

	Total liabilities & shareholders' equity	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393		¥	14,932,579	¥	13,987,461


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,										June 30,
		2020		2021		2022		2023		2024			2024		2025
	Assets:

	Investments and cash	$	126,378	$	118,639	$	96,290	$	88,606	$	77,233		$	81,427	$	82,904
	Receivables, net of allowance for credit losses	201		195		174		175		197			199		231
	Accrued investment income	606		587		576		526		492			518		558
	Deferred policy acquisition costs	6,991		6,482		5,776		5,559		5,102			4,951		5,614
	Other assets	3,095		3,363		2,917		6,675		7,186			5,613		7,286

	Total assets	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210		$	92,708	$	96,592

	Liabilities and Shareholders' Equity:

	Future policy benefits	$	88,652	$	102,206	$	77,733	$	73,638	$	60,885		$	60,673	$	61,555
	Policy and contract claims	3,177		—		—		3		5			4		6
	Unearned premiums	3,488		2,470		1,716		1,358		1,199			1,120		1,294
	Other policyholders' funds	7,811		7,631		6,639		6,169		5,460			5,438		6,002
	Income taxes (prim. deferred)	4,630		314		781		619		884			1,040		1,046
	Other liabilities	2,447		4,369		4,337		4,067		3,328			6,287		7,323
	Shareholders' equity	27,068		12,276		14,528		15,687		18,449			18,146		19,366

	Total liabilities & shareholders' equity	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210		$	92,708	$	96,592


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)


Aflac Japan

	Operating Ratios
	(Before Management Fee)

1		Period	12-Month Rolling Premium Persistency (1)		Total Benefit/ Premium		Total Benefit/ Premiums (3rd sector)		Amortization/ Premium		Total Adjusted Expenses/ 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	93.7		66.2		56.9		4.7		20.1		68.1		31.9

	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

(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 (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


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


Aflac Japan

	Aflac Japan Sales Force Data

			Number of Agencies by Type				Sales Contribution by Agency Type
1		Period	Individual/ Independent Corporate	Affiliated Corporate	Bank	Total	Individual/ Independent Corporate		Affiliated Corporate		Bank		Licensed Sales Associates (1)	Recruited 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

(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

(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 June 30,						6 Months Ended June 30,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Total net earned premiums	$	194	$	180	$	145	$	400	$	680	$	155	$	206	32.9	%	$	320	$	404	26.3	%
1	Net investment income (1)	80		(73)		30		(77)		201		57		98		71.9		107		194		81.3
2	Amortized hedge income (2)	97		57		68		121		113		34		30		(11.8)		62		60		(3.2)
	Adjusted net investment income	177		(16)		98		44		314		91		128		40.7		169		254		50.3
	Other income	13		11		24		15		13		5		2		(60.0)		8		4		(50.0)
	Total adjusted revenues	384		175		267		460		1,007		249		336		34.9		497		662		33.2

	Benefits and expenses:
	Total benefits and claims, net, excluding reserve remeasurement	180		161		141		470		426		94		126		34.0		203		251		23.6
	Reserve remeasurement (gain) loss	—		—		—		(3)		(19)		(1)		—		—		(2)		(1)		50.0
	Total benefits and claims, net	180		161		141		467		407		94		126		34.0		201		250		24.4

	Interest expense	164		165		162		144		156		38		51		34.2		74		96		29.7
	Other adjusted expenses	155		142		181		273		412		94		139		47.9		201		253		25.9
	Total benefits and adjusted expenses	499		469		485		885		975		226		316		39.8		476		599		25.8

	Pretax adjusted earnings	$	(115)	$	(293)	$	(218)	$	(425)	$	32	$	23	$	20	(13.0)	%	$	21	$	63	200.0	%

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

Non-U.S. GAAP Financial Measures

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.

Second Quarter 2025

Earnings Call

Video Update

Max K. Brodén

August 5, 2025

For more information contact:

Investor and Rating Agency Relations

800.235.2667

[email protected]

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.