アフラックの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) August 6, 2026

Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia

001-07434

58-1167100

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

1932 Wynnton Road

Columbus

Georgia

31999

(Address of principal executive offices)

(Zip Code)

706.323.3431

_________________________________________________________________________________________________________________________________________________________

(Registrant’s telephone number, including area code)

_________________________________________________________________________________________________________________________________________________________

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

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


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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.10 Par Value

AFL

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Aflac Incorporated (the "Company") issued a press release dated August 6, 2026 in which it reported the Company's 2026 second quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's second quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure.

On August 6, 2026, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2026 second quarter financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number						Exhibit Title or Description
99.1						Press release of Aflac Incorporated dated August 6, 2026
99.2						Financial Supplement for Second Quarter 2026
99.3						Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
99.4						Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

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

Aflac Incorporated

August 6, 2026

/s/ Robin L. Blackmon

(Robin L. Blackmon)

Senior Vice President, Financial Services

Chief Accounting Officer

EX-99.1 2 aflex991-q22026new.htm EX-99.1 Document

Aflac Incorporated Announces Second Quarter 2026 Results,

Declares Third Quarter Dividend

COLUMBUS, Ga. - August 6, 2026 - Aflac Incorporated (NYSE: AFL) today reported its second quarter results.

For the Quarter

•Total revenues were $4.1 billion, which was a 1.0% decrease year over year.

•Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago.

•Adjusted earnings* were $883 million, compared with $957 million a year ago, reflecting a decrease of 7.7%.

•Adjusted earnings per diluted share* decreased 1.7% to $1.75.

•The annualized return on average shareholders’ equity was 10.9%.

•The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.6%.

•The company returned $1.3 billion to shareholders, consisting of $983 million in share repurchase and $309 million in dividends.

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 for the first six months. These results reflect execution of our strategy, driving long-term value for shareholders. In Japan, we have secured new opportunities through successful product initiatives including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (life insurance). In the U.S., our focus is on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.

"We continue to pursue more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board set us on a path to extend this record in 2026. We intend to continue our balanced approach of investing in growth and driving long-term value."

AFLAC INCORPORATED CONSOLIDATED RESULTS


AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)

	2Q26		2Q25		% Change

Total revenues	$	4,117	$	4,160	(1.0)	%
Net earnings	825		599		37.7	%
Adjusted earnings*	883		957		(7.7)	%
Net earnings per share (diluted)	1.63		1.11		46.8	%
Adjusted earnings per share (diluted)*	1.75		1.78		(1.7)	%
Total shareholders' equity	30,312		27,200		11.4	%
Total liabilities and shareholders' equity	115,961		124,736		(7.0)	%

Total revenues were $4.1 billion in the second quarter of 2026, compared with $4.2 billion in the second quarter of 2025. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Net earnings in the second quarter of 2026 included net investment losses of $153 million, or $0.30 per diluted share, compared with net investment losses of $421 million, or $0.78 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $238 million; $77 million of current expected credit losses (CECL); impairments of $11 million; offset by an $87 million gain from an increase in the fair value of equity securities; and net gains of $86 million on certain derivatives and foreign currency activities.

Adjusted earnings* in the second quarter were $883 million, compared with $957 million in the second quarter of 2025, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75 in the quarter. The average yen/dollar exchange rate in the second quarter of 2026 was 159.45, or 9.3% weaker than the average rate of 144.60 in the second quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.05 impact on adjusted earnings per share.

Shareholders’ equity was $30.3 billion, or $60.35 per share, at June 30, 2026, compared with $27.2 billion, or $50.86 per share, at June 30, 2025. Shareholders’ equity at the end of the second quarter included a cumulative increase of $10.4 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $5.6 billion at June 30, 2025 and a net unrealized loss on investment securities and derivatives of $2.8 billion, compared with a net unrealized loss of $1.8 billion at June 30, 2025. Shareholders’ equity at the end of the second quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.3 billion at June 30, 2025.

For the first six months of 2026, total revenues were up 12.0% to $8.5 billion, compared with $7.6 billion in the first half of 2025. Net earnings were $1.8 billion, or $3.61 per diluted share, compared with $628 million, or $1.16 per diluted share, for the first six months of 2025. Adjusted earnings for the first half of 2026 were $1.8 billion, or $3.50 per diluted share, compared with $1.9 billion, or $3.43 per diluted share, in 2025. For the first six months, the average exchange rate was 158.14, or 6.2% weaker than the rate of 148.32 a year ago. Excluding the negative impact of $0.07 per share from the weaker yen/dollar exchange rate, adjusted earnings per diluted share increased 4.1% to $3.57 for the first six months of 2026.

Shareholders’ equity excluding accumulated other comprehensive income (AOCI), or adjusted book value,* was $27.6 billion, or $55.01 per share at June 30, 2026, compared with $27.7 billion, or $51.78 per share, at June 30, 2025. Adjusted book value excluding foreign currency remeasurement* was $20.7 billion, or $41.22 per share at June 30, 2026, compared with $23.0 billion, or $42.97 per share, at June 30, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the second quarter was 16.6%.

AFLAC JAPAN


AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)

	2Q26			2Q25			% Change		2Q26		2Q25		% Change

Total net earned premiums	¥	245		¥	255		(3.7)	%	$	1,537	$	1,761	(12.7)	%
Yen-denominated investment income	30			36			(14.9)	%	190		246		(22.8)	%
U.S. dollar-denominated investment income	70			67			4.2	%	438		464		(5.6)	%
Adjusted net investment income	98			101			(2.9)	%	616		699		(11.9)	%
Total adjusted revenues	345			357			(3.6)	%	2,161		2,472		(12.6)	%
Total benefits and claims, net	157			169			(7.5)	%	983		1,172		(16.1)	%
Total adjusted expenses	70			74			(5.6)	%	437		509		(14.1)	%
Pretax adjusted earnings	118			114			3.4	%	741		790		(6.2)	%

							Change in bps
Premium persistency (12-mo. rolling)	92.7		%	93.7		%	(100)
Total benefits and claims, net / Total net earned premiums	64.0		%	66.5		%	(250)
Total adjusted expenses / Total adjusted revenues	20.2		%	20.6		%	(40)
Pretax adjusted earnings / Total adjusted revenues	34.3		%	32.0		%	230

In yen terms, Aflac Japan's net earned premiums were ¥245.1 billion for the quarter, or 3.7% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income decreased 2.9% to ¥98.3 billion, primarily due to reduced call income and lower dollar-denominated floating-rate income partially offset by higher income on U.S. dollar-denominated assets due to the weakening of the yen and higher dollar-denominated fixed-rate income. Total adjusted revenues in yen declined 3.6% to ¥344.6 billion. Pretax adjusted earnings in yen for the quarter increased 3.4% on a reported basis to ¥118.2 billion, primarily driven by favorable benefits. Pretax adjusted earnings decreased 2.1% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 34.3%, compared with 32.0% a year ago.

For the first six months, net earned premiums in yen were ¥491.8 billion, or 3.8% lower than a year ago. Adjusted net investment income increased 0.4% to ¥191.0 billion. Total adjusted revenues in yen were down 2.6% to ¥685.4 billion. Pretax adjusted earnings were ¥237.3 billion, or 5.8% higher than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 34.6%, compared with 31.9% a year ago.

In dollar terms, net earned premiums decreased 12.7% to $1.5 billion in the second quarter. Adjusted net investment income decreased 11.9% to $616 million. Total adjusted revenues declined by 12.6% to $2.2 billion. Pretax adjusted earnings declined 6.2% to $741 million.

For the first six months, net earned premiums in dollars were $3.1 billion, or 9.6% lower than a year ago. Adjusted net investment income decreased 6.1% to $1.2 billion. Total adjusted revenues were down 8.7% to $4.3 billion. Pretax adjusted earnings were $1.5 billion, or 0.8% lower than a year ago.

For the quarter, total new annualized premium sales (sales) decreased 5.6% to ¥19.6 billion, or $123 million, reflecting a high prior-year sales baseline for Miraito cancer insurance following its launch in March 2025, partially offset by strong growth in the refreshed Tsumitasu savings-type life insurance and Anshin Palette, the new medical insurance product launched in December 2025. For the first six months, sales increased 7.0% to ¥37.3 billion, or $235 million.

AFLAC U.S.


AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)

	2Q26			2Q25			% Change

Total net earned premiums	$	1,539		$	1,504		2.3	%
Adjusted net investment income	208			207			0.5	%
Total adjusted revenues	1,771			1,728			2.5	%
Total benefits and claims, net	762			712			7.0	%
Total adjusted expenses	639			628			1.8	%
Pretax adjusted earnings	370			388			(4.6)	%

							Change in bps
Persistency rate (12-mo. rolling)	79.4		%	79.2		%	20
Total benefits and claims, net / Total net earned premiums	49.5		%	47.3		%	220
Total adjusted expenses / Total adjusted revenues	36.1		%	36.3		%	(20)
Pretax adjusted earnings / Total adjusted revenues	20.9		%	22.5		%	(160)

Aflac U.S. net earned premiums increased 2.3% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income increased 0.5% to $208 million. Total adjusted revenues were up 2.5% to $1.8 billion. Pretax adjusted earnings were $370 million, 4.6% lower than a year ago, primarily driven by higher benefits. The pretax adjusted profit margin for the U.S. segment was 20.9%, compared with 22.5% a year ago.

For the first six months, net earned premiums increased 2.9% to $3.1 billion. Adjusted net investment income remained flat at $409 million. Total adjusted revenues were up 2.9% to $3.6 billion. Pretax adjusted earnings were $733 million, 1.7% lower than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 21.6% a year ago.

Aflac U.S. sales increased 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary benefits and network dental and vision products. For the first six months, total new sales increased 2.8% to $667 million.

