Final 11/04/2025

Financial Supplement

Third Quarter 2025

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

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


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

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

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

			Corporate and Other:
			Statement of Pretax Adjusted Earnings															32

			Non-U.S. GAAP Financial Measures															33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com


Aflac Incorporated and Subsidiaries

	Share Data
	(In Thousands)

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

	2023	1	615,256	239	1,152	10,348	347	605,952	611,205	2,745	613,950	611,205	2,745	613,950
		2	605,952	259	225	10,461	6	595,969	600,742	2,187	602,929	605,945	2,466	608,411
		3	595,969	210	115	9,390	7	586,897	591,246	2,350	593,596	600,991	2,427	603,419
		4	586,897	191	94	8,698	5	578,479	581,876	3,005	584,881	596,173	2,572	598,745

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

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

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


Aflac Incorporated and Subsidiaries

	Summary of Adjusted Results by Business Segment
	(In Millions, except per-share data)

		Years Ended December 31,															3 Months Ended September 30,								9 Months Ended September 30,
		2020			2021			2022			2023			2024			2024			2025			% Change		2024			2025			% Change

	Aflac Japan	$	3,263		$	3,755		$	3,281		$	3,234		$	3,494		$	1,073		$	1,216		13.3	%	$	2,747		$	2,728		(0.7)	%
	Aflac U.S.	1,268			1,356			1,359			1,501			1,419			350			375			7.1		1,089			1,121			2.9
1	Corporate and other (1)	(115)			(293)			(218)			(425)			32			15			69					36			132
	Pretax adjusted earnings	4,416			4,819			4,422			4,310			4,945			1,438			1,660			15.4		3,872			3,981			2.8
	Income taxes (1)	864			893			808			577			873			227			333			46.7		665			791			18.9
2	Adjusted earnings (2)	3,552			3,925			3,614			3,733			4,072			1,211			1,327			9.6		3,207			3,190			(0.5)

	Reconciling items:
	Adjusted net investment gains (losses)	(229)			462			447			914			1,495			(1,347)			335					411			(966)
	Other and non-recurring income (loss)	(28)			(73)			1			39			(23)			—			(1)					(1)			(54)
3	Income tax benefit (expense) on items excluded from adjusted earnings (3)	72			(83)			357			(26)			(101)			43			(22)					(76)			97
4	Tax valuation allowance release (4)	1,411			—			—			—			—			—			—					—			—
	Net earnings	$	4,778		$	4,231		$	4,418		$	4,659		$	5,443		$	(93)		$	1,639		1,862.4	%	$	3,541		$	2,267		(36.0)	%

	Effective Tax rate	(14.9)		%	18.7		%	9.3		%	11.5		%	15.2		%	201.8		%	17.8		%			17.3		%	23.4		%

	Earnings per share of common stock:
	Net earnings (basic)	$	6.69		$	6.28		$	6.96		$	7.81		$	9.68		$	(0.17)		$	3.09		1,917.6		$	6.26		$	4.22		(32.6)	%
	Net earnings (diluted)	6.67			6.25			6.93			7.78			9.63			(0.17)			3.08			1,911.8		6.23			4.21			(32.4)

	Adjusted earnings (basic) (2)	$	4.98		$	5.83		$	5.69		$	6.26		$	7.24		$	2.17		$	2.50		15.2	%	$	5.67		$	5.94		4.8	%
	Adjusted earnings (diluted) (2)	4.96			5.80			5.67			6.23			7.21			2.16			2.49			15.3		5.64			5.92			5.0

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $6 and $57 for the three-month periods and $22 and $119 for the nine-month periods ended September 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $78 for the three-month periods and $24 and$142 for the nine-month periods ended September 30, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

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

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

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


Aflac Incorporated and Subsidiaries

	Consolidated Statements of Earnings - U.S. GAAP
	(In Millions, except per-share data)

		Years Ended December 31,										3 Months Ended September 30,						9 Months Ended September 30,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	18,955	$	17,305	$	15,025	$	14,318	$	13,562	$	3,360	$	3,413			$	10,193	$	10,371
	Assumed (ceded)	(333)		(210)		(124)		(195)		(122)		(32)		(41)				(84)		(148)
1	Total net earned premiums (1)	18,622		17,095		14,901		14,123		13,440		3,328		3,372		1.3	%	10,109		10,223		1.1	%
	Net investment income	3,638		3,818		3,656		3,811		4,116		1,006		1,067		6.1		3,100		3,103		0.1
	Net investment gains (losses)	(270)		468		363		590		1,271		(1,408)		275				239		(1,109)
	Other income	157		173		220		177		100		23		26				76		81
	Total revenues	22,147		21,554		19,140		18,701		18,927		2,949		4,740		60.7		13,524		12,298		(9.1)

	Benefits and Claims:
	Benefits and claims, net:
	Incurred claims -direct	9,364		8,949		8,271		8,005		8,281		2,064		2,216				6,248		6,739
	Incurred claims -assumed (ceded)	(296)		(147)		(108)		(177)		(95)		(22)		(40)				(57)		(135)
2	Increase in FPB -direct (2)	2,707		1,819		888		594		(184)		(40)		(165)				(147)		(560)
	Increase in FPB -assumed (ceded) (2)	21		3		51		172		5		1		5				(2)		5
	Total net benefits and claims, excluding reserve remeasurement	N/A		10,623		9,102		8,594		8,008		2,003		2,016				6,042		6,049
	Reserve remeasurement (gain) loss	N/A		(147)		(215)		(383)		(558)		(408)		(580)				(515)		(658)
	Total net benefits and claims	11,796		10,476		8,887		8,211		7,450		1,595		1,436		(10.0)		5,527		5,391		(2.5)

	Acquisition and operating expenses:
3	Amortization of DAC (3)	1,214		835		792		816		851		214		218				638		655
	Insurance commissions	1,316		1,256		1,117		1,052		998		251		254				751		745
	Insurance expenses	3,420		3,541		3,249		3,165		3,014		747		781				2,179		2,387
	Interest expense	242		238		226		195		197		50		57				147		159

	Total acquisition and operating expenses	6,192		5,870		5,384		5,228		5,060		1,262		1,310		3.8		3,715		3,946		6.2
	Total benefits and expenses	17,988		16,346		14,271		13,439		12,510		2,857		2,746		(3.9)		9,242		9,337		1.0

	Pretax earnings	4,159		5,208		4,869		5,262		6,417		92		1,994				4,282		2,961

4	Income tax expense (benefit) (4)	(619)		977		451		603		974		185		355				741		694

	Net earnings	$	4,778	$	4,231	$	4,418	$	4,659	$	5,443	$	(93)	$	1,639	1,862.4	%	$	3,541	$	2,267	(36.0)	%

(1) Includes a gain (loss) of $(55) and $(75) for the three-month periods and $(55) and $(80) for the nine-month periods ended September 30, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited- payment

contracts.

(2) Future policy benefits

(3) Deferred acquisition costs

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


Aflac Incorporated and Subsidiaries

	Analysis of Net Earnings and Net Earnings Per Diluted Share
	(In Millions, except for per-share data)

		Period	Net Earnings		Net Investment Gains (Losses) (1)		Other and Non- Recurring Items (1)(3)		Foreign Currency Impact (2)		Net Earnings Per Share		Net Investment Gains (Losses) (1)		Other and Non-Recurring Items Per Share (1)(3)		Foreign Currency Impact Per Share (2)

1		2020	$	4,778	$	(181)	$	1,407	$	31	$	6.67	$	(0.25)	$	1.96	$	0.04
2		2021	4,231		365		(59)		(42)		6.25		0.54		(0.09)		(0.06)
		2022	4,418		803		1		(262)		6.93		1.26		—		(0.41)
3		2023	4,659		896		31		(113)		7.78		1.50		0.05		(0.19)
		2024	5,443		1,389		(18)		(103)		9.63		2.46		(0.03)		(0.18)


	2023	1	1,188		235		—		(41)		1.94		0.38		—		(0.07)
		2	1,634		653		28		(25)		2.71		1.08		0.05		(0.04)
		3	1,569		472		2		(33)		2.64		0.80		—		(0.06)
		4	268		(464)		—		(14)		0.46		(0.79)		—		(0.02)

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

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

(1) Items are presented net of tax.