CORPORATE AND OTHER


CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)

	2Q26		2Q25		% Change

Total net earned premiums	$	176	$	206	(14.6)	%
Adjusted net investment income	114		128		(10.9)	%
Total adjusted revenues	291		336		(13.4)	%
Total benefits and claims, net	106		126		(15.9)	%
Interest expense	62		51		21.6	%
Other adjusted expenses	133		139		(4.3)	%
Total benefits and adjusted expenses	301		316		(4.7)	%
Pretax adjusted earnings	(10)		20		(150.0)	%

For the quarter, total adjusted revenues decreased 13.4% to $291 million. Pretax adjusted earnings were a loss of $10 million, compared with a $20 million gain last year, primarily driven by lower adjusted net investment income from reduced short-term income and reduced hedge benefits that were partially offset by higher fixed-rate income. Higher interest expense and runoff impacts from closed blocks of business also contributed to the net loss for the quarter.

For the first six months, total adjusted revenues decreased 11.9% to $583 million. Pretax adjusted earnings were a loss of $10 million, compared with a gain of $63 million a year ago.

SHAREHOLDER DIVIDEND

The board of directors declared the third quarter dividend of $0.61 per share, payable on September 1, 2026 to shareholders of record at the close of business on August 19, 2026.

*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 more than 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.2 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 20 consecutive years (2026) and Fortune’s World’s Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.

1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report

2 As of March 31, 2025, Aflac estimates based on company data

Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.

A copy of Aflac’s financial supplement for the quarter can be found at investors.aflac.com.

Aflac Incorporated will webcast its second quarter 2026 earnings conference call on Friday, August 7, 2026 at 8:00 a.m. (ET) .

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,	2026		2025		% Change
Total revenues	$	4,117	$	4,160	(1.0)	%
Benefits and claims, net	1,852		2,010		(7.9)
Total acquisition and operating expenses	1,270		1,328		(4.4)
Earnings before income taxes	995		822		21.0
Income taxes	170		223
Net earnings	$	825	$	599	37.7	%
Net earnings per share – basic	$	1.64	$	1.12	46.4	%
Net earnings per share – diluted	1.63		1.11		46.8
Shares used to compute earnings per share (000):
Basic	504,123		536,688		(6.1)	%
Diluted	505,578		538,425		(6.1)
Dividends paid per share	$	0.61	$	0.58	5.2	%


AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)

SIX MONTHS ENDED JUNE 30,	2026		2025		% Change
Total revenues	$	8,463	$	7,558	12.0	%
Benefits and claims, net	3,684		3,955		(6.9)
Total acquisition and operating expenses	2,559		2,636		(2.9)
Earnings before income taxes	2,220		967		129.6
Income taxes	376		339
Net earnings	$	1,844	$	628	193.6	%
Net earnings per share – basic	$	3.63	$	1.16	212.9	%
Net earnings per share – diluted	3.61		1.16		211.2
Shares used to compute earnings per share (000):
Basic	508,572		540,676		(5.9)	%
Diluted	510,150		542,629		(6.0)
Dividends paid per share	$	1.22	$	1.16	5.2	%


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

JUNE 30,	2026		2025		% Change
Assets:
Total investments and cash	$	103,003	$	111,769	(7.8)	%
Deferred policy acquisition costs	8,948		9,296		(3.7)
Other assets	4,010		3,671		9.2
Total assets	$	115,961	$	124,736	(7.0)	%
Liabilities and shareholders’ equity:
Policy liabilities	$	64,348	$	78,904	(18.4)	%
Notes payable and lease obligations	8,729		8,933		(2.3)
Other liabilities	12,572		9,699		29.6
Shareholders’ equity	30,312		27,200		11.4
Total liabilities and shareholders’ equity	$	115,961	$	124,736	(7.0)	%
Shares outstanding at end of period (000)	502,257		534,809		(6.1)	%

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 Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese 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 Japanese yen and never converted into U.S. dollars but translated into U.S. 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 exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign 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. 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 accumulated other comprehensive income, 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 equity 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 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 currency exchange risks. 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,	2026		2025		% Change

Net earnings	$	825	$	599	37.7	%

Items impacting net earnings:
Adjusted net investment (gains) losses	106		377




Other and non-recurring (income) loss	—		—
Income tax (benefit) expense on items excluded from adjusted earnings	(48)		(19)



Adjusted earnings	883		957		(7.7)	%
Current period foreign currency impact1	27		N/A
Adjusted earnings excluding current period foreign currency impact2	$	910	$	957	(4.9)	%

Net earnings per diluted share	$	1.63	$	1.11	46.8	%

Items impacting net earnings:
Adjusted net investment (gains) losses	0.21		0.70
Other and non-recurring (income) loss	—		—
Income tax (benefit) expense on items excluded from adjusted earnings	(0.09)		(0.04)



Adjusted earnings per diluted share	1.75		1.78		(1.7)	%
Current period foreign currency impact1	0.05		N/A
Adjusted earnings per diluted share excluding current period foreign currency impact2	$	1.80	$	1.78	1.1	%

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,	2026		2025		% Change

Net earnings	$	1,844	$	628	193.6	%

Items impacting net earnings:
Adjusted net investment (gains) losses	3		1,301




Other and non-recurring (income) loss	—		53
Income tax (benefit) expense on items excluded from adjusted earnings	(63)		(119)



Adjusted earnings	1,784		1,863		(4.2)	%
Current period foreign currency impact1	35		N/A
Adjusted earnings excluding current period foreign currency impact2	$	1,819	$	1,863	(2.4)	%

Net earnings per diluted share	$	3.61	$	1.16	211.2	%

Items impacting net earnings:
Adjusted net investment (gains) losses	0.01		2.40
Other and non-recurring (income) loss	—		0.10
Income tax (benefit) expense on items excluded from adjusted earnings	(0.12)		(0.22)



Adjusted earnings per diluted share	3.50		3.43		2.0	%
Current period foreign currency impact1	0.07		N/A
Adjusted earnings per diluted share excluding current period foreign currency impact2	$	3.57	$	3.43	4.1	%

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,	2026		2025		% Change

Net investment (gains) losses	$	153	$	421	(63.7)	%

Items impacting net investment (gains) losses:
Amortized hedge costs	(12)		(11)
Amortized hedge income	19		30
Net interest income (expense) from derivatives associated with certain investment strategies	(54)		(64)
Impact of interest from derivatives associated with notes payable1	—		—

Adjusted net investment (gains) losses	$	106	$	377	(71.9)	%

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


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

THREE MONTHS ENDED JUNE 30,	2026		2025		% Change

Net investment income	$	984	$	1,081	(9.0)	%

Items impacting net investment income:
Amortized hedge costs	(12)		(11)
Amortized hedge income	19		30
Net interest income (expense) from derivatives associated with certain investment strategies	(54)		(64)

Adjusted net investment income	$	937	$	1,036	(9.6)	%


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

SIX MONTHS ENDED JUNE 30,	2026		2025		% Change

Net investment (gains) losses	$	104	$	1,384	(92.5)	%

Items impacting net investment (gains) losses:
Amortized hedge costs	(27)		(18)
Amortized hedge income	37		60
Net interest income (expense) from derivatives associated with certain investment strategies	(111)		(129)
Impact of interest from derivatives associated with notes payable1	—		4

Adjusted net investment (gains) losses	$	3	$	1,301	(99.8)	%

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,	2026		2025		% Change

Net investment income	$	1,940	$	2,036	(4.7)	%

Items impacting net investment income:
Amortized hedge costs	(27)		(18)
Amortized hedge income	37		60
Net interest income (expense) from derivatives associated with certain investment strategies	(111)		(129)

Adjusted net investment income	$	1,839	$	1,949	(5.6)	%


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,	2026		2025		% Change
U.S. GAAP book value	$	30,312	$	27,200
Less:
Unrealized foreign currency translation gains (losses)	(5,048)		(4,282)
Unrealized gains (losses) on securities and derivatives	(2,769)		(1,845)
Effect of changes in discount rate assumptions	10,415		5,594
Pension liability adjustment	83		42
Total AOCI	2,681		(491)
Adjusted book value	$	27,631	$	27,691
Less:
Foreign currency remeasurement gains (losses)	6,927		4,711
Adjusted book value excluding foreign currency remeasurement	$	20,704	$	22,980

Number of outstanding shares at end of period (000)	502,257		534,809

U.S. GAAP book value per common share	$	60.35	$	50.86	18.7	%
Less:
Unrealized foreign currency translation gains (losses) per common share	(10.05)		(8.01)
Unrealized gains (losses) on securities and derivatives per common share	(5.51)		(3.45)
Effect of changes in discount rate assumptions per common share	20.74		10.46
Pension liability adjustment per common share	0.17		0.08
Total AOCI per common share	5.34		(0.92)
Adjusted book value per common share	$	55.01	$	51.78	6.2	%
Less:
Foreign currency remeasurement gains (losses) per common share	13.79		8.81
Adjusted book value excluding foreign currency remeasurement per common share	$	41.22	$	42.97	(4.1)	%


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

THREE MONTHS ENDED JUNE 30,	2026		2025
U.S. GAAP ROE - Net earnings1	10.9	%	9.0	%
Impact of excluding unrealized foreign currency translation gains (losses)	(2.0)		(1.5)
Impact of excluding unrealized gains (losses) on securities and derivatives	(1.1)		(0.5)
Impact of excluding effect of changes in discount rate assumptions	3.9		1.6
Impact of excluding pension liability adjustment	—		—
Impact of excluding AOCI	0.9		(0.4)
U.S. GAAP ROE - less AOCI	11.9		8.6
Differences between adjusted earnings and net earnings2	0.8		5.1
Adjusted ROE - reported	12.7		13.7
Impact of excluding gains (losses) associated with foreign currency remeasurement3	3.9		2.9
Adjusted ROE, excluding foreign currency remeasurement	16.6		16.6

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,	2026		2025
U.S. GAAP ROE - Net earnings1	12.3	%	4.7	%
Impact of excluding unrealized foreign currency translation gains (losses)	(2.2)		(0.8)
Impact of excluding unrealized gains (losses) on securities and derivatives	(1.0)		(0.2)
Impact of excluding effect of changes in discount rate assumptions	4.0		0.7
Impact of excluding pension liability adjustment	—		—
Impact of excluding AOCI	0.9		(0.3)
U.S. GAAP ROE - less AOCI	13.2		4.4
Differences between adjusted earnings and net earnings2	(0.4)		8.7
Adjusted ROE - reported	12.8		13.1
Impact of excluding gains (losses) associated with foreign currency remeasurement3	3.9		3.0
Adjusted ROE, excluding foreign currency remeasurement	16.7		16.1

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,	Including Currency Changes		Excluding Currency Changes2
Net earned premiums3	(6.3)	%	(1.1)	%
Adjusted net investment income4	(9.6)		(7.6)
Total benefits and expenses	(6.5)		(1.5)
Adjusted earnings	(7.7)		(4.9)
Adjusted earnings per diluted share	(1.7)		1.1

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,	Including Currency Changes		Excluding Currency Changes2
Net earned premiums3	(4.2)	%	(0.9)	%
Adjusted net investment income4	(5.6)		(4.3)
Total benefits and expenses	(4.5)		(1.2)
Adjusted earnings	(4.2)		(2.4)
Adjusted earnings per diluted share	2.0		4.1

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

3Net of reinsurance

4Refer to previously defined adjusted net investment income.