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

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


Aflac Incorporated and Subsidiaries

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

		December 31,										September 30,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash:
	Securities available for sale:
	Fixed maturity securities available for sale, at fair value	$	101,286	$	94,206	$	71,936	$	69,578	$	61,841		$	68,261	$	63,584
	Fixed maturity securities available for sale - consolidated variable interest entities, at fair value	4,596		4,490		3,805		3,712		3,428			4,031		3,692
	Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses	24,464		22,000		19,056		17,819		15,966			17,698		16,955
	Equity securities, at fair value	1,283		1,603		1,091		1,088		796			808		885
	Commercial mortgage and other loans, net of allowance for credit losses	10,554		11,786		13,496		12,527		10,869			11,544		10,137
	Other investments	2,429		3,842		4,070		4,530		5,958			7,647		7,495
	Cash and cash equivalents	5,141		5,051		3,943		4,306		6,229			5,612		6,768
	Total investments and cash	149,753		142,978		117,397		113,560		105,087			115,601		109,516

1	Receivables, net of allowance for credit losses (1)	778		672		647		848		779			814		852
	Accrued investment income	780		737		745		731		710			696		702
	Deferred policy acquisition costs	10,441		9,848		9,239		9,132		8,758			9,232		9,216
	Property and equipment, net	601		538		530		445		387			421		367
2	Other assets, net of allowance for credit losses (1)(2)	2,733		3,377		3,180		2,008		1,845			1,678		1,653
	Total assets	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	128,442	$	122,306

	Liabilities and Shareholders' Equity:
	Liabilities:
	Total policy liabilities	$	114,391	$	126,331	$	96,910	$	91,599	$	77,508		$	87,554	$	74,737
	Notes payable	7,899		7,956		7,442		7,364		7,498			7,978		8,685
	Income taxes, primarily deferred	4,661		30		698		154		573			454		1,477
	Other liabilities	4,576		6,802		6,548		5,622		5,889			7,626		8,719
	Total liabilities	131,527		141,119		111,598		104,739		91,468			103,612		93,618
	Shareholders' equity:
	Common stock	135		135		135		136		136			136		136
	Additional paid-in capital	2,410		2,529		2,641		2,771		2,894			2,876		2,977
	Retained earnings	37,984		40,963		44,367		47,993		52,277			50,972		53,923
	Accumulated other comprehensive income (loss):
	Unrealized foreign currency translation gains (losses)	(1,109)		(1,985)		(3,564)		(4,069)		(4,998)			(4,139)		(4,504)
	Unrealized gains (losses) on fixed maturity securities	10,361		9,602		(702)		1,139		24			557		(1,701)
	Unrealized gains (losses) on derivatives	(34)		(30)		(27)		(22)		(20)			(20)		(16)
	Effect of change in discount rate assumption(s)	N/A		(15,832)		(2,100)		(2,560)		2,006			(67)		6,832
	Pension liability adjustment	(284)		(166)		(36)		(8)		10			(8)		42
	Treasury stock	(15,904)		(18,185)		(20,574)		(23,395)		(26,231)			(25,477)		(29,001)
	Total shareholders' equity	33,559		17,031		20,140		21,985		26,098			24,830		28,688
	Total liabilities & shareholders' equity	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	128,442	$	122,306

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

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


Aflac Incorporated and Subsidiaries

	Quarterly Financial Results
	(In Millions, except per-share data)

1																			Net EPS				Adj. EPS (1)
		Period	Net Earned Premiums		Net Investment Income		Total Revenues		Benefits & Claims, Net		Total Acquisitions & Adj. Exp.		Total Pretax Earnings		Net Earnings		Adjusted Earnings (1)		Basic		Dil.		Basic		Dil.

		2020	$	18,622	$	3,638	$	22,147	$	11,796	$	6,192	$	4,159	$	4,778	$	3,552	$	6.69	$	6.67	$	4.98	$	4.96
		2021	17,095		3,818		21,554		10,476		5,870		5,208		4,231		3,925		6.28		6.25		5.83		5.80
		2022	14,901		3,656		19,140		8,887		5,384		4,869		4,418		3,614		6.96		6.93		5.69		5.67
		2023	14,123		3,811		18,701		8,211		5,228		5,262		4,659		3,733		7.81		7.78		6.26		6.23
		2024	13,440		4,116		18,927		7,450		5,060		6,417		5,443		4,072		9.68		9.63		7.24		7.21


	2023	1	3,688		943		4,800		2,150		1,308		1,342		1,188		953		1.94		1.94		1.56		1.55
		2	3,573		999		5,172		2,098		1,249		1,825		1,634		954		2.72		2.71		1.59		1.58
		3	3,476		1,004		4,950		1,860		1,285		1,805		1,569		1,095		2.65		2.64		1.85		1.84
		4	3,385		865		3,777		2,103		1,385		289		268		732		0.46		0.46		1.26		1.25