GLOSSARY OF OPERATIONAL MEASURES

The Company defines the operational measures included in this document as follows:

•Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

•New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

•Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

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 or furnished to 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,” "strategy," “may,” “should,” “estimate,” “intend,” “project,” "future," “will,” “assume,” “potential,” “target,” "outlook," "continue" 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, except as may be required by law.

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 Japanese 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, 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 aflacir@aflac.com

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

EX-99.2 3 afl063026-financialsupplem.htm EX-99.2 Document

Final 08/06/2026

Financial Supplement

Second Quarter 2026

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

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


			Aflac Incorporated:															Page
			Share Data															2
			Summary of Adjusted Results by Business Segment															3
			Statements of Earnings															4
			Analysis of Net Earnings and Net Earnings Per Share															5
			Balance Sheets															6
			Quarterly Financial Results															7
			Quarterly Book Value Per Share															8
			Return on Equity															9
			Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact															10
			Investment Results															11,12,13
			Long-Term Debt Data															14
			Ratings															15

			Aflac U.S.:
			Statement of Pretax Adjusted Earnings															16
			Balance Sheets															17
			Quarterly Pretax Adjusted Earnings															18
			Operating Ratios															19
			Sales															20,21

			Aflac Japan:
			Statement of Pretax Adjusted Earnings															22,23
			Balance Sheets															24,25
			Quarterly Pretax Adjusted Earnings															26
			Operating Ratios															27
			Sales															28,29,30
			Yen/Dollar Exchange Rates															31

			Corporate and Other:
			Statement of Pretax Adjusted Earnings															32

			Non-U.S. GAAP Financial Measures															33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com


Aflac Incorporated and Subsidiaries

	Share Data
	(In Thousands)

1				Shares Issued		Shares Purchased			QTD Weighted Avg. Shares			YTD Weighted Avg. Shares
		Period	Beginning Shares Outstanding	Stk. Bon. & DRP	Stk. Opt. & Misc.	Treas. Shares	Misc. Purch. (1)	Ending Shares Outstanding	Avg. Shares	Dilutive Shares	Avg. Diluted	Avg. Shares	Dilutive Shares	Avg. Diluted

	2024	1	578,479	212	1,320	9,276	457	570,278	574,886	2,596	577,482	574,886	2,596	577,482
		2	570,278	217	186	9,288	24	561,369	564,573	2,265	566,838	569,730	2,430	572,160
		3	561,369	165	75	4,882	10	556,717	557,899	2,515	560,414	565,757	2,459	568,216
		4	556,717	156	77	6,982	4	549,964	552,767	2,716	555,483	562,492	2,523	565,015

	2025	1	549,964	173	1,251	8,497	398	542,493	544,707	2,171	546,878	544,707	2,171	546,878
		2	542,493	193	42	7,916	4	534,809	536,688	1,737	538,425	540,676	1,954	542,630
		3	534,809	171	66	9,331	5	525,710	530,050	1,965	532,015	537,095	1,957	539,052
		4	525,710	161	72	7,250	3	518,690	520,394	2,099	522,493	532,885	1,993	534,878

	2026	1	518,690	160	1,046	9,013	353	510,530	513,071	1,715	514,785	513,071	1,715	514,785
		2	510,530	168	84	8,521	4	502,257	504,123	1,455	505,578	508,572	1,578	510,150

(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,
		2021			2022			2023			2024			2025			2025			2026			% Change		2025			2026			% Change

	Aflac Japan	$	3,756		$	3,281		$	3,234		$	3,494		$	3,440		$	790		$	741		(6.2)	%	$	1,512		$	1,500		(0.8)	%
	Aflac U.S.	1,356			1,359			1,501			1,419			1,421			388			370			(4.6)		746			733			(1.7)
1	Corporate and other (1)	(293)			(218)			(425)			32			101			20			(10)					63			(10)
	Pretax adjusted earnings	4,819			4,422			4,310			4,945			4,962			1,198			1,101			(8.1)		2,321			2,223			(4.2)
	Income taxes (1)	893			808			577			873			954			241			218			(9.5)		458			439			(4.1)
2	Adjusted earnings (2)	3,925			3,614			3,733			4,072			4,008			957			883			(7.7)		1,863			1,784			(4.2)

	Reconciling items:
	Adjusted net investment gains (losses)	462			447			914			1,495			(375)			(377)			(106)					(1,301)			(3)
	Other and non-recurring income (loss)	(73)			1			39			(23)			(54)			—			—					(53)			—
3	Income tax benefit (expense) on items excluded from adjusted earnings (3)	(83)			357			(26)			(101)			67			19			48					119			63

	Net earnings	$	4,231		$	4,418		$	4,659		$	5,443		$	3,646		$	599		$	825		37.7	%	$	628		$	1,844		193.6	%

	Effective Tax rate	18.7		%	9.3		%	11.5		%	15.2		%	19.6		%	27.0		%	17.0		%			35.0		%	16.9		%

	Earnings per share of common stock:
	Net earnings (basic)	$	6.28		$	6.96		$	7.81		$	9.68		$	6.84		$	1.12		$	1.64		46.4		$	1.16		$	3.63		212.9	%
	Net earnings (diluted)	6.25			6.93			7.78			9.63			6.82			1.11			1.63			46.8		1.16			3.61			211.2

	Adjusted earnings (basic) (2)	$	5.83		$	5.69		$	6.26		$	7.24		$	7.52		$	1.78		$	1.75		(1.7)	%	$	3.45		$	3.51		1.7	%
	Adjusted earnings (diluted) (2)	5.80			5.67			6.23			7.21			7.49			1.78			1.75			(1.7)		3.43			3.50			2.0

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $6 and $8 for the three-month periods ended June 30, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $9 for the three-month periods ended June 30, 2026, and 2025, 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.


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,
		2021		2022		2023		2024		2025		2025		2026		% Change		2025		2026		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	17,305	$	15,025	$	14,318	$	13,562	$	13,760	$	3,525	$	3,364			$	6,958	$	6,785
	Assumed (ceded)	(210)		(124)		(195)		(122)		(212)		(55)		(112)				(107)		(223)
1	Total net earned premiums (1)	17,095		14,901		14,123		13,440		13,548		3,470		3,252		(6.3)	%	6,851		6,562		(4.2)	%
	Net investment income	3,818		3,656		3,811		4,116		4,076		1,081		984		(9.0)		2,036		1,940		(4.7)
	Net investment gains (losses)	468		363		590		1,271		(572)		(421)		(153)				(1,384)		(104)
	Other income	173		220		177		100		112		30		34				55		65
	Total revenues	21,554		19,140		18,701		18,927		17,164		4,160		4,117		(1.0)		7,558		8,463		12.0

	Benefits and Claims:
	Benefits and claims, net:
	Incurred claims -direct	8,949		8,271		8,005		8,281		8,901		2,135		2,160				4,523		4,574
	Incurred claims -assumed (ceded)	(147)		(108)		(177)		(95)		(189)		(51)		(61)				(95)		(124)
2	Increase in FPB -direct (2)	1,819		888		594		(184)		(727)		(38)		(183)				(395)		(602)
	Increase in FPB -assumed (ceded) (2)	3		51		172		5		2		1		(18)				—		(36)
	Total net benefits and claims, excluding reserve remeasurement	10,623		9,102		8,594		8,008		7,987		2,047		1,898				4,033		3,812
	Reserve remeasurement (gain) loss	(147)		(215)		(383)		(558)		(694)		(37)		(46)				(78)		(128)
	Total net benefits and claims	10,476		8,887		8,211		7,450		7,293		2,010		1,852		(7.9)		3,955		3,684		(6.9)

	Acquisition and operating expenses:
3	Amortization of DAC (3)	835		792		816		851		874		221		218				437		439
	Insurance commissions	1,256		1,117		1,052		998		991		251		239				491		476
	Insurance expenses	3,541		3,249		3,165		3,014		3,253		804		749				1,606		1,520
	Interest expense	238		226		195		197		220		52		64				102		124

	Total acquisition and operating expenses	5,870		5,384		5,228		5,060		5,338		1,328		1,270		(4.4)		2,636		2,559		(2.9)
	Total benefits and expenses	16,346		14,271		13,439		12,510		12,631		3,338		3,122		(6.5)		6,591		6,243		(5.3)

	Pretax earnings	5,208		4,869		5,262		6,417		4,533		822		995				967		2,220

4	Income tax expense (benefit) (4)	977		451		603		974		887		223		170				339		376

	Net earnings	$	4,231	$	4,418	$	4,659	$	5,443	$	3,646	$	599	$	825	37.7	%	$	628	$	1,844	193.6	%