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

	2025	1	3,381		955		3,398		1,945		1,308		145		29		906		0.05		0.05		1.66		1.66
		2	3,470		1,081		4,160		2,010		1,328		822		599		957		1.12		1.11		1.78		1.78
		3	3,372		1,067		4,740		1,436		1,310		1,994		1,639		1,327		3.09		3.08		2.50		2.49

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


Aflac Incorporated and Subsidiaries

	Quarterly Book Value Per Share
	(In Millions, except per-share data)
1
		Period	Equity BV Per Share		AOCI BV Per Share		Adjusted BV Per Share (1)		Adjusted BV Per Share % Change		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) (1)		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) % Change

		2020	$	48.46	$	12.90	$	35.56	15.7	%	$	35.56	15.7	%
		2021	26.12		(12.90)		39.01		9.7		37.71		6.0
		2022	32.73		(10.45)		43.18		10.7		38.94		3.3
		2023	38.00		(9.54)		47.55		10.1		41.15		5.7
		2024	47.45		(5.41)		52.87		11.2		42.46		3.2


	2023	1	32.65		(12.01)		44.66		10.8		40.05		4.8
		2	34.30		(12.31)		46.61		11.5		40.15		5.5
		3	38.63		(9.81)		48.44		10.1		41.10		7.7
		4	38.00		(9.54)		47.55		10.1		41.15		5.7

	2024	1	41.27		(8.95)		50.22		12.4		41.68		4.1
		2	46.40		(5.86)		52.26		12.1		41.98		4.6
		3	44.60		(6.60)		51.21		5.7		43.61		6.1
		4	47.45		(5.41)		52.87		11.2		42.46		3.2

	2025	1	48.55		(3.43)		51.98		3.5		42.61		2.2
		2	50.86		(0.92)		51.78		(0.9)		44.17		5.2
		3	54.57		1.24		53.33		4.1		46.35		6.3

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


Aflac Incorporated and Subsidiaries

	Return on Equity

		Year ended December 31,										3 Months Ended September 30,				9 Months Ended September 30,
1		2020		2021 (4)		2022		2023		2024		2024		2025		2024		2025

2	U.S. GAAP ROE - Net earnings (1)	15.3	%	26.7	%	23.8	%	22.1	%	22.6	%	(1.5)	%	23.5	%	20.2	%	11.0	%

	Impact of excluding unrealized foreign currency translation gains (losses)	(0.9)		(1.7)		(2.5)		(3.1)		(3.6)		0.3		(5.4)		(2.9)		(1.6)
	Impact of excluding unrealized gains (losses) on securities and derivatives	6.2		10.7		4.1		0.2		0.4		—		(2.2)		0.6		(0.3)
	Impact of excluding effect on change in discount rate assumptions	N/A		(18.5)		(8.2)		(1.9)		(0.2)		—		7.7		(0.9)		1.5
	Impact of excluding pension liability adjustment	(0.2)		(0.2)		(0.1)		—		—		—		0.1		—		—

	Impact of excluding AOCI	5.1		(9.7)		(6.8)		(4.9)		(3.4)		0.2		0.1		(3.3)		(0.4)

	U.S. GAAP ROE - less AOCI	20.3		17.0		17.0		17.2		19.2		(1.3)		23.5		16.9		10.6

3	Differences between adjusted earnings and net earnings (2)	(5.2)		(1.2)		(3.1)		(3.4)		(4.8)		18.0		(4.5)		(1.6)		4.3

4	Adjusted ROE - reported (3)	15.1		15.8		13.9		13.8		14.4		16.7		19.1		15.3		14.9

5	Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)	N/A		0.1		1.0		1.8		2.9		3.5		3.0		2.5		2.9

	Adjusted ROE, excluding foreign currency remeasurement (5)	N/A		15.9		14.9		15.6		17.3		20.2		22.1		17.8		17.8

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

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

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

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

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


Aflac Incorporated and Subsidiaries

	Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
	(Diluted Basis)

1		Period	Adjusted EPS (1)		Growth		QTD Foreign Currency Impact (1)	YTD Foreign Currency Impact (1)	Excluding Foreign Currency Impact (1)		Change Excluding Foreign Currency Impact

		2020	$	4.96	11.7	%	N/A	0.04	$	4.92	10.8	%
		2021	5.80		16.9		N/A	(0.06)	5.86		18.1
		2022	5.67		(2.2)		N/A	(0.41)	6.08		4.8
		2023	6.23		9.9		N/A	(0.19)	6.43		13.4
		2024	7.21		15.7		N/A	(0.18)	7.39		18.6


	2023	1	$	1.55	7.6	%	(0.07)	(0.07)	$	1.62	12.5	%
		2	1.58		7.5		(0.04)	(0.11)	1.62		10.2
		3	1.84		27.8		(0.06)	(0.17)	1.90		31.9
		4	1.25		(4.6)		(0.02)	(0.19)	1.28		(2.3)
			$	6.23	9.9	%			$	6.43	13.4	%

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

	2025	1	$	1.66	—	%	(0.01)	(0.01)	$	1.67	0.6	%
		2	$	1.78	(2.7)	%	0.04	0.03	$	1.73	(5.5)	%
		3	2.49		15.3		—	0.03	2.49		15.3

			$	5.92	5.0	%			$	5.89	4.4	%

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


Aflac Incorporated and Subsidiaries

	Composition of Invested Assets
	(In Millions)

		December 31,										September 30,
		2020		2021		2022		2023		2024			2024		2025

1	Fixed Maturity Securities (1)	$	116,056	$	107,369	$	94,525	$	88,508	$	80,055		$	88,117	$	85,226

	Commercial mortgage and other loans, net of allowance for credit losses: (1)
	Transitional Real Estate (floating rate)	5,231		5,246		6,455		5,998		4,703			5,249		4,046
	Middle Market Loans (floating rate)	3,635		4,601		5,028		4,531		4,283			4,408		4,248
	Commercial Mortgage Loans	1,688		1,854		1,775		1,697		1,523			1,545		1,432
	Other Loans	—		20		238		301		360			342		411
	Total Commercial mortgage and other loans, net of allowance for credit losses (1)	10,554		11,721		13,496		12,527		10,869			11,544		10,137

	Equity Securities, at FV through net earnings	1,283		1,603		1,091		1,088		796			808		885

2	Alternatives (2)	919		1,703		2,107		2,619		3,167			2,967		3,667

	Total Portfolio	$	128,812	$	122,396	$	111,219	$	104,742	$	94,887		$	103,436	$	99,915


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

		December 31,										September 30,
		2020		2021		2022		2023		2024			2024		2025
Fixed Maturity Securities:
	Available For Sale - Gross Gains	$	14,771	$	13,566	$	4,800	$	6,050	$	5,308		$	5,748	$	4,390
	Available For Sale - Gross Losses	(481)		(239)		(4,528)		(3,449)		(4,128)			(3,875)		(5,385)
	Total Available For Sale	14,290		13,327		272		2,601		1,180			1,873		(995)

	Held to Maturity - Gross Gains	5,935		4,869		2,154		1,838		815			1,277		260
	Held to Maturity - Gross Losses	—		—		—		—		(9)			—		(445)
	Total Held to Maturity	$	5,935	$	4,869	$	2,154	$	1,838	$	806		$	1,277	$	(185)


	Credit Ratings on Fixed Maturities
	(At Amortized Cost)

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

	AAA	1.0	%	1.0	%	1.6	%	1.6	%	1.5	%		1.4	%	1.2	%
	AA	4.5		5.1		5.2		5.7		6.0			6.0		6.4
	A	69.3		68.9		68.0		68.1		68.0			68.5		68.8
	BBB	21.9		22.5		23.0		22.9		22.9			22.7		22.0
	BB or Lower	3.3		2.5		2.2		1.7		1.6			1.4		1.6
		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		100.0	%	100.0	%

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

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


Aflac Incorporated and Subsidiaries

	Supplemental Investment Data by Segment

		December 31,															3 Months Ended September 30,							9 Months Ended September 30,
		2020			2021			2022			2023			2024				2024			2025				2024			2025
	Aflac Japan:
1	Invested assets (in millions) (1)	¥	11,936,087		¥	12,405,531		¥	12,617,181		¥	12,127,531		¥	11,881,515			¥	12,367,665		¥	12,137,749			¥	12,367,665		¥	12,137,749
2	Return on average invested assets (2)	2.38		%	2.72		%	2.78		%	2.90		%	3.33		%		3.16		%	3.24		%		3.31		%	3.20		%
3	Portfolio book yield at end of period (3)	2.59		%	2.60		%	3.06		%	3.18		%	3.22		%		3.21		%	3.28		%		3.21		%	3.28		%
	Total purchases for period (in millions) (3)	¥	714,124		¥	952,038		¥	716,964		¥	378,541		¥	735,141			¥	190,132		¥	213,397			¥	647,176		¥	1,566,406
4	New money yield (3)(4)	3.75		%	3.50		%	4.48		%	5.18		%	6.11		%		6.21		%	4.66		%		5.85		%	3.96		%