(1) Includes a gain (loss) of an immaterial amount for the three-month periods ended June 30, 2026 and 2025, 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)		Foreign Currency Impact (2)		Net Earnings Per Share		Net Investment Gains (Losses) (1)		Other and Non-Recurring Items Per Share (1)		Foreign Currency Impact Per Share (2)

1		2021	$	4,231	$	365	$	(59)	$	(42)	$	6.25	$	0.54	$	(0.09)	$	(0.06)
2		2022	4,418		803		1		(262)		6.93		1.26		—		(0.41)
		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)
		2025	3,646		(319)		(43)		19		6.82		(0.60)		(0.08)		0.04


	2024	1	1,879		920		(2)		(44)		3.25		1.59		—		(0.08)
		2	1,755		720		—		(37)		3.10		1.27		—		(0.07)
		3	(93)		(1,304)		—		(16)		(0.17)		(2.33)		—		(0.03)
		4	1,902		1,054		(17)		(6)		3.42		1.90		(0.03)		(0.01)

	2025	1	29		(835)		(42)		(8)		0.05		(1.53)		(0.08)		(0.01)
		2	599		(358)		—		23		1.11		(0.66)		—		0.04
		3	1,639		313		(1)		1		3.08		0.59		—		—
		4	1,379		561		—		(1)		2.64		1.07		—		—

	2026	1	1,019		118		—		(8)		1.98		0.23		—		(0.02)
		2	825		(58)		—		(27)		1.63		(0.11)		—		(0.05)

(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


Aflac Incorporated and Subsidiaries

	Consolidated Balance Sheets
	(In Millions, except per-share data)

		December 31,										June 30,
		2021		2022		2023		2024		2025			2025		2026
	Assets:
	Investments and cash:
	Securities available for sale:
	Fixed maturity securities available for sale, at fair value	$	94,206	$	71,936	$	69,578	$	61,841	$	60,485		$	65,204	$	58,640
	Fixed maturity securities available for sale - consolidated variable interest entities, at fair value	4,490		3,805		3,712		3,428		3,636			3,675		4,208
	Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses	22,000		19,056		17,819		15,966		16,120			17,434		15,505
	Equity securities, at fair value	1,603		1,091		1,088		796		887			882		925
	Commercial mortgage and other loans, net of allowance for credit losses	11,786		13,496		12,527		10,869		9,765			10,264		9,354
	Other investments	3,842		4,070		4,530		5,958		6,622			7,345		8,251
	Cash and cash equivalents	5,051		3,943		4,306		6,229		6,245			6,965		6,120
	Total investments and cash	142,978		117,397		113,560		105,087		103,760			111,769		103,003

1	Receivables, net of allowance for credit losses (1)	672		647		848		779		835			873		895
	Accrued investment income	737		745		731		710		718			753		733
	Deferred policy acquisition costs	9,848		9,239		9,132		8,758		9,034			9,296		8,948
	Property and equipment, net	538		530		445		387		351			390		351
2	Other assets, net of allowance for credit losses (1)(2)	3,377		3,180		2,008		1,845		1,772			1,655		2,031
	Total assets	$	158,150	$	131,738	$	126,724	$	117,566	$	116,470		$	124,736	$	115,961

	Liabilities and Shareholders' Equity:
	Liabilities:
	Total policy liabilities	$	126,331	$	96,910	$	91,599	$	77,508	$	69,583		$	78,904	$	64,348
	Notes payable	7,956		7,442		7,364		7,498		8,409			8,933		8,729
	Income taxes, primarily deferred	30		698		154		573		1,368			685		1,589
	Other liabilities	6,802		6,548		5,622		5,889		7,620			9,014		10,983
	Total liabilities	141,119		111,598		104,739		91,468		86,980			97,536		85,649
	Shareholders' equity:
	Common stock	135		135		136		136		136			136		136
	Additional paid-in capital	2,529		2,641		2,771		2,894		3,024			2,958		3,105
	Retained earnings	40,963		44,367		47,993		52,277		54,682			52,595		56,218
	Accumulated other comprehensive income (loss):
	Unrealized foreign currency translation gains (losses)	(1,985)		(3,564)		(4,069)		(4,998)		(4,847)			(4,282)		(5,048)
	Unrealized gains (losses) on fixed maturity securities	9,602		(702)		1,139		24		(1,809)			(1,828)		(2,753)
	Unrealized gains (losses) on derivatives	(30)		(27)		(22)		(20)		(13)			(17)		(16)
	Effect of change in discount rate assumption(s)	(15,832)		(2,100)		(2,560)		2,006		8,035			5,594		10,415
	Pension liability adjustment	(166)		(36)		(8)		10		86			42		83
	Treasury stock	(18,185)		(20,574)		(23,395)		(26,231)		(29,804)			(27,998)		(31,828)
	Total shareholders' equity	17,031		20,140		21,985		26,098		29,490			27,200		30,312
	Total liabilities and shareholders' equity	$	158,150	$	131,738	$	126,724	$	117,566	$	116,470		$	124,736	$	115,961

(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 $261 million in June 2026, $260 million in June 2025, $260 million in 2025, $263 million in 2024, $265 million in 2023, $265 million in 2022 and $268 million in 2021


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.

		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
		2025	13,548		4,076		17,164		7,293		5,338		4,533		3,646		4,008		6.84		6.82		7.52		7.49


	2024	1	3,456		1,000		5,436		2,010		1,256		2,170		1,879		961		3.27		3.25		1.67		1.66
		2	3,325		1,095		5,138		1,921		1,198		2,019		1,755		1,035		3.11		3.10		1.83		1.83
		3	3,328		1,006		2,949		1,595		1,262		92		(93)		1,211		(0.17)		(0.17)		2.17		2.16
		4	3,331		1,016		5,403		1,923		1,345		2,135		1,902		865		3.44		3.42		1.56		1.56

	2025	1	3,381		955		3,398		1,945		1,308		145		29		906		0.05		0.05		1.66		1.66
		2	3,470		1,081		4,160		2,010		1,328		822		599		957		1.12		1.11		1.78		1.78
		3	3,372		1,067		4,740		1,436		1,310		1,994		1,639		1,327		3.09		3.08		2.50		2.49
		4	3,325		973		4,866		1,902		1,392		1,572		1,379		818		2.65		2.64		1.57		1.57

	2026	1	3,310		956		4,346		1,832		1,289		1,225		1,019		901		1.99		1.98		1.76		1.75
		2	3,252		984		4,117		1,852		1,270		995		825		883		1.64		1.63		1.75		1.75

(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)(2)		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) % Change (2)

		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
		2025	56.85		2.80		54.06		2.3		42.66		0.5


	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)		42.97		2.4
		3	54.57		1.24		53.33		4.1		43.52		(0.2)
		4	56.85		2.80		54.06		2.3		42.66		0.5

	2026	1	58.69		3.72		54.96		5.7		42.71		0.2
		2	60.35		5.34		55.01		6.2		41.22		(4.1)

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

(2) Due to a calculation error, we have corrected the Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) and percentage changes for Q2 and Q3 2025.


Aflac Incorporated and Subsidiaries

	Return on Equity

		Year ended December 31,										3 Months Ended June 30,				6 Months Ended June 30,
1		2021 (4)		2022		2023		2024		2025		2025		2026		2025		2026

2	U.S. GAAP ROE - Net earnings (1)	26.7	%	23.8	%	22.1	%	22.6	%	13.1	%	9.0	%	10.9	%	4.7	%	12.3	%

	Impact of excluding unrealized foreign currency translation gains (losses)	(1.7)		(2.5)		(3.1)		(3.6)		(2.6)		(1.5)		(2.0)		(0.8)		(2.2)
	Impact of excluding unrealized gains (losses) on securities and derivatives	10.7		4.1		0.2		0.4		(0.5)		(0.5)		(1.1)		(0.2)		(1.0)
	Impact of excluding effect on change in discount rate assumptions	(18.5)		(8.2)		(1.9)		(0.2)		2.6		1.6		3.9		0.7		4.0
	Impact of excluding pension liability adjustment	(0.2)		(0.1)		—		—		—		—		—		—		—

	Impact of excluding AOCI	(9.7)		(6.8)		(4.9)		(3.4)		(0.4)		(0.4)		0.9		(0.3)		0.9

	U.S. GAAP ROE - less AOCI	17.0		17.0		17.2		19.2		12.8		8.6		11.9		4.4		13.2

3	Differences between adjusted earnings and net earnings (2)	(1.2)		(3.1)		(3.4)		(4.8)		1.3		5.1		0.8		8.7		(0.4)

4	Adjusted ROE - reported (3)	15.8		13.9		13.8		14.4		14.0		13.7		12.7		13.1		12.8

5	Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)	—		1.0		1.8		2.9		3.6		2.9		3.9		3.0		3.9

	Adjusted ROE, excluding foreign currency remeasurement (5)(6)	16.0		14.9		15.6		17.3		17.6		16.6		16.6		16.1		16.7

(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

(6) Due to a calculation error, we have corrected the adjusted return on equity excluding foreign currency remeasurement for Q2 and Q3 2025.


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

		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
		2025	7.49		3.9		N/A	0.04	7.46		3.5


	2024	1	$	1.66	7.1	%	(0.08)	(0.08)	$	1.74	12.3	%
		2	1.83		15.8		(0.07)	(0.14)	1.89		19.6
		3	2.16		17.4		(0.03)	(0.17)	2.19		19.0
		4	1.56		24.8		(0.01)	(0.18)	1.57		25.6
			$	7.21	15.7	%			$	7.39	18.6	%

	2025	1	$	1.66	—	%	(0.01)	(0.01)	$	1.67	0.6	%
		2	1.78		(2.7)		0.04	0.03	1.73		(5.5)
		3	2.49		15.3		—	0.03	2.49		15.3
		4	1.57		0.6		—	0.04	1.57		0.6
			$	7.49	3.9	%			$	7.46	3.5	%

	2026	1	1.75		5.4		(0.02)	(0.02)	1.77		6.6
		2	1.75		(1.7)		(0.05)	(0.07)	1.80		1.1


			$	3.50	2.0	%			$	3.57	4.1	%

(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,
		2021		2022		2023		2024		2025			2025		2026

	Fixed Maturity Securities	$	107,369	$	94,525	$	88,508	$	80,055	$	81,383		$	87,464	$	80,695

	Commercial mortgage and other loans, net of allowance for credit losses:
	Transitional Real Estate (floating rate)	5,246		6,455		5,998		4,703		3,611			4,115		3,029
	Middle Market Loans (floating rate)	4,601		5,028		4,531		4,283		4,266			4,228		4,388
	Commercial Mortgage Loans	1,854		1,775		1,697		1,523		1,443			1,478		1,362
	Other Loans	20		238		301		360		445			443		575
	Total Commercial mortgage and other loans, net of allowance for credit losses	11,721		13,496		12,527		10,869		9,765			10,264		9,354

	Equity Securities, at FV through net earnings	1,603		1,091		1,088		796		887			882		925

1	Alternatives (1)	1,703		2,107		2,619		3,167		3,809			3,464		4,052

	Total Portfolio	$	122,396	$	111,219	$	104,742	$	94,887	$	95,844		$	102,074	$	95,026


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

		December 31,										June 30,
		2021		2022		2023		2024		2025			2025		2026
Fixed Maturity Securities:
	Available For Sale - Gross Gains	$	13,566	$	4,800	$	6,050	$	5,308	$	4,782		$	4,072	$	4,289
	Available For Sale - Gross Losses	(239)		(4,528)		(3,449)		(4,128)		(5,924)			(5,223)		(6,631)
	Total Available For Sale	13,327		272		2,601		1,180		(1,142)			(1,151)		(2,342)

	Held to Maturity - Gross Gains	4,869		2,154		1,838		815		87			446		8
	Held to Maturity - Gross Losses	—		—		—		(9)		(731)			(273)		(1,257)
	Total Held to Maturity	$	4,869	$	2,154	$	1,838	$	806	$	(644)		$	173	$	(1,249)


	Credit Ratings on Fixed Maturities
	(At Amortized Cost)

		December 31,										June 30,
Credit Rating:		2021		2022		2023		2024		2025			2025		2026

	AAA	1.0	%	1.6	%	1.6	%	1.5	%	1.1	%		1.4	%	1.3	%
	AA	5.1		5.2		5.7		6.0		6.6			6.3		7.0
	A	68.9		68.0		68.1		68.0		69.0			68.5		69.0
	BBB	22.5		23.0		22.9		22.9		21.9			22.2		21.4
	BB or Lower	2.5		2.2		1.7		1.6		1.4			1.6		1.3
		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		100.0	%	100.0	%

(1) 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,
		2021			2022			2023			2024			2025				2025			2026			2025			2026
	Aflac Japan:
1	Invested assets (in millions) (1)	¥	12,405,531		¥	12,617,181		¥	12,127,531		¥	11,881,515		¥	11,994,018			¥	12,064,994		¥	12,390,818		¥	12,064,994		¥	12,390,818
2	Return on average invested assets (2)	2.72		%	2.78		%	2.90		%	3.33		%	3.22		%		3.38		%	3.18		%	3.19		%	3.12		%
3	Portfolio book yield at end of period (3)	2.60		%	3.06		%	3.18		%	3.22		%	3.26		%		3.26		%	3.39		%	3.26		%	3.39		%
	Total purchases for period (in millions) (3)	¥	952,038		¥	716,964		¥	378,541		¥	735,141		¥	1,744,625			¥	383,204		¥	692,785		¥	1,353,009		¥	1,041,543
4	New money yield (3)(4)	3.50		%	4.48		%	5.18		%	6.11		%	4.17		%		5.26		%	4.19		%	3.85		%	4.45		%

	Aflac U.S.:
	Invested assets (in millions) (1)	$	15,841		$	16,772		$	17,075		$	17,341		$	17,373			$	17,279		$	18,073		$	17,279		$	18,073
	Return on average invested assets (2)	4.87		%	4.72		%	4.88		%	5.00		%	4.94		%		4.94		%	4.98		%	4.92		%	4.96		%
	Portfolio book yield at end of period (3)	4.94		%	5.39		%	5.53		%	5.58		%	5.47		%		5.57		%	5.51		%	5.57		%	5.51		%
	Total purchases for period (in millions) (3)	$	2,130		$	1,701		$	907		$	934		$	1,156			$	327		$	693		$	819		$	1,371
	New money yield (3)(4)	3.41		%	5.16		%	7.56		%	6.90		%	6.73		%		6.97		%	6.37		%	6.75		%	6.30		%

(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.


Aflac Incorporated and Subsidiaries

1	Japan Segment Portfolio Allocation by Currency (1)
	(U.S. GAAP Basis)
	(In Millions)

		December 31, 2025				June 30, 2026
		Amortized Cost (2)		Fair Value		Amortized Cost (2)		Fair Value

	JGB	$	30,698	$	27,313	$	27,275	$	23,154
	Other	16,870		16,036		18,123		16,721
	Total yen denominated	47,568		43,349		45,398		39,875

	USD Program	23,503		25,855		25,382		27,631
	Other	1,632		2,398		1,613		2,408
	Total US dollar denominated	25,135		28,253		26,995		30,039

	Total	$	72,703	$	71,602	$	72,393	$	69,914

	Distribution of Consolidated Fixed Maturities by Sector
	(In millions)

						June 30, 2026
2						Amortized Cost (2)		% of Total

	Government and agencies					$	32,488	40.3		%
	Municipalities					2,136		2.6
	Mortgage- and asset-backed securities					5,553		6.9
	Public utilities:					6,807		8.5
	Electric					5,390		6.7
	Natural Gas					874		1.1
	Other					543		0.7
	Sovereign and supranational					706		0.9
	Banks/financial institutions:					9,230		11.3
	Banking					5,189		6.3
	Insurance					1,798		2.2
	Other					2,243		2.8
	Other corporate:					23,775		29.5
	Basic Industry					1,978		2.4
	Capital Goods					2,776		3.4
	Communications					2,490		3.1
	Consumer Cyclical					1,861		2.3
	Consumer Non-Cyclical					5,375		6.7
	Energy					2,548		3.2
	Other					1,012		1.3
	Technology					3,086		3.8
	Transportation					2,649		3.3
	Total fixed maturity securities					$	80,695	100.0		%

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

(2) Net of reserves


Aflac Incorporated and Subsidiaries

	Long-Term Debt Data
	Adjusted Leverage Ratios
	(In Millions)

		December 31,															June 30,
		2021			2022			2023			2024			2025				2025			2026

	Notes payable	$	7,956		$	7,442		$	7,364		$	7,498		$	8,409			$	8,933		$	8,729
	50% of subordinated debentures and perpetual bonds	(389)			(337)			(315)			(282)			(285)				(308)			(275)
	Pre-funding of debt maturities	—			—			(211)			—			(399)				(486)			(668)
1	Adjusted debt (1)	7,568			7,105			6,839			7,216			7,725				8,139			7,786

	Total Shareholders' Equity	17,031			20,140			21,985			26,098			29,490				27,200			30,312
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses	1,985			3,564			4,069			4,998			4,847				4,282			5,048
	Unrealized (gains) losses on fixed maturity securities	(9,602)			702			(1,139)			(24)			1,809				1,828			2,753
	Unrealized (gains) losses on derivatives	30			27			22			20			13				17			16
	Effect on change in discount rate assumptions	15,832			2,100			2,560			(2,006)			(8,035)				(5,594)			(10,415)
	Pension liability adjustment	166			36			8			(10)			(86)				(42)			(83)
	Adjusted book value (1)	$	25,442		$	26,569		$	27,505		$	29,076		$	28,038			$	27,691		$	27,631

	Total capitalization (5)	$	24,987		$	27,582		$	29,349		$	33,596		$	37,899			$	36,133		$	39,041
	Debt to capitalization	31.8		%	27.0		%	25.1		%	22.3		%	22.2		%		24.7		%	22.4		%

2	Adjusted capitalization ex-AOCI (1)(2)	$	33,398		$	34,011		$	34,658		$	36,574		$	36,048			$	36,138		$	35,692
	Adjusted debt to adjusted capitalization ex-AOCI	22.7		%	20.9		%	19.7		%	19.7		%	21.4		%		22.5		%	21.8		%

3	Adjusted capitalization (1)(3)	$	31,247		$	30,411		$	30,581		$	31,586		$	31,287			$	31,898		$	30,727
	Adjusted debt to adjusted capitalization	24.2		%	23.4		%	22.4		%	22.8		%	24.7		%		25.5		%	25.3		%


4	Debt Maturities Remaining (4)
	(In Millions)

		June 30, 2026
		2026		2027-2031		2032-2036		2037-2046		2047+		Total

	Senior Notes	$	300	$	3,130	$	2,476	$	1,370	$	867	$	8,143
	Subordinated debt									554		554

	Total	$	300	$	3,130	$	2,476	$	1,370	$	1,421	$	8,697

(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.

(5) Total capitalization is sum of notes payable and shareholders' equity.