	Aflac U.S.:
	Invested assets (in millions) (1)	$	14,848		$	15,841		$	16,772		$	17,075		$	17,341			$	17,337		$	17,648			$	17,337		$	17,648
	Return on average invested assets (2)	4.90		%	4.87		%	4.72		%	4.88		%	5.00		%		4.94		%	5.07		%		5.00		%	4.96		%
	Portfolio book yield at end of period (3)	5.18		%	4.94		%	5.39		%	5.53		%	5.58		%		5.63		%	5.55		%		5.63		%	5.55		%
	Total purchases for period (in millions) (3)	$	1,050		$	2,130		$	1,701		$	907		$	934			$	158		$	155			$	886		$	974
	New money yield (3)(4)	3.04		%	3.41		%	5.16		%	7.56		%	6.90		%		6.00		%	6.62		%		6.76		%	6.73		%

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

6		December 31,															3 Months Ended September 30,							9 Months Ended September 30,
		2020			2021			2022			2023			2024				2024			2025				2024			2025
	Aflac Japan:
7	FX hedged notional at end of period (in billions) - forwards (7)	$	6.0		$	6.4		$	4.1		$	—		$	—			$	—		$	0.7			$	—		$	0.7
	FX hedged notional at end of period (in billions) - put options	13.1			11.6			13.5			24.7			24.2				24.7			25.0				24.7			25.0
	Amortized hedge costs for period (in millions)	(206)			(76)			(112)			(157)			(26)				(7)			(13)				(19)			(31)

	Corporate and Other (Parent Company):
	FX hedged notional at end of period (in billions) - forwards (7)	$	5.0		$	5.0		$	5.0		$	2.6		$	1.8			$	1.9		$	1.8			$	1.9		$	1.8
	FX hedged notional at end of period (in billions) - put options	2.0			1.9			2.6			0.5			—				—			—				0.5			—
	Amortized hedge income (costs) for period (in millions)	97			57			68			122			113				25			20				87			80

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

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

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

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

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

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

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


Aflac Incorporated and Subsidiaries

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

		December 31, 2024				September 30, 2025
		Amortized Cost (3)		Fair Value		Amortized Cost (3)		Fair Value

	JGB	$	31,951	$	32,844	$	32,945	$	30,351
	Other	16,867		17,145		17,900		17,246
	Total yen denominated	48,818		49,989		50,845		47,597

	USD Program	21,303		23,501		24,922		26,762
	Other	1,645		2,406		1,768		2,487
	Total US dollar denominated	22,948		25,907		26,690		29,249

	Total	$	71,766	$	75,896	$	77,535	$	76,846

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

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

	Government and agencies					$	36,029	42.3		%
	Municipalities					2,335		2.7
	Mortgage- and asset-backed securities					4,271		5.0
	Public utilities:					7,206		8.5
	Electric					5,597		6.6
	Natural Gas					914		1.1
	Other					695		0.8
	Sovereign and supranational					805		0.9
	Banks/financial institutions:					9,529		11.2
	Banking					5,337		6.3
	Insurance					2,055		2.4
	Other					2,137		2.5
	Other corporate:					25,051		29.4
	Basic Industry					2,070		2.4
	Capital Goods					2,729		3.2
	Communications					2,741		3.2
	Consumer Cyclical					1,898		2.2
	Consumer Non-Cyclical					5,924		7.0
	Energy					2,376		2.8
	Other					1,074		1.3
	Technology					3,322		3.9
	Transportation					2,917		3.4
	Total fixed maturity securities					$	85,226	100.0		%

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

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

(3) Net of reserves


Aflac Incorporated and Subsidiaries

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

		December 31,															September 30,
		2020			2021			2022			2023			2024				2024			2025

	Notes payable	$	7,899		$	7,956		$	7,442		$	7,364		$	7,498			$	7,978		$	8,685
	50% of subordinated debentures and perpetual bonds	(432)			(389)			(337)			(315)			(282)				(313)			(300)
	Pre-funding of debt maturities	—			—			—			(211)			—				—			(399)
1	Adjusted debt (1)	7,467			7,568			7,105			6,839			7,216				7,666			7,986