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,
		2021		2022		2023		2024		2025		2025		2026		% Change		2025		2026		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	5,540	$	5,467	$	5,669	$	5,907	$	6,182	$	1,548	$	1,609			$	3,091	$	3,233
	Assumed (ceded)	73		103		6		(78)		(183)		(44)		(70)				(85)		(139)
	Total net earned premiums	5,614		5,570		5,675		5,829		5,999		1,504		1,539		2.3	%	3,006		3,094		2.9	%
	Adjusted net investment income	754		755		820		847		830		207		208		0.5		409		409		—
	Other income excl. realized foreign exchange gains (losses)	121		161		128		63		74		17		24				34		47
	Total adjusted revenues	6,489		6,486		6,623		6,739		6,903		1,728		1,771		2.5		3,449		3,550		2.9

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	2,183		2,245		2,423		2,892		3,193		765		836				1,581		1,656
	Incurred claims -assumed (ceded)	89		104		17		(75)		(177)		(47)		(63)				(86)		(119)
	Increase in FPB -direct	463		326		280		—		(55)		15		6				(32)		16
	Increase in FPB -assumed (ceded)	(11)		4		(5)		4		8		3		3				4		(1)
	Total benefits and claims, net, excluding reserve remeasurement	2,724		2,679		2,715		2,821		2,969		736		782				1,467		1,552
	Reserve remeasurement (gain) loss	(85)		(124)		(284)		(95)		(132)		(24)		(20)				(39)		(56)
	Total benefits and claims, net	2,639		2,555		2,431		2,726		2,837		712		762		7.0		1,428		1,496		4.8

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	442		455		490		530		551		136		142		4.4		273		285		4.4
	Insurance commissions	550		553		561		563		564		139		145		4.3		274		287		4.7
	Insurance and other expenses	1,502		1,564		1,640		1,501		1,530		353		352		(0.3)		728		749		2.9
	Total adjusted expenses	2,494		2,573		2,691		2,594		2,645		628		639				1,275		1,321

	Total benefits and adjusted expenses	5,132		5,127		5,122		5,320		5,482		1,340		1,401		4.6		2,703		2,817		4.2

	Pretax adjusted earnings	$	1,356	$	1,359	$	1,501	$	1,419	$	1,421	$	388	$	370	(4.6)	%	$	746	$	733	(1.7)	%


Aflac U.S.

	Balance Sheets
	(In Millions)

		December 31,										June 30,
		2021		2022		2023		2024		2025			2025		2026
	Assets:
	Investments and cash	$	18,324	$	15,987	$	16,718	$	16,775	$	17,090		$	16,864	$	17,685
1	Receivables, net of allowance for credit losses (1)	574		584		688		671		707			711		739
	Accrued investment income	169		184		183		178		171			180		175
	Deferred policy acquisition costs	3,366		3,463		3,573		3,656		3,732			3,682		3,752
	Other assets (1)	758		784		698		650		618			601		616
	Total assets	$	23,191	$	21,002	$	21,861	$	21,930	$	22,317		$	22,038	$	22,968

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	14,212	$	10,870	$	11,234	$	10,584	$	10,798		$	10,712	$	10,592
	Policy and contract claims	151		200		258		376		483			420		540
	Other policy liabilities	119		117		107		103		97			105		99

	Deferred income taxes	(328)		(243)		(311)		(231)		(178)			(162)		(135)
	Other liabilities	2,010		2,080		2,062		2,055		1,621			1,697		1,859
	Shareholders' equity	7,027		7,978		8,510		9,043		9,496			9,266		10,012
	Total liabilities & shareholders' equity	$	23,191	$	21,002	$	21,861	$	21,930	$	22,317		$	22,038	$	22,968


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

		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)
		2025	5,999		2.9		830		(2.0)		6,903		2.4		2,837		4.1		551		4.0		2,645		2.0		1,421		0.1


	2024	1	1,475		3.3		206		4.6		1,699		2.3		686		5.4		132		10.9		658		0.2		356		1.1
		2	1,455		2.1		218		7.4		1,684		1.3		680		5.4		132		10.0		621		(4.2)		383		3.8
		3	1,459		2.8		210		0.5		1,684		1.4		694		36.1		132		8.2		640		(5.0)		350		(26.8)
		4	1,441		2.7		213		0.9		1,671		2.0		667		6.5		134		3.9		674		(5.3)		330		9.3

	2025	1	1,502		1.8		202		(1.9)		1,721		1.3		716		4.4		137		3.8		647		(1.7)		358		0.6
		2	1,504		3.4		207		(5.0)		1,728		2.6		712		4.7		136		3.0		628		1.1		388		1.3
		3	1,495		2.5		214		1.9		1,728		2.6		681		(1.9)		137		3.8		672		5.0		375		7.1
		4	1,498		4.0		207		(2.8)		1,726		3.3		728		9.1		141		5.2		698		3.6		300		(9.1)

	2026	1	1,555		3.5		201		(0.5)		1,779		3.4		734		2.5		143		4.4		682		5.4		363		1.4
		2	1,539		2.3		208		0.5		1,771		2.5		762		7.0		142		4.4		639		1.8		370		(4.6)


Aflac U.S.

	Operating Ratios
	(Before Management Fee)

		Period	12-Mo. Rolling Premium Persistency		Total Benefit/ Premium		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		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	79.2		47.3		9.2		38.3		79.4		20.6
		2026 YTD	79.4		48.4		9.2		37.2		79.4		20.6

	2024	1	78.7		46.5		8.9		38.7		79.0		21.0
		2	78.7		46.7		9.1		36.9		77.3		22.7
		3	78.9		47.6		9.0		38.0		79.2		20.8
		4	79.3		46.3		9.3		40.3		80.3		19.7

	2025	1	79.3		47.7		9.1		37.6		79.2		20.8
		2	79.2		47.3		9.0		36.3		77.5		22.5
		3	79.0		45.6		9.2		38.9		78.3		21.7
		4	79.2		48.6		9.4		40.4		82.6		17.4

	2026	1	79.3		47.2		9.2		38.3		79.6		20.4
		2	79.4		49.5		9.2		36.1		79.1		20.9


Aflac U.S.

	Aflac U.S. Sales Results
	(In Millions)

		Period	Annualized Premiums In Force		% Change		New Annualized Premiums Sales		% Change

		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)
		2025	6,694		4.9		1,589		3.0


	2024	1	6,211		3.1		298		(5.2)
		2	6,239		2.9		331		2.0
		3	6,265		3.3		379		5.5
		4	6,383		3.6		534		(4.5)

	2025	1	6,505		4.7		309		3.5
		2	6,506		4.3		340		2.7
		3	6,500		3.8		390		2.8
		4	6,694		4.9		551		3.1

	2026	1	6,801		4.6		318		2.9
		2	6,799		4.5		349		2.6


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

		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
		2025	420		26.4		246		15.5		300		18.9		315		19.8		209		13.2		98		6.2		1,589


	2024	1	69		23.0		32		10.8		67		22.5		66		22.1		45		15.1		19		6.5		298
		2	85		25.7		41		12.4		70		21.2		70		21.1		45		13.7		19		5.9		331
		3	109		28.8		69		18.3		67		17.7		70		18.6		45		11.9		18		4.7		379
		4	143		26.8		77		14.4		97		18.2		115		21.6		76		14.3		25		4.7		534

	2025	1	70		22.8		39		12.5		65		21.1		67		21.8		46		15.0		21		6.8		309
		2	94		27.7		45		13.1		65		19.0		74		21.8		40		11.9		22		6.5		340
		3	130		31.8		76		19.3		66		16.9		55		15.9		41		10.5		22		5.6		390
		4	126		22.7		86		15.7		105		19.0		119		21.7		82		14.8		33		6.1		551

	2026	1	70		22.0		53		16.7		63		19.8		64		20.3		43		13.5		24		7.7		318
		2	92		26.3		66		19.0		64		18.2		60		17.2		41		11.8		26		7.5		349


Aflac U.S. Sales Force Data

		Recruited Agents			Average Weekly Producer Equivalents	Productivity (Production/ Avg. Weekly Producers)
	Period	Career	Broker	Total

	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
	2025	10,048	1,248	11,296	5,341	297,543


2024	1	2,330	346	2,676	5,800	51,432
	2	3,113	422	3,535	6,098	54,262
	3	2,553	335	2,888	5,890	64,336
	4	1,998	263	2,261	6,271	85,225

2025	1	2,405	340	2,745	5,146	59,985
	2	3,069	352	3,421	5,354	63,505
	3	2,549	302	2,851	5,233	74,459
	4	2,025	254	2,279	5,632	97,806

2026	1	2,194	332	2,526	4,982	63,778
	2	2,502	349	2,851	5,089	68,574

(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,
		2021		2022		2023		2024		2025		2025		2026		% Change		2025		2026		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	¥	1,290,527	¥	1,246,657	¥	1,212,654	¥	1,159,719	¥	1,133,651	¥	285,931	¥	279,844			¥	574,250	¥	561,716
	Assumed (ceded)	(50,864)		(48,578)		(84,838)		(109,719)		(124,776)		(31,357)		(34,722)				(63,212)		(69,933)
	Total net earned premiums	1,239,663		1,198,079		1,127,816		1,050,000		1,008,875		254,574		245,122		(3.7)	%	511,038		491,783		(3.8)	%
1	Net investment income: (1)
	Yen denominated	138,513		149,449		138,073		133,059		133,651		35,622		30,300		(14.9)		69,605		61,145		(12.2)
	US$ denominated	202,905		215,171		247,277		280,628		258,933		67,088		69,904		4.2		123,398		134,065		8.6
	Net investment income	341,419		364,621		385,352		413,687		392,584		102,709		100,205		(2.4)		193,002		195,210		1.1
2	Amortized hedge costs on foreign investments (2)	(8,391)		(13,155)		(19,773)		(3,755)		(6,754)		(1,564)		(1,953)		24.9		(2,635)		(4,169)		58.2
	Adjusted net investment income	333,028		351,466		365,579		409,932		385,830		101,145		98,252		(2.9)		190,367		191,041		0.4
	Other income excl. realized foreign currency gains (losses)	4,512		4,442		4,720		4,109		4,739		1,769		1,263				2,565		2,534
	Total adjusted revenues	1,577,203		1,553,988		1,498,115		1,464,041		1,399,444		357,488		344,637		(3.6)		703,970		685,357		(2.6)