	Total Shareholders' Equity	33,559			17,031			20,140			21,985			26,098				24,830			28,688
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses	1,109			1,985			3,564			4,069			4,998				4,139			4,504
	Unrealized (gains) losses on fixed maturity securities	(10,361)			(9,602)			702			(1,139)			(24)				(557)			1,701
	Unrealized (gains) losses on derivatives	34			30			27			22			20				20			16
	Effect on change in discount rate assumptions	N/A			15,832			2,100			2,560			(2,006)				67			(6,832)
	Pension liability adjustment	284			166			36			8			(10)				8			(42)
	Adjusted book value (1)	$	24,625		$	25,442		$	26,569		$	27,505		$	29,076			$	28,507		$	28,035

2	Adjusted capitalization ex-AOCI (1)(2)	$	32,524		$	33,398		$	34,011		$	34,658		$	36,574			$	36,485		$	36,321
	Adjusted debt to adjusted capitalization ex-AOCI	23.0		%	22.7		%	20.9		%	19.7		%	19.7		%		21.0		%	22.0		%

3	Adjusted capitalization (1)(3)	$	31,131		$	31,247		$	30,411		$	30,581		$	31,586			$	32,338		$	31,859
	Adjusted debt to adjusted capitalization	24.0		%	24.2		%	23.4		%	22.4		%	22.8		%		23.7		%	25.1		%


4	Debt Maturities (4)
	(In Millions)

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

	Senior Notes	$	—	$	3,270	$	2,298	$	1,182	$	1,295	$	8,045
	Subordinated debt									605		605

	Total	$	—	$	3,270	$	2,298	$	1,182	$	1,900	$	8,650

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

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

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

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

Aflac Incorporated and Subsidiaries

Insurer Financial Strength Ratings

AM Best

Moody's

S&P

JCR

R&I

U.S. Operating Companies:

Aflac of Columbus

A+

Aa3

A+

AA+

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 September 30,						9 Months Ended September 30,
		2020		2021		2022		2023		2024		2024		2025		% Change		2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	5,762	$	5,540	$	5,467	$	5,669	$	5,907	$	1,480	$	1,540			$	4,440	$	4,631
	Assumed (ceded)	(4)		73		103		6		(78)		(21)		(45)				(51)		(130)
	Total net earned premiums	5,758		5,614		5,570		5,675		5,829		1,459		1,495		2.5	%	4,388		4,501		2.6	%
	Adjusted net investment income	705		754		755		820		847		210		214		1.9		634		623		(1.7)
	Other income excl. realized foreign exchange gains (losses)	102		121		161		128		63		15		19				46		53
	Total adjusted revenues	6,565		6,489		6,486		6,623		6,739		1,684		1,728		2.6		5,068		5,177		2.2

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	2,498		2,183		2,245		2,423		2,892		744		807				2,164		2,388
	Incurred claims -assumed (ceded)	(1)		89		104		17		(75)		(17)		(42)				(42)		(128)
	Increase in FPB -direct	271		463		326		280		—		(18)		(12)				6		(44)
	Increase in FPB -assumed (ceded)	(3)		(11)		4		(5)		4		2		—				3		4
	Total benefits and claims, net, excluding reserve remeasurement	N/A		2,724		2,679		2,715		2,821		711		752				2,130		2,219
	Reserve remeasurement (gain) loss	N/A		(85)		(124)		(284)		(95)		(17)		(71)				(71)		(110)
	Total benefits and claims, net	2,765		2,639		2,555		2,431		2,726		694		681		(1.9)		2,059		2,109		2.4

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	570		442		455		490		530		132		137		3.8		396		410		3.5
	Insurance commissions	576		550		553		561		563		141		143		1.4		422		417		(1.2)
	Insurance and other expenses	1,386		1,502		1,564		1,640		1,501		367		392		6.8		1,102		1,120		1.6
	Total adjusted expenses	2,532		2,494		2,573		2,691		2,594		640		672				1,920		1,947

	Total benefits and adjusted expenses	5,297		5,132		5,127		5,122		5,320		1,334		1,353		1.4		3,979		4,056		1.9

	Pretax adjusted earnings	$	1,268	$	1,356	$	1,359	$	1,501	$	1,419	$	350	$	375	7.1	%	$	1,089	$	1,121	2.9	%


Aflac U.S.