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	743,247		788,572		781,774		815,894		854,566		198,189		211,170				437,824		460,814
	Incurred claims -assumed (ceded)	(31,798)		(36,141)		(70,748)		(82,320)		(102,280)		(25,321)		(24,837)				(51,377)		(49,887)
	Increase in FPB -direct	149,084		73,592		44,121		(26,672)		(100,493)		(7,471)		(30,468)				(54,704)		(97,338)
	Increase in FPB -assumed (ceded)	(11,425)		(5,618)		2,226		13,877		26,091		6,185		4,680				12,221		9,117
	Total benefits and claims, net, excluding reserve remeasurement	849,108		820,405		757,373		720,780		677,884		171,581		160,547				343,964		322,707
	Reserve remeasurement (gain) loss	(6,879)		(13,337)		(13,072)		(64,197)		(79,134)		(2,172)		(3,782)				(5,910)		(10,686)
	Total benefits and claims, net	842,229		807,068		744,301		656,583		598,750		169,409		156,764		(7.5)		338,054		312,020		(7.7)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	43,131		44,123		45,840		48,581		48,397		12,132		12,283		1.2		24,229		24,486		1.1
	Insurance commissions	77,449		73,482		68,751		65,889		63,897		16,214		14,962		(7.7)		32,206		29,924		(7.1)
	Insurance and other expenses	202,586		198,493		182,364		165,314		174,718		45,423		42,401		(6.7)		85,154		81,584		(4.2)
	Total adjusted expenses	323,166		316,097		296,955		279,784		287,012		73,768		69,648				141,589		135,995

	Total benefits and adjusted expenses	1,165,395		1,123,165		1,041,256		936,367		885,762		243,178		226,412		(6.9)		479,643		448,015		(6.6)

	Pretax adjusted earnings	¥	411,808	¥	430,823	¥	456,859	¥	527,675	¥	513,683	¥	114,310	¥	118,225	3.4	%	¥	224,327	¥	237,342	5.8	%

(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,
		2021		2022		2023		2024		2025		2025		2026		% Change		2025		2026		% Change
	Revenues:
	Net earned premiums
	Gross premiums	$	11,765	$	9,558	$	8,649	$	7,654	$	7,578	$	1,978	$	1,755			$	3,868	$	3,552
	Assumed (ceded)	(463)		(372)		(602)		(724)		(834)		(217)		(218)				(426)		(442)
	Total net earned premiums	11,301		9,186		8,047		6,930		6,744		1,761		1,537		(12.7)	%	3,442		3,110		(9.6)	%
1	Net investment income (1)
	Yen denominated	1,262		1,140		985		879		894		246		190		(22.8)		470		387		(17.7)
	US$ denominated	1,845		1,641		1,755		1,849		1,732		464		438		(5.6)		833		847		1.7
	Net investment income	3,107		2,782		2,739		2,727		2,626		710		628		(11.5)		1,303		1,234		(5.3)
2	Amortized hedge costs on foreign investments (2)	(76)		(112)		(157)		(26)		(45)		(11)		(12)		9.1		(18)		(27)		50.0
	Adjusted net investment income	3,031		2,669		2,582		2,701		2,581		699		616		(11.9)		1,285		1,207		(6.1)
	Other income excl. realized foreign currency gains (losses)	41		35		35		28		32		12		8				17		16
	Total adjusted revenues	14,373		11,890		10,664		9,659		9,357		2,472		2,161		(12.6)		4,744		4,333		(8.7)

	Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct	6,776		6,038		5,582		5,390		5,707		1,370		1,324				2,942		2,918
	Incurred claims -assumed (ceded)	(290)		(275)		(502)		(543)		(684)		(175)		(155)				(346)		(315)
	Increase in FPB -direct	1,356		562		314		(184)		(671)		(53)		(191)				(363)		(619)
	Increase in FPB -assumed (ceded)	(104)		(43)		15		99		175		42		30				82		58
	Total benefits and claims, net, excluding reserve remeasurement	7,738		6,282		5,409		4,761		4,528		1,186		1,006				2,316		2,041
	Reserve remeasurement (gain) loss	(62)		(91)		(96)		(444)		(529)		(14)		(23)				(39)		(68)
	Total benefits and claims, net	7,675		6,191		5,313		4,317		3,999		1,172		983		(16.1)		2,277		1,973		(13.4)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	393		338		326		321		323		85		76		(10.6)		164		154		(6.1)
	Insurance commissions	706		563		491		435		427		112		94		(16.1)		217		189		(12.9)
	Insurance and other expenses	1,843		1,517		1,300		1,092		1,168		313		267		(14.7)		574		517		(9.9)
	Total adjusted expenses	2,942		2,417		2,117		1,848		1,918		509		437				954		860

	Total benefits and adjusted expenses	10,618		8,609		7,430		6,165		5,917		1,682		1,420		(15.6)		3,232		2,833		(12.3)

	Pretax adjusted earnings	$	3,756	$	3,281	$	3,234	$	3,494	$	3,440	$	790	$	741	(6.2)	%	$	1,512	$	1,500	(0.8)	%

(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,
		2021		2022		2023		2024		2025			2025		2026
	Assets:

	Investments and cash	¥	13,645,902	¥	12,777,746	¥	12,566,939	¥	12,216,793	¥	11,941,237		¥	12,005,337	¥	12,210,866
	Receivables, net of allowance for credit losses	22,439		23,138		24,848		31,172		26,100			33,409		42,270
	Accrued investment income	67,493		76,489		74,666		77,899		82,868			80,758		86,705
	Deferred policy acquisition costs	745,510		766,506		788,394		806,920		830,075			812,901		843,733
	Other assets	386,832		387,065		946,644		1,136,609		981,002			1,055,055		963,992

	Total assets	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393	¥	13,861,283		¥	13,987,461	¥	14,147,565

	Liabilities and Shareholders' Equity:

	Future policy benefits	¥	11,755,704	¥	10,315,140	¥	10,444,044	¥	9,630,864	¥	8,234,312		¥	8,913,737	¥	7,634,308
	Policy and contract claims	—		28		465		754		1,029			871		1,190
	Unearned premiums	284,045		227,732		192,595		189,583		195,068			187,379		203,004
	Other policyholders' funds	877,690		880,989		874,854		863,699		852,379			869,166		858,622
	Income taxes (prim. deferred)	36,166		114,688		95,297		136,262		236,939			155,422		275,942
	Other liabilities	502,633		575,554		576,879		526,477		850,287			1,060,420		1,442,468
	Shareholders' equity	1,411,938		1,916,812		2,217,357		2,921,754		3,491,267			2,800,466		3,732,031

	Total liabilities & shareholders' equity	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393	¥	13,861,283		¥	13,987,461	¥	14,147,565


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,										June 30,
		2021		2022		2023		2024		2025			2025		2026
	Assets:

	Investments and cash	$	118,639	$	96,290	$	88,606	$	77,233	$	76,273		$	82,904	$	75,195
	Receivables, net of allowance for credit losses	195		174		175		197		167			231		260
	Accrued investment income	587		576		526		492		529			558		534
	Deferred policy acquisition costs	6,482		5,776		5,559		5,102		5,302			5,614		5,196
	Other assets	3,363		2,917		6,675		7,186		6,266			7,286		5,936

	Total assets	$	129,266	$	105,734	$	101,541	$	90,210	$	88,537		$	96,592	$	87,121

	Liabilities and Shareholders' Equity:

	Future policy benefits	$	102,206	$	77,733	$	73,638	$	60,885	$	52,595		$	61,555	$	47,012
	Policy and contract claims	—		—		3		5		7			6		7
	Unearned premiums	2,470		1,716		1,358		1,199		1,245			1,294		1,250
	Other policyholders' funds	7,631		6,639		6,169		5,460		5,445			6,002		5,288
	Income taxes (prim. deferred)	314		781		619		884		1,541			1,046		1,749
	Other liabilities	4,369		4,337		4,067		3,328		5,431			7,323		8,883
	Shareholders' equity	12,276		14,528		15,687		18,449		22,272			19,366		22,932

	Total liabilities & shareholders' equity	$	129,266	$	105,734	$	101,541	$	90,210	$	88,537		$	96,592	$	87,121


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

		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
		2025	1,008,875		(3.9)		385,830		(5.9)		1,399,444		(4.4)		598,750		(8.8)		48,397		(0.4)		287,012		2.6		513,683		(2.7)


	2024	1	269,859		(6.0)		96,551		19.3		367,593		(0.4)		180,873		(5.9)		12,289		8.9		66,157		(8.9)		120,564		15.6
		2	267,319		(5.7)		112,987		28.4		381,181		2.3		178,904		(4.0)		11,995		5.6		67,754		(6.9)		134,523		18.6
		3	255,397		(10.5)		98,969		0.1		355,332		(7.8)		125,548		(32.4)		12,257		7.2		71,039		(2.8)		158,745		25.5
		4	257,425		(5.4)		101,425		3.7		359,935		(3.0)		171,258		(4.8)		12,040		2.3		74,834		(4.6)		113,843		1.0

	2025	1	256,464		(5.0)		89,222		(7.6)		346,482		(5.7)		168,645		(6.8)		12,097		(1.6)		67,821		2.5		110,017		(8.7)
		2	254,574		(4.8)		101,145		(10.5)		357,488		(6.2)		169,409		(5.3)		12,132		1.1		73,768		8.9		114,310		(15.0)
		3	245,206		(4.0)		98,032		(0.9)		344,243		(3.1)		96,438		(23.2)		12,028		(1.9)		68,277		(3.9)		179,527		13.1
		4	252,631		(1.9)		97,431		(3.9)		351,231		(2.4)		164,258		(4.1)		12,140		0.8		77,146		3.1		109,829		(3.5)

	2026	1	246,661		(3.8)		92,789		4.0		340,720		(1.7)		155,256		(7.9)		12,203		0.9		66,347		(2.2)		119,117		8.3
		2	245,122		(3.7)		98,252		(2.9)		344,637		(3.6)		156,764		(7.5)		12,283		1.2		69,648		(5.6)		118,225		3.4


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

		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	93.1		59.3		49.3		4.8		20.5		63.3		36.7
		2026 YTD	92.7		63.4		54.5		5.0		19.8		65.4		34.6

	2024	1	93.4		67.0		57.5		4.6		18.0		67.2		32.8
		2	93.3		66.9		57.8		4.5		17.8		64.7		35.3
		3	93.3		49.2		41.8		4.8		20.0		55.3		44.7
		4	93.4		66.5		56.9		4.7		20.8		68.4		31.6

	2025	1	93.8		65.8		56.3		4.7		19.6		68.2		31.8
		2	93.7		66.5		57.4		4.8		20.6		68.0		32.0
		3	93.3		39.3		27.8		4.9		19.8		47.8		52.2
		4	93.1		65.0		55.6		4.8		22.0		68.7		31.3

	2026	1	92.8		62.9		53.9		4.9		19.5		65.0		35.0
		2	92.7		64.0		55.0		5.0		20.2		65.7		34.3

(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

		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
		2025	1,179.1		(2.5)		59,121		24.1		74,351		16.0


	2024	1	1,232.6		(3.8)		10,767		(1.7)		12,534		(5.1)
		2	1,222.5		(3.6)		12,712		(9.0)		16,833		4.5
		3	1,216.7		(3.2)		11,925		(12.4)		17,522		12.3
		4	1,209.0		(3.0)		12,246		(10.7)		17,222		9.0

	2025	1	1,199.1		(2.7)		10,655		(1.0)		14,112		12.6
		2	1,194.1		(2.3)		17,463		37.4		20,736		23.2
		3	1,185.7		(2.5)		15,871		33.1		19,586		11.8
		4	1,179.1		(2.5)		15,132		23.6		19,918		15.7

	2026	1	1,168.9		(2.5)		13,780		29.3		17,712		25.5
		2	1,162.1		(2.7)		14,326		(18.0)		19,565		(5.6)


Aflac Japan

	Aflac Japan Product Mix
	(New Annualized Premium Sales)
	(In Billions)

1		Period	Cancer		% of Total		Medical and Other Health (1)		% of Total		Tsumitasu		% of Total		WAYS		% of Total		Ordinary Life Other (2)		% of Total		Other		% of Total		Total

2		2021	¥	27.0	49.2	%	¥	20.7	37.8	%	¥	—	—	%	¥	0.4	0.8	%	¥	5.1	9.3	%	¥	1.6	2.9	%	¥	54.8
		2022	30.9		56.5		15.3		27.9		—		—		1.9		3.5		4.7		8.4		2.0		3.7		54.8
		2023	38.9		64.1		12.6		20.8		—		—		4.1		6.8		4.1		6.8		1.0		1.6		60.7
		2024	36.9		57.5		10.3		16.1		11.2		17.4		1.4		2.2		3.7		5.8		0.6		1.0		64.1
		2025	50.0		67.2		8.8		11.9		11.5		15.5		0.8		1.1		2.7		3.7		0.5		0.6		74.4


	2024	1	7.9		63.2		2.7		21.5		—		—		0.7		5.3		1.0		8.1		0.2		1.7		12.5
		2	9.9		58.8		2.7		16.1		2.7		16.2		0.4		2.3		1.0		5.8		0.1		0.6		16.8
		3	9.7		55.1		2.2		12.6		4.6		26.5		0.1		0.8		0.8		4.3		0.1		0.6		17.5
		4	9.4		54.5		2.8		16.1		3.8		22.1		0.2		1.3		0.9		5.2		0.1		0.8		17.2

	2025	1	8.4		59.7		2.2		15.3		2.4		17.2		0.2		1.8		0.7		5.2		0.1		0.8		14.1
		2	15.1		73.0		2.3		10.9		2.3		11.1		0.2		1.1		0.7		3.4		0.1		0.5		20.7
		3	13.7		70.0		2.1		10.7		2.9		14.6		0.2		1.0		0.6		3.2		0.1		0.5		19.6
		4	12.7		63.9		2.3		11.4		3.9		19.8		0.1		0.7		0.7		3.3		0.2		0.9		19.9

	2026	1	9.6		54.1		4.2		23.5		2.9		16.1		0.1		0.7		0.8		4.7		0.1		0.9		17.7
		2	10.8		55.2		3.5		17.8		4.3		22.0		0.1		0.5		0.7		3.8		0.1		0.7		19.6

(1) Effective March 31, 2026, Income Support is now included with Medical and Other Health for all periods presented

(2) Effective March 31, 2026, Child Endowment is now included with Ordinary Life Other for all periods presented


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

		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
		2025	5,155	1,125	358	6,638	47.5		49.2		3.3		111,915	236


	2024	1	5,659	1,191	360	7,210	48.9		48.0		3.1		112,645	12
		2	5,542	1,180	360	7,082	49.5		48.4		2.1		114,424	12
		3	5,464	1,176	360	7,000	46.2		50.2		3.6		114,473	19
		4	5,384	1,166	360	6,910	48.5		47.7		3.8		113,836	7

	2025	1	5,300	1,155	358	6,813	52.8		43.8		3.4		112,996	18
		2	5,225	1,141	358	6,724	46.8		50.4		2.8		111,387	76
		3	5,213	1,136	358	6,707	45.1		51.4		3.5		111,736	73
		4	5,155	1,125	358	6,638	47.0		49.5		3.5		111,915	69

	2026	1	5,110	1,116	357	6,583	52.4		44.6		3.0		111,084	82
		2	5,091	1,103	356	6,550	50.0		47.3		2.7		110,750	139

(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

		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)
		2025	156.56	N/A	149.32	1.1


	2024	1	151.41	148.67	148.67	(11.0)
		2	161.07	155.70	152.30	(11.4)
		3	142.73	147.95	150.60	(8.1)
		4	158.18	152.35	150.97	(6.9)

	2025	1	149.52	152.40	152.40	(2.4)
		2	144.81	144.60	148.32	2.7
		3	148.88	147.68	148.03	1.7
		4	156.56	154.20	149.32	1.1

	2026	1	159.88	156.87	156.87	(2.8)
		2	162.39	159.45	158.14	(6.2)

(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,
		2021		2022		2023		2024		2025		2025		2026		% Change		2025		2026		% Change
	Revenues:
	Total net earned premiums	$	180	$	145	$	400	$	680	$	806	$	206	$	176	(14.6)	%	$	404	$	358	(11.4)	%
1	Net investment income (1)	(73)		30		(77)		201		368		98		95		(3.1)		194		186		(4.1)
2	Amortized hedge income (2)	57		68		121		113		98		30		19		(36.7)		60		37		(38.3)
	Adjusted net investment income	(16)		98		44		314		466		128		114		(10.9)		254		223		(12.2)
	Other income	11		24		15		13		5		2		1		(50.0)		4		2		(50.0)
	Total adjusted revenues	175		267		460		1,007		1,277		336		291		(13.4)		662		583		(11.9)

	Benefits and expenses:
	Total benefits and claims, net, excluding reserve remeasurement	161		141		470		426		491		126		108		(14.3)		251		218		(13.1)
	Reserve remeasurement (gain) loss	—		—		(3)		(19)		(33)		—		(2)		—		(1)		(3)		(200.0)
	Total benefits and claims, net	161		141		467		407		458		126		106		(15.9)		250		215		(14.0)

	Interest expense	165		162		144		156		210		51		62		21.6		96		120		25.0
	Other adjusted expenses	142		181		273		412		508		139		133		(4.3)		253		258		2.0
	Total benefits and adjusted expenses	469		485		885		975		1,176		316		301		(4.7)		599		593		(1.0)

	Pretax adjusted earnings	$	(293)	$	(218)	$	(425)	$	32	$	101	$	20	$	(10)	(150.0)	%	$	63	$	(10)	(115.9)	%

(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 exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign 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 currency exchange risks. 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. 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 accumulated other comprehensive income, 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 equity 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 equity as determined using annualized net earnings and average total shareholders’ equity.

Operational Measures

The Company defines the operational measures included in this document as follows:

Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

Annualized premiums in force is the amount of gross premium that a policyholder must pay over a full year in order to keep coverage. The growth of net earned premiums is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates. Management uses this measure as a key indicator of source of earnings.

Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

New money yield is gross yields earned on purchases of fixed maturities, loan receivables, and equities. Purchases exclude capitalized interest, securities lending/repurchase agreements, short-term/cash activity, and alternatives. New money yield for equities is based on the assumed dividend yield at the time of purchase. The new money yield for Aflac Japan excludes the impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments. Management uses this metric as a leading indicator of future investment earning potential.

Return on average invested assets is net investment income as a percentage of average invested assets during the period. Management uses this metric to demonstrate how the Company's actual net investment income results represent an overall return on the portfolio to provide a more comparative metric as the size of the Company's investment portfolio changes over time.

Portfolio book yield expressed as a percentage of the investments' book value, represents the gross return expected to be realized on a security at a point in time and is calculated for fixed maturity securities, commercial mortgage and other loans and equity securities. It excludes amortized hedge costs, investments in limited partnerships and short-term securities. The yield assumes any early redemption options will be exercised. Management uses this metric to measure the future total return on the portfolio.

Average weekly producer is the total number of writing agents, including brokers, in the U.S. who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period. The Company believes this metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. productivity is total new annualized sales divided by average weekly producer and is calculated on a quarterly and annual basis. The Company believes this metric allows sales management to monitor agent progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. recruited agents/brokers represent a newly contracted agent or broker who has never held a contract with the Company before or previously held a contract but has been separated from the Company for more than 365 days. The distinction between a career recruit and a broker recruit is determined by the type of contract the individual signs. The Company believes this metric is an important indicator of future production potential.

EX-99.3 4 aflex993teleconferencespee.htm EX-99.3 Document

Second Quarter 2026

Earnings Call

Video Update

Max K. Brodén

August 6, 2026

For more information contact:

Investor and Rating Agency Relations

800.235.2667

aflacir@aflac.com

Aflac Worldwide Headquarters

1932 Wynnton Road

Columbus, GA 31999

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

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

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