	Balance Sheets
	(In Millions)

		December 31,										September 30,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash	$	17,949	$	18,324	$	15,987	$	16,718	$	16,775		$	17,336	$	17,409
1	Receivables, net of allowance for credit losses (1)	667		574		584		688		671			728		683
	Accrued investment income	172		169		184		183		178			180		174
	Deferred policy acquisition costs	3,450		3,366		3,463		3,573		3,656			3,616		3,693
	Other assets (1)	626		758		784		698		650			641		609
	Total assets	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	22,501	$	22,569

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	9,674	$	14,212	$	10,870	$	11,234	$	10,584		$	11,266	$	10,865
	Policy and contract claims	2,010		151		200		258		376			376		453
	Other policy liabilities	126		119		117		107		103			106		101

	Deferred income taxes	235		(328)		(243)		(311)		(231)			(342)		(134)
	Other liabilities	2,016		2,010		2,080		2,062		2,055			2,030		1,685
	Shareholders' equity	8,803		7,027		7,978		8,510		9,043			9,065		9,599
	Total liabilities & shareholders' equity	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	22,501	$	22,569


Aflac U.S.

	Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
	(Restated to conform to current classifications)
	(In Millions)

		Period	Net Earned Premiums		% Change		Adjusted NII		% Change		Total Adjusted Revenues		% Change		Benefits & Claims, Net		% Change		Amort.		% Change		Total Adjusted Expenses		% Change		Pretax Adjusted Earn.		% Change

		2020	$	5,758	(0.9)	%	$	705	(2.1)	%	$	6,565	0.2	%	$	2,765	(3.7)	%	$	570	(0.5)	%	$	2,532	5.2	%	$	1,268	(0.3)	%
		2021	5,614		(2.5)		754		7.0		6,489		(1.2)		2,639		(4.6)		442		(22.5)		2,494		(1.5)		1,356		6.9
		2022	5,570		(0.8)		755		0.1		6,486		—		2,555		(3.2)		455		2.9		2,573		3.2		1,359		0.2
		2023	5,675		1.9		820		8.6		6,623		2.1		2,431		(4.9)		490		7.7		2,691		4.6		1,501		10.4
		2024	5,829		2.7		847		3.3		6,739		1.8		2,726		12.1		530		8.2		2,594		(3.6)		1,419		(5.5)


	2023	1	1,428		1.1		197		7.1		1,660		1.3		651		(2.3)		119		4.4		657		2.7		352		5.7
		2	1,425		2.2		203		5.2		1,663		2.1		645		(2.0)		120		6.2		648		3.3		369		7.6
		3	1,419		3.2		209		13.0		1,661		3.9		510		(17.2)		122		7.0		674		5.6		478		38.6
		4	1,403		1.1		211		9.9		1,639		1.1		626		2.0		129		12.2		712		6.7		302		(10.9)

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

	2025	1	1,502		1.8		202		(1.9)		1,721		1.3		716		4.4		137		3.8		647		(1.7)		358		0.6
		2	1,504		3.4		207		(5.0)		1,728		2.6		712		4.7		136		3.0		628		1.1		388		1.3
		3	1,495		2.5		214		1.9		1,728		2.6		681		(1.9)		137		3.8		672		5.0		375		7.1


Aflac U.S.

	Operating Ratios
	(Before Management Fee)

1		Period	12-Mo. Rolling Premium Persistency (1)		Total Benefit/ Premium		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		2020	79.3	%	48.0	%	9.9	%	38.6	%	80.7	%	19.3	%
		2021	79.7		47.0		7.9		38.4		79.1		20.9
		2022	77.3		45.9		8.2		39.7		79.0		21.0
		2023	78.6		42.8		8.6		40.6		77.3		22.7
		2024	79.3		46.8		9.1		38.5		78.9		21.1
		2025 YTD	79.0		46.9		9.1		37.6		78.3		21.7

	2023	1	77.9		45.6		8.3		39.6		78.8		21.2
		2	78.2		45.3		8.4		39.0		77.8		22.2
		3	78.7		35.9		8.6		40.6		71.2		28.8
		4	78.6		44.6		9.2		43.4		81.6		18.4

	2024	1	78.7		46.5		8.9		38.7		79.0		21.0
		2	78.7

AFLAC INC 8-